Adani Total Gas MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 23 Jan 2026, 20 fund houses

• Appointment of Mr. K Jairaj (DIN: 01875126) as an Independent Director (Non-Executive) of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Prolonged association with group; such association may compromise the independence of the Director.
  • Axis Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual FundK Jairaj, 73, is a former IAS Officer and he retired as the Additional Chief Secretary to the Government of Karnataka. We note that he has been associated with the Adani group as a director, since 17 June 2015. He first joined the board of Adani Energy Solutions Limited in June 2015 and then joined the board of Adani Transmission (India) Limited and Adani Electricity Mumbai Limited in February 2016 and August 2018, respectively. We have considered his overall association with the Adani group for his tenure and since he has already crossed ten years of association, we do not consider him Independent. We do not support his appointment as independent director.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Prolonged association of ~11 years with the Adani Group; such association may compromise the independence of the Director.
  • Baroda BNP Paribas Mutual FundWhile the proposal meets statutory requirements, the ID has an association of ~11 years with the Adani Group. The prolonged association raises a risk of compromise of required independence for objective and effective oversight. Given the concern we do not support this resolution.
  • ICICI Prudential Mutual FundMr. K. Jairaj has been associated with the Adani Group for ~11 years. His appointment as an Independent Director (ID) is leading to a prolonged association of more than 10 years with the Group. Such prolonged association with the Group is not expected to be a good indicator for ID Appointments
  • LIC Mutual FundGovernance Concern: Prolonged association of ~11 years with the Adani Group; such association may compromise the independence of the Director.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Prolonged association with the Group.

  5 for15 against

Mutual fund votes, meeting of 1 Aug 2025, 20 fund houses

• To approve the re-appointment of Ms. Gauri Trivedi (DIN: 06502788) as an Independent Director (Non-Executive) of the Company to hold office for second term of three (3) years

  20 for0 against

Mutual fund votes, meeting of 25 Jun 2025, 19 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 March 31, 2025

  2 for0 against
• Declaration of Dividend on Equity Shares for FY 2024-25

  19 for0 against
• To appoint a director in place of Mr. Suresh P. Manglani (DIN: 00165062), who retires by rotation and being eligible offers, himself for re-appointment.

  19 for0 against
• To appoint a director in place of Mr. Pranav V. Adani (DIN: 00008457), who retires by rotation and being eligible offers, himself for re-appointment.

  19 for0 against
• To appoint M/s. Makarand M. Joshi & Co, Practicing Company Secretaries as the Secretarial Auditor of the Company for a term of five (5) consecutive financial years

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundThe Company has not disclosed whether there is any material change in the proposed audit fee.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundCompliant with law. Transparency concern: The Company has not disclosed whether there is any material change in the proposed audit fee.

  15 for4 against
• To reappoint Mr. Sashi Shanker (DIN: 06447938) as an Independent Director of the Company for a second term of three (3) consecutive years w.e.f May 4, 2025.

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

  • Angel One Mutual FundPrior approval of shareholders not sought for re-appointment as Independent Director.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern identified on the merit of proposed re-appointee. Non-Compliance: Prior approval of shareholders not sought for reappointment as ID.
  • Nippon India Mutual FundNon compliant. Prior shareholder approval not sought

  10 for9 against
• To approve the remuneration payable to M/s. N D Birla & Co., Cost Accountants as the cost auditors for the financial year 2025-26

  19 for0 against

Mutual fund votes, meeting of 28 Dec 2024, 18 fund houses

• To appoint Mr. Bharat Vasani (DIN: 00040243) as an Independent Director of the Company

  ›Against DSP Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund

  • DSP Mutual FundBharat Vasani, 66 is Senior Advisor – Corporate Laws, Cyril Amarchand Mangaldas (CAM), Mumbai. He was partner at CAM for over five years, prior to which, he worked with Tata Sons Limited for 17 years and retired from the group as the Legal Advisor to the Tata Group Chairperson. He has over four decades of experience in corporate and commercial law, M&A, joint ventures, and securities law. From public sources, we understand that CAM has represented Adani Enterprises Limited, a group company, on its qualified institutional placement. Given the existing business relationship between the Adani Group and CAM, we do not consider him to be independent. The company must consider appointing him as a non – independent director. We do not support the resolution.
  • Groww Mutual FundAppointment is complaint with law. No concern w.r.t merits of appointee. Transparency Concern: Lack of adequate disclosures regarding pecuniary relationship with the company.
  • Mirae Asset Mutual FundNeed more disclosure

  15 for3 against

Mutual fund votes, meeting of 24 Sep 2024, 17 fund houses

• To approve the appointment of Mr. Thibault Lesueur (DIN:10658488) as a Director (Non-Executive, Non-Independent) of the Company liable to retire by rotation

  17 for0 against

Mutual fund votes, meeting of 25 Jun 2024, 18 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 March 31, 2024

  4 for0 against
• Declaration of Dividend on Equity Shares for FY 2023-24

  18 for0 against
• Re-appointment of Mr. Gautam S. Adani (DIN: 00006273) as a Director of the Company who retires by rotation.

  ›Against Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual FundNo issue on merit of appointee. Compliance Concern: Excessive full-time position held by Mr. Gautam Adani.
  • HSBC Mutual FundA vote Against is recommended as we have concerns about the director's attendance at board meetings.
  • Nippon India Mutual FundExcessive full -time positions
  • Zerodha Mutual FundExcessive full-time positions raises governance concerns.

  13 for5 against
• Re-appointment of Mr. Olivier Marc Sabrie (DIN: 09375006) as a Director of the Company who retires by rotation.

  18 for0 against
• Ratification of the Remuneration payable to M/s. N D Birla & Co., Cost Accountants, Cost Auditors of the Company for the FY 2024-25.

  17 for0 against