Aadhar Housing Finance CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 16 Nov 2025, 25 fund houses

• Approval of ‘Aadhar Housing Finance Limited-Employee Stock Option Plan 2025’

  25 for0 against
• Approval for extension of ‘Aadhar Housing Finance Limited - Employee Stock Option Plan 2025’ to employees of group companies (including holding and subsidiary companies)

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Unifi Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Extension of Scheme benefits to the Holding / Group Companies without compelling reasons and provision for cost-reimbursements.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Extension of Scheme benefits to the Holding / Group Companies without compelling reasons and provision for cost-reimbursements.
  • HDFC Mutual Fund, Jio BlackRock Mutual Fund, Unifi Mutual FundThe company is seeking approval to extend the Aadhar Housing Finance Limited-Employee Stock Option Plan 2025 to eligible employees of group companies including employees of holding companies and subsidiary companies. We support the grant of options to employees unlisted subsidiaries and unlisted holding company. The enabling nature of the approval could allow the company to grant these options to group companies including associates, which we do not support. Given this, we do not support the resolution.
  • ICICI Prudential Mutual FundThe Company is seeking approval to extend the Aadhar Housing Finance Limited-Employee Stock Option Plan 2025 to eligible employees of group companies including employees of holding companies and subsidiary companies. The enabling nature of the approval could allow the company to grant these options to future group companies and hence the AMC has voted against the resolution.
  • Invesco Mutual FundThe company is seeking approval to extend the Aadhar Housing Finance Limited-Employee Stock Option Plan 2025 to eligible employees of group companies including employees of holding companies and subsidiary companies. We support the grant of options to employees unlisted subsidiaries and unlisted holding company. The enabling nature of the approval could allow the company to grant these options to group companies including associates, which we do not support. Given this, we do not support the resolution
  • Mirae Asset Mutual FundNeed more disclosures

  14 for11 against

Mutual fund votes, meeting of 29 Jul 2025, 21 fund houses

• Consideration and adoption of the standalone and consolidated financial statements of the Company for the financial year ended March 31, 2025, together with the Directors’ and Auditors’ Reports thereon.MoreLess

  21 for0 against
• Appointment of a director in place of of Mr. Prateek Roongta (DIN: 00622797) as Non-Executive Director, who retires by rotation and being eligible, offers himself for re-appointment

  21 for0 against
• Consideration and increase in the Borrowing powers/limits for the Company and Issuance of Debentures and approval to create charge by way of mortgages and/or hypothecation on the assets of the Company.MoreLess

  21 for0 against
• Payment of Commission to Independent Directors of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Unifi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Differential practice in payment of commission towards Mr. O.P. Bhatt and the Company has not provided adequate justification for the same.
  • Axis Mutual Fund, Mahindra Manulife Mutual Fund, Unifi Mutual FundThe company currently has four independent directors and seeks to pay them Rs. 14.5 mn as aggregate commission. The company also seeks to pay commission to OP Bhatt as Independent Chairperson, in excess of 50% of the total remuneration payable to all non-executive directors in FY25. Over the past five years, the commission payouts to OP Bhatt have ranged from Rs. 8.8 mn – 10.0 mn, ranging from 74% to 92% of total Independent Director commission, which is high. We raise concern that, since FY21, OP Bhatt has received, on average, approximately 81% of the total commission paid to Non-Executive Directors (NEDs). Given that only 33% of the board is classified as Independent (post reclassification of Independent directors with promoter linkages), this raises concerns around remuneration skew and perceived board independence and objectivity. The company has not disclosed the exact quantum of commission payable to OP Bhatt for FY25. Further, the company should have proposed a separate resolution for payment of commission to OP Bhatt in excess of 50% of commission payable to all Non-Executive Directors. In the past the company has not sought separate shareholder approvals clearly outlining the excess remuneration to be paid to OP Bhatt. The company must clarify why such separate approvals were not sought in the past. We recognize that OP Bhatt brings considerable domain experience to the board through his leadership roles with State Bank of India and his stint on other reputed boards. However, given the above issues, we are unable to support this resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Differential practice in payment of commission towards Mr. O.P. Bhatt and the Company has not provided adequate justification for the same.
  • Invesco Mutual FundThe company currently has four independent directors and seeks to pay them Rs. 14.5 mn as aggregate commission. The company also seeks to pay commission to OP Bhatt as Independent Chairperson, in excess of 50% of the total remuneration payable to all non-executive directors in FY25. Over the past five years, the commission payouts to OP Bhatt have ranged from Rs. 8.8 mn – 10.0 mn, ranging from 74% to 92% of total Independent Director commission, which is high.We raise concern that, since FY21, OP Bhatt has received, on average, approximately 81% of the total commission paid to Non-Executive Directors (NEDs). Given that only 33% of the board is classified as Independent (post reclassification of Independent directors with promoter linkages), this raises concerns around remuneration skew and perceived board independence and objectivity. The company has not disclosed the exact quantum of commission payable to OP Bhatt for FY25.Further, the company should have proposed a separate resolution for payment of commission to OP Bhatt in excess of 50% of commission payable to all Non-Executive Directors. In the past the company has not sought separate shareholder approvals clearly outlining the excess remuneration to be paid to OP Bhatt. The company must clarify why such separate approvals were not sought in the past.We recognize that OP Bhatt brings considerable domain experience to the board through his leadership roles with State Bank of India and his stint on other reputed boards. However, given the above issues, we are unable to support this resolution
  • Kotak Mahindra Mutual FundThe company currently has four independent directors and seeks to pay them Rs. 14.5 mn as aggregate commission. The company also seeks to pay commission to OP Bhatt as Independent Chairperson, in excess of 50% of the total remuneration payable to all non-executive directors in FY25. Over the past five years, the commission payouts to OP Bhatt have ranged from Rs. 8.8 mn 10.0 mn, ranging from 74% to 92% of total Independent Director commission, which is high. Since FY21, OP Bhatt has received, on average, approximately 81% of the total commission paid to Non-Executive Directors (NEDs). Given that only 33% of the board is classified as Independent (post reclassification of Independent directors with promoter linkages), this raises concerns around remuneration skew and perceived board independence and objectivity. The company has not disclosed the exact quantum of commission payable to OP Bhatt for FY25. Also, the company has not provided adequate justification for the concerns. Hence, we are unable to support this resolution. So, we are voting against.
  • LIC Mutual FundConcern over : Differential practice in payment of commission towards Mr. O.P. Bhatt and the Company has not provided adequate justification for the same.
  • Nippon India Mutual FundGovernance Concern: Differential practice in payment of commission

  8 for13 against
• Approval for the appointment of Mr. Raj Vikash Verma (DIN: 03546341) as an Independent Director of the Company for a period of 5 (five) consecutive years with effect from May 06, 2025 to May 05, 2030

  21 for0 against
• Approval for appointment of M/s. Aashish K. Bhatt & Associates, as Secretarial Auditor of the Company from F.Y. 2025-26 till F.Y. 2029-30

  21 for0 against

Mutual fund votes, meeting of 14 Sep 2024, 11 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

• Consideration and adoption of the standalone and consolidated financial statements of the Company for the financial year ended March 31, 2024, together with the Directors’ and Auditors’ Reports thereon.MoreLess

  10 for0 against
• Appointment of a director in place of Mr. Amit Dixit (DIN: 01798942) as Non-Executive Director, who retires by rotation and, being eligible, offers himself for re-appointment.

  10 for0 against
• Appointment of M/s. S.R. Batliboi & Associates LLP (Firm Registration No 101049W/E300004) as Joint Statutory Auditor for three financial years from the F.Y. 2024-25 till the conclusion of the AGM of the Company to be held for F.Y. 2026-27.MoreLess

  10 for0 against
• Consideration and revalidation of the Borrowing powers/limits for the Company and Issuance of Debentures and approval to create charge by way of mortgages and/or hypothecation on the assets of the Company.MoreLess

  10 for0 against
• Payment of Commission to Independent Directors of the Company

  ›Against JM Financial Mutual Fund, LIC Mutual Fund

  • JM Financial Mutual Fund, LIC Mutual FundCompliant with law. Governance Concern: Disproportionate distribution of commission in the past without any justification.

  8 for2 against
• Appointment of Dr. Punita Kumar Sinha (DIN: 05229262) as an Independent Director of the Company for a period of 5 (five) consecutive years commencing from August 07, 2024 to August 06, 2029.

  ›Against Invesco Mutual Fund, WhiteOak Capital Mutual Fund

  • Invesco Mutual FundDr. (Ms.) Punita Kumar Sinha, 62, is the former Senior Managing Director (2005- 2011) for the Blackstone- Asia Advisory Group. Public sources indicate that she is the Founder, Managing Partner and Chief Investment Officer of Pacific Paradigm Advisors – an independent investment advisory and management firm focused on Asia. She also serves on the board of Governors of CFA Institute and is a board member for CFA Institute Research Foundation. The company proposes to appoint her as Independent Director for five years from 7 August 2024. However, we raise concern that she serves as Independent Director on the board of Embassy Office Parks Management Services Private Limited, investment manager for Embassy Office Parks REIT and a Blackstone Group entity, since February 2018. During her current tenure, her association with the promoter group will cross ten years. We do not support rotation of tenured Independent Directors within the group as we believe that this is not in line with the spirit of the regulations. Hence, we do not support her appointment as Independent Director
  • WhiteOak Capital Mutual FundDr. (Ms.) Punita Kumar Sinha, 62, is the former Senior Managing Director (2005- 2011) for the Blackstone- Asia Advisory Group. Public sources indicate that she is the Founder, Managing Partner and Chief Investment Officer of Pacific Paradigm Advisors – an independent investment advisory and management firm focused on Asia. She also serves on the board of Governors of CFA Institute and is a board member for CFA Institute Research Foundation. The company proposes to appoint her as Independent Director for five years from 7 August 2024. However, we raise concern that she serves as Independent Director on the board of Embassy Office Parks Management Services Private Limited, investment manager for Embassy Office Parks REIT and a Blackstone Group entity, since February 2018. During her current tenure, her association with the promoter group will cross ten years. We do not support rotation of tenured Independent Directors within the group as we believe that this is not in line with the spirit of the regulations. Hence, we do not support her appointment as Independent Director.

  8 for2 against
• Ratification of Aadhar Housing Finance Limited – Employee Stock Option Plan 2020 of the Company.

  ›Against Edelweiss Mutual Fund, HDFC Mutual Fund

  • Edelweiss Mutual FundWill lead to dilution of shares
  • HDFC Mutual FundESOPs/RSUs are granted at a significant discount to market price

  8 for2 against