BEML CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 29 Sep 2026, 11 fund houses so far (houses' deadline to file 15 Oct 2026)

• Adoption of Financial Statements for the year ended 31st March, 2026 – Standalone and Consolidated.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • DSP Mutual FundWe have relied upon the auditors’ report, which has raised emphasis of matters firstly regarding the BEML’s outlay on the MAMC Consortium. BEML entered a Consortium Agreement with Coal India Ltd and Damodar Valley Corporation on 8 June 2010, to acquire assets of Mining and Allied Machinery Corporation Ltd (under liquidation), in a 48:26:26 holding pattern. The Consortium paid RS. 100.0 mn per a Kolkata High Court order, with BEML contributing Rs.480.0 mn ; sale certificates have since been issued to the Consortium. BEML's total outlay stood at Rs. 844.9 mn as at 31 March 2026. The second emphasis is regarding MAMC land lease. Subsidiary MAMC Industries Ltd leased land from the West Bengal Urban Development Department for 60 years from 7 March 2011. The lease required the factory to start within two years; it did not. As a result, 'the Govt. of West Bengal reserves the right to cancel the lease and take back the lease land,' though no such demand or notice has been received to date. Further, we note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. Except, these issues, 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). The company’s audit committee is not constituted in line with regulations and the board does not have sufficient independent directors. Thus, we believe there is absence of critical oversight provided by the audit committee. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual FundUnqualified Financial Statements (except certain non-material remarks identified in CARO report). Governance concern: NonCompliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has raised emphasis of matters firstly regarding the BEML’s outlay on the MAMC Consortium. BEML entered a Consortium Agreement with Coal India Ltd and Damodar Valley Corporation on 8 June 2010, to acquire assets of Mining and Allied Machinery Corporation Ltd (under liquidation), in a 48:26:26 holding pattern. The Consortium paid RS. 100.0 mn per a Kolkata High Court order, with BEML contributing Rs.480.0 mn ; sale certificates have since been issued to the Consortium. BEML's total outlay stood at Rs. 844.9 mn as at 31 March 2026. The second emphasis is regarding MAMC land lease. Subsidiary MAMC Industries Ltd leased land from the West Bengal Urban Development Department for 60 years from 7 March 2011. The lease required the factory to start within two years; it did not. As a result, "the Govt. of West Bengal reserves the right to cancel the lease and take back the lease land," though no such demand or notice has been received to date. Further, we note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. Except, these issues, 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). The company’s audit committee is not constituted in line with regulations and the board does not have sufficient independent directors. Thus, we believe there is absence of critical oversight provided by the audit committee. We do not support the resolution.
  • Navi Mutual FundUnqualified Financial Statements (except certain non-material remarks identified in CARO report). Governance concern: Non-Compliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  5 for6 against
• To confirm the payment of Interim Dividend on Equity Shares and declare a Final Dividend on Equity Shares for the Year ended 31st March, 2026.

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

  • Angel One Mutual FundGovernance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. Sufficient funds available for payment of final dividend. Governance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  7 for4 against
• Re-appointment of Shri Shantanu Roy (DIN: 10053283), Chairman and Managing Director, who retires by rotation

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

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Excessive time commitments; Holding two full-time positions. Such time commitments may hamper the ability to devote sufficient time towards the affairs of the Company.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Excessive time commitments; Holding two full-time positions. Such time commitments may hamper the ability to devote sufficient time towards the affairs of the Company.

  7 for4 against
• Re-appointment of Shri Rajeev Kumar Gupta, (DIN:10803828), Director (Rail and Metro Business), who retires by rotation

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

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  7 for4 against
• Fixing the remuneration of Statutory Auditors

  11 for0 against
• Ratification of Remuneration to Cost Auditors

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

  • Angel One Mutual FundGovernance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.

  7 for4 against
• Appointment of M/s. M P Sanghavi and Associates LLP, Firm of Company Secretaries in Practice as Secretarial Auditors

  11 for0 against
• Appointment of Shri Sachin Dighde (DIN: 11306396) Director (Defence Business)

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

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  7 for4 against
• Appointment of Shri Dinesh Mahur (DIN: 10862645) Government Nominee Director

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • DSP Mutual Fund, Jio BlackRock Mutual FundDinesh Mahur, 56, is an officer of the Indian Telecom Service (1992 batch) and currently serves as Additional Secretary, Department of Defence Production, Ministry of Defence. The resolution does not clarify whether he is liable to retire by rotation, although the current SEBI regulations provide sufficient safeguards in this regard. Further, he was appointed on the board from 5 June 2026: while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval within three months. While his appointment is in line with the statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Defence to first address the board composition, before appointing its nominees to the board. Hence, we do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Navi Mutual FundCompliant with law. No concern on the merits of the proposed Auditors. No major governance concern identified.

  5 for6 against
• Appointment of Smt. Promila Kundara (DIN:11904770), as an Independent Director of the Company

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
  • DSP Mutual Fund, Jio BlackRock Mutual FundMs. Promila Kundara, 55, is a former Member of the Legislative Assembly (MLA) who represented the Chaksu constituency in Jaipur from 2008 to 2013. She holds a Bachelor of Arts (B.A.) degree and a Diploma in Naturopathy (NDDY). Public sources suggest that she has political affiliations. We do not support her appointment as an Independent Director as we believe her political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Term of appointment is ambiguous and against spirit of the law.

  5 for6 against
• Appointment of Shri Shankar Lal Agrawal (DIN:11899309), as an Independent Director of the Company

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
  • DSP Mutual Fund, Jio BlackRock Mutual FundShankar Lal Agrawal, 60, is Founder and President of Shram Shrijan Samaj Sevi Sanstha and has experience across education promotion, rural and community development, social welfare, public service, skill development, healthcare support and social outreach. As per public sources, he has political affiliations. He holds a Master of Commerce degree. We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Term of appointment is ambiguous and against spirit of the law.

  5 for6 against
• Appointment of Shri Karunakaran Nambiar K. (DIN:09511983), as an Independent Director of the Company

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
  • DSP Mutual Fund, Jio BlackRock Mutual FundKarunakaran Nambiar K., 61, has over 34 years of legal experience across Civil and Criminal Courts and Family Courts. He previously served as an Additional Standing Counsel for the Government of India and as a Senate Member at Kannur University. Public sources indicate he has political affiliations. We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Term of appointment is ambiguous and against spirit of the law.

  5 for6 against

Mutual fund votes, meeting of 29 Sep 2025, 22 fund houses

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

• Adoption of Financial Statements for the year ended 31st March, 2025 – Standalone as well as Consolidated.

  ›Against Edelweiss Mutual Fund

  • Edelweiss Mutual FundUnqualified financial statements (except certain non-material remarks identified in CARO report). Compliant with Indian Accounting Standards. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: The Company has not disclosed financials of its subsidiaries for FY 2024-25 on its website.

  20 for1 against
• To confirm the payment of Interim Dividend and 2nd Interim Dividend on Equity Shares and declare a Final Dividend on Equity Shares for the Year ended 31st March, 2025.

  21 for0 against
• To appoint a Director in place of Shri Anil Jerath (DIN: 09543904), Director (Finance), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi 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 & Woman Independent Director.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha 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 & Woman Independent Director.

  14 for8 against
• To appoint a Director in place of Shri Debi Prasad Satpathy, (DIN: 10679597), Director (Human Resource), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi 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 & Woman Independent Director.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha 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 & Woman Independent Director.

  14 for8 against
• Fixing the remuneration of Statutory Auditors.

  21 for0 against
• Ratification of Remuneration to Cost Auditors.

  21 for0 against
• Appointment M/s. MMA & Partners (Formally known as Manish Mishra & Associates), Firm of Company Secretaries in Practice as Secretarial Auditors.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundProposed Term of appointment is for 1 year only & Proposed fee payable to Secretarial Auditors not disclosed.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of the proposed Secretarial Auditors. Non-compliant with SEBI LODR: Proposed Term of appointment is for 1 year only & Proposed fee payable to Secretarial Auditors not disclosed.
  • Kotak Mahindra Mutual FundMMA & Partners (Formally known as Manish Mishra & Associates), Firm of Company Secretaries, have been serving as the secretarial auditors of the Company since FY25. The Company now proposes to appoint as secretarial auditors hem from the conclusion of 2025 AGM, with remuneration to be fixed by the Board. However, the company has not disclosed the proposed remuneration, which is a regulatory requirement. Hence, we do not support the resolution.
  • LIC Mutual FundConcerns over Proposed Term of appointment is for 1 year only & Proposed fee payable to Secretarial Auditors not disclosed.

  13 for9 against
• Appointment of Shri Rajeev Kumar Gupta (DIN: 10803828) as Director (Rail and Metro Business).

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director; Delayed shareholder’s approval.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha 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 & Woman Independent Director; Delayed shareholder’s approval.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director; Delayed shareholder s approval.

  14 for8 against
• Appointment of Shri Sanjay Som (DIN: 10811981) as Director (Mining & Construction Business).

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director; Delayed shareholder’s approval.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha 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 & Woman Independent Director; Delayed shareholder’s approval.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director; Delayed shareholder s approval.

  13 for8 against
• Appointment of Shri Vikas Ramkrishna Kakatkar (DIN: 02372234) as an Independent Director of the Company.

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

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval.
  • LIC Mutual FundConcerns over No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders approval.

  14 for8 against
• Appointment of Shri Siva Makutam (DIN: 09450599) as an Independent Director of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan 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, Taurus Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval.Transparency concern: Holding two full-time positions, whereas the relationship between the two Companies is not clear.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Taurus Mutual FundSiva Makutam, 45, is the Sr. Director – Engineering at INVECAS, a chip design MNC. He is an entrepreneur with over two decades of experience in the semiconductor and electronics sectors. In the past he has been Principal Consultant / Advisor: Ministry of IT and Electronics, Govt of Andhra Pradesh. He holds a degree in Electrical & Electronics Engineering from BITS, Pilani. He was an Independent Director on the Board of BEML Limited from 24 December 2021 to 23 December 2024. We consider his overall association with the company. During FY25, he attended 100% (6 out of 6) of the board meetings held during his tenure. He was appointed on the board from 17 April 2025: while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval within three months. Public sources suggest that he is associated with Bharatiya Janta Party (BJP), Andhra Pradesh. We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Trust Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval. Transparency concern: Holding two full-time positions, whereas the relationship between the two Companies is not clear.
  • Edelweiss Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval. Transparency concern: Holding two full-time positions, whereas the relationship between the Companies is not clear.
  • Invesco Mutual FundSiva Makutam, 45, is the Sr. Director – Engineering at INVECAS, a chip design MNC. He is an entrepreneur with over two decades of experience in the semiconductor and electronics sectors. In the past he has been Principal Consultant / Advisor: Ministry of IT and Electronics, Govt of Andhra Pradesh. He holds a degree in Electrical & Electronics Engineering from BITS, Pilani. He was an Independent Director on the Board of BEML Limited from 24 December 2021 to 23 December 2024. We consider his overall association with the company. During FY25, he attended 100% (6 out of 6) of the board meetings held during his tenure. He was appointed on the board from 17 April 2025: while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval within three months. Public sources suggest that he is associated with Bharatiya Janta Party (BJP), Andhra Pradesh. We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution
  • LIC Mutual FundConcerns over No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders approval. Transparency concern: Holding two full-time positions, whereas the relationship between the two Companies is not clear.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval.

  7 for15 against
• Appointment of Smt. Meera Mohanty (DIN: 03379561) as Government Nominee Director of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan 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, Trust 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 & Woman Independent Director.
  • Axis Mutual Fund, Jio BlackRock Mutual FundMs. Meera Mohanty, 48, is an IAS Officer of 2005 batch from the Himanchal Pradesh cadre. She currently serves as Joint Secretary (P&C) in the Ministry of Defence, Department of Defence Production. Prior to this, she was a Joint Secretary at Prime Minister’s Office. The resolution does not clarify whether she is liable to retire by rotation, although the current SEBI regulations provide sufficient safeguards in this regard. While her appointment is in line with the statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Defence to first address the board composition, before appointing its nominees to the board. Hence, we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Trust Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Independent Director.
  • Invesco Mutual FundMs. Meera Mohanty, 48, is an IAS Officer of 2005 batch from the Himanchal Pradesh cadre. She currently serves as Joint Secretary (P&C) in the Ministry of Defence, Department of Defence Production. Prior to this, she was a Joint Secretary at Prime Minister’s Office. The resolution does not clarify whether she is liable to retire by rotation, although the current SEBI regulations provide sufficient safeguards in this regard. While her appointment is in line with the statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Defence to first address the board composition, before appointing its nominees to the board. Hence, we do not support the resolution
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & woman Independent Director.

  7 for14 against
• Approval for Sub-division/ split of existing 1 (One) Equity Share of face value of Rs. 10/- (Rupees Ten Only) each fully paid up into 2 (Two) Equity Shares of face value of Rs. 5/- (Rupees Five Only) each fully paid up.MoreLess

  21 for0 against
• Approval for Alteration of Capital Clause (Clause V) of the Memorandum of Association of the Company.

  22 for0 against

• Fine or penaltyBSE LimitedSince 13 May 2026

  Fine of Rs. 649000 imposed on Company

  Non compliances with the requirements under Reg 17 &19 of SEBI (LODR)
• Fine or penaltyNational Stock Exchange of IndiaSince 13 May 2026

  Fine of Rs. 649000 imposed on Company

  Non compliances with the requirements under Reg 17 &19 of SEBI (LODR)
• Tax disputeCommissioner of CustomsSince 1 Apr 2006
  Pending for hearing - No further updates
  At the filing before: Appeal filed before CESTAT
• Tax disputeCommissioner of Central ExciseSince 1 Aug 2007
  Pending for hearing - No further updates
  At the filing before: Appeal filed before CESTAT
• Tax disputeCommissioner of Service TaxSince 1 Aug 2009
  Pending for hearing - No further updates
  At the filing before: Appeal filed before CESTAT
• Tax disputeAsst. Commissioner of Goods and Service taxSince 1 Jul 2017
  Received favourable orders partly Balance Pending for hearing
  At the filing before: Appeal filed before Comm(Appeals)
• Tax disputeBBMPSince 25 Feb 2025
  Appeal filed on 03.07.2025, respond awaited
  At the filing before: Against their claims BEML will challenge BBMP & pay 50% of evasion property tax amount separately for each flats in the form of DD to BBMP at a total value of Rs.2.45 lakhs

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.