Afcons Infrastructure MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 10 Feb 2026, 23 fund houses

• Material Related Party Transaction(s) between Afcons Construction Mideast LLC, wholly owned subsidiary of the Company and Shapoorji Pallonji Mideast LLC, subsidiary company of the Promoter Company of Afcons Infrastructure LimitedMoreLess

  23 for0 against

Mutual fund votes, meeting of 10 Nov 2025, 22 fund houses

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

• Appointment of Mr. Pallon Shapoorji Mistry (DIN - 05229734) as a Director (Non-Executive and Non-Independent) of the Company

  22 for0 against
• Appointment of Mr. Firoz Cyrus Mistry (DIN - 09543123) as a Director (Non-Executive and Non-Independent) of the Company

  ›Against Invesco Mutual Fund, Jio BlackRock Mutual Fund

  • Invesco Mutual FundFiroz Mistry, 29, is a part of promoter family and Designated Partner at Mistry Ventures. He is also part of SP Group - promoter group and serves on the board of S C Finance and Investments Private Limited, the holding company. He has completed his bachelor’s degree in liberal arts from Yale University, USA. We do not support his appointment because at 29 years of age and with an experience of less than ten years, his appointment does not align with our voting guidelines. We do not support the resolution
  • Jio BlackRock Mutual FundFiroz Mistry, 29, is a part of promoter family and Designated Partner at Mistry Ventures. He is also part of SP Group - promoter group and serves on the board of S C Finance and Investments Private Limited, the holding company. He has completed his bachelor’s degree in liberal arts from Yale University, USA. We do not support his appointment because at 29 years of age and with an experience of less than ten years, his appointment does not align with our voting guidelines. We do not support the resolution.

  19 for2 against
• Appointment of Mr. Santosh Balachandran Nayar (DIN: 02175871) as an Independent Director of the Company

  22 for0 against
• Approval of “Afcons Infrastructure Limited – Employee Stock Option Plan 2025”

  21 for0 against
• Approval of grant of employee stock options to the eligible employees of the subsidiary company(ies) of the Company under “Afcons Infrastructure Limited – Employee Stock Option Plan 2025”

  22 for0 against
• Approval of grant of employee stock options to the eligible employees of associate company(ies) of the Company under “Afcons Infrastructure Limited – Employee Stock Option Plan 2025”

  ›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

  • Angel One Mutual FundGovernance Concern: Scheme benefit extended to Associate Companies without affirmation on cost reimbursement provision.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Scheme benefit extended to Associate Companies without affirmation on cost reimbursement provision. No concern with regard to extension of such employees of associate companies who are sent on deputation, however, the scope of extension is not limited to such employees only.
  • Kotak Mahindra Mutual FundCompany is seeking blanket approval for all employees of its associate companies; not specifically the ones that will be deployed by the Company for various projects. Hence, the approval is enabling and not confined in its scope. Further, the Company has not commented on whether there will be any cost reimbursement provision in case of associate companies. Scheme is extended to all employees of associate companies without provision for cost reimbursement. In the case of ESOPs to associate companies, we do not support this resolution.

  15 for7 against
• Approval of variation in the terms of remuneration (in connection with grant of Employee Stock Option) of Mr. Subramanian Krishnamurthy (DIN - 00047592), Whole-Time Director, designated as Executive Chairman (w.e.f. August 28, 2025) of the Company for the remaining tenure of his appointment i.e. upto June 30, 2026.MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan 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

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance Concern: Combined position of Executive Chairperson; such combined positions may lead to concentration of powers in the hands of single person.
  • Axis Mutual FundSubramanian Krishnamurthy, 67, has been on the board since 2002, and has over four decades of experience in the infrastructure sector. Shareholders at the 2023 AGM approved his reappointment and remuneration terms for three years from 01 July 2023. Approval is being sought for variation in his remuneration terms, to include entitlement to the grant of stock options under the proposed AIL 2025 ESOP Scheme – approval sought via resolution #4. For FY25, total remuneration to Subramanian Krishnamurthy was Rs. 135.0 mn. His proposed remuneration cannot be ascertained given the lack of clarity on the quantum of stock options he is eligible to receive under the AIL 2025 scheme. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the proposed alteration in remuneration terms. Governance Concern: Combined position of Executive Chairperson; such combined positions may lead to concentration of powers in the hands of single person.
  • Invesco Mutual FundSubramanian Krishnamurthy, 67, on the board since 2002, has over four decades of experience in the infrastructure sector. Shareholders at the 2023 AGM approved his reappointment and remuneration terms for three years from 01 July 2023 . Approval is being sought for variation in his remuneration terms, to include entitlement to the grant of stock options under the proposed AIL 2025 ESOP Scheme. For FY25, total remuneration to Subramanian Krishnamurthy was Rs. 135.0 mn. His proposed remuneration, considering maximum stock options that can be granted from the AIL 2025 scheme, comprising over 65% of total remuneration is estimated at ~ Rs. 266.4 mn, which is high in absolute terms and not in line with peers of similar size. The company needs to disclose how it has benchmarked his remuneration with other companies of similar size, scale and business. We do not support the resolution
  • Jio BlackRock Mutual FundSubramanian Krishnamurthy, 67, on the board since 2002, has over four decades of experience in the infrastructure sector. Shareholders at the 2023 AGM approved his reappointment and remuneration terms for three years from 01 July 2023 . Approval is being sought for variation in his remuneration terms, to include entitlement to the grant of stock options under the proposed AIL 2025 ESOP Scheme – approval sought via resolution #4. For FY25, total remuneration to Subramanian Krishnamurthy was Rs. 135.0 mn. His proposed remuneration, considering maximum stock options that can be granted from the AIL 2025 scheme, comprising over 65% of total remuneration is estimated at ~ Rs. 266.4 mn, which is high in absolute terms and not in line with peers of similar size. The company needs to disclose how it has benchmarked his remuneration with other companies of similar size, scale and business. We do not support the resolution.
  • Kotak Mahindra Mutual FundSubramanian Krishnamurthy, 67, on the board since 2002, has over four decades of experience in the infrastructure sector. His reappointment and remuneration terms for three years from 01 July 2023 has been approved two years back by shareholders . Approval is being sought for variation in his remuneration terms, to include entitlement to the grant of stock options under the proposed AIL 2025 ESOP Scheme approval sought via resolution #4. For FY25, total remuneration to Subramanian Krishnamurthy was Rs. 135.0 mn. His proposed remuneration, considering maximum stock options that can be granted from the AIL 2025 scheme, comprising over 65% of total remuneration is estimated at ~ Rs. 266.4 mn, which is high in absolute terms and not in line with peers of similar size. The company has not disclosed that how it has benchmarked his remuneration with other companies of similar size, scale and business. In the absence of clarity, We do not support the resolution.
  • Mirae Asset Mutual FundHis proposed remuneration cannot be ascertained given the lack of clarity on the quantum of stock options he is eligible to receive under the AIL 2025 scheme. We do not support the resolution.

  8 for13 against
• Approval of variation in the terms of remuneration (in connection with grant of Employee Stock Option) of Mr. Srinivasan Paramasivan (DIN-00058445), Managing Director of the Company for the remaining tenure of his appointment i.e. upto June 30, 2026.MoreLess

  ›Against Axis Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Taurus Mutual Fund

  • Axis Mutual FundSrinivasan Paramasivan, 68, has been on the board since 2002, and has over four decades of experience in banking, finance, and infrastructure. Shareholders at the 2023 AGM approved his reappointment and remuneration terms for three years from 01 July 2023. Approval is being sought for variation in his remuneration terms, to include entitlement to the grant of stock options under the proposed AIL 2025 ESOP Scheme – approval sought via resolution #4. For FY25, total remuneration to Srinivasan Paramasivan was Rs. 114.8 mn. His proposed remuneration cannot be ascertained given the lack of clarity on the quantum of stock options he is eligible to receive under the AIL 2025 scheme. We do not support the resolution.
  • Invesco Mutual FundSrinivasan Paramasivan, 68, on the board since 2002, has over four decades of experience in banking, finance, and infrastructure. Shareholders at the 2023 AGM approved his reappointment and remuneration terms for three years from 01 July 2023. Approval is being sought for variation in his remuneration terms, to include entitlement to the grant of stock options under the proposed AIL 2025 ESOP Scheme. For FY25, total remuneration to Srinivasan Paramasivan was Rs. 114.8 mn. His proposed remuneration, considering maximum stock options that can be granted from the AIL 2025 scheme, comprising over 65% of total remuneration is estimated at ~ Rs. 254.9 mn, which is high in absolute terms and not in line with peers of similar size. The company needs to disclose how it has benchmarked his remuneration with other companies of similar size, scale and business. We do not support the resolution
  • Jio BlackRock Mutual Fund, Taurus Mutual FundSrinivasan Paramasivan, 68, on the board since 2002, has over four decades of experience in banking, finance, and infrastructure. Shareholders at the 2023 AGM approved his reappointment and remuneration terms for three years from 01 July 2023. Approval is being sought for variation in his remuneration terms, to include entitlement to the grant of stock options under the proposed AIL 2025 ESOP Scheme – approval sought via resolution #4. For FY25, total remuneration to Srinivasan Paramasivan was Rs. 114.8 mn. His proposed remuneration, considering maximum stock options that can be granted from the AIL 2025 scheme, comprising over 65% of total remuneration is estimated at ~ Rs. 254.9 mn, which is high in absolute terms and not in line with peers of similar size. The company needs to disclose how it has benchmarked his remuneration with other companies of similar size, scale and business. We do not support the resolution.
  • Kotak Mahindra Mutual FundSrinivasan Paramasivan, 68, on the board since 2002, has over four decades of experience in banking, finance, and infrastructure. His reappointment and remuneration terms for three years from 01 July 2023 has been approved two years back by shareholders. Approval is being sought for variation in his remuneration terms, to include entitlement to the grant of stock options under the proposed AIL 2025 ESOP Scheme approval sought via resolution #4. For FY25, total remuneration to Srinivasan Paramasivan was Rs. 114.8 mn. His proposed remuneration, considering maximum stock options that can be granted from the AIL 2025 scheme, comprising over 65% of total remuneration is estimated at ~ Rs. 254.9 mn, which is high in absolute terms and not in line with peers of similar size. The company has not disclosed that how it has benchmarked his remuneration with other companies of similar size, scale and business. In the absence of clarity, We do not support the resolution.
  • Mirae Asset Mutual FundHis proposed remuneration cannot be ascertained given the lack of clarity on the quantum of stock options he is eligible to receive under the AIL 2025 scheme. We do not support the resolution.

  16 for6 against

Mutual fund votes, meeting of 11 Oct 2025, 1 fund house

• Appointment of Mr. Firoz Cyrus Mistry (DIN - 09543123) as a Director (Non-Executive and Non-Independent) of the Company, liable to retire by rotation.

  1 for0 against
• Appointment of Mr. Pallon Shapoorji Mistry (DIN - 05229734) as a Director (Non-Executive and Non-Independent) of the Company.

  1 for0 against
• Appointment of Mr. Santosh Balachandran Nayar (DIN: 02175871) as an Independent Director of the Company, not be liable to retire by rotation, to hold office for a first term of five (5) consecutive years with effect from September 25, 2025, up to September 24, 2030 and to continue to act as an Independent Director of the Company, on attaining the age of seventy five (75) years in the year 2029.MoreLess

  1 for0 against
• Approval of Afcons Infrastructure Limited - Employee Stock Option Plan 2025.

  1 for0 against
• Approval of grant of employee stock options to the eligible employees of associate company(ies) of the Company under Afcons Infrastructure Limited - Employee Stock Option Plan 2025.

  ›Against Zerodha Mutual Fund

  • Zerodha Mutual FundCompliant with law. Governance Concern: Scheme benefit extended to Associate Companies without affirmation on cost reimbursement provision. No concern with regard to extension of such employees of associate companies who are sent on deputation, however, the scope of extension is not limited to such employees only.

  0 for1 against
• Approval of grant of employee stock options to the eligible employees of the subsidiary company(ies) of the Company under Afcons Infrastructure Limited - Employee Stock Option Plan 2025.

  1 for0 against
• Approval of variation in the terms of remuneration (in connection with grant of Employee Stock Option) of Mr. Srinivasan Paramasivan (DIN-00058445), Managing Director of the Company for the remaining tenure of his appointment i.e. upto June 30, 2026.MoreLess

  1 for0 against
• Approval of variation in the terms of remuneration (in connection with grant of Employee Stock Option) of Mr. Subramanian Krishnamurthy (DIN - 00047592), Whole-Time Director, designated as Executive Chairman (w.e.f. August 28, 2025) of the Company for the remaining tenure of his appointment i.e. upto June 30, 2026.MoreLess

  ›Against Zerodha Mutual Fund

  • Zerodha Mutual FundCompliant with law. No concern on the proposed alteration in remuneration terms. Governance Concern: Combined position of Executive Chairperson; such combined positions may lead to concentration of powers in the hands of single person.

  0 for1 against

Mutual fund votes, meeting of 25 Jul 2025, 19 fund houses

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

• To receive, consider and adopt: a. the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2025, together with the Reports of the Board of Directors and the Auditors thereon and b. the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025 together with the Report of the Auditors thereonMoreLess

  18 for0 against
• To declare dividend of Rs. 2.5 per equity share for the financial year ended 31st March, 2025.

  19 for0 against
• To appoint a Director in place of Mr. Subramanian Krishnamurthy (DIN: 00047592), who retires by rotation and being eligible, offers himself for re-appointment.

  19 for0 against
• To appoint a Director in place of Mr. Srinivasan Paramasivan(DIN: 00058445), who retires by rotation and being eligible,offers himself for re-appointment.

  19 for0 against
• To appoint Branch Auditors of the Company

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

  • Angel One Mutual FundInadequate disclosure.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNon-Compliant with provisions of Companies Act, 2013. Inadequate disclosure.
  • Kotak Mahindra Mutual FundThe company seeks shareholders permission to authorize the board to appoint branch auditors, for its existing and future branch offices in India and outside India. The company should have provided some disclosures on the name of the branch auditors, term period of branch auditors and expected branch audit fees. Since, the company has not provided adequate details for the above mentioned. We are not in favour of the resolution. Hence, we are voting against.
  • LIC Mutual FundConcerns over Inadequate disclosure of tenure and the name of the branch auditor proposed.

  11 for8 against
• To ratify the remuneration payable to the Cost Auditor for FY 2025-26.

  18 for0 against
• To appoint Secretarial Auditor of the Company.

  19 for0 against
• To re-appoint and fix the remuneration of Mr. Giridhar Rajagopalan (DIN: 02391515) as a Whole-time Director designated as Deputy Managing Director of the Company for a term of Two (2) years i.e. from 1st July, 2025 to 30th June, 2027.MoreLess

  18 for0 against
• To increase borrowing limits of the Company in terms of Section 180(1)(c) of the Companies Act, 2013 upto the limit of Rs. 50,000 Crores (Rupees Fifty Thousand Crores only).

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

  • Angel One Mutual FundGovernance & Transparency concern: No justification provided as to how the Company has planned to sustain the proposed significant debt.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance & Transparency concern: No justification provided as to how the Company has planned to sustain the proposed significant debt.
  • Kotak Mahindra Mutual FundAfcons, an EPC contractor, requires credit facilities both fund and non-fund based to support growth and fulfill high-value contracts. The company proposes to increase its borrowing limits to Rs.500bn from Rs. 50 bn which will comprise both, fund-based and non-fund-based limits. In order to support execution of its existing order book, anticipated orders for FY26, and its business plans, additional fund-based and non-fund-based facilities will be required to fulfil business needs, in addition to long-term and short-term working capital requirements - for a three year time frame (FY26-28). During FY25, order intake was Rs. 159.6 bn, 105 % higher than Rs. 77.8 bn in FY24 and the order book position as on 31 March 2025, stood at Rs. 368.7 bn. The average fund based utilization for FY25 stood at 70% with cushion of ~Rs. 7.0 bn as on 31 March 2025. We note that the company has certain flexibility under current limits and proposed quantum of proposed limits is high. Given such high limits, the company must define its capital structure thresholds. The company has also not specifically disclosed its operational plans and risk management framework. Hence, we do not support the resolution. So, we are voting against.
  • LIC Mutual FundConcerns over No justification provided as to how the Company has planned to sustain the proposed significant debt.

  11 for8 against
• To create mortgage and or charges on the properties of the Company in terms of Section 180(1)(a) of the Companies Act, 2013 up to the limit of Rs. 50,000 Crores (Rupees Fifty Thousand Crores only).

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

  • Angel One Mutual FundTransparency concern: Interlinked to Resolution #9. No disclosure of details in the notice regarding the existing charges against the Company’s assets.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Transparency concern: Interlinked to Resolution #9. No disclosure of details in the notice regarding the existing charges against the Company’s assets.
  • Kotak Mahindra Mutual FundThe company proposes to increase the limits for creation of charge on assets to Rs. 500bn from the currently approved Rs. 300 bn, to match the proposed borrowing limits. We note that the company has certain flexibility under current limits and proposed quantum of proposed limits is high. Given such high limits, the company must define its capital structure thresholds. The company has also not specifically disclosed its operational plans and risk management framework. Hence, we do not support the resolution. So, we are voting against.
  • LIC Mutual FundConcerns over Interlinked to Resolution #9. No disclosure of details in the notice regarding the existing charges against the Company s assets.

  10 for8 against
• To issue Non-Convertible Debentures or Bonds or other Instruments on private placement basis up to Rs. 750 Crores (Rupees Seven Hundred Fifty Crores only).

  18 for0 against
• Approval of charges for service of documents on the Members.

  18 for0 against