Asahi India Glass MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 10 Sep 2025, 18 fund houses

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

• Adoption of audited Financial Statements of the Company including audited Consolidated 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.MoreLess

  17 for0 against
• Declaration of Dividend on Equity Shares

  15 for0 against
• Appointment of a Director in place of Mr. Masao Fukami (DIN: 09811031) who retires by rotation and being eligible, offers himself for re-appointment

  18 for0 against
• Appointment of a Director in place of Ms. Nisheeta Labroo (DIN: 10040978) who retires by rotation and being eligible, offers herself for re-appointment

  18 for0 against
• Ratification of the remuneration payable to M/s. Ashish and Associates, Cost Auditors of the Company for the financial year ending 31st March, 2026

  18 for0 against
• Appointment of Mr. Sundeep Kumar Parashar, FCS, Company Secretary in Practice and Proprietor of M/s SKP & Co., Company Secretaries, Firm Registration No. S2005DE077900, as Secretarial Auditor of the Company for a term of five consecutive years commencing from F.Y. 2025-26 till F.Y. 2029-30MoreLess

  18 for0 against
• Material Related Party Transaction(s) with AGC Asia Pacific Pte Limited

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

  • Angel One Mutual FundGovernance and Transparency concern: Basis for Arm’s Length pricing and justification for proposed related party transactions not disclosed.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance and Transparency concern: Basis for Arm’s Length pricing and justification for proposed related party transactions not disclosed.
  • LIC Mutual FundGovernance and Transparency concern: Basis for Arm s Length pricing and justification for proposed related party transactions not disclosed.

  11 for7 against
• Material Related Party Transaction(s) with Maruti Suzuki India Limited

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

  • Angel One Mutual FundGovernance and Transparency concern: Basis for Arm’s Length pricing and justification for proposed related party transactions not disclosed. Further, the Company has not clarified, how “sale of fixed assets” falls under the ordinary business of the Company.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance and Transparency concern: Basis for Arm’s Length pricing and justification for proposed related party transactions not disclosed. Further, the Company has not clarified, how “sale of fixed assets” falls under the ordinary business of the Company.
  • LIC Mutual FundGovernance and Transparency concern: Basis for Arm s Length pricing and justification for proposed related party transactions not disclosed. Further, the Company has not clarified, how sale of fixed assets falls under the ordinary business of the Company.

  11 for7 against
• Re-appointment of Ms. Sheetal Mehta (DIN: 06495637) as a Non-Executive Independent Director of the Company

  ›Against Axis Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund

  • Axis Mutual Fund, Jio BlackRock Mutual FundMs. Sheetal Mehta, 60, is Chief - Corporate Social Responsibility, Mahindra & Mahindra Ltd, as per public sources. She is also a Trustee and Executive Director at K C Mahindra Education Trust. She has been an independent director of this company since 4 November 2020. She attended all four (100%) board meetings in FY25. Public sources and the annual report indicate that Asahi India Glass (AIS) is a supplier to Mahindra & Mahindra. Given the conflict of interest, we do not support her reappointment as independent director. The company must classify her as Non-Executive Non-Independent. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  15 for3 against
• Appointment of Ms. Avanti Birla (DIN: 01127008) as a Non-Executive Independent Director of the Company

  18 for0 against
• Appointment of Mr. Kazuo Ninomiya (DIN: 11205921) as a Non-Executive Director of the Company

  18 for0 against

Mutual fund votes, meeting of 21 Jun 2025, 16 fund houses

• Appointment of Mr. Shashank Srivastava (DIN: 00139273) as Non-Executive Director of the Company

  ›Against Angel One Mutual Fund, Axis 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 FundGovernance Concern: Proposed appointment will lead to non-compliance with requisite number of Independent Director.
  • Axis Mutual FundShashank Srivastava, 61, is a member of the Executive Committee of Maruti Suzuki India Limited (MSIL), which holds 11.11% stake in Asahi India Glass Limited as on 31 March 2025. He has over 35 years of experience at MSIL and has previously served as the Head – Marketing and Sales. He holds a degree in Electronics Engineering from National Institute of Technology (NIT), Bhopal and a Post-graduate degree from Indian Institute of Management, Ahmedabad. He attended the one (100%) board meeting held in FY26 since his induction onto the board till the date of the notice. He is liable to retire by rotation. We understand that Shashank Srivastava, accomplished in his own right, would bring experience and skills which would be beneficial for the company. While he brings valuable insights to board deliberations, his appointment would render the board composition non-compliant as per regulations. Given this, we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with the law. No concerns on the merit of the appointee. Governance Concern: Proposed appointment will lead to noncompliance with requisite number of ID’s as per SEBI LODR Regulations.
  • Kotak Mahindra Mutual FundShashank Srivastava, 61, is a member of the Executive Committee of Maruti Suzuki India Limited (MSIL), which holds 11.11% stake in Asahi India Glass Limited as on 31 March 2025. He has over 35 years of experience at MSIL and has previously served as the Head Marketing and Sales. Prior to the appointment of Mr. Shashank Srivastava, the Board of Directors were compliant with SEBI LODR Regulation 17(1)(b) as the number of Independent Directors on the Board is 50% of the Board strength. However, after the appointment of Mr Shashank Srivastava as a Non-Executive Director will lead to a fall in Board Independence to 44.44% which will lead to non-compliance of SEBI LODR Regulation 17(1)(b). Hence, we are voting against.
  • Nippon India Mutual FundGovernance Concern: Proposed appointment will lead to noncompliance

  7 for9 against

Mutual fund votes, meeting of 15 Mar 2025, 13 fund houses

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

• Appointment of Lieutenant General Ravin Khosla (Retd.) (DIN: 10824636) as a Non- executive Independent Director of the Company

  13 for0 against
• Raising funds in one or more tranches

  12 for0 against
• Increase in overall borrowing limits of the Company as per Section 180(1)(c) of the Companies Act, 2013 and limits under Section 180(1)(a) of the Companies Act, 2013 for securitization/ direct assignment and creating charge on the assets of the CompanyMoreLess

  2 for0 against

Mutual fund votes, meeting of 4 Sep 2024, 11 fund houses

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

• Adoption of audited Financial Statements of the Company including audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024, together with the Reports of the Board of Directors and Auditors thereon.MoreLess

  10 for0 against
• Declaration of Dividend on Equity Shares.

  10 for0 against
• Appointment of a Director in place of Mr. Masao Fukami (DIN: 09811031) who retires by rotation and being eligible, offers himself for re-appointment

  ›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 identified. No concern on the merit of director. Governance concern: The Board is non-compliant with the requisite number of Independent Directors as required under SEBI LODR Regulations.

  8 for3 against
• Appointment of a Director in place of Ms. Nisheeta Labroo (DIN: 10040978) who retires by rotation and being eligible, offers herself for re-appointment

  ›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 identified. No concern on the merit of director. Governance concern: Board is non-compliant with the requisite number of Independent Directors as required under SEBI LODR Regulations.

  8 for3 against
• Ratification of the remuneration payable to M/s. Ajay Ahuja and Associates, Cost Auditors of the Company for the financial year ending 31st March, 2025.

  10 for0 against
• Material Related Party Transaction(s) with AGC Asia Pacific Pte Limited

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual FundAGC Inc (AGC Group) holds 22.21% in Asia India Glass Ltd and is classified as a promoter. AGC Asia Pacific Pte Ltd (AAP) is AGC Group’s wholly owned regional headquarters through which it strategically operates in the Asia Pacific, Middle East and Africa regions. The board seeks approval for purchase of materials from AAP to the extent of Rs.7.5 bn for FY25 – the transactions are operational in nature and will be at arm’s length. Nevertheless, we raise concern over the company’s past track record of maintaining limits under the approvals sought. In FY24, the company has purchased materials aggregating Rs. 6.1 bn against a pre-approved shareholder limit of Rs.6.0 bn. This breach of limit appears inexplicable, especially since the company sought shareholder approval for the Rs.6.0 bn limit through its postal ballot of March 2024, which was after the fiscal year was almost over. The company’s related party transaction policy is invalid since it makes references to Clause 49 of the Listing Agreement, which was replaced by the SEBI (Listing Obligations and Disclosure Requirements) Regulations (LODR) in 2015. Additionally, in FY24, interest aggregating Rs. 21 mn has been paid to AAP: while we recognize that the amount is small, there is neither an explanation for this payment nor has it been approved by shareholders as part of the March 2024 resolution. From the plain reading of the annual report and the March 2024 postal ballot notice, we believe the company has violated the shareholder approved limits for related party transactions in FY24. We expect the company to provide clarity with respect to its past transactions, seek ratification for transactions that are in excess of shareholder approved limits, and publish a board-approved related party transaction policy that meets the current regulatory standard, before we consider supporting the proposed resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundProposed related party transactions are compliant with law. Governance & Transparency Concern: Basis for Arm’s Length pricing and justification for proposed related party transactions not disclosed.
  • Edelweiss Mutual FundNot in interest of minority shareholders

  5 for6 against
• Material Related Party Transaction(s) with Maruti Suzuki India Limited.

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual FundMSIL holds 11.11% in Asahi India Glass Ltd and is classified as a promoter. The board seeks approval for supply of goods to MSIL to the extent of Rs.7.5 bn for FY25 – the transactions are operational in nature and will be at arm’s length. Nevertheless, we raise concern over the company’s governing structures regarding related party transactions. In FY24, sale transactions of Rs. 5.7 bn were well within the shareholder approval limit of Rs.6.0 bn. Yet, there were additional transactions with MSIL relating to purchase of goods and interest received – and while we recognize that the sums are relatively small, neither shareholder approval was sought nor has the company provided an explanation for the nature of these transactions. That these purchase and interest transactions took place in FY24, yet shareholder approval was sought only for supply of materials is inexplicable, since the company sought shareholder approval for the FY24 transactions in March 2024, which was after the fiscal year was almost over. In FY23, the company undertook transactions aggregating Rs. 4.9 bn, for which shareholder approval has not been taken. The company’s related party transaction policy is invalid since it makes references to Clause 49 of the Listing Agreement, which was replaced by the SEBI (Listing Obligations and Disclosure Requirements) Regulations (LODR) in 2015. We expect the company to seek ratification for transactions incurred in FY23 and those that are in excess of shareholder approved limits, and publish a board-approved related party transaction policy that meets the current regulatory standard, before we consider supporting the proposed resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundProposed related party transactions are compliant with law. Governance & Transparency Concern: Basis for Arm’s Length pricing and justification for proposed related party transactions not disclosed.
  • Edelweiss Mutual FundNot in interest of minority shareholders

  5 for6 against
• Appointment of Mr. Kamaljit Kalkat (DIN: 10723711) as a Non-Executive Independent Director of the Company.

  11 for0 against

Mutual fund votes, meeting of 25 Mar 2024, 9 fund houses

• Appointment of Mr. Setsuya Yoshino (DIN: 10504479) as a nNon-Executive Independent Director of the Company

  ›Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with law. Governance & Transparency Concern: Ex-officio ID position.
  • Edelweiss Mutual FundLimited details provided
  • HDFC Mutual FundAn independent director who retired was a Mitsubushi employee who is being replaced by another Mitsubushi employee. There is a lack of clarity if there is any business relationship with the company.
  • ICICI Prudential Mutual FundSetsuya Yoshino, 55, is General Manager, Automotive & Mobility Group CEO Office with Mitsubishi Corporation, Japan. He is a law graduate from Hitotsubashi University, Japan and has been associated with Mitsubishi since 1992. We note that AGC, promoter of Asahi India Glass Ltd, is a member company of the Mitsubishi Group. Therefore, given the inherent conflict of interest, the AMC do not support his appointment as Independent Director. Hence, the AMC has voted against the resolution.
  • Mahindra Manulife Mutual FundMr Setsuya is General Manager, Automotive & Mobility Group CEO Office with Mitsubishi Corporation, Japan. AGC, promoter of Asahi India Glass Ltd, is a member company of the Mitsubishi Group. Therefore due to inherent conflict of interest we do not support his appointment as Independent Director.
  • Nippon India Mutual FundEx officio ID position

  1 for8 against
• Material Related Party Transaction(s) with AGC Asia Pacific Pte Limited

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

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Non-disclosure of justification for proposed related party transactions.
  • Nippon India Mutual FundInadequate disclosure

  5 for4 against
• Material Related Party Transaction(s) with Maruti Suzuki India Limited

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

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Non-disclosure of justification for proposed related party transactions.
  • Nippon India Mutual FundInadequate disclosure

  5 for4 against

Mutual fund votes, meeting of 18 Sep 2023, 10 fund houses

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

• Adoption of audited Financial Statements of the Company including audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2023, together with the Reports of the Board of Directors and Auditors thereonMoreLess

  9 for0 against
• Declaration of Dividend on Equity Shares

  9 for0 against
• Appointment of a Director in place of Dr. Satoshi Ishizuka n(DIN: 07692846) who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundWe have concerns about insufficient independence on the board.We have concerns about the director's attendance at board meetings.

  9 for1 against
• Appointment of a Director in place of Mr Masahiro Takeda n(DIN: 07058532) who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundWe have concerns about insufficient independence on the board.

  9 for1 against
• Re-appointment of Mr. Sanjay Labroo (DIN:00009629) as Chairman & Managing Director of the Company for a period of 5 (five) years w.e.f. n19th February, 2024 and fixing his remuneration.

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with law. Governance concern: Holding position of Chairman and Managing Director, no absolute cap on commission.

  9 for1 against
• Ratification of the remuneration payable to M/s. Ajay Ahuja and Associates, Cost Auditors of the Company for the financial year ending n31st March, 2024

  10 for0 against