Bharat Electronics MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 28 Aug 2026, 19 fund houses so far (houses' deadline to file 15 Oct 2026)

• (a) & (b) Adoption of the audited financial statements and the Audited Consolidated Financial Statements for the year ended 31 March 2026 and the reports of the Board of Directors and the Auditors thereon.MoreLess

  ›Against DSP Mutual Fund, Jio BlackRock Mutual Fund

  • DSP Mutual Fund, Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has not raised concerns on the financial statements. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). We raise concern that the company does not have sufficient independent directors on the board. The audit committee was not constituted in line with the regulations at time when the accounts were finalized. In the absence of critical oversight provided by the audit committee, we do not support the resolution.

  17 for2 against
• Confirmation of interim dividend and declaration of final dividend for the financial year 2025-26.

  19 for0 against
• Re-appointment of retiring Director, Mr. Rajnish Sharma (DIN: 10738394).

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.
  • Edelweiss Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.

  12 for7 against
• Ratification of Remuneration of the Cost Auditor.

  19 for0 against
• Increase in Authorised Share Capital of the Company.

  19 for0 against
• Alteration of the Capital Clause in the Memorandum of Association.

  19 for0 against
• Appointment of Mr Ambrish Tripathi (DIN: 11888363) as Director.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director. Further, the proposed directors have already been appointed on the board and the Company has given notice under section 160 of the Companies act, 2013.
  • Edelweiss Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual FundNo concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director. Further, the proposed directors have already been appointed on the board and the Company has given notice under section 160 of the Companies act, 2013.

  11 for7 against
• Appointment of Mr Anoop Kumar Rai (DIN: 11888162) as Director.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director. Further, the proposed directors have already been appointed on the board and the Company has given notice under section 160 of the Companies act, 2013.
  • Edelweiss Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual FundNo concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director. Further, the proposed directors have already been appointed on the board and the Company has given notice under section 160 of the Companies act, 2013.

  11 for7 against

Mutual fund votes, meeting of 28 Aug 2025, 42 fund houses

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

• Adoption of the audited financial statements and the Audited Consolidated Financial Statements for the year ended 31 March 2025 and the reports of the Board of Directors and the Auditors thereon.

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified Financial Statements. Governance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
  • Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundWe have relied upon the auditors’ report, which has not raised concerns on the financial statements. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. Additionally, the company should clarify the reason for showing undisputed payables overdue for over two years. The company was non-compliant with statutory requirements on board and committee composition and quorum during FY25, owing to vacancies in Independent Director positions. As a result, the financial statements were approved without the requisite quorum of the Board and the Audit Committee. While the auditors have not modified their opinion, we believe that financial statements approved without due compliance raise governance concerns. Although the Audit Committee is now compliant, the non-compliance at the time of approval undermines the integrity of the process. We therefore do not support the resolution.
  • Invesco Mutual FundWe have relied upon the auditors’ report, which has not raised concerns on the financial statements. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. Additionally, the company should clarify the reason for showing undisputed payables overdue for over two years.The company was non-compliant with statutory requirements on board and committee composition and quorum during FY25, owing to vacancies in Independent Director positions. As a result, the financial statements were approved without the requisite quorum of the Board and the Audit Committee. While the auditors have not modified their opinion, we believe that financial statements approved without due compliance raise governance concerns. Although the Audit Committee is now compliant, the non-compliance at the time of approval undermines the integrity of the process. We therefore do not support the resolution
  • Mirae Asset Mutual FundAuditors have highlighted issues related to the audit trail.
  • PPFAS Mutual FundNon-compliant Audit Committee
  • quant Mutual FundUnqualified Financial Statements. Governance concern: Non-compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
  • Quantum Mutual FundThe auditors have not raised qualifications on the financial statements. However, we take note that the audit committee was non-compliant w.r.t. 67% independence requirement. The committee did not have a single independent director as on March 2025. We do not support the resolution.
  • WhiteOak Capital Mutual FundThe company was non-compliant with statutory requirements on board and committee composition and quorum during FY25, owing to vacancies in Independent Director positions. As a result, the financial statements were approved without the requisite quorum of the Board and the Audit Committee. While the auditors have not modified their opinion, we believe that financial statements approved without due compliance raise governance concerns. We therefore do not support the resolution.

  18 for22 against
• Confirmation of interim dividend and declaration of final dividend for the financial year 2024-25.

  ›Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundSufficient funds available for payment of dividend. Governance Concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • LIC Mutual FundGovernance Concern is raised in adoption of financial statements of the Company under resolution #1
  • PPFAS Mutual FundSufficient funds available for payment of dividend. Governance Concern is raised in Company, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR
  • quant Mutual FundSufficient funds available for payment of dividend. Governance concern is raised in adoption of financial statements under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  31 for10 against
• Re-appointment of retiring Director, Mr. K V Suresh Kumar (DIN: 10200827).

  ›Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.
  • Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundAppointment Compliant with law. No concern on the merit of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because he is a non-independent director nominee and the board independence norms are not met.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs & woman ID
  • quant Mutual FundAppointment compliant with the law. No concern on the merit of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors and woman independent director.

  29 for12 against
• Appointment of Mr. Rajnish Sharma (DIN: 10738394) as Director.

  ›Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director. Delayed shareholders’ approval.
  • Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundAppointment Compliant with law. No concern on the merit of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director. Delayed shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because he is a non-independent director nominee and the board independence norms are not met.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs & woman ID. Delayed Shareholders’ approval
  • quant Mutual FundAppointment compliant with the law. No concern on the merit of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors and woman independent director. Delayed shareholders’ approval.

  29 for12 against
• Appointment of Lt. General Vishwambhar Singh (Retd.), (DIN: 09461326) as Director.

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merit of proposed appointee. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law; Appointment as ID for a period of only one year.
  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous; Appointment as Independent Director for a period of only one year.
  • Bank of India Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundVishwambhar Singh, 67, is a retired Indian Army Officer. He has thirty-seven years of experience in the Indian Army where he held positions, including General Officer Commanding of the Maharashtra, Gujarat and Goa Area, Director General of Weapons and Equipment, General Officer Commanding of Uttar Bharat Area, among others. As per public sources, Vishwambhar Singh has political affiliations that, we believe, may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as part of the shareholder notice. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months. We do not support the resolution.
  • Canara Robeco Mutual FundVishwambhar Singh, 67, is a retired Indian Army Officer. He has thirty-seven years of experience in the Indian Army where he held positions, including General Officer Commanding of the Maharashtra, Gujarat and Goa Area, Director General of Weapons and Equipment, General Officer Commanding of Uttar Bharat Area, among others. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months. We do not support the resolution.
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval, Term of appointment is ambiguous and against spirit of the law; Appointment as ID for a period of only one year.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law; Appointment as ID for a period of only one year.
  • PPFAS Mutual FundDelayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law; Appointment as ID for 1 year
  • quant Mutual FundCompliant with the law. No concern on the merit of proposed appointee. Governance concern: Delayed shareholders’ approval, term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
  • Quantum Mutual FundWe do not have any concern on the profile, time commitments and independence of Lt. General Vishwambhar Singh (Retd.). However, we take note that he holds the position of both Audit & NRC committees. We are of the view that holding dual position of chairperson, may lead to concentration of power. We do not consider this as a good governance practice. Further, as per public sources, Vishwambhar Singh has political affiliations that, we believe, may unnecessarily politicise the decisions of the company and distract the management from its core focus. Furthermore, he is being appointed as an independent director for a period of 1 year, with a proviso that he will hold the position till the completion of term or until further order, whichever is earlier. We are of the view that the tenure of 1 year is too short for an ID to make any significant contribution towards the affairs of the Company. Such a practice effectively defeats the spirit behind the law for appointment of independent director. It may also be noted that the ID term is ambiguous and is at prerogative of the management and is against the spirit of law. Therefore, we do not favour his appointment.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundVishwambhar Singh, 67, is a retired Indian Army Officer. Considering the lack of prior directordhip experience and financial background and considering the current board profile, we recommend voting against.

  18 for23 against
• Appointment of Mr Harikumar Raghavan Nair (DIN: 11086669) as Director.

  ›Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director. Delayed shareholders’ approval.
  • Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundAppointment Compliant with law. No concern on the merit of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director. Delayed shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because he is a non-independent director nominee and the board independence norms are not met.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs & woman ID. Delayed Shareholders’ approval
  • quant Mutual FundAppointment compliant with the law. No concern on the merit of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors and woman independent director. Delayed shareholders’ approval.

  30 for12 against
• Appointment of Mr Pradeep Tripathi (DIN: 11111295) as Director.

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merit of proposed appointee. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundPradeep Tripathi, 52, is the Proprietor of Harsh Enterprises since 1998. He has over twenty years of experience across nonprofit, governmental, and private sectors. He has previously served as General Secretary of the Indian Red Cross Society and has been a Board Member at the Madhya Pradesh Council of Science and Technology (MPCOST). His appointment as Independent Director is in line with the statutory requirements. As per public sources, Pradeep Tripathi has political affiliations that, we believe, may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as part of the shareholder notice. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months. We do not support the resolution.
  • Canara Robeco Mutual FundPradeep Tripathi, 52, is the Proprietor of Harsh Enterprises since 1998. He has over twenty years of experience across nonprofit, governmental, and private sectors. He has previously served as General Secretary of the Indian Red Cross Society and has been a Board Member at the Madhya Pradesh Council of Science and Technology (MPCOST). His appointment as Independent Director is in line with the statutory requirements. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months. We do not support the resolution.
  • Invesco Mutual FundPradeep Tripathi, 52, is the Proprietor of Harsh Enterprises since 1998. He has over twenty years of experience across nonprofit, governmental, and private sectors. He has previously served as General Secretary of the Indian Red Cross Society and has been a Board Member at the Madhya Pradesh Council of Science and Technology (MPCOST). His appointment as Independent Director is in line with the statutory requirements. As per public sources, Pradeep Tripathi has political affiliations that, we believe, may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as part of the shareholder notice. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months. We do not support the resolution
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval, Term of appointment is ambiguous and against spirit of the law.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundDelayed shareholders’ approval; Term of appointment is ambiguous and against spirit of the law
  • quant Mutual FundCompliant with the law. No concern on the merit of proposed appointee. Governance concern: Delayed shareholders’ approval, term of appointment is ambiguous and against spirit of the law.
  • Quantum Mutual FundWe take note that the independent directors are being appointed for a period of 3 years or until further orders, whichever is earlier. We take note that the ID term is ambiguous and is at prerogative of the management and is against the spirit of law. Further, once the director(s) has been appointed, he/ she can only be removed by shareholders after passing a special resolution in a general meeting and not by any administrative order. Furthermore, both the appointees have political affiliations that, we believe, may unnecessarily politicise the decisions of the company and distract the management from its core focus. Therefore, we do not favour their appointment.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundPradeep Tripathi, 52, is the Proprietor of Harsh Enterprises since 1998. He has over twenty years of experience across nonprofit, governmental, and private sectors. He has previously served as General Secretary of the Indian Red Cross Society and has been a Board Member at the Madhya Pradesh Council of Science and Technology (MPCOST). Considering the lack of relevant experience and financial background and the current board profile, we recommend voting against.We do not support the resolution.

  17 for24 against
• Appointment of Mr Bharatsinh Prabhatsinh Parmar (DIN: 07781550) as Director.

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merit of proposed appointee. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundBharatsinh Prabhatsinh Parmar, 67, is a former Member of Parliament (Rajya Sabha). He has experience in in agriculture, commerce and law and has held positions as the General Secretary of Gujarat State BJP, Chairperson of Gujarat State Police Housing Corporation and Chairperson of Gujarat State Rural Development. His appointment as Independent Director is in line with the statutory requirements. As per public sources, Bharatsinh Prabhatsinh Parmar has political affiliations that, we believe, may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as part of the shareholder notice. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months. We do not support the resolution.
  • Canara Robeco Mutual FundBharatsinh Prabhatsinh Parmar, 67, is a former Member of Parliament (Rajya Sabha). He has experience in in agriculture, commerce and law and has held positions as the General Secretary of Gujarat State BJP, Chairperson of Gujarat State Police Housing Corporation and Chairperson of Gujarat State Rural Development. His appointment as Independent Director is in line with the statutory requirements. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months. We do not support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Bharatsinh Prabhatsinh Parmar is associated with the ruling political party, and the presence of director with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • HSBC Mutual FundBharatsinh Prabhatsinh Parmar is associated with the ruling political party, and the presence of directors with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • Invesco Mutual FundBharatsinh Prabhatsinh Parmar, 67, is a former Member of Parliament (Rajya Sabha). He has experience in in agriculture, commerce and law and has held positions as the General Secretary of Gujarat State BJP, Chairperson of Gujarat State Police Housing Corporation and Chairperson of Gujarat State Rural Development. His appointment as Independent Director is in line with the statutory requirements. As per public sources, Bharatsinh Prabhatsinh Parmar has political affiliations that, we believe, may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as part of the shareholder notice. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months. We do not support the resolution
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval, Term of appointment is ambiguous and against spirit of the law.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundDelayed shareholders’ approval; Term of appointment is ambiguous and against spirit of the law
  • quant Mutual FundCompliant with the law. No concern on the merit of proposed appointee. Governance concern: Delayed shareholders’ approval, term of appointment is ambiguous and against spirit of the law.
  • Quantum Mutual FundWe take note that the independent directors are being appointed for a period of 3 years or until further orders, whichever is earlier. We take note that the ID term is ambiguous and is at prerogative of the management and is against the spirit of law. Further, once the director(s) has been appointed, he/ she can only be removed by shareholders after passing a special resolution in a general meeting and not by any administrative order. Furthermore, both the appointees have political affiliations that, we believe, may unnecessarily politicise the decisions of the company and distract the management from its core focus. Therefore, we do not favour their appointment.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundBharatsinh Prabhatsinh Parmar, 67, is a former Member of Parliament (Rajya Sabha). He has experience in in agriculture, commerce and law. Give his lack of relevant experience and qualification, we do not support the resolution.

  15 for27 against
• Appointment of Mr Kamesh Kasana (DIN: 11194293) as Director.

  ›Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director. Delayed shareholders’ approval.
  • Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundAppointment Compliant with law. No concern on the merit of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director. Delayed shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because he is a non-independent director nominee and the board independence norms are not met.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs & woman ID. Delayed Shareholders’ approval
  • quant Mutual FundAppointment compliant with the law. No concern on the merit of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors and woman independent director. Delayed shareholders’ approval.

  30 for12 against
• Appointment of Ms Meera Mohanty (DIN: 03379561) as Director.

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundAppointment Compliant with law. No concern on the merit of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors .
  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundMs. Meera Mohanty, 48, is an IAS Officer and currently serves as a Joint Secretary (Personnel and Coordination) in the Department of Defence Production, Ministry of Defence. Prior to her current role, she served as Joint Secretary in the Prime Minister’s Office. She is not liable to retire by rotation, and the company has not disclosed her tenure. However, we take comfort from the SEBI LODR amendments, which require the periodic reappointment of a director at least once every five years. While her appointment as Government Nominee Director is in line with the statutory requirements, we are unable to support her appointment to the board as the board composition is not compliant with the regulations on independent director representation. The board comprises twelve directors of which three are Independent Directors. Given that only 25% of the board comprises independent directors as against the regulatory threshold of 50%: the Ministry of Defence must first address the board composition before appointing its nominees to the board. We do not support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because he is a non-independent director nominee and the board independence norms are not met.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • Invesco Mutual FundMs. Meera Mohanty, 48, is an IAS Officer and currently serves as a Joint Secretary (Personnel and Coordination) in the Department of Defence Production, Ministry of Defence. Prior to her current role, she served as Joint Secretary in the Prime Minister’s Office. She is not liable to retire by rotation, and the company has not disclosed her tenure. However, we take comfort from the SEBI LODR amendments, which require the periodic reappointment of a director at least once every five years. While her appointment as Government Nominee Director is in line with the statutory requirements, we are unable to support her appointment to the board as the board composition is not compliant with the regulations on independent director representation. The board comprises twelve directors of which three are Independent Directors. Given that only 25% of the board comprises independent directors as against the regulatory threshold of 50%: the Ministry of Defence must first address the board composition before appointing its nominees to the board. We do not support the resolution
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors .
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs
  • quant Mutual FundAppointment compliant with the law. No concern on the merit of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors.
  • WhiteOak Capital Mutual FundMs. Meera Mohanty, 48, is an IAS Officer and currently serves as a Joint Secretary (Personnel and Coordination) in the Department of Defence Production, Ministry of Defence. The board comprises twelve directors of which three are Independent Directors. Given that only 25% of the board comprises independent directors as against the regulatory threshold of 50%. We do not support the resolution.

  19 for23 against
• Appointment of Secretarial Auditors.

  ›Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundProposed fee payable to Secretarial Auditors not disclosed.
  • Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundNo concern on the merits of proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed fee payable to Secretarial Auditors not disclosed.
  • Kotak Mahindra Mutual FundThe company proposes to appoint M/s Thirupal Gorige and Associates LLP as secretarial auditors for five years from FY26. The company has not disclosed the proposed remuneration for M/s Thirupal Gorige and Associates LLP, as secretarial auditors, which is a regulatory requirement. Hence, we do not support the resolution.
  • Nippon India Mutual FundNon disclosure of Proposed fee payable to Secretarial Auditors.
  • PPFAS Mutual FundProposed Secretarial Audit Fee not disclosed
  • quant Mutual FundNo concern on the merits of proposed secretarial auditors. Non-compliant with Regulation 36(5) of SEBI LODR: Proposed fee payable to secretarial auditors not disclosed.

  28 for14 against
• Ratification of Remuneration of the Cost Auditor.

  38 for0 against

• Fine or penaltyBSE LimitedSince 25 Aug 2026

  Rs.5,36,900 (Fine imposed including GST)

  Non-compliance of Regulation 17(1) of SEBI LODR for the quarter ended 30.09.2025.
• Fine or penaltyNational Stock Exchange of India LimitedSince 25 Aug 2026

  Rs.5,36,900 (Fine imposed including GST)

  Non-compliance of Regulation 17(1) of SEBI LODR for the quarter ended 30.09.2025.
• Tax disputeCIT (A)Since 22 Apr 2026
  Pending before CIT (A)
  At the filing before: Pending for hearing, submitted written submission
• Tax disputeCIT (A)Since 10 Apr 2026
  Pending before CIT (A)
  At the filing before: Pending for hearing, submitted written submission
• Tax disputeITATSince 25 May 2026
  Pending before ITAT
  At the filing before: Hearing completed. Order yet to be received.

In the company's own words, from its latest governance filing.

The board is made up as the listing rules require

No

The board has a regular chairperson

Yes

The company has a risk management committee

Yes

The chair is related to the managing director

Yes

The filing has a part on fines and penalties

Yes

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.