Balrampur Chini Mills MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 30 Aug 2025, 22 fund houses

• Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2025 and the Reports of the Board of Directors and the Auditors’ thereon.

  22 for0 against
• Adoption of the Consolidated Audited Financial Statements of the Company for the financial year ended 31st March, 2025 and the Report of the Auditors thereon.

  22 for0 against
• Approval and confirmation of the interim dividend of Rs. 3.00 per Equity Share of the Company paid during the year as the final dividend for the financial year ended 31st March, 2025.

  22 for0 against
• Appointment of Ms. Avantika Saraogi (DIN: 03149784), who retires by rotation at this Annual General Meeting and being eligible, offers herself for re-appointment.

  22 for0 against
• Re-appointment of Mr. Praveen Gupta (DIN: 09651564) as the Whole Time Director of the Company.

  22 for0 against
• Re-appointment of Ms. Mamta Binani (DIN: 00462925) as an Independent Director of the Company.

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundWe have concerns about overboarding.

  21 for1 against
• Ratification of remuneration payable to the Cost Auditors of the Company.

  22 for0 against
• Appointment of M/s MKB & Associates as Secretarial Auditor of the Company.

  22 for0 against

Mutual fund votes, meeting of 16 Mar 2025, 19 fund houses

• Approval of "BCML Restricted Stock Unit Scheme 2025" ("RSU 2025"/"Scheme")

  ›Against HDFC Mutual Fund

  • HDFC Mutual FundRSUs have been issued at a deep discount to market price. We do not support the resolution.

  18 for1 against

Mutual fund votes, meeting of 31 Jul 2024, 24 fund houses

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

• Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2024 and the Reports of the Board of Directors and the Auditors’ thereon.

  23 for0 against
• Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024 and the Report of the Auditors’ thereon.

  23 for0 against
• Approval and confirmation of the interim dividend of Rs. 3.00 per Equity Share of the Company paid during the year as the final dividend for the financial year ended 31st March, 2024.

  23 for0 against
• Appointment of Mr. Praveen Gupta (DIN: 09651564), who retires by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment.

  23 for0 against
• Approval for Payment of Commission to Non-Executive Directors.

  ›Against Bank of India Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Mirae Asset Mutual Fund, Sundaram Mutual Fund

  • Bank of India Mutual Fund, DSP Mutual FundThe board proposes increase commission to non-executive directors from FY24 onwards due to the growing responsibilities of the independent directors which require greater time commitment and a high level of oversight. The aggregate commission will be within the overall limits of 1% of net profits or capped at a maximum aggregate of Rs. 17.5 mn, whichever is lower. This excludes sitting fees being paid to the non-executive directors for attending board and committee meetings. The company has been judicious in its previous commission payout with a maximum payout of Rs. 12.0 mn in FY24. However, the company has not defined a tenure for payment of commission, the resolution is effectively valid in perpetuity. We do not support resolutions in perpetuity: shareholders must get a chance to periodically review such payments.
  • Edelweiss Mutual FundNeed further details
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Sundaram Mutual Fund"The board proposes increase commission to non-executive directors from FY24 onwards due to the growing responsibilities of the independent directors which require greater time commitment and a high level of oversight. The aggregate commission will be within the overall limits of 1% of net profits or capped at a maximum aggregate of Rs. 17.5 mn, whichever is lower. This excludes sitting fees being paid to the non-executive directors for attending board and committee meetings. The company has been judicious in its previous commission payout with a maximum payout of Rs. 12.0 mn in FY24. However, the company has not defined a tenure for payment of commission, the resolution is effectively valid in perpetuity. We do not support resolutions in perpetuity: shareholders must get a chance to periodically review such payments."

  18 for5 against
• Ratification of remuneration payable to Cost Auditors.

  23 for0 against
• Appointment of Mr. Chandra Kishore Mishra (DIN:02553126) as an Independent Director.

  23 for0 against
• Re-appointment of Ms. Veena Hingarh (DIN: 00885567) as an Independent Director.

  ›Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PPFAS Mutual Fund

  • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundRe-appointment compliant with law. Governance Concern: Ms. Veena Hingarh is the NRC Chairperson; Remuneration policy of the Company appears to be skewed in the favor of Promoter ED.
  • JM Financial Mutual FundRe-appointment compliant with law. Governance Concern: Ms. Veena Hingarh is the Nomination and Remuneration Committee Chairperson; Remuneration policy of the Company appears to be skewed in the favor of Promoter Executive Director.
  • PPFAS Mutual FundRole as NRC Chairperson in skewed remuneration practice

  17 for6 against

Mutual fund votes, meeting of 27 Dec 2023, 24 fund houses

• Appointment of Ms. Avantika Saraogi (DIN:03149784) as a Whole Time Director designated as Executive Director of the Company

  ›Against Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund

  • Axis Mutual FundMs. Avantika Saraogi, 33, is part of the promoter family and is the Business Lead – New Initiatives at Balrampur Chini Mills Limited. She has over eleven years of experience in business development. She holds a Bachelor of Arts from Scripps College, California and has completed EY-ISB Executive Program on Board Effectiveness. She is being appointed as Whole-time Director at an estimated remuneration of Rs. 7.9 mn for FY24. We understand that Ms. Avantika Saraogi has received Rs. 3.6 mn in FY23 and Rs. 3.1 mn in FY22 as retainership fees. This exceeds the statutory thresholds of Rs. 0.25 mn per month under Section 188 of the Companies Act, 2013 and the company should have sought shareholder approval for the payment. The company must provide clarity on why such approval has not been sought.Further, there is inadequate clarity around the quality of her previous experience and her responsibilities as Business Lead: New Initiatives. Further, the company must clarify how her remuneration has been benchmarked against professionals with similar experience. Given this lack of clarity, we do not support her appointment.
  • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PPFAS Mutual FundApproval for previous position not obtained.
  • Bank of India Mutual Fund, Sundaram Mutual FundMs. Avantika Saraogi, 33, is part of the promoter family and is the Business Lead – New Initiatives at Balrampur Chini Mills Limited. She has over eleven years of experience in business development. She holds a Bachelor of Arts from Scripps College, California and has completed EY-ISB Executive Program on Board Effectiveness. She is being appointed as Whole-time Director at an estimated remuneration of Rs. 7.9 mn for FY24. We understand that Ms. Avantika Saraogi has received Rs. 3.6 mn in FY23 and Rs. 3.1 mn in FY22 as retainership fees. This exceeds the statutory thresholds of Rs. 0.25 mn per month under Section 188 of the Companies Act, 2013 and the company should have sought shareholder approval for the payment. The company must provide clarity on why such approval has not been sought. Further, there is inadequate clarity around the quality of her previous experience and her responsibilities as Business Lead: New Initiatives. Further, the company must clarify how her remuneration has been benchmarked against professionals with similar experience. Given this lack of clarity, we do not support her appointment.
  • Invesco Mutual FundMs. Avantika Saraogi, 33, is part of the promoter family and is the Business Lead – New Initiatives at Balrampur Chini Mills Limited. She has over eleven years of experience in business development. She holds a Bachelor of Arts from Scripps College, California and has completed EY-ISB Executive Program on Board Effectiveness. She is being appointed as Whole-time Director at an estimated remuneration of Rs. 7.9 mn for FY24. We understand that Ms. Avantika Saraogi has received Rs. 3.6 mn in FY23 and Rs. 3.1 mn in FY22 as retainership fees. This exceeds the statutory thresholds of Rs. 0.25 mn per month under Section 188 of the Companies Act, 2013 and the company should have sought shareholder approval for the payment. The company must provide clarity on why such approval has not been sought. Further, there is inadequate clarity around the quality of her previous experience and her responsibilities as Business Lead: New Initiatives. Further, the company must clarify how her remuneration has been benchmarked against professionals with similar experience. Given this lack of clarity, we do not support her appointment
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundLack of Clarity

  13 for11 against

Mutual fund votes, meeting of 19 Aug 2023, 20 fund houses

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

• Adoption of Standalone Audited Financial Statements of the Company for the Financial Year ended 31st March 2023 and the Reports of the Board of Directors and Auditors thereon.

  18 for0 against
• Adoption of Consolidated Audited Financial Statements of the Company for the Financial Year ended 31st March 2023 and the Reports of the Board of Directors and Auditors thereon.

  18 for0 against
• Approval and confirmation of the Interim Dividend of Rs. 2.50 per Equity Share of the Company during the year as the Final Dividend for the Financial Year ended 31st March, 2023.

  18 for0 against
• Appointment of Director in place of Mr. Praveen Gupta (DIN: 09651564), who retires by rotation and being eligible, offers himself for re-appointment.

  18 for0 against
• Ratification of remuneration of M/s Mani & Co. (Firm Registration No. :000004) appointed as the Cost Auditors of the Company pursuant to Section 148 of the Companies Act, 2013 and other applicable provisions.MoreLess

  18 for0 against
• Appointment of Dr. Indu Bhushan(DIN: 09302960) as an Independent Director of the Company for a period of five consecutive years with effect from 17th July, 2023 upto 16th July, 2028.

  18 for0 against
• Revision of remuneration of Mr. Praveen Gupta (DIN:09651564), Whole-time Director of the Company.

  19 for0 against

Mutual fund votes, meeting of 23 Apr 2023, 19 fund houses

• Approval of ‘BCML Employees Stock Appreciation Rights Plan 2023” (“ESAR 2023”/ “Plan”)

  19 for0 against