Adani Green Energy MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 2 Jan 2026, 28 fund houses

• To approve the re-appointment of Mr. Dinesh Kanabar (DIN: 00003252) as an Independent Director (Non- Executive) of the Company to hold office for a second term of 3 (three) years upto January 04, 2029

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, The Wealth Company Mutual Fund, Unifi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance and Transparency Concern: Pecuniary relationship, Lack of clarity on the quantum of related party transactions entered with Dhruva Advisors LLP at Company and Group level.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundDinesh Kanabar, 67, is the founder, Chairperson and CEO of Dhruva Advisors LLP, a tax and regulatory advisory firm in India. Prior to founding Dhruva Advisors LLP, he served as Deputy CEO of KPMG India and Chairperson of its tax practice. He also served as Chairperson of the tax practice at PwC India and as Deputy Managing Partner at RSM & Co. He has been on the board of Adani Green Energy Limited since 5 January 2021 and attended all nine board meetings held in FY25 and all three board meetings held in FY26 till date. While his reappointment is in line with statutory requirements, we are unable to support his reappointment as an Independent Director since Dhruva Advisors LLP has provided professional services to several Adani group companies, including Adani Green Energy Limited. IiAS does not support the (re)appointment of Independent Directors having business ties with the company or the group, irrespective of the extent of the pecuniary relationship. The company may consider his appointment as a non-independent director. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual FundCompliant with law. No issues on merit, profile and time commitments of appointee. Governance and Transparency Concern: Lack of clarity on the quantum of RPTs entered with Dhruva Advisors LLP at Company and Group level.
  • Baroda BNP Paribas Mutual FundNo concern on candidate. However, Dhruva has existing relationships with AGEL. Dhruva Advisors has acted as a tax advisor for the Adani Group on several significant transactions apart from negotiations with Total to warrant Mr Kanabar to be "independent"
  • Invesco Mutual FundDinesh Kanabar, 67, is the founder, Chairperson and CEO of Dhruva Advisors LLP, a tax and regulatory advisory firm in India. Prior to founding Dhruva Advisors LLP, he served as Deputy CEO of KPMG India and Chairperson of its tax practice. He also served as Chairperson of the tax practice at PwC India and as Deputy Managing Partner at RSM & Co. He has been on the board of Adani Green Energy Limited since 5 January 2021 and attended all nine board meetings held in FY25 and all three board meetings held in FY26 till date. While his reappointment is in line with statutory requirements, we are unable to support his reappointment as an Independent Director since Dhruva Advisors LLP has provided professional services to several Adani group companies, including Adani Green Energy Limited. We do not support the (re)appointment of Independent Directors having business ties with the company or the group, irrespective of the extent of the pecuniary relationship. The company may consider his appointment as a non-independent director. We do not support the resolution
  • Kotak Mahindra Mutual FundDinesh Kanabar, 67, is the founder, Chairperson and CEO of Dhruva Advisors LLP, a tax and regulatory advisory firm in India. He has been on the board of Adani Green Energy Limited since 5 January 2021 and attended all nine board meetings held in FY25 and all three board meetings held in FY26 till date. While his reappointment is in line with statutory requirements, we are unable to support his reappointment as an Independent Director since Dhruva Advisors LLP has provided professional services to several Adani group companies, including Adani Green Energy Limited. The Company has not disclosed the quantum of transactions undertaken with Dhruva Advisory LLP, both at the entity level and at the group level. Since the pecuniary relation poses a conflict of interest, we do not support the resolution.
  • LIC Mutual FundGovernance and Transparency Concern: Lack of clarity on the quantum of RPTs entered with Dhruva Advisors LLP at Company and Group level.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance & Transparency Concern: Lack of clarity on the quantum of RPTs entered at Company and Group level.
  • quant Mutual FundCompliant with the law. No issues on merit, profile and time commitments of appointee. Governance and Transparency Concern: Lack of clarity on the quantum of RPTs entered with Dhruva Advisors LLP at company and group level.
  • Unifi Mutual FundDinesh Kanabar, 67, is the founder, Chairperson and CEO of Dhruva Advisors LLP, a tax and regulatory advisory firm in India. Prior to founding Dhruva Advisors LLP, he served as Deputy CEO of KPMG India and Chairperson of its tax practice. He also served as Chairperson of the tax practice at PwC India and as Deputy Managing Partner at RSM & Co. He has been on the board of Adani Green Energy Limited since 5 January 2021 and attended all nine board meetings held in FY25 and all three board meetings held in FY26 till date. While his reappointment is in line with statutory requirements, we are unable to support his reappointment as an Independent Director since Dhruva Advisors LLP has provided professional services to several Adani group companies, including Adani Green Energy Limited. The company may consider his appointment as a non-independent director. We do not support the resolution.

  8 for20 against
• Approval of Material Related Party Transaction with Jash Energy Private Limited

  28 for0 against

Mutual fund votes, meeting of 26 Aug 2025, 26 fund houses

• To approve the material related party transaction(s) proposed to be entered into by the Company during the FY 2025-26

  26 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

  25 for0 against
• Re-appointment of Mr. Gautam S. Adani (DIN: 00006273), as a Director of the Company who retires by rotation

  ›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, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concerns: Chairperson related to Executive Director. Transparency Concern: Ambiguity with regards to three full-time positions held by the Director.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo issue on merit of appointee. Non-Compliant with Companies Act, 2013: More than 1 full time Directorship. Governance concerns: Chairperson related to Executive Director. Transparency Concern: Ambiguity w.r.t. Three Full-Time Positions held by the Director.
  • Nippon India Mutual FundProfile of the Candidate. Holds more than 1 full-time position.

  18 for9 against
• To appoint M/s. Chirag Shah & Associates, Practicing Company Secretaries as the Secretarial Auditors of the Company for a term of 5 (five) consecutive years

  27 for0 against
• To re-appoint Mr. Vneet S. Jaain (DIN: 00053906) as Managing Director of the Company for a term of 5 (five) consecutive years

  ›Against Axis Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund, WhiteOak Capital Mutual Fund

  • Axis Mutual Fund, Invesco Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundVneet Jaain, 54, is the Managing Director of Adani Green Energy Limited and has been associated with the Adani Group for over 15 years. We draw attention to the criminal indictment by the U.S. Department of Justice charging Vneet Jaain and other directors with conspiracies to commit securities and wire fraud. These proceedings are currently pending; we expect the company to closely monitor any future developments arising from these cases which may impact the company. His FY24 and FY25 remuneration aggregated Rs. 152.5 mn and Rs. 132.4 mn, respectively, which appears reasonable given the company’s size. However, the remuneration terms for his proposed tenure have not been disclosed. The company has stated that, in the event of inadequate profits, he may be paid up to Rs. 200.0 mn per annum for three years. There is no clarity on the remuneration framework in the event of adequate profits. There is no clarity on his fixed and variable components, performance metrics, or any upper cap on overall pay. While we support his reappointment, we are unable to estimate his overall pay and thus do not support the resolution.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: His remuneration structure does not comprise of variable pay. His pay structure is open-ended with no absolute cap on his overall pay. There are concerns on the historic pay. He will be paid minimum remuneration irrespective of the company's financial performance during his tenure.
  • Kotak Mahindra Mutual FundVneet Jaain, 54, is the Managing Director of Adani Green Energy Limited and has been associated with the Adani Group for over 15 years. His FY24 and FY25 remuneration aggregated Rs. 152.5 mn and Rs. 132.4 mn, respectively, which appears reasonable given the company s size. However, the remuneration terms for his proposed tenure have not been disclosed. The company has stated that, in the event of inadequate profits, he may be paid up to Rs. 200.0 mn per annum for three years. There is no clarity on the remuneration framework in the event of adequate profits. There is no clarity on his fixed and variable components, performance metrics, or any upper cap on overall pay. While we support his reappointment, we are unable to estimate his overall pay and thus do not support the resolution. Hence, we are voting against.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • WhiteOak Capital Mutual FundVneet Jaain, 54, is the Managing Director of Adani Green Energy Limited and has been associated with the Adani Group for over 15 years. There is inadequate clarity on his fixed and variable components, performance metrics, or any upper cap on overall pay and thus do not support the resolution.

  19 for8 against
• To approve the re-appointment of Mr. Raminder Singh Gujral (DIN: 07175393) as an Independent Director (Non-Executive) of the Company to hold office for a second term of 3 (three) years upto July 09, 2028MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan 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, Unifi Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: The proposed term will lead to prolonged association.
  • Axis Mutual Fund, Invesco Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundRaminder Singh Gujral, 71, retired as Finance Secretary, Government of India, in 2013. He has been on the board of Adani Green Energy Limited since July 2020 and attended all nine board meetings held in FY25. He also held various roles with the Central Board of Excise and Customs (CBEC) and the Central Board of Direct Taxes (CBDT). While his reappointment is in line with statutory requirements, we raise concern over his long-term association with the Adani group. He served on the board of Adani Power Limited from 11 August 2015 to 12 November 2022. As a result, his overall association with the group will exceed ten years in August 2025, just one month into his proposed new term. Given his extended association with the group, we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundRe-appointment Compliant with law. No issues on merit of appointee. Governance Concern: The proposed term will lead to prolonged association.
  • HDFC Mutual FundMr.Raminder Singh Gujral, 71, retired as Finance Secretary, Government of India, in 2013. He served on the board of Adani Power Limited from 11 August 2015 to 12 November 2022. As a result, his overall association with the group will exceed ten years in August 2025, Given his extended association with the group, we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Candidate Prolonged Association
  • quant Mutual FundRe-appointment compliant with the law. No issues on merit of appointee. Governance concern: The proposed term will lead to prolonged association.
  • WhiteOak Capital Mutual FundRaminder Singh Gujral, 71, retired as Finance Secretary, Government of India, in 2013. He has been on the board of Adani Green Energy Limited since July 2020 and attended all nine board meetings held in FY25. Mr Gujral has served on the board of Adani Power from 2015 -2022. Consiering his association with the group exceeds 10 years, we do not support the resolution.

  10 for17 against
• To approve alteration to the Articles of Association of the Company with respect to deletion of the Common Seal Clause

  27 for0 against
• To approve the material related party transaction(s) proposed to be entered into by the Company during the FY 2025-26

  22 for0 against

Mutual fund votes, meeting of 23 May 2025, 26 fund houses

• To approve the material related party transaction(s) proposed to be entered into by the Company during the FY 2025-26

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundThere are concerns about a transaction.

  25 for1 against

Mutual fund votes, meeting of 31 Jan 2025, 21 fund houses

• To approve the material modification in the approved related party transaction (between Adani Hybrid Energy Jaisalmer Four Limited, a wholly-owned step-down subsidiary of Company and Adani Electricity Mumbai Limited)MoreLess

  21 for0 against

Mutual fund votes, meeting of 25 Sep 2024, 17 fund houses

• Approval of Material Related Party Transaction by Adani Renewable Energy Sixty Four Limited (a subsidiary of the Company) with TotalEnergies Renewables Singapore Pte Limited

  ›Against Groww Mutual Fund, HSBC Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Transparency Concern: Valuation obtained but not disclosed. No clarity on why there is a difference in valuation of proposed entity vs the consideration for 50% stake.
  • HSBC Mutual FundThere are concerns about a transaction. There is insufficient disclosure of relevant information.
  • Kotak Mahindra Mutual FundIn absence of valuation report; fairness of the proposed transactions i.e. fair valuation of the proposed entity cannot be ascertained at present. In views of the above issue, transparency concern has been raised in the proposed transaction. Hence voting against.

  13 for4 against