Aditya Birla Capital CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 26 Mar 2026, 38 fund houses

• Appointment of Ms. Saloni Narayan (DIN: 08771219) as an Independent Director of the Company for a term of five consecutive years with effect from 03 February 2026

  38 for0 against
• Appointment of Mr. Krishna Kishore Maheshwari (DIN: 00017572) as a Non-Executive Director of the Company with effect from 03 February 2026

  38 for0 against
• Issuance of Non-Convertible Debentures (NCDs) on Private Placement Basis

  38 for0 against

Mutual fund votes, meeting of 15 Oct 2025, 33 fund houses

• Appointment of Ms. Vishakha Mulye (DIN: 00203578) as Managing Director and Chief Executive Officer of the Company, and fixation of remuneration

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: No absolute cap on the potential ESOP benefits.
  • Axis Mutual Fund, Sundaram Mutual FundMs. Vishakha Mulye, 56, has served as the Chief Executive Officer (CEO) of Aditya Birla Capital Limited since July 2022. She is being appointed to the board as MD and CEO from 1 September 2025. As per the shareholder notice, her FY25 pay as CEO aggregated Rs. 187.4 mn. Based on the proposed terms, her annual pay (excluding long-term incentives in the form of stock options, restricted stock units, performance stock units, or stock appreciation rights) is estimated at Rs. 184.4 mn, which includes an annual incentive of Rs. 100.0 mn. The company should have disclosed the performance metrics that determine her variable pay. There is no clarity on the quantum of long-term incentives – the company should have capped her overall pay in absolute terms. We recognize that she is a professional and her skills carry market value. However, in the absence of clarity on long-term incentives, we are unable to estimate her overall pay. Accordingly, while we support her appointment, we do not support the resolution due to the lack of clarity on her remuneration.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concerns on the merit of proposed appointees. Governance concern: No concern on the proposed quantum of remuneration per-se; however, no absolute cap on the potential ESOP benefits.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Taurus Mutual FundMs. Vishakha Mulye, 56, has served as the Chief Executive Officer (CEO) of Aditya Birla Capital Limited since July 2022. She is being appointed to the board as MD and CEO from 1 September 2025.As per the shareholder notice, her FY25 pay as CEO aggregated Rs. 187.4 mn. Based on the proposed terms, her annual pay (excluding long-term incentives in the form of stock options, restricted stock units, performance stock units, or stock appreciation rights) is estimated at Rs. 184.4 mn, which includes an annual incentive of Rs. 100.0 mn. The company should have disclosed the performance metrics that determine her variable pay. There is no clarity on the quantum of long-term incentives – the company should have capped her overall pay in absolute terms. We recognize that she is a professional and her skills carry market value. However, in the absence of clarity on long-term incentives, we are unable to estimate her overall pay. Accordingly, while we support her appointment, we do not support the resolution due to the lack of clarity on her remuneration.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • There is lack of disclosure on the performance metrics and targets based on which Vishakha Mulye's annual incentive payout would be made. • The company has not disclosed the monetary ceiling of her annual long-term incentive compensation (ESOPs/RSUs/PSUs/SARs etc.), which raises concerns given the high quantum of ESOPs granted to her in the past.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted because: • There is lack of disclosure on the performance metrics and targets based on which Vishakha Mulye'sannual incentive payout would be made. • The company has not disclosed the monetary ceiling of her annual long-term incentive compensation(ESOPs/RSUs/PSUs/SARs etc.), which raises concerns given the high quantum of ESOPs granted to herin the past.
  • Invesco Mutual FundCapital Limited since July 2022. She is being appointed to the board as MD and CEO from 1 September 2025. As per the shareholder notice, her FY25 pay as CEO aggregated Rs. 187.4 mn. Based on the proposed terms, her annual pay (excluding long-term incentives in the form of stock options, restricted stock units, performance stock units, or stock appreciation rights) is estimated at Rs. 184.4 mn, which includes an annual incentive of Rs. 100.0 mn. The company should have disclosed the performance metrics that determine her variable pay. There is no clarity on the quantum of long-term incentives – the company should have capped her overall pay in absolute terms. We recognize that she is a professional and her skills carry market value. However, in the absence of clarity on long-term incentives, we are unable to estimate her overall pay. Accordingly, while we support her appointment, we do not support the resolution due to the lack of clarity on her remuneration
  • LIC Mutual Fund, Nippon India Mutual FundGovernance concern: No concern on the proposed quantum of remuneration per-se; however, no absolute cap on the potential ESOP benefits.
  • PPFAS Mutual FundNo absolute Cap on ESOPs.

  16 for17 against
• Appointment of Mr. Rakesh Singh (DIN: 07006067) as an Executive Director and Chief Executive Officer (NBFC) of the Company, and fixation of remuneration

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: No absolute cap on the potential ESOP benefits.
  • Axis Mutual Fund, DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundRakesh Singh, 58, is the Executive Director and Chief Executive Officer – NBFC at Aditya Birla Capital Limited. He joined the Aditya Birla Group in 2011 to lead its Non-Banking Financial Company (NBFC) business and was later appointed as Managing Director and CEO of Aditya Birla Finance Limited, which has since been merged with the company. As per the shareholder notice, his FY25 pay aggregated Rs. 102.4 mn. Based on the proposed terms, his annual pay (excluding long-term incentives in the form of stock options, restricted stock units, performance stock units, or stock appreciation rights) is estimated at Rs. 112.7 mn, which includes an annual incentive of Rs. 70.0 mn. The company should have disclosed the performance metrics that determine his variable pay. There is no clarity on the quantum of long-term incentives – the company should have capped his overall pay in absolute terms. We recognize that he is a professional and his skills carry market value. However, in the absence of clarity on long-term incentives, we are unable to estimate his overall pay. Accordingly, while we support his appointment, we do not support the resolution due to the lack of clarity on his remuneration.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concerns on the merit of proposed appointees. Governance concern: No concern on the proposed quantum of remuneration per-se; however, no absolute cap on the potential ESOP benefits.
  • Invesco Mutual FundRakesh Singh, 58, is the Executive Director and Chief Executive Officer – NBFC at Aditya Birla Capital Limited. He joined the Aditya Birla Group in 2011 to lead its Non-Banking Financial Company (NBFC) business and was later appointed as Managing Director and CEO of Aditya Birla Finance Limited, which has since been merged with the company. As per the shareholder notice, his FY25 pay aggregated Rs. 102.4 mn. Based on the proposed terms, his annual pay (excluding long-term incentives in the form of stock options, restricted stock units, performance stock units, or stock appreciation rights) is estimated at Rs. 112.7 mn, which includes an annual incentive of Rs. 70.0 mn. The company should have disclosed the performance metrics that determine his variable pay. There is no clarity on the quantum of long-term incentives – the company should have capped his overall pay in absolute terms. We recognize that he is a professional and his skills carry market value. However, in the absence of clarity on long-term incentives, we are unable to estimate his overall pay. Accordingly, while we support his appointment, we do not support the resolution due to the lack of clarity on his remuneration. We do not support the resolution.
  • LIC Mutual Fund, Nippon India Mutual FundGovernance concern: No concern on the proposed quantum of remuneration per-se; however, no absolute cap on the potential ESOP benefits.
  • PPFAS Mutual FundNo absolute Cap on ESOPs.

  18 for15 against

Mutual fund votes, meeting of 14 Aug 2025, 31 fund houses

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

• To consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended 31 March 2025 and the Reports of the Board of Directors’ and Auditors, thereon

  30 for0 against
• To consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2025 and the Report of Auditors, thereon

  30 for0 against
• To appoint a Director in place of Mr. Sushil Agarwal (DIN: 00060017) who retires by rotation and being eligible offers himself for re-appointment

  30 for0 against
• To appoint M/s. KKC & Associates LLP, Chartered Accountants (Firm Registration Number: 105146W/W100621), as Joint Statutory Auditors of the Company, for a term of 3 (Three) consecutive years from the conclusion of 18th (Eighteenth) AGM till the conclusion of 21st (Twenty-First) AGMMoreLess

  ›Against Axis Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Sundaram Mutual Fund

  • Axis Mutual Fund, Sundaram Mutual FundM. M. Nissim & Co. LLP were appointed as the statutory auditors at the 2024 AGM. Subsequent to the scheme of amalgamation between Aditya Birla Finance Ltd. and Aditya Birla Capital Ltd. effective 1 April 2025, the company’s asset size has exceeded Rs. 150.0 bn. Accordingly, the statutory audit must now be conducted as a joint audit by atleast two audit firms. The company proposes to appoint KKC & Associates LLP as joint statutory auditors. We raise concerns regarding KKC & Associates LLP’s long-standing association with the Aditya Birla Group. The firm (previously Khimji Kunverji & Co.) served as joint statutory auditors of UltraTech Cement Ltd. since FY17, of Aditya Birla Sun Life Insurance Company Ltd. from atleast FY16 to FY19, and of Aditya Birla Nuvo Ltd. (merged with Grasim Industries Ltd.) since atleast FY10 until the merger. Thus, the overall association with the group has exceeded ten years. The annual remuneration (excluding certification, taxes, and reimbursement of expenses) to KKC & Associates LLP will not exceed Rs. 16.5 mn per annum, which is the same as the cap set for M. M. Nissim & Co. LLP. While the proposed appointment is in line with statutory requirements, we do not support the resolution due to the long-term group association.
  • HDFC Mutual FundThe company proposes to appoint KKC & Associates LLP as joint statutory auditors. However, its overall association with the group has exceeded ten years. We do not support the resolution.
  • Invesco Mutual FundM. M. Nissim & Co. LLP were appointed as the statutory auditors at the 2024 AGM. Subsequent to the scheme of amalgamation between Aditya Birla Finance Ltd. and Aditya Birla Capital Ltd. effective 1 April 2025, the company’s asset size has exceeded Rs. 150.0 bn. Accordingly, the statutory audit must now be conducted as a joint audit by atleast two audit firms. The company proposes to appoint KKC & Associates LLP as joint statutory auditors. We raise concerns regarding KKC & Associates LLP’s long-standing association with the Aditya Birla Group. The firm (previously Khimji Kunverji & Co.) served as joint statutory auditors of UltraTech Cement Ltd. since FY17, of Aditya Birla Sun Life Insurance Company Ltd. from atleast FY16 to FY19, and of Aditya Birla Nuvo Ltd. (merged with Grasim Industries Ltd.) since atleast FY10 until the merger. Thus, the overall association with the group has exceeded ten years. The annual remuneration (excluding certification, taxes, and reimbursement of expenses) to KKC & Associates LLP will not exceed Rs. 16.5 mn per annum, which is the same as the cap set for M. M. Nissim & Co. LLP. While the proposed appointment is in line with statutory requirements, we do not support the resolution due to the long-term group association. We do not support the resolution.

  26 for4 against
• To appoint M/s. N L Bhatia & Associates, Practicing Company Secretaries (Firm Registration No: P1996MH055800) as Secretarial Auditors of the Company, for a term of five consecutive years commencing from FY 2025-26 to FY 2029-30MoreLess

  30 for0 against
• To approve Payment of remuneration to Non-Executive Independent Directors of the Company, for a period of five years commencing from 1 April 2025 upto 31 March 2030

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance & Transparency Concern: Remuneration proposed appears to be in the nature of disguised sitting fee.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Remuneration proposed appears to be in the nature of disguised sitting fee.
  • LIC Mutual FundConcern over Remuneration proposed appears to be in the nature of disguised sitting fee.
  • PPFAS Mutual FundDisguised sitting fee proposed

  21 for10 against

Mutual fund votes, meeting of 20 Jun 2025, 29 fund houses

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

• Appointment of Mr. Nagesh Pinge (DIN: 00062900) as an Independent Director of the Company for a term of five consecutive years with effect from 01 April 2025

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance concern: Appointee holds directorship in an entity that is engaged in similar line of business.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundAppointments compliant with law. Governance concern: Appointee holds directorship in an entity that is engaged in similar line of business.
  • Nippon India Mutual FundGovernance Concern: Profile of the Candidate
  • PPFAS Mutual FundAppointee holds directorship in an entity that is engaged similar line of business.

  19 for10 against
• Appointment of Mr. Sunil Srivastav (DIN: 00237561) as an Independent Director of the Company for a term of five consecutive years with effect from 01 April 2025

  29 for0 against
• Increase in the borrowing limits of the Company pursuant to Section 180 (1) (c) of the Companies Act, 2013

  7 for0 against
• Creation of charge/security on the Company’s assets with respect to borrowings pursuant to Section 180 (1) (a) of the Companies Act, 2013

  28 for0 against
• Issue of Non-Convertible Debentures on Private Placement Basis

  28 for0 against

Mutual fund votes, meeting of 7 Jan 2025, 26 fund houses

• Approval of scheme of amalgamation ("Scheme") of Aditya Birla Finance Limited (“Amalgamating Company”) (a wholly owned subsidiary of the Company) with the Company and their respective shareholders and creditors.MoreLess

  26 for0 against

Mutual fund votes, meeting of 16 Aug 2024, 26 fund houses

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

• To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2024 and the Reports of the Board of Directors’ and Auditors, thereon.MoreLess

  24 for0 against
• To appoint Director in place of Mr. Romesh Sobti (DIN: 00031034) who retires by rotation and being eligible, offers himself for re-appointment.

  22 for0 against
• To appoint M.M. Nissim & Co LLP, Chartered Accountants (Firm Registration No. 107122W/W-100672), as Statutory Auditors of the Company for a term of 3 consecutive years.

  24 for0 against
• To approve continuation of directorship of Mr. Romesh Sobti (DIN: 00031034) as a Non-Executive (Nominee) Non-Independent Director of the Company pursuant to Regulation 17(1A) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations).MoreLess

  22 for0 against