Azad Engineering CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 28 Jan 2025, 14 fund houses

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

• ISSUANCE OF SECURITIES OF THE COMPANY THROUGH PERMISSIBLE MODES OF FUND RAISING

  ›Against Edelweiss Mutual Fund

  • Edelweiss Mutual FundExcessive dilution; no justification for not opting for Rights Issue. There doesn’t appear to be any urgent need of funds.

  0 for1 against
• TO CONSIDER AND APPROVE APPOINTMENT OF MR. MURALI KRISHNA BHUPATIRAJU AS THE MANAGING DIRECTOR AND TO FIX HIS REMUNERATION THEREOF

  ›Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Proposed remuneration appears to be excessive, Board discretion to vary & amend the terms of proposed remuneration.
  • Edelweiss Mutual FundProposed remuneration appears to be excessive, Board discretion to vary & amend the terms of proposed remuneration.
  • Kotak Mahindra Mutual FundThe Company is seeking shareholders approval for appointment of Mr. Murali as the Managing Director for a term of 5 years, w.e.f. 3rd January, 2025 and to fix his remuneration thereof. No concerns have been identified w.r.t. the profile and time commitments of the director. However, as a part of remuneration director is entitled to receive 1,73,430 ESOPs at face value 2. We do not favour ESOP schemes where options are granted at a significant discount to market price since there is no alignment between the interests of investors and those of employees. Therefore, no concerns have been identified with the profile of the director, however due to terms of remuneration provided to him, we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundRemunaration is high

  6 for8 against
• TO CONSIDER AND APPROVE APPOINTMENT OF MR. DEEPAK KABRA AS INDEPENDENT DIRECTOR (NON-EXECUTIVE)

  14 for0 against
• TO INCREASE THE BORROWING LIMIT OF THE COMPANY UNDER SECTION 180(1)(C) OF THE COMPANIES ACT, 2013

  ›Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Majority of the borrowing limit is unutilized and absence of specific reasons for the proposed increase.
  • Edelweiss Mutual FundMajority of the borrowing limit is unutilized and absence of specific reasons for the proposed increase.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundBorrowing limit is unutilized.

  7 for7 against
• TO APPROVE MORTGAGE/PLEDGE /HYPOTHECATE/CREATE CHARGE ON THE ASSETS OF THE COMPANY UNDER SECTION 180(1)(A) OF THE COMPANIES ACT, 2013

  ›Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Inter-linked to Resolution #4

  9 for5 against
• TO CONSIDER AND APPROVE AN EMPLOYEE STOCK OPTION SCHEME FORMULATED IN ACCORDANCE WITH THE SECURITIES AND EXCHANGE BOARD OF INDIA (SHARE BASED EMPLOYEE BENEFITS AND SWEAT EQUITY) REGULATIONS, 2021 AND OTHER APPLICABLE LAWSMoreLess

  ›Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundNon-Compliance with SEBI SBEB Regulations: Mandatory disclosures are left to be determined upto NRC discretion
  • Edelweiss Mutual FundMandatory disclosures are left to be determined upto NRC discretion
  • Kotak Mahindra Mutual FundThe Company has not provided clarity on the exercise price or the exercise formula of proposed ESOP in the Explanatory Statement. The company has mentioned that the NRC is entitled to determine the exercise price. We do not favour ESOP schemes where the options can be granted at a significant discount to the market price. Hence voting against.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundInadequate Disclosure

  6 for8 against
• TO APPROVE THE AZAD ENGINEERING LIMITED EMPLOYEE STOCK OPTION SCHEME 2024 FOR ELIGIBLE EMPLOYEES OF GROUP COMPANIES, ASSOCIATE COMPANIES, SUBSIDIARY COMPANIES OR AZAD PRIME PRIVATE LIMITED AND AZAD VTC PRIVATE LIMITED OR HOLDING COMPANYMoreLess

  ›Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundInterlinked with Resolution #6. Governance & Transparency Concern: Extension of scheme to employees of group / associate/Holding company without compelling reasons / cost not reimbursed to the Company.
  • Edelweiss Mutual FundExtension of scheme to employees of group / associate/Holding company without compelling reasons / cost not reimbursed to the Company.
  • Kotak Mahindra Mutual FundWhile we support the extension of stock options to employees of subsidiaries, we do not support these to be extended to employees of group companies, associate companies and/or holding company. Moreover, our view is linked to resolution #6.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundExtension of scheme to employees of group / associate.

  6 for8 against

Mutual fund votes, meeting of 27 Sep 2024, 11 fund houses

• To receive, consider and adopt the audited financial statements of the Company for the financial year ended on 31st March, 2024, together with the reports of Board of Directors and Auditors thereon

  11 for0 against
• To appoint a director in place of Mr. Vishnu Pramodkumar Malpani (DIN: 10307319), Director who retires by rotation and being eligible, offers himself for re-appointment

  11 for0 against
• To Re-Designate/Promote/Appoint Mr. Kartik Chopdar, holding office or place of profit, as Project Controller (Senior Management) of the Company and revise the upper limit of remuneration that can be paid to him during his tenure, over a period of next 3 years’ timeMoreLess

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

  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate disclosures regarding the basis of arriving at the proposed pay and how is stated to be at arm’s length basis. Fairness cannot be ascertained.
  • LIC Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate disclosures regarding the basis of arriving at the proposed pay and how is stated to be at arm s length basis. Fairness cannot be ascertained.

  5 for6 against