Adani Energy Solutions CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 24 Feb 2026, 30 fund houses

• Approval of appointment of Mr. Anil Ahuja (DIN 00759440) as an Independent Director of the Company for the first term of 3 (three) consecutive years commencing from 29th November, 2025

  30 for0 against
• Approval of Material modification in the approved material related party transaction(s) entered into by ATL HVDC Limited a wholly owned subsidiary of the Company, with Adani Electricity Mumbai Infra Limited, a Subsidiary / Related Party of the CompanyMoreLess

  30 for0 against

Mutual fund votes, meeting of 7 Dec 2025, 29 fund houses

• Approval of Material modification in the approved material related party transaction(s) by Powerpulse Trading Solutions Limited – a Wholly Owned Subsidiary of the Company with Adani Power Limited, a related party of the Company.MoreLess

  29 for0 against
• Approval of Material modification in the approved material related party transaction(s) by Powerpulse Trading Solutions Limited – a Wholly Owned Subsidiary of the Company with Mahan Energen Limited, a related party of the Company.MoreLess

  29 for0 against

Mutual fund votes, meeting of 25 Jun 2025, 27 fund houses

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

• Adoption of Audited Financial Statements (including consolidated financial statements) for the financial year ended March 31, 2025 together with the Reports of the Board of Directors and Auditors thereon.MoreLess

  26 for0 against
• Re-appointment of Mr. Rajesh S Adani (DIN: 00006322), as a Director of the Company who retires by rotation.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundTransparency Concern: Ambiguity with regards to two full-time positions held by the Director.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundRe-appointment compliant with law. Transparency Concern: Ambiguity w.r.t. Two Full-Time Positions held by the Director.

  23 for4 against
• Appointment of M/s. Chirag Shah & Associates. Practicing Company Secretary as Secretarial Auditor of the Company for the first term of five years.

  27 for0 against
• Approval of material related party transactions proposed to be entered into by the Company with Adani Power Limited during FY 26.

  24 for0 against
• Approval of material related party transactions proposed to be entered into by a subsidiary of the Company with Adani Power Limited during FY 26.

  24 for0 against
• Approval of material related party transactions proposed to be entered into by a wholly owned subsidiary of the Company with Adani Power Limited during FY 26.

  21 for0 against
• Approval of material related party transactions proposed to be entered into by a wholly owned subsidiary of the Company with Mahan Energen Limited during FY 26.

  27 for0 against
• Approval of material related party transactions proposed to be entered into by a wholly owned subsidiary of the Company with Moxie Power Generation Limited during FY 26.

  25 for0 against
• Approval of material related party transactions proposed to be entered into by a subsidiary of the Company with wholly owned subsidiary of the company during FY 26.

  21 for0 against
• Approval of Raising capital by way of a Qualified Institutions Placement to eligible investors through an issuance of Equity shares and/or other Eligible Securities

  27 for0 against
• Approval of the appointment of Mr. Hemant Nerurkar (DIN: 00265887) as an Independent Director of the Company for the first term of 3 (Three) Years

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundPrior approval not sought for appointment of Director above 75 years of age. Governance Concern: Prolonged association with the Group; Proposed appointment will lead to more than 10 years’ association with the Group.
  • Axis Mutual Fund, Invesco Mutual Fund, Sundaram Mutual FundHemant Nerurkar, 76, is former Managing Director, Tata Steel Limited. Prior to that he was Executive Director, Tata Steel Limited for India and South-East Asia. He has over 35 years of experience in the steel industry. His appointment as Independent Director is in line with statutory requirements. However, he has been on the board of Adani Enterprises Ltd, a group company, since March 2015 and we consider his overall association with the group while computing his tenure. We do not support the appointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years anytime during the proposed tenure as we believe that this is not in line with the spirit of the regulations. We are unable to support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the Appointee. Appointment not in compliance with law. Non-Compliant under Regulation 17(1A) of SEBI LODR, 2015: Prior Approval not sought for appointment of Director above 75 years of age. Governance Concern: Prolonged association with the Group; Proposed appointment will lead to more than 10 years’ association with the Group.
  • Baroda BNP Paribas Mutual FundAt the point of appointment itself the director is above 75 years of age which raises questions on ability to be active and contribute effectively.
  • HDFC Mutual FundMr. Hemant Nerurkar, 76, is former Managing Director, Tata Steel Limited. Prior to that he was Executive Director, Tata Steel Limited for India and South-East Asia. He has over 35 years of experience in the steel industry. He has been on the board of Adani Enterprises Ltd, a group company, since March 2015. Give his overall association with the group will exceed ten years during his tenure. Given his extended association with the group, we do not support the resolution.
  • LIC Mutual FundNo concern on the merits of the Appointee. Appointment not in compliance with law. Non-Compliant under Regulation 17(1A) of SEBI LODR, 2015: Prior Approval not sought for appointment of Director above 75 years of age. Governance Concern: Prolonged association with the Group; Proposed appointment will lead to more than 10 years association with the Group.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon compliant and governance concern
  • quant Mutual FundNo concern on the merits of the Appointee. Appointment not in compliance with the law. Non-compliant under regulation 17(1A) of SEBI LODR, 2015: Prior approval not sought for appointment of director above 75 years of age. Governance concern: Prolonged association with the group; proposed appointment will lead to more than 10 years’ association with the group.
  • WhiteOak Capital Mutual FundHemant Nerurkar, 76, is former Managing Director, Tata Steel Limited. Prior to that he was Executive Director, Tata Steel Limited for India and South-East Asia. He has over 35 years of experience in the steel industry. His appointment as Independent Director is in line with statutory requirements. However, he has been on the board of Adani Enterprises Ltd, a group company, since March 2015. Considering his overall association with the group exceeds 10 years, we do not support the resolution.

  10 for17 against
• Approval of the appointment of Mrs. Chandra Iyengar (DIN: 02821294) as an Independent Director of the Company for the first term of 3 (Three) Years.

  27 for0 against
• Approval of the appointment of Dr. Amiya Chandra (DIN:10827510) as an Independent Director of the Company for the first term of 3 (Three) Years.

  27 for0 against
• Approval of the appointment of Mr. Kandarp Patel (DIN: 02947643) as Director of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundDirector holds three full-time positions.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundNo concern on the merits of the Appointee. Appointment not in compliance with law. Non-Compliant under Companies Act: Director holds Three Full-Time Positions.

  20 for4 against
• Approval of the Appointment of Mr. Kandarp Patel (OIN: 02947643), as Whole-time Director and Chief Executive Officer of the Company for a term of three (3) years.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, WhiteOak Capital Mutual Fund

  • Angel One Mutual FundDirector holds three full-time positions.
  • Axis Mutual Fund, Invesco Mutual FundKandarp Patel, 53, has been Chief Executive Officer, Adani Energy Solutions Limited since November 2022. The company proposes to appoint him as Whole-time Director and Chief Executive Office of the company. As per the notice he is currently receiving remuneration from one of the operational subsidiary companies of the company. Hence, no remuneration is paid to him from AESL. He drew a remuneration of Rs. 135.0 mn from the subsidiary in FY25. We understand from public sources that he is the Managing Director of Adani Electricity Mumbai Limited (a 74.9% subsidiary of AESL) and from AEML Seepz Limited (a wholly owned subsidiary of Adani Electricity Mumbai Limited). The company has not provided details regarding his proposed remuneration structure during the term of his appointment. In the absence of such details, we are unable to determine his proposed remuneration and hence we do not support the resolution.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundNo concern on the merits of the Appointee. Appointment not in compliance with law. Non-Compliant under Companies Act: Director holds Three Full-Time Positions.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted given that Kandarp Patel's remuneration terms from the subsidiary have not been disclosed in the notice.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • WhiteOak Capital Mutual FundKandarp Patel, 53, has been Chief Executive Officer, Adani Energy Solutions Limited since November 2022. The company proposes to appoint him as Whole-time Director and Chief Executive Office of the company. As per the notice he is currently receiving remuneration from one of the operational subsidiary companies of the company. Hence, no remuneration is paid to him from AESL. He drew a remuneration of Rs. 135.0 mn from the subsidiary in FY25.The company has not provided details regarding his proposed remuneration structure during the term of his appointment. In the absence of such details, we do not support the resolution.

  15 for9 against

Mutual fund votes, meeting of 3 Jan 2025, 21 fund houses

• Approval of Material Related Party Transaction by Powerpulse Trading Solutions Limited (Formerly known as Adani Energy Solutions Step-Thirteen Limited) – a Wholly Owned Subsidiary of the Company with Adani Power LimitedMoreLess

  21 for0 against
• Approval of Material Related Party Transaction by Powerpulse Trading Solutions Limited (Formerly known as Adani Energy Solutions Step-Thirteen Limited) – a Wholly Owned Subsidiary of the Company with Mahan Energen LimitedMoreLess

  21 for0 against
• Approval of Material Related Party Transaction by Powerpulse Trading Solutions Limited (Formerly known as Adani Energy Solutions Step-Thirteen Limited)– a Wholly Owned Subsidiary of the Company with Adani Electricity Mumbai LimitedMoreLess

  21 for0 against
• Approval of Material Modification in the approved Related Party Transaction(s) by Adani Electricity Mumbai Limited., a subsidiary of the Company with Adani Hybrid Energy Jaisalmer Four Limited

  21 for0 against
• Approval of Material Modification in the approved Related Party Transaction(s) by MPSEZ Utilities Limited (MUL), a wholly owned subsidiary of the Company with Adani Power Limited

  21 for0 against

Mutual fund votes, meeting of 25 Jun 2024, 19 fund houses

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

• Adoption of Audited Financial Statements (including consolidated financial statements) for the financial year ended March 31, 2024 together with the Reports of the Board of Directors and Auditors thereon.MoreLess

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Navi Mutual Fund, Sundaram Mutual FundWe have relied upon the auditors’ report, which has issued a qualified opinion on standalone and consolidated financial statements pending completion of ongoing investigation by SEBI and proceedings before the Supreme Court with respect to allegations in a short seller report involving Adani group companies, including Adani Energy Solutions Limited (formerly Adani Transmission Limited - ATL) and its subsidiaries. The auditors have also qualified their opinion on internal financial controls for the same issue.
  • Groww Mutual FundThe auditor has expressed qualified opinion on the Financial Statements. In the absence of adequate information on record, we are not able to ascertain the impact of the opinion on the financial statements. Hence, we are voting against the resolution.
  • HSBC Mutual FundAuditors have a qualified opinion on the company's financial statements. Consequently, a vote AGAINST this resolution is warranted.
  • ICICI Prudential Mutual FundAuditor has qualified the financial statements due to their inability to comment on the possible consequential effects of the pending proceedings before the Supreme Court and investigation by regulators. The AMC propose to vote against the resolution as we rely on auditor’s report for financial statements of the Company for the financial year ended on March 31, 2024 given the matter is sub-judice. As per auditors’ qualification, impact would be subject to the outcome of the allegations.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding).
  • Motilal Oswal Mutual FundQualified opinion by the Auditors on Standalone and Consolidated financial statements. Ongoing investigation by the regulators.
  • Nippon India Mutual FundOngoing Investigation
  • Zerodha Mutual FundQualified financial statements raises governance concerns.

  6 for12 against
• Re-appointment of Gautam S. Adani (DIN: 00006273), as a Director of the Company who retires by rotation.

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliance: Holding three full-time positions. Governance Concern: Executive Chairman.
  • Nippon India Mutual FundHolding 3 full-time positions
  • Zerodha Mutual FundExcessive full-time positions raises governance concerns.

  15 for4 against
• To consider and, if thought fit, approve re-appointment of Mrs Lisa Caroline MacCallum (DIN: 09064230) as an Independent Director (Non-Executive) of the Company for the second term of three years and to pass, with or without modification(s).MoreLess

  19 for0 against
• To consider and approve the material related party transaction(s) proposed to be entered into with Adani Power Limited and / its subsidiaries, by the Company, during the financial year 2024-25.

  16 for0 against
• To consider and approve the material related party transaction(s) proposed to be entered into with Mahan Energen Limited, by the Company, during the financial year 2024-25.

  18 for0 against
• To consider and approve the material related party transaction(s) proposed to be entered into with Adani Electricity Mumbai Limited, by the Company, during the financial year 2024-25.

  17 for0 against
• To consider and approve the material related party transaction(s) proposed to be entered into with Adani Electricity Mumbai Infra Limited., a subsidiary of the Company with Adani Infra (India) Limited, by the Company, during the financial year 2024-25.MoreLess

  ›Against Axis Mutual Fund, ICICI Prudential Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund

  • Axis Mutual FundAIIL provides maintenance and EPC services for power, transmission, renewables, roads and water projects. It is a wholly owned subsidiary of Adani Properties Pvt. Ltd. (APPL) which is held by S.B. Adani family trust and other group companies. APPL is an investment holding company of the Adani group. AEMIL is a step-down subsidiary of AESL. It was incorporated in 2020, for development, construction, operation and maintenance of ±320kV Monopole, 1x1000 MW HVDC Voltage Source Converter (VSC) based link between Kudus EHV substation and AEML Aarey EHV substation (the project). AEMIL has appointed AIIL for execution of the project. We do not support the resolution: the company has neither disclosed the nature of the operations of AIIL nor their financial profile in the notice. We cannot determine whether a limit of Rs. 16.24 bn is appropriate for the size of their operations.
  • ICICI Prudential Mutual FundAEMIL is a step-down subsidiary of AESL. AEMIL has appointed AIIL for execution of a transmission project. The company has neither disclosed the nature of the operations of AIIL nor their financial profile in the notice. Hence the AMC voted against this resolution.
  • Navi Mutual FundCompliant with law. Governance concern: Basis for Arm’s Length pricing not adequately disclosed.
  • Nippon India Mutual FundInadequate Disclosure
  • Sundaram Mutual Fund"AIIL provides maintenance and EPC services for power, transmission, renewables, roads and water projects. It is a wholly owned subsidiary of Adani Properties Pvt. Ltd. (APPL) which is held by S.B. Adani family trust and other group companies. APPL is an investment holding company of the Adani group. AEMIL is a step-down subsidiary of AESL. It was incorporated in 2020, for development, construction, operation and maintenance of ±320kV Monopole, 1x1000 MW HVDC Voltage Source Converter (VSC) based link between Kudus EHV substation and AEML Aarey EHV substation (the project). AEMIL has appointed AIIL for execution of the project. We do not support the resolution: the company has neither disclosed the nature of the operations of AIIL nor their financial profile in the notice. We cannot determine whether a limit of Rs. 16.24 bn is appropriate for the size of their operations."

  13 for5 against
• To raise capital by way of a qualified institutions placement to eligible investors through an issuance of equity shares and/or other eligible securities.

  19 for0 against

Mutual fund votes, meeting of 22 Sep 2023, 15 fund houses

• To approve amendment to the Articles of Association of the Company.

  15 for0 against