Adani Ports and Special Economic Zone CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 3 Nov 2025, 37 fund houses

• To appoint Mr. Manish Kejriwal (DIN: 00040055) as an Independent Director of the Company

  37 for0 against

Mutual fund votes, meeting of 24 Jun 2025, 35 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 on March 31, 2025.

  4 for0 against
• Declaration of Dividend on Preference Shares for the FY 2024-25.

  32 for0 against
• Declaration of Final Dividend on Equity Shares for the FY 2024-25.

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

  ›Against Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Transparency Concern: Ambiguity on whether the proposed appointee holds 2 Full-Time Positions or not.

  30 for5 against
• Appointment of CS Ashwin Shah, Practicing Company Secretary as Secretarial Auditor of the Company for a term of 5 (five) consecutive years from FY 2025-26 to FY 2029-30.

  35 for0 against
• Re-appointment of Mr. P.S. Jayakumar (DIN: 01173236) as an Independent Director (Non-Executive) of the Company to hold office for a second term of 3 (three) years.

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Quantum Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Combined position of Audit Committee & Nomination & Remuneration Committee Chairperson. Single director acting as chairperson of both committees may lead to a concentration of power in the hands of a single individual and may not be in the best interest of corporate governance.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Combined position of AC & NRC Chairperson.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Palamadai Sundararajan Jayakumar serves on a total of more than six public company boards, which could potentially compromise his ability to commit sufficient time to his role in the company.
  • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: • Palamadai Sundararajan Jayakumar serves on a total of more than six public company boards, which could potentially compromise his ability to commit sufficient time to his role in the company.
  • Quantum Mutual FundWe take noted that Mr. Mr. P.S. Jayakumar holds the position of Audit & NRC committee. We are of the view that holding chairperson position in both the committees might lead to concentration of power. We do not support his reappointment as independent director.

  22 for12 against
• Approval of payment of commission or otherwise to the non-executive director(s) including Independent Director(s) of the Company who is/are neither in the whole time employment nor Managing Director, in addition to sitting fees being paid to them for attending the meeting of the Board and its Committees, a sum not exceeding 1% of the net profits of the Company per annum.MoreLess

  34 for0 against
• Approval of Alteration in Article of Association of the Company with respect to deletion of Common Seal clause.

  33 for0 against
• Approval of material related party transaction(s) proposed to be entered into by the Company and/or Adani International Ports Holdings Pte. Ltd. with Mediterranean International Ports A.D.G.D Limited, a related party of the Company, during the FY 2025-26.MoreLess

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The proposal would enable the provision of financial assistance to a related party that is not wholly owned subsidiary of the company. This could expose the company and its shareholders to unnecessary financial risk. • The company will be assuming a disproportionate financial risk relative to its ownership stake in MIPAL.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted because: • The proposal would enable the provision of financial assistance to a related party that is not whollyowned subsidiary of the company. This could expose the company and its shareholders to unnecessaryfinancial risk. • The company will be assuming a disproportionate financial risk relative to its ownership stake in MIPAL.

  32 for2 against
• Approval of material related party transaction(s) proposed to be entered into by the Company and/or Adani International Ports Holdings Pte. Ltd. with Colombo West International Terminal (Private) Limited, a related party of the Company, during the FY 2025-26 and/or FY 2026-27.MoreLess

  ›Against Axis Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, Unifi Mutual Fund

  • Axis Mutual Fund, Unifi Mutual FundAPSEZ, through its wholly owned subsidiary AIPH, holds 51% stake in CWIT. The balance stake of CWIT is held by John Keells Holdings of Sri Lanka (34%) and Sri Lanka Port Authority (15%). To achieve the full commercial operation, the project would require additional capital expenditure of USD 523 mn. This would be funded through debt from APSEZ via AIPH of USD 440 mn; equity of USD 67 mn (APSEZ / AIPH: USD 34 mn, JKH: USD 23 mn and SLPA: USD 10 mn) and internal accruals of USD 16 mn. The proposed transaction is for providing financial support of USD 474 mn (equity USD 34 mn and debt USD 440 mn) during the FY26 and/or FY27, directly / indirectly to CWIT or to the prospective lender who may provide debt to CWIT. The debt will be provided at SOFR+425 bps, which is benchmarked to rates provided by local / international lenders. However, it is unclear if the financial assistance provided by APSEZ / AIPH will be to the extent of their shareholding in CWIT. Thus, we do not support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The proposal would enable the provision of financial assistance to a related party that is not wholly owned subsidiary of the company. This could expose the company and its shareholders to unnecessary financial risk. • The company will be assuming a disproportionate financial risk relative to its ownership stake in CWIT.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted because: • The proposal would enable the provision of financial assistance to a related party that is not whollyowned subsidiary of the company. This could expose the company and its shareholders to unnecessaryfinancial risk. • The company will be assuming a disproportionate financial risk relative to its ownership stake in CWIT.

  30 for4 against
• Approval of material related party transaction(s) proposed to be entered into by the Company and/or Company subsidiary(ies) namely, Adani Harbour Services Limited and/or Shanti Sagar International Dredging Limited with Sunrise Worldwide Enterprise Limited and/or Astro Offshore Pte Ltd., a related party of the Company, during the FY 2025-26.MoreLess

  ›Against Axis Mutual Fund, Unifi Mutual Fund

  • Axis Mutual Fund, Unifi Mutual FundSWEL, a special purpose vehicle, was incorporated to acquire 100% stake in Astro, an offshore OSV operator. APSEZ owns 80% in SWEL and the balance 20% stake is held by Astro’s erstwhile promoters. Capex plans to fund Astro’s organic / inorganic growth is estimated at USD 325 mn. This is proposed to be funded by APSEZ and its subsidiaries by way of loans to SWEL and / or Astro. The financial assistance will be provided at an interest rate of SOFR+350 bps. The company must disclose how it has benchmarked the proposed rate of interest. It is unclear if the financial assistance provided by APSEZ or its subsidiaries will be to the extent of their shareholding in Astro. Thus, we do not support the resolution.

  32 for2 against
• Approval of material related party transaction(s) proposed to be entered into by Adani Logistics Limited, a wholly owned subsidiary of the Company with Ambuja Cements Limited, a related party of the Company, during the FY 2025-26.MoreLess

  ›Against Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Transparency Concern: Justification not provided for significant increase in proposed transactions.

  29 for5 against
• Approval of material related party transaction(s) proposed to be entered into by Adani Logistics Limited, a wholly owned subsidiary of the Company with ACC Limited, a related party of the Company, during the FY 2025-26.MoreLess

  ›Against Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Transparency Concern: Justification not provided for significant increase in proposed transactions.

  30 for5 against
• Authority for appointment of the branch auditors of the Company.

  33 for0 against

Mutual fund votes, meeting of 15 May 2025, 36 fund houses

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

• Approval for acquisition of Abbot Point Port Holdings Pte. Ltd. from Carmichael Rail and Port Singapore Holdings Pte. Ltd. by the Company, being a material related party transaction.

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted due to concerns raised on the valuation, which is significantly higher than the recent acquisitions made by the company and the dependence of NQXT on Carmichael mine, which is subjected to strict environmental conditions and several legal challenges. Further, the proposed transaction is between related parties, there is an inherent conflict of interest and therefore the valuation assigned should be subjected to stricter standards.
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted due to concerns raised on the valuation, which is significantlyhigher than the recent acquisitions made by the company and the dependence of NQXT on Carmichael mine,which is subjected to strict environmental conditions and several legal challenges. Further, the proposedtransaction is between related parties, there is an inherent conflict of interest and therefore the valuationassigned should be subjected to stricter standards

  27 for2 against
• Approval for issuance of 143820153 Equity Shares of the Company on Preferential Basis for consideration other than cash.

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted due to concerns raised on the valuation, which is significantly higher than the recent acquisitions made by the company and the dependence of NQXT on Carmichael mine, which is subjected to strict environmental conditions and several legal challenges. Further, the proposed transaction is between related parties, there is an inherent conflict of interest and therefore the valuation assigned should be subjected to stricter standards.
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted due to concerns raised on the valuation, which is significantlyhigher than the recent acquisitions made by the company and the dependence of NQXT on Carmichael mine,which is subjected to strict environmental conditions and several legal challenges. Further, the proposedtransaction is between related parties, there is an inherent conflict of interest and therefore the valuationassigned should be subjected to stricter standards

  26 for2 against

Mutual fund votes, meeting of 2 Nov 2024, 33 fund houses

• To appoint Dr. Ravindra H. Dholakia as an Independent Director of the Company.

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Helios Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundAppointment compliant with law. Governance Concern: Prolonged association with the Group.
  • Axis Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Invesco Mutual Fund, Navi Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundDr. Ravindra Dholakia, 71, served as the professor of Economics at the Indian Institute of Ahmedabad. He has more than 38 years of experience in regional economic development, economic analysis and policy, international economics and health economics. He served as a consultant to state governments and the central government, public and private institutions, and international organizations such as WHO, UNICEF, Asian Development Bank, World Bank, etc. While his appointment is in line with statutory requirements, we raise concern that he has been on the board of various Adani group companies since July 2011. We consider his overall association with the Adani group while computing his tenure and classify him as non-independent as his association exceeds ten years. We do not support the rotation of tenured Independent Directors within the group – the company may consider appointing him as a non-independent director.
  • HDFC Mutual FundWith the appointment, Dr. Ravindra H. Dholakia's association with the group will cross 10 years. We believe that this is not in line with the spirit of the regulations.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundProlonged Association with the Group.

  14 for19 against
• To appoint Mr. P. K. Pujari as an Independent Director of the Company.

  33 for0 against

Mutual fund votes, meeting of 24 Jun 2024, 32 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 on 31st March, 2024.

  ›Against DSP Mutual Fund, Navi Mutual Fund, Sundaram 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 with respect to related party transactions and allegations in a short seller report involving Adani group companies, including Adani Ports & Special Economic Zone Limited (APSEZ) and its subsidiaries. The auditors have also qualified their opinion on internal financial controls since they believe the group does not have an internal control system for identifying and confirming related party relationships, which could potentially result in non-compliance with laws and regulations.

  1 for3 against
• Declaration of Preference Dividend on Preference Shares for the FY 2023-24.

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund

  • 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.
  • Motilal Oswal Mutual FundNo issue other than on account of Qualified Standalone Financial Statements.
  • Trust Mutual FundNo issue other than on account of Qualified Standalone Financial Statements. Shareholders may seek clarification from the Company on the Standalone Accounts as stated in Resolution #1 and vote accordingly.
  • Zerodha Mutual FundQualified financial statements raises governance concerns.

  26 for4 against
• Declaration of Final Dividend on Equity Shares for the FY 2023-24

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund

  • 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.
  • Motilal Oswal Mutual FundNo issue other than on account of Qualified Standalone Financial Statements.
  • Trust Mutual FundNo issue other than on account of Qualified Standalone Financial Statements. Shareholders may seek clarification from the Company on the Standalone Accounts as stated in Resolution #1 and vote accordingly.
  • Zerodha Mutual FundQualified financial statements raises governance concerns.

  22 for4 against
• Re-appointment of Mr. Karan Adani (DIN: 03088095) as a Director of the Company who retires by rotation.

  32 for0 against
• Appointment of M/s. M S K A & Associates, Chartered Accountants, (Firm Registration No. 105047W) as Statutory Auditors for the term of 5 years.

  31 for0 against
• Authorizing Board of Directors to borrow money in excess of paid up capital and free reserves pursuant to section 180 (1)(c ) of the Companies Act, 2013.

  3 for0 against
• Authority for appointment of the branch auditors of the Company.

  31 for0 against

Mutual fund votes, meeting of 2 Apr 2024, 32 fund houses

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

• To approve change in designation of Mr. Gautam Adani, Chairman and Managing Director as Executive Chairman of the Company

  ›Against Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Quantum Mutual Fund

  • Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNo issue on merit of appointee. Compliance Concern: Excessive Whole-time position held by Mr. Gautam Adani. Governance concern: Holding Combined position of Chairman and Executive director.
  • Nippon India Mutual FundHolding combined positions of Chairman and Executive director
  • Quantum Mutual FundExcessive fulltime positions, Executive Chairman.

  21 for6 against
• To approve change in designation of Mr. Karan Adani, CEO and Whole Time Director as Managing Director of the Company

  27 for0 against
• To appoint Mr. Ashwani Gupta as Director of the Company, liable to retire by rotation.

  10 for0 against
• To appoint Mr. Ashwani Gupta, CEO as Whole Time Director of the Company.

  9 for0 against
• To appoint Mrs. M.V. Bhanumathi as an Independent Director of the Company.

  32 for0 against