Aegis Logistics MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 14 Aug 2025, 18 fund houses

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

• To consider and adopt the Audited Financial Statements of the Company (Standalone and Consolidated) for the financial year ended March 31, 2025, together with the reports of the Board of Directors and the Auditors thereon.MoreLess

  18 for0 against
• To declare Final dividend @ Rs. 6.00 per equity share of the Company having face value of Rs. 1 each and to confirm 1 (one) Interim Dividend @ Rs. 1.25 per equity share declared and paid on the face value of Rs. 1 each during FY 2024-25.MoreLess

  18 for0 against
• To appoint a Director in place of Mr. Rahul Asthana (DIN: 00234247), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund

  • Angel One Mutual FundGovernance Concern: No cooling-off period served before appointment as Non-Executive Director -Non-Independent Directors post completion of two terms as an Independent Director.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the Director. Governance Concern: No cooling-off period served before appointment as NED-NID post completion of two terms as an ID.
  • Nippon India Mutual FundGovernance Concern: No cooling-off period served before appointment as NED-NID post completion of two terms as an ID.
  • quant Mutual FundRelated to the appointment of Mr Rahul Asthana as Non-Executive Director (NED). Compliant with the law. No concern on the merits of the director. Governance concern: No cooling-off period served before appointment as NED-NID after completion of two terms as an independent director (ID).

  10 for8 against
• Re-appointment of Ms. Tasneem Ahmed Ali (DIN: 03464356) as an Independent Director of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund

  • Angel One Mutual FundTransparency Concern: No clarity on whether proposed appointee holds independent or non-independent position in the Group Company; the Annual Report of the Group Company has designated the Independent Director as a “Key Managerial Personnel”, which may lead to conflict of interest situation.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Transparency Concern: No clarity on whether proposed Appointee holds independent or non-independent position in the Group Company; the Annual Report of the Group Company has designated the ID as a “KMP”, which may lead to conflict of interest situation.
  • Nippon India Mutual FundTransparency Concern: No clarity on whether proposed Appointee holds independent or non-independent position in the Group Company; the Annual Report of the Group Company has designated the ID as a “KMP”, which may lead to conflict of interest situation.
  • quant Mutual FundRelated to the re-appointment of Ms Tasneem Ahmed Ali as an independent director. Compliant with the law. Transparency concern: No clarity on whether proposed appointee holds independent or non-independent position in the group company; the annual report of the group company has designated her a “KMP,” which would be against good governance.

  10 for8 against
• To approve the appointment of M/s Naithani & Shetty Associates as Secretarial Auditor of the Company for the first term of five years.

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

  • Angel One Mutual Fund, Nippon India Mutual FundTransparency Concern: Previous Auditor’s remuneration has not been disclosed; the Company has not addressed if there is any Material Change in the Audit Fee.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Transparency Concern: Previous Auditor’s remuneration has not been disclosed; the Company has not addressed if there is any Material Change in the Audit Fee.

  11 for7 against
• To approve the material related party transaction(s) proposed to be entered into by the Company.

  2 for0 against
• To approve the material related party transaction(s) proposed to be entered into by Aegis Gas (LPG) Private Limited (“AGPL”), wholly owned subsidiary of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual FundTransparency Concern: Inadequate Disclosures – It is not clear if the proposed Related Party Transaction are Specific or Omnibus in nature. The proposed Related Party Transaction Limits appear to be significant with regards to the financial standing of the Related Parties. Accordingly, it is not clear as to how the proposed transactions are “Commercially Viable” for the concerned Entities. Overall, there is a lack of clarity with regards to the proposed transactions.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundTransparency Concern: Inadequate Disclosures – It is not clear if the proposed RPTs are Specific or Omnibus in nature. The proposed RPT Limits appear to be significant w.r.t. the financial standing of the Related Parties. Accordingly, it is not clear as to how the proposed transactions are “Commercially Viable” for the concerned Entities. Overall, there is a lack of clarity w.r.t. the proposed transactions.
  • Kotak Mahindra Mutual FundAegis Gas (LPG) Private Limited is a wholly owned subsidiary of Aegis Logistics Limited which is engaged in the import, trading, and distribution of Liquefied Petroleum Gas (LPG). The company is also involved in related services such as storage and handling of LPG. Aegis Vopak Terminals Limited (AVTL) is a JV between Aegis Logistics Limited (ALL) and Vopak, a Dutch company that provides storage and logistics solutions for chemicals, oils, gases, LNG and biofuels. The company seeks approval for transactions relating to infrastructure developments i.e. developing and maintenance of infrastructure facilities in relation to tank storage terminals for liquified petroleum gas and other liquid products at ports of India. The Company should explain as to how the Company, its Subsidiaries & the Counter Party will execute such a big project with their current financial standing. The company has not provided adequate justification for the above mentioned. Hence, we are voting against.
  • Nippon India Mutual FundTransparency Concern: Inadequate Disclosures – It is not clear if the proposed RPTs are Specific or Omnibus in nature.

  10 for8 against
• To approve the material related party transaction(s) proposed to be entered into by Sea Lord Containers Limited (“SCL”), wholly owned subsidiary of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual FundTransparency Concern: Inadequate Disclosures – It is not clear if the proposed Related Party Transaction are Specific or Omnibus in nature. The proposed Related Party Transaction Limits appear to be significant with regards to the financial standing of the Related Parties. Accordingly, it is not clear as to how the proposed transactions are “Commercially Viable” for the concerned Entities. Overall, there is a lack of clarity with regards to the proposed transactions.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundTransparency Concern: Inadequate Disclosures – It is not clear if the proposed RPTs are Specific or Omnibus in nature. The proposed RPT Limits appear to be significant w.r.t. the financial standing of the Related Parties. Accordingly, it is not clear as to how the proposed transactions are “Commercially Viable” for the concerned Entities. Overall, there is a lack of clarity w.r.t. the proposed transactions.
  • Kotak Mahindra Mutual FundSea Lord Containers Limited is a wholly owned subsidiary of Aegis Logistics Limited which is engaged in the storage and handling of liquid petroleum and petrochemical products. The company develops and operates tank terminals and related infrastructure, supporting the group s integrated liquid logistics operations across key ports in India. Aegis Vopak Terminals Limited (AVTL) is a JV between Aegis Logistics Limited (ALL) and Vopak, a Dutch company that provides storage and logistics solutions for chemicals, oils, gases, LNG and biofuels. The company seeks approval for transactions relating to infrastructure developments i.e. developing and maintenance of infrastructure facilities in relation to tank storage terminals for liquified petroleum gas and other liquid products at ports of India. The Company should explain as to how the Company, its Subsidiaries & the Counter Party will execute such a big project with their current financial standing. The company has not provided adequate justification for the above mentioned. Hence, we are voting against.
  • Nippon India Mutual FundTransparency Concern: Inadequate Disclosures – It is not clear if the proposed RPTs are Specific or Omnibus in nature.

  10 for8 against
• To approve the material related party transaction(s) proposed to be entered into by Aegis Group International Pte Limited, Subsidiary Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual FundTransparency Concern: Inadequate Disclosures – It is not clear if the proposed Related Party Transaction are Specific or Omnibus in nature. The proposed Related Party Transaction Limits appear to be significant with regards to the financial standing of the Related Parties. Accordingly, it is not clear as to how the proposed transactions are “Commercially Viable” for the concerned Entities. Overall, there is a lack of clarity with regards to the proposed transactions.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundTransparency Concern: Inadequate Disclosures – It is not clear if the proposed RPTs are Specific or Omnibus in nature. The proposed RPT Limits appear to be significant w.r.t. the financial standing of the Related Parties. Accordingly, it is not clear as to how the proposed transactions are “Commercially Viable” for the concerned Entities. Overall, there is a lack of clarity w.r.t. the proposed transactions.
  • Kotak Mahindra Mutual FundAegis Group International Pte Limited (AGI) is a foreign subsidiary of Aegis Logistics Limited, incorporated in Singapore. As on 31 March 2025, Aegis Logistics holds 60% shareholding in AGI, while the remaining 40% is held by Itochu Petroleum Co. (Singapore) Pte. Ltd., a wholly-owned subsidiary of Itochu Corporation, Japan. AGI serves as the international trading and strategic sourcing arm of the Aegis Group, primarily engaged in the import and trade of Liquefied Petroleum Gas (LPG) and related petroleum products. Itochu Petroleum Co. (Singapore) Pte. Ltd. operates as a key player in the international energy trading sector. The company is primarily engaged in the trading and supply of crude oil, refined petroleum products such as LPG, gasoline, diesel, and fuel oil, and other energy commodities across Asia and globally. The company seeks approval for transactions relating to Purchase of Liquified Petroleum Gases (LPG), Propane, Butane, Ammonia and other gas and liquid products at international benchmark prices. The Company should explain as to how the Company, its Subsidiaries & the Counter Party will execute such a big project with their current financial standing. The company has not provided adequate justification for the above mentioned. Hence, we are voting against.
  • Nippon India Mutual FundTransparency Concern: Inadequate Disclosures – It is not clear if the proposed RPTs are Specific or Omnibus in nature.

  10 for8 against

Mutual fund votes, meeting of 10 Jan 2025, 13 fund houses

• APPROVAL FOR DILUTION OF HOLDING OF THE COMPANY IN ITS MATERIAL SUBSIDIARY i.e. AEGIS VOPAK TERMINALS LIMITED PURSUANT TO THE INITIAL PUBLIC OFFER (“IPO”) INCLUDING PRE-IPO PLACEMENT

  13 for0 against

Mutual fund votes, meeting of 23 Jul 2024, 14 fund houses

• Consider and adopt the Audited Financial Statements of the Company (Standalone and Consolidated) for the financial year ended March 31, 2024, together with the reports of the Board of Directors and the Auditors thereon.MoreLess

  14 for0 against
• To declare Final dividend @ 200% i.e. Rs. 2.00/- per equity share of the Company having face value of Re. 1 each and to confirm 2 (two) Interim Dividends @ 250% of Rs. 2.50/-per equity share and @ 200% of Rs. 2/-per equity share declared and paid on the face value of Re. 1 each during the financial year 2023-24.MoreLess

  14 for0 against
• To appoint a Director in place of Mr. Amal Chandaria (DIN: 09366079), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Bank of India Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund

  • Bank of India Mutual FundAmal Raj Chandaria, 31, belongs to the promoter family and is the son of Raj K. Chandaria – CMD. He is the CEO of Spaghetti Studios Inc, involved in design, branding and art direction. He previously worked as a Senior Art Director at DoorDash Inc, San Francisco – an online food ordering and delivery platform based in USA. He was appointed to the board on 27 October 2021. He has attended four out of five board meetings held in FY24. He retires by rotation. While his reappointment is in line with statutory requirements, we note that his aggregate work experience is less than ten years, which we believe is not sufficient to be on the board of a listed company. Therefore, we do not support his reappointment.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundProfile of the candidate

  11 for3 against
• To re-appoint M/s. CNK and Associates LLP, Chartered Accountants, (Firm’s Registration No. 101961W/W-100036) as Statutory Auditors of the Company and to fix their remuneration:

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on merit of Auditor. Non-Compliant with Section 139 of Companies Act: Appointment proposed for 3rd term as Audit firm, Governance concern: total Association will exceed 10 years.

  11 for3 against
• Appointment of Mr. Rahul Durgaprasad Asthana (DIN: 00234247) as a Non-Executive Non-Independent Director of the Company

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merit of Director. Governance concern: No cooling off period served before appointment as NED-NID post completion of two terms as an ID.

  11 for3 against
• Re-appointment of Mr. Lars Erik Mikael Johansson (DIN: 08607066) as an Independent Director of the Company.

  ›Against Axis Mutual Fund

  • Axis Mutual FundAmal Raj Chandaria, 31, belongs to the promoter family and is the son of Raj K. Chandaria – CMD. He is the CEO of Spaghetti Studios Inc, involved in design, branding and art direction. He previously worked as a Senior Art Director at DoorDash Inc, San Francisco – an online food ordering and delivery platform based in USA. He was appointed to the board on 27 October 2021. He has attended four out of five board meetings held in FY24. He retires by rotation. While his reappointment is in line with statutory requirements, we note that his aggregate work experience is less than ten years, which we believe is not sufficient to be on the board of a listed company. Therefore, we do not support his reappointment.

  13 for1 against

Mutual fund votes, meeting of 15 Jun 2024, 13 fund houses

• Appointment of Mr. Kanwaljit Singh Sudarshan Nagpal (DIN: 00012201) as Non-Executive Non-Independent Director Of the Company

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, quant Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with Law. Governance Concern: No cooling off period served before appointment as NED-NID post completion of two terms as an ID.
  • quant Mutual FundRes 1 Vote: AGAINST Appointment compliant with Law. Governance Concern: No cooling off period served before appointment as NED-NID post completion of two terms as an ID.

  9 for4 against

Mutual fund votes, meeting of 28 Jul 2023, 5 fund houses

• 1) Adoption of Audited Standalone and Consolidated Financial Statements for the year ended 31st March, 2023 and the Reports of the Directors and Auditors thereon.

  1 for0 against
• 2) Confirm three interim dividends of Rs. 1.5, Re. 1.0 and Rs. 2.0 each per equity share (face value Re. 1.0) and declare final dividend of Re. 1.25 (face value Rs. 1.0) for FY23.

  1 for0 against
• 3) Reappoint Amal R. Chandaria (DIN: 09366079) as Director, liable to retire by rotation.

  1 for0 against
• 4) Appoint Raj Kishore Singh (DIN: 00071024) as Independent Director for five years from 1 June 2023.

  1 for0 against
• Accept Financial Statements and Statutory Reports

  1 for0 against
• Appointment of Mr. Raj Kishore Singh (DIN: 00071024) as an Independent Director of the Company, not liable to retire by rotation and to hold office for a term of 5 (Five) years up to May 31, 2028.

  ›Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Motilal Oswal Mutual FundCompliant with law. Governance Concern: Cooling off period not served; Prolonged association if proposed term is completed.
  • Nippon India Mutual FundAssociation may adversely impact independence

  1 for2 against
• Approve Final Dividend and Confirm Three Interim Dividend, Second Interim Dividend, and Third Interim Dividend

  1 for0 against
• Elect Raj Kishore Singh as Director

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundA vote AGAINST the following nominee is warranted because:- At the end of the current term Raj Kishore Singh, would have served as director of the company for more than 10 years, which could compromise his independence.

  0 for1 against
• Reelect Amal Chandaria as Director

  1 for0 against
• To appoint a Director in place of Mr. Amal Chandaria (DIN: 09366079), who retires by rotation and being eligible, offers himself for re-appointment.

  3 for0 against
• To consider and adopt the Audited Financial Statements of the Company (Standalone and Consolidated) for the financial year ended March 31, 2023, together with the reports of the Board of Directors and the Auditors thereon.MoreLess

  3 for0 against
• To declare Final dividend @125% i.e. Rs.1.25/- per equity share of the Company having face value of Re. 1 each and to confirm 3 (three) Interim Dividend @150% i.e. Rs.1.50/-per equity share, 2nd Interim Dividend @100% i.e. Rs.1/-per equity share and 3rd Interim dividend @200% i.e. Rs.2/- per equity share declared and paid on the face value of Re. 1 each during the financial year 2022-23.MoreLess

  3 for0 against

Mutual fund votes, meeting of 17 May 2023, 5 fund houses

• 1) Reappoint Raj Chandaria (DIN: 00037518) as Managing Director for five years from 1 April 2023 and fix his remuneration.

  ›Against SBI Mutual Fund

  • SBI Mutual FundWe estimate Raj Chandaria’s FY24 remuneration at Rs. 108.8 mn, which is not commensurate with the size of business and not in line with peers. Total promoter compensation was 120.0 mn in FY22 which is high for the size of business. Raj Chandaria’s remuneration only comprises of commission: the company has not disclosed performance metrics which determine his commission payout. The company must consider capping his remuneration in absolute terms. We note that the NRC comprises Kanwaljit Nagpal, a tenured independent director who has been on the board of the company for 20 years.

  0 for1 against
• Approve Reappointment of Raj K. Chandaria as Managing Director

  1 for0 against
• Re-appointment of Mr. Raj K. Chandaria (DIN - 00037518) as Managing Director of the Company on continuation basis for a further term of 5 years w.e.f. 1st April, 2023 to 31st March, 2028.

  ›Against Nippon India Mutual Fund

  • Nippon India Mutual FundNo absolute cap on variable pay

  2 for1 against