Alembic Pharmaceuticals MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 5 Aug 2025, 19 fund houses

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

• To receive, condsider 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 Auditors thereon b) the Audited Consolidated Financial Statements of theCompany for the financial year ended 31st March, 2025 together with the Reports of the Auditors thereon.MoreLess

  18 for0 against
• Declaration of dividend on equity shares for the financial year 2024-25

  18 for0 against
• To appoint a Director in place of Mr. Shaunak Amin (DIN: 00245523), 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

  • Angel One Mutual FundGovernance concern: Skewed remuneration practice in favour of Promoter Director. Director holds two Full-Time positions.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Skewed remuneration practice in favour of Promoter Director. Director holds 2 Full-Time positions.

  13 for6 against
• To consider and approve the appointment of Statutory Auditors of the Company.

  19 for0 against
• Appointment of Mr. Chirayu Amin (DIN: 00242549) as Executive Chairman of the Company.

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

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Skewed remuneration practice in favour of Promoter Director. No absolute Cap on Variable Pay. Combined position of Executive Chairman.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Skewed remuneration practice in favour of Promoter Director. No absolute Cap on Variable Pay. Combined position of Executive Chairman.
  • HDFC Mutual FundMr. Chirayu Amin, 78, is the promoter, Chairperson and CEO of Alembic Pharmaceuticals Ltd. The aggregate compensation to promoter executives is high for the company’s size and is not commensurate with the company’s current scale of operations. We do not support the resolution.
  • UTI Mutual FundChirayu Amin, 78, is the promoter, Chairperson and CEO of Alembic Pharmaceuticals Ltd. His current term ends in March 2026. He shall relinquish the position of CEO upon completion of his current term and will continue as the Executive Chairperson. His FY25 pay aggregated Rs. 140.6 mn. Based on his proposed terms, we estimate his annual pay to be in the range of Rs. 149.7 – 199.7 mn, including commission. He is eligible for commission up to 1% of net profits. The company should have disclosed performance metrics that determine variable pay. The aggregate compensation to promoter executives is high for the company’s size and is not commensurate with the company’s current scale of operations when compared to peers. Thus, even while we support his appointment, we do not support the resolution.

  9 for9 against
• Re-appointment of Mr. Pranav Amin (DIN: 00245099) as Managing Director of the Company

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

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Skewed remuneration practice in favour of Promoter Director. No absolute Cap on Variable Pay.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Skewed remuneration practice in favour of Promoter Director. No absolute Cap on Variable Pay.
  • HDFC Mutual FundMr. Pranav Amin, 49, is part of the promoter family and is the Managing Director of Alembic Pharmaceuticals Ltd. He heads the company’s international business. The aggregate compensation to promoter executives is high for the company’s size and is not commensurate with the company’s current scale of operations . We do not support the resolution.

  10 for8 against
• Payment of commission to the Non-Executive Directors of the Company.

  19 for0 against
• Appointment of Secretarial Auditors of the Company and to fix their remuneration.

  18 for0 against
• Ratification of Remuneration to the Cost Auditor for the financial year 2025-26.

  18 for0 against

Mutual fund votes, meeting of 16 Mar 2025, 18 fund houses

• Appointment of Ms. Geeta Goradia (DIN: 00074343) as an Independent Director of the Company

  ›Against Taurus Mutual Fund

  • Taurus Mutual FundMs. Geeta Goradia, 71, is co-founder and Managing Director of Jewel Consumer Care Pvt Ltd., which manufactures oral care and household hygiene products. She previously served as Chairperson of the Federation of Indian Chambers of Commerce and Industry (FICCI), Gujarat, and as President of the Federation of Gujarat Industries (FGI). She was also a lecturer at Maharaja Sayajirao University, Vadodara. The company also seeks approval for her continuation on the board after she attains the age of 75. While her appointment as an Independent Director meets statutory requirements, we note that Amit Goradia (her spouse) served on the board of Paushak Ltd. (a promoter-controlled entity) from August 2005 to March 2024. While Ms. Geeta Goradia may be an accomplished individual in her own right, we do not support her appointment as an Independent Director owing to the long-term family linkage. The board must explain the basis of its selection and the pool of candidates it interviewed for the position of Independent Director.

  17 for1 against

Mutual fund votes, meeting of 22 Jul 2024, 18 fund houses

• To receive, condsider and adopt na)the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2024 together with the Reports of the Board of Directors and the Auditors thereon; nb) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024 together with the Reports of the Auditors thereon.MoreLess

  ›Against ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • ICICI Prudential Mutual FundThe AMC has voted against the resolution as the auditor has issued a qualified opinion on the standalone and consolidated financial statements for FY2024.
  • Kotak Mahindra Mutual FundAuditors have qualified the annual financial statements. This is because the company had withdrawn Rs. 10.26 bn from general reserve and transferred the same to statement of profit and loss under the head exceptional item in FY23. The auditor did not agree to the said accounting treatment and had issued a qualified opinion for FY23; they have issued a qualified opinion in FY24 as well due to the effect of this treatment on comparability of current year s figures with FY23 s corresponding figures. Hence voting against.
  • Motilal Oswal Mutual FundQualified opinion on Standalone and Consolidated financial statements.
  • Nippon India Mutual FundNon - Compliant with the Accounting treatment

  13 for4 against
• To declare Dividend on equity shares for the financial year 2023-24.

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundQualified opinion on Standalone and Consolidated financial statements.

  16 for1 against
• To appoint a Director in place of Mr. R. K. Baheti (DIN: 00332079), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against ICICI Prudential Mutual Fund, Nippon India Mutual Fund

  • ICICI Prudential Mutual FundThe AMC has voted against the resolution based on the qualified opinion contained in the Auditors’ Report and citing Governance risk.
  • Nippon India Mutual FundRelated to the Concerns raised by the Statutory Auditor

  16 for2 against
• Ratification of Remuneration to the Cost Auditor for the financial year 2024-25.

  17 for0 against

Mutual fund votes, meeting of 12 May 2024, 17 fund houses

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

  17 for0 against
• Alteration in Articles of Association of the Company

  17 for0 against

Mutual fund votes, meeting of 4 Aug 2023, 10 fund houses

• To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2023 and the Reports of the Board of Directors and Auditors thereonMoreLess

  ›Against Axis Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund

  • Axis Mutual Fund, SBI Mutual FundWe have relied on the auditors opinion: the auditors have issued a qualified opinion on standalone and consolidated financial statements as the company has withdrawn Rs. Rs. 10.26 bn from general reserve and transferred the same to statement of profit and loss as an ‘exceptional item’. The said treatment, in the auditor’s opinion, does not meet the criteria of ‘income’ under the Indian Accounting Standards and had the said treatment not been done, the PAT would have reduced by Rs. 10.26 bn, general reserve would have increased by Rs. 10.26 bn and EPS would have reduced by Rs. 52.18 on a standalone and consolidated basis. The auditors have also raised an emphasis on transfer of Rs. 8.69 bn from general reserve to other equity pending approval from regulatory authorities.
  • Kotak Mahindra Mutual FundAuditors have qualified the annual financial statements. This is because the company has withdrawn Rs 1,025.66 cr from General Reserve and transferred the same to the Statement of Profit and Loss for the year ended March 31, 2023 under the head Exceptional Items . Auditors are of the view that this treatment does not meet the criteria of Income under Ind AS. This was done by the management to mitigate impact of impairment of Rs 1,150.43 cr of CWIP lying in the books of the Company related to new manufacturing facilities. The accounting treatment by the management does not have any cash impact or any impact on the net-worth. The qualification by the auditor is limited to this treatment only. This is a one off event and does not have any impact on the business going forward. Hence this not changed our view on the business. However the accounting treatment is not in line with best accounting practices. Hence voting against .
  • Motilal Oswal Mutual FundQualified opinion on Standalone and Consolidated financial statements.
  • Nippon India Mutual FundQualified opinion on standalone and consolidated financial statements

  5 for5 against
• To declare Dividend on equity shares for the financial year 2022-23.

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundQualified opinion on Standalone financial statements.

  9 for1 against
• To appoint a Director in place of Mr. Pranav Amin (DIN: 00245099), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with Law. Governance Concerns: Unfair Remuneration practice in favor of promoter.

  9 for1 against
• Appointment of Mr. Jai Diwanji (DIN: 00910410) as an Independent Director of the Company.

  ›Against Axis Mutual Fund, SBI Mutual Fund

  • Axis Mutual Fund, SBI Mutual FundJai Diwanji, 50, is Partner at Desai and Diwanji, a law firm. He advises national and international corporates in the areas of mergers & acquisitions, private equity, joint ventures and general corporate law. He serves as Independent Director on the board of five listed companies (including Alembic Pharmaceuticals Limited). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors on a maximum of three listed companies. We believe that as Partner of Desai and Dewanji, his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies is not in keeping with the spirit of the regulation.

  8 for2 against
• Ratification of Remuneration to the Cost Auditor for the financial year 2023-24.

  10 for0 against

Mutual fund votes, meeting of 11 Nov 2022, 9 fund houses

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

• To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2022 and the Reports of the Board of Directors and Auditors thereon.MoreLess

  9 for0 against
• To confirm the payment of Interim Dividend on equity shares for the financial year 2021-22.

  9 for0 against
• To appoint a Director in place of Mr. Shaunak Amin (DIN: 00245523), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Nippon India Mutual Fund

  • Nippon India Mutual FundSkewed Remuneration

  7 for1 against
• Re-appointment of Mr. Shaunak Amin (DIN: 00245523) as Managing Director of the Company.

  ›Against HDFC Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund

  • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
  • Mirae Asset Mutual FundAs per the advisory recommendation (passive holding)
  • Nippon India Mutual FundSkewed Remuneration

  6 for3 against
• Ratification of Remuneration to the Cost Auditor for the financial year 2022-23.

  8 for0 against