Atul MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 29 Nov 2025, 21 fund houses

• Appointment of Mr Shantanu Khosla (Director identification number: 00059877) as an Independent Director for a term of five consecutive years

  21 for0 against

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

• Adoption of the Standalone Financial Statements and Reports thereon and the Consolidated Financial Statements for the financial year ended March 31, 2025

  19 for0 against
• Declaration of the dividend on equity shares

  19 for0 against
• Reappointment of Mr Gopi Kannan Thirukonda as a Director

  ›Against Franklin Templeton Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board independence norms are not met and Gopi Kannan Rengachari Thirukonda is a non-independent director nominee.

  18 for1 against
• Ratification of remuneration of R Nanabhoy & Co for Cost Audit

  19 for0 against
• Appointment of SPANJ & Associates, Company Secreatries, as the Secreatrial Auditors of the Company for a term of five consecutive financial years

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual FundGovernance concern: Failure to highlight non-compliance.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Failure to highlight previous non-compliance by the Company in the Secretarial Audit Report or Compliance Report.
  • Baroda BNP Paribas Mutual FundAlthough legally compliant, the requirement of 2/3rd directors to retire by rotation is not followed.
  • Nippon India Mutual FundGovernance concern: Failure to highlight previous non-compliance by the Company in the Secretarial Audit Report or Compliance Report.

  12 for7 against

Mutual fund votes, meeting of 6 Mar 2025, 20 fund houses

• Appointment of Ms Padmaja Chunduru (Director identification number: 08058663) as an Independent Director for five consecutive years

  20 for0 against
• Appointment of Mr Vivek Gadre (Director identification number: 08906935) as a Whole-time Director for three years

  ›Against Axis Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual FundVivek Gadre, 62, has served as President, Corporate Strategy and the President (Commercial) of Atul Limited. He has been with Atul Limited since June 2006. We estimate Vivek Gadre’s fixed remuneration at Rs. 17.3 mn. However, the company has not provided any guidance regarding variable pay that may be paid out to him. Therefore, we are unable to estimate his aggregate annual remuneration. Further, the company has not disclosed the performance parameters that govern his variable pay. While we support his appointment on the board, due to absence of clarity regarding his remuneration terms, we are unable to support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by an executive and promoter director and the board is not at least one-half independent and Vivek Gadre is a non-independent director nominee.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • Invesco Mutual FundVivek Gadre, 62, has served as President, Corporate Strategy and the President (Commercial) of Atul Limited. He has been with Atul Limited since June 2006. We estimate Vivek Gadre’s fixed remuneration at Rs. 17.3 mn. However, the company has not provided any guidance regarding variable pay that may be paid out to him. Therefore, we are unable to estimate his aggregate annual remuneration. Further, the company has not disclosed the performance parameters that govern his variable pay. While we support his appointment on the board, due to absence of clarity regarding his remuneration terms, we are unable to support the resolution
  • Nippon India Mutual FundProfile of the Candidate

  15 for5 against

Mutual fund votes, meeting of 26 Jul 2024, 18 fund houses

• Adoption of the Standalone Financial Statements and Reports thereon and the Consolidated Financial Statements for the financial year ended March 31, 2024

  18 for0 against
• Declaration of the dividend on equity shares

  18 for0 against
• Reappointment of Mr Bharathy Mohanan as a Director

  18 for0 against
• Reappointment of Mr Gopi Kannan Thirukonda as a Whole-time Director

  18 for0 against
• Appoint Mr Praveen Kadle as an Independent Director for five consecutive years

  ›Against Axis Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund

  • Axis Mutual FundPraveen Kadle, 67, is the Managing Director of Prachetas Capital Private Limited. He is a Member of the Institute of Chartered Accountants of India, the Institute of Cost and Management Accountants of India and the Institute of Company Secretaries of India. We note that he serves on the boards of four listed companies (including Atul Ltd - Tide Water Oil Company India Ltd, Persistent Systems Ltd, John Cockerill India Ltd). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. As an MD of Prachetas Capital Private Limited, we believe his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies are not in keeping with the spirit of the regulation.
  • Invesco Mutual FundPraveen Kadle, 67, is the Managing Director of Prachetas Capital Private Limited. He is a Member of the Institute of Chartered Accountants of India, the Institute of Cost and Management Accountants of India and the Institute of Company Secretaries of India. We note that he serves on the boards of four listed companies (including Atul Ltd - Tide Water Oil Company India Ltd, Persistent Systems Ltd, John Cockerill India Ltd). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. As an MD of Prachetas Capital Private Limited, we believe his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies are not in keeping with the spirit of the regulation
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)

  15 for3 against
• Ratification of remuneration of R Nanabhoy & Co for Cost Audit

  18 for0 against

Mutual fund votes, meeting of 30 Nov 2023, 13 fund houses

• Appointment of Mr Sharadchandra Abhyankar (Director identification number: 00108866) as an Independent Director for five consecutive years

  ›Against Taurus Mutual Fund

  • Taurus Mutual FundSharadchandra Abhyankar, 58, is a Senior Partner of Khaitan & Co, Mumbai, Advocates and Solicitors. He has about 35 years of experience and specializes in mergers and acquisitions, corporate law, securities law, corporate ethics and governance. He holds a graduate degree in Arts (Economics and Commerce) and a postgraduate degree in Law from the University of Mumbai and is a Fellow of Government Law College, Mumbai. He is also a member of The Bombay Incorporated Law Society.Given his full-time responsibilities as Senior Partner of Khaitan & Co, the board must articulate if it has assessed his time availability. Further, regulations allow whole time directors of listed companies to be independent directors in a maximum of three listed companies. He is an Independent Director on the board of four listed companies including Atul limited. We believe that his responsibilities as Senior Partner of Khaitan & Co. are equivalent to a whole-time directorship. Therefore, the high number of directorships in listed companies is not in keeping with the spirit of the regulation.

  12 for1 against
• Appointment of Mr Sujal Shah (Director identification number: 00058019) as an Independent Director for five consecutive years

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

  • Kotak Mahindra Mutual FundMr Sujal Shah, 55, is currently the Founder Partner of SSPA & Co, Chartered Accountants. He has three decades of experience in finance, due diligence, mergers and acquisitions, restructuring, succession planning and valuation. He was a partner of N M Raiji & Co, Chartered Accountants until October 2006. He has been with the group for the past 12 years which has created a prolonged association with the group. We believe that the length of tenure is inversely proportionate to the independence of a director which is 10 years. Hence voting against .
  • Motilal Oswal Mutual FundCompliant with law. Governance concern: Excessive Time Commitments and Prolonged Association.
  • Nippon India Mutual FundProlonged Association
  • SBI Mutual FundSujal Shah, 55, is a founder Partner of SSPA & Co, Chartered Accountants. He has about three decades of experience in finance, due diligence, mergers and acquisitions, restructuring, succession planning and valuation. He was a partner of N M Raiji & Co, Chartered Accountants. He holds a graduate degree in Commerce from the University of Mumbai. He has been a director on the board of Amal Limited (an associate company of Atul Limited) since 9 August 2011. We consider him as non-independent due to his long association (~12 years) with the Atul group. This is why we do not support the resolution.
  • Taurus Mutual FundSujal Shah, 55, is a founder Partner of SSPA & Co, Chartered Accountants. He has about three decades of experience in finance, due diligence, mergers and acquisitions, restructuring, succession planning and valuation. He was a partner of N M Raiji & Co, Chartered Accountants. He holds a graduate degree in Commerce from the University of Mumbai.He has been a director on the board of Amal Limited (an associate company of Atul Limited) since 9 August 2011. We consider him as non-independent due to his long association (~12 years) with the Atul group.Further, given his full-time responsibilities as Partner of SSPA & Co, Chartered Accountants, the board must articulate if it has assessed his time availability. Regulations allow whole time directors of listed companies to be independent directors in a maximum of three listed companies. He is an Independent Director on the board of six listed companies including Atul limited. We believe that his responsibilities as Partner of SSPA & Co, Chartered Accountants, are equivalent to a whole-time directorship. Therefore, the high number of directorships in listed companies is not in keeping with the spirit of the regulation. Hence, we do not support his appointment.

  8 for5 against

Mutual fund votes, meeting of 28 Jul 2023, 11 fund houses

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

• Adoption of the Standalone Financial Statements and Reports thereon and the Consolidated Financial Statements for the financial year ended March 31, 2023

  11 for0 against
• Confirmation of the special interim dividend of Rs. 7.50 per equity share paid during 2022-23

  10 for0 against
• Declaration of the dividend on equity shares

  10 for0 against
• Retirement of Mr Rajendra Shah as a Director

  11 for0 against
• Reappointment of Mr Sunil Lalbhai as the Chairman and Managing Director

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundRe-appointment is compliant with law. Governance Concern: Combined position of Chairman and Managing Director; Skewed remuneration.

  10 for1 against
• Appointment of Mr Rangaswamy Iyer as an Independent Director for five consecutive years

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

  • Axis Mutual Fund, SBI Mutual FundRangaswamy Iyer, 70, is a senior advisor to Lincoln International, USA. He was Managing Director of Wyeth Limited. Prior to that, he was Chief Financial Officer and Finance Director of Cyanamid India Ltd. He has about four decades of experience in healthcare industry including Animal Health, Biologicals, Consumer Healthcare and Pharmaceuticals, and mergers and acquisitions.He has been a Director on the board of Atul Bioscience Limited (a wholly owned subsidiary of Atul Limited) since 19 January 2011. We consider him as non-independent due to his long association (~12 years) with the Atul group. If the company believes that it will benefit from him serving on the board, it must reappoint him as Non-Executive Non-Independent Director.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • Kotak Mahindra Mutual FundRangaswamy Iyer, 70 has over four decades of experience in management. He has worked in Healthcare industry including Animal Health, Biologicals, Consumer Healthcare and Pharmaceuticals, and mergers and acquisitions. He was Chief Financial Officer and Finance Director of Cyanamid India Ltd and later transitioned to Wyeth Ltd and rose to become its Managing Director. Although , the appointment is compliant with law and there is no concern on merit of appointee, there is prolonged association with the group company. Mr. Rangaswamy Iyer has been serving as a Non-Executive Director on the Board of Atul Bioscience Ltd, a wholly-owned subsidiary of the Company effectively from 19th January, 2011. Now, the Company is proposing his appointment as an Independent Director on the Board of the Company for a term of 5 years. His tenure with the group is already of 12 years. While compliant with regulations, we believe that the length of tenure is inversely proportionate to the independence of a director.
  • Motilal Oswal Mutual FundAppointment is compliant with law. No concern on merit of appointee. Governance concern: Prolonged association with the group company.
  • Nippon India Mutual FundAssociation may adversely impact independence

  5 for6 against
• Payment of commission to Non-executive Directors

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundNon-executive directors participate in performance-based incentive schemes.

  9 for1 against
• Ratification of remuneration of R Nanabhoy & Co for Cost Audit

  10 for0 against