Bharat Heavy Electricals MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 19 Aug 2025, 31 fund houses

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

• Adoption of Financial Statements of the Company for the Financial Year ended 31st March, 2025 together with the Board’s Report and Auditors’ Report thereon

  30 for0 against
• Approval and declaration of dividend for the financial year 2024-25

  25 for0 against
• Re-appointment of Shri Tajinder Gupta (DIN: 10327530), who retires by rotation

  ›Against Angel One Mutual Fund, Bandhan 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, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors and woman Independent Director on the Board.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of Independent Directors and woman Independent Director on the Board.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board independence norms are not met and Tajinder Gupta is a non-independent director nominee.
  • 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

  20 for11 against
• Re-appointment of Ms. Bani Varma (DIN:10337787), who retires by rotation

  ›Against Angel One Mutual Fund, Bandhan 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, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors and woman Independent Director on the Board.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of Independent Directors and woman Independent Director on the Board.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board independence norms are not met and Bani Varma is a non-independent director nominee.
  • 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

  20 for11 against
• Authorize the Board of Directors to fix the remuneration of the Auditors for the year 2025-26

  31 for0 against
• Ratification of Remuneration of Cost Auditors for FY 2025-26

  7 for0 against
• Appointment of M/s Akhil Rohatgi & Co. as Secretarial Auditors from FY 2025-26 to FY 2029-30

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

  • Angel One Mutual FundCredentials of the Secretarial Auditors not disclosed by the Company.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual FundNon-compliant with SEBI LODR: Credentials of the Secretarial Auditors not disclosed by the Company.
  • LIC Mutual FundConcerns over Credentials of the Secretarial Auditors not disclosed by the Company.
  • PPFAS Mutual FundNon-Disclosure of Credentials of Proposed Auditor

  21 for10 against
• Appointment of Shri Ashok Kumar Aseri (DIN: 09405164) as Independent Director

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco 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, Sundaram Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous, Re-appointment as Independent Director for a period of only one year.
  • Axis Mutual FundAshok Kumar Aseri, 54, has over 27 years of experience in management and governance roles. He holds an engineering degree from Jai Narayan Vyas University, Jodhpur and MBA in Human Resources from Punjab Technical University. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Directors. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law, Re-appointment as ID for a period of only one year.
  • Bank of India Mutual Fund, Canara Robeco Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundAshok Kumar Aseri, 54, has over 27 years of experience in management and governance roles. He holds an engineering degree from Jai Narayan Vyas University, Jodhpur and MBA in Human Resources from Punjab Technical University. Public sources indicate he has political affiliations, and we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support his appointment. The company should have disclosed these affiliations as a part of his profile. Further, 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.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Ashok Kumar Aseri is associated with a 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 FundAshok Kumar Aseri and Aashish Chaturvedi are associated with a 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 FundAshok Kumar Aseri, 54, has over 27 years of experience in management and governance roles. He holds an engineering degree from Jai Narayan Vyas University, Jodhpur and MBA in Human Resources from Punjab Technical University.Public sources indicate he has political affiliations, and we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support his appointment. The company should have disclosed these affiliations as a part of his profile. Further, 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. We do not support the resolution.
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval, Term of appointment is ambiguous and against spirit of the law, Re-appointment as ID for a period of only one year.
  • Mirae Asset Mutual Fundthe resolution is not inline with regulatory requirements.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval
  • PPFAS Mutual FundDelayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law, Re-appointment as ID for a period of only one year
  • UTI Mutual FundPublic sources suggest he is politically affiliated.

  10 for21 against
• Appointment of Shri Aashish Chaturvedi (DIN: 00534621) as Independent Director

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco 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, Sundaram Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous, Re-appointment as Independent Director for a period of only one year.
  • Axis Mutual FundAashish Chaturvedi, 47, is a columnist at a newspaper firm. He has over a year's experience in corporate sector and over 16 years of experience in the education sector. He has completed his B.Tech in Textile Technology from IIT Delhi. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Directors. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law, Re-appointment as ID for a period of only one year.
  • Bank of India Mutual Fund, Canara Robeco Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundAashish Chaturvedi, 47, is a columnist at a newspaper firm. He has over a year's experience in corporate sector and over 16 years of experience in the education sector. He has completed his B.Tech in Textile Technology from IIT Delhi. Public sources indicate he has political affiliations, and we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support his appointment. The company should have disclosed these affiliations as a part of his profile. Further, 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.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Aashish Chaturvedi is associated with a 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 FundAshok Kumar Aseri and Aashish Chaturvedi are associated with a 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 FundAashish Chaturvedi, 47, is a columnist at a newspaper firm. He has over a year's experience in corporate sector and over 16 years of experience in the education sector. He has completed his B.Tech in Textile Technology from IIT Delhi.Public sources indicate he has political affiliations, and we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support his appointment. The company should have disclosed these affiliations as a part of his profile. Further, 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. We do not support the resolution.
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval, Term of appointment is ambiguous and against spirit of the law, Re-appointment as ID for a period of only one year.
  • Mirae Asset Mutual Fundthe resolution is not inline with regulatory requirements.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval
  • PPFAS Mutual FundDelayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law, Re-appointment as ID for a period of only one year
  • UTI Mutual FundPublic sources suggest he is politically affiliated.

  10 for21 against
• Appointment of Shri Serugulathur Mahadevan Ramanathan (DIN: 11084884) as Director

  ›Against Angel One Mutual Fund, Bandhan 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, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors and woman Independent Director on the Board. 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 the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors and woman Independent Director on the Board. Delayed Shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board independence norms are not met and Serugulathur Mahadevan Ramanathan is a non-independent director nominee.
  • 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 Independent Directors and woman Independent Director on the Board. Delayed Shareholders approval.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs & woman ID. Delayed Shareholders’ approval

  19 for11 against

Mutual fund votes, meeting of 22 Aug 2024, 28 fund houses

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

• Adoption of Financial Statements of the Company for the financial year ended 31st March, 2024 together with the Directors’ Report and Auditors’ Report thereon

  27 for0 against
• Declaration of dividend for the financial year 2023-24

  23 for0 against
• Re-appointment of Ms. Arti Bhatnagar (DIN: 10065528), who retires by rotation

  ›Against Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC 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, Zerodha Mutual Fund

  • Axis Mutual FundMs. Arti Bhatnagar, 58, is a nominee of the Government of India on the board. She is currently the Additional Secretary & Financial Adviser, Ministry of Commerce & Industry, Ministry of Heavy Industry and Ministry of MSME. She has been on the board since 14 February 2024. She has worked as a Chief Vigilance Officer for Air India, Pawan Hans Limited and Airport Authority of India. She has over 25 years of experience in dealing with Finance, Accounts and Audit of the Defence Forces and handling defence acquisition and procurement contracts. She has attended only ten out of fifteen (67%) board meetings held in FY24. Given her track record of tenure of just over a year, there is no three-year trajectory to judge attendance over a longer term. We expect directors to attend all board meetings. The board comprises ten directors of which two directors are classified as Independent by the company. Given that only 20% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support her appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. We are unable to support the resolution.
  • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors.
  • Bank of India Mutual Fund, DSP Mutual FundMs. Arti Bhatnagar, 58, is a nominee of the Government of India on the board. She is currently the Additional Secretary & Financial Adviser, Ministry of Commerce & Industry, Ministry of Heavy Industry and Ministry of MSME. She has been on the board since 14 February 2024. She has worked as a Chief Vigilance Officer for Air India, Pawan Hans Limited and Airport Authority of India. She has over 25 years of experience in dealing with Finance, Accounts and Audit of the Defence Forces and handling defence acquisition and procurement contracts. She has attended only ten out of fifteen (67%) board meetings held in FY24. Given her track record of tenure of just over a year, there is no three-year trajectory to judge attendance over a longer term. We expect directors to attend all board meetings.The board comprises ten directors of which two directors are classified as Independent by the company. Given that only 20% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support her appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. We are unable to support the resolution.
  • Edelweiss Mutual FundAppointment of government nominee director not in interest of minority shareholders. Also recorded low attendance last year
  • HSBC Mutual FundWe have concerns about insufficient independence on the board. We have concerns about the director's attendance at board meetings.
  • Invesco Mutual FundMs. Arti Bhatnagar, 58, is a nominee of the Government of India on the board. She is currently the Additional Secretary & Financial Adviser, Ministry of Commerce & Industry, Ministry of Heavy Industry and Ministry of MSME. She has been on the board since 14 February 2024. She has worked as a Chief Vigilance Officer for Air India, Pawan Hans Limited and Airport Authority of India. She has over 25 years of experience in dealing with Finance, Accounts and Audit of the Defence Forces and handling defence acquisition and procurement contracts. She has attended only ten out of fifteen (67%) board meetings held in FY24. Given her track record of tenure of just over a year, there is no three-year trajectory to judge attendance over a longer term. We expect directors to attend all board meetings. The board comprises ten directors of which two directors are classified as Independent by the company. Given that only 20% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support her appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. We are unable to support the resolution
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs.
  • Sundaram Mutual Fund"Ms. Arti Bhatnagar, 58, is a nominee of the Government of India on the board. She is currently the Additional Secretary & Financial Adviser, Ministry of Commerce & Industry, Ministry of Heavy Industry and Ministry of MSME. She has been on the board since 14 February 2024. She has worked as a Chief Vigilance Officer for Air India, Pawan Hans Limited and Airport Authority of India. She has over 25 years of experience in dealing with Finance, Accounts and Audit of the Defence Forces and handling defence acquisition and procurement contracts. She has attended only ten out of fifteen (67%) board meetings held in FY24. Given her track record of tenure of just over a year, there is no three-year trajectory to judge attendance over a longer term. We expect directors to attend all board meetings. The board comprises ten directors of which two directors are classified as Independent by the company. Given that only 20% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support her appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. We are unable to support the resolution."
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors.

  11 for16 against
• Re-appointment of Shri Krishna Kumar Thakur (DIN: 10172666), who retires by rotation

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

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, No woman Independent Director on the Board.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs & woman ID.
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors, No woman Independent Director on the Board.

  20 for7 against
• Authorize the Board of Directors to fix the remuneration of the Auditors for the year 2024-25

  27 for0 against
• Ratification of Remuneration of Cost Auditors for financial year 2024-25

  27 for0 against
• Appointment of Shri Tajinder Gupta (DIN: 10327530) as Director

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

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, No woman Independent Director on the Board, Delayed Shareholders’ approval.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs & woman ID. Delayed shareholders’ approval.
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors, No woman Independent Director on the Board, Delayed Shareholders’ approval.

  20 for7 against
• Appointment of Ms. Bani Varma (DIN: 10337787) as Director

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

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, Delayed Shareholders’ approval
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs. Delayed shareholders’ approval.
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors, No woman Independent Director on the Board, Delayed Shareholders’ approval.

  20 for7 against
• Appointment of Shri Koppu Sadashiv Murthy (DIN: 09184201) as Director

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

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, No woman Independent Director on the Board, Delayed Shareholders’ approval, Holding Chairman and Manging Director position, Holding three full time positions.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs & woman ID. Delayed shareholders’ approval. Holding CMD position. Holding 3 full time positions.
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors, No woman Independent Director on the Board, Delayed Shareholders’ approval, Holding Chairman and Manging Director position, Holding three full time positions.

  21 for6 against
• Appointment of Shri Rajesh Kumar Dwivedi (DIN: 10048893) as Director

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

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, No woman Independent Director on the Board.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs & woman ID.
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors, No woman Independent Director on the Board.

  20 for7 against

Mutual fund votes, meeting of 24 Aug 2023, 22 fund houses

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

• Adoption of Financial Statements of the Company for the Financial Year ended 31st March, 2023 together with the Directors’ Report and Auditors’ Report thereon

  21 for0 against
• Declaration of dividend for the financial year 2022-23

  17 for0 against
• Re-appointment of Shri Upinder Singh Matharu (DIN: 09541886), who retires by rotation

  ›Against HSBC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNo concern on the merit of proposed appointees. Governance concern: Board of the Company is non-compliant with the requirement of requisite number of independent directors.

  18 for4 against
• Re-appointment of Shri Jai Prakash Srivastava (DIN: 09703643), who retires by rotation

  ›Against HSBC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNo concern on the merit of proposed appointees. Governance concern: Board of the Company is non-compliant with the requirement of requisite number of independent directors.

  17 for4 against
• Authorize the Board of Directors to fix the remuneration of the Auditors for the year 2023-24

  22 for0 against
• Ratification of Remuneration of Cost Auditors for financial year 2023-24

  21 for0 against
• Appointment of Ms. Arti Bhatnagar (DIN: 10065528) as a Director

  ›Against Bandhan Mutual Fund, Bank of India Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund

  • Bandhan Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundAppointment compliant with law. No concern identified on the merits of the appointee. Governance Concern: Delayed approval of shareholders. Board of the Company is non-compliant with the requirement of requisite number of independent directors.
  • Bank of India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundMs. Arti Bhatnagar, 57, is a nominee of the Government of India on the board. She is currently the Additional Secretary & Financial Adviser, Ministry of Commerce & Industry, Ministry of Heavy Industry and Ministry of MSME. She has worked as a Chief Vigilance Officer for Air India, Pawan Hans Limited and Airport Authority of India. She has over 25 years of experience in dealing with Finance, Accounts and Audit of the Defence Forces and handling defence acquisition and procurement contracts. The board comprises ten directors of which three directors are classified as Independent by the company. Given that only 30% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support her appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director.Further, we raise concerns at the delay in seeking appointment: regulations require corporates to seek shareholder approval within three months of appointment.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • Invesco Mutual FundMs. Arti Bhatnagar, 57, is a nominee of the Government of India on the board. She is currently the Additional Secretary & Financial Adviser, Ministry of Commerce & Industry, Ministry of Heavy Industry and Ministry of MSME. She has worked as a Chief Vigilance Officer for Air India, Pawan Hans Limited and Airport Authority of India. She has over 25 years of experience in dealing with Finance, Accounts and Audit of the Defence Forces and handling defence acquisition and procurement contracts. The board comprises ten directors of which three directors are classified as Independent by the company. Given that only 30% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support her appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. Further, we raise concerns at the delay in seeking appointment: regulations require corporates to seek shareholder approval within three months of appointment
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundHalf of the board of directors are not Independent

  11 for11 against
• Appointment of Shri Ramesh Patlya Mawaskar (DIN: 10194932) as an Independent Director

  ›Against Bandhan Mutual Fund, Bank of India Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund

  • Bandhan Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNo concern on the merit of proposed appointee. Governance Concern: Term of appointment is ambiguous and against spirit of the law.
  • Bank of India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundRamesh Patlya Mawaskar, 53, is a former Deputy Commissioner in Food and Civil Supply Department, Maharashtra. He has over 29 years of experience in controlling of Public Distribution System (PDS), Inspection & Supervision of all Government food warehouse and PDS at various divisions. He holds a Commerce degree from Amravati University and a M.A. (Public Admin.) degree from K.K.S.V. Ramtek University. Public sources indicate he has political affiliations, and we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support his appointment. The company should have disclosed these affiliations as a part of his profile.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted because:- Concerns could be raised regarding the relevance of Ramesh Patlya Mawaskar's (Item 8) skills and experience and accordingly, his potential contribution to the board could be questioned.
  • Invesco Mutual FundRamesh Patlya Mawaskar, 53, is a former Deputy Commissioner in Food and Civil Supply Department, Maharashtra. He has over 29 years of experience in controlling of Public Distribution System (PDS), Inspection & Supervision of all Government food warehouse and PDS at various divisions. He holds a Commerce degree from Amravati University and a M.A. (Public Admin.) degree from K.K.S.V. Ramtek University. Public sources indicate he has political affiliations, and we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support his appointment. The company should have disclosed these affiliations as a part of his profile
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundTerm of appointment is ambiguous

  11 for11 against
• Appointment of Shri Krishna Kumar Thakur (DIN: 10172666) as a Director

  ›Against HSBC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNo concern on the merit of proposed appointees. Governance concern: Board of the Company is non-compliant with the requirement of requisite number of independent directors

  17 for4 against

Mutual fund votes, meeting of 29 Sep 2022, 16 fund houses

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

• Adoption of Financial Statements of the Company for the Financial Year ended 31st March, 2022 together with the Directors’ Report and Auditors’ Report thereon

  15 for0 against
• Declaration of dividend for the financial year 2021-22

  13 for0 against
• Re-appointment of Ms. Renuka Gera (DIN: 08970501), who retires by rotation

  15 for0 against
• Re-appointment of Shri Subodh Gupta (DIN: 08113460), who retires by rotation

  15 for0 against
• Authorize the Board of Directors to fix the remuneration of the Auditors for the year 2022-23

  15 for0 against
• Ratification of Remuneration of Cost Auditors for financial year 2022-23

  7 for0 against
• Appointment of Dr. Raj Kumar Agarwal (DIN: 00001415) as an Independent Director

  6 for0 against
• Appointment of Dr. Sivaprasad Kodungallur (DIN: 09392812) as an Independent Director

  15 for0 against
• Appointment of Dr. Lekhasri Samantsinghar (DIN: 09392192) as an Independent Director

  ›Against Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund

  • Aditya Birla Sun Life Mutual FundDr. Lekhasri Samantsinghar, 51, is former Assistant Professor, Revanshaw University, Cuttack. She has taught Zoology, Environmental Science, Developmental Biology and Waste Management to both undergraduate and post graduate students. She holds a is a PhD in Environmental Science from Utkal University, Vani Vihar, Odisha specializing in waste management, sustainable development, and environmental pollution issues. She is now involved in social issues.Public sources indicate she is associated with the Bharatiya Janata Party (BJP). We believe her political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support her appointment. The company should have disclosed these affiliations as a part of her profile. We raise concern that shareholder approval is being sought almost 10 months after her appointment to the board.
  • Axis Mutual FundDr. Lekhasri Samantsinghar, 51, is former Assistant Professor, Revanshaw University, Cuttack. She has taught Zoology, Environmental Science, Developmental Biology and Waste Management to both undergraduate and post graduate students. She holds a is a PhD in Environmental Science from Utkal University, Vani Vihar, Odisha specializing in waste management, sustainable development, and environmental pollution issues. She is now involved in social issues. Public sources indicate she is associated with the Bharatiya Janata Party (BJP). We believe her political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support her appointment. The company should have disclosed these affiliations as a part of her profile. We raise concern that shareholder approval is being sought almost 10 months after her appointment to the board.
  • Edelweiss Mutual FundNo relevant experience.
  • Invesco Mutual FundDr. Lekhasri Samantsinghar, 51, is former Assistant Professor, Revanshaw University, Cuttack. She has taught Zoology, Environmental Science, Developmental Biology and Waste Management to both undergraduate and post graduate students. She holds a is a PhD in Environmental Science from Utkal University, Vani Vihar, Odisha specializing in waste management, sustainable development, and environmental pollution issues. She is now involved in social issues Public sources indicate she is associated with the Bharatiya Janata Party (BJP), hence, we do not support her appointment. The company should have disclosed these affiliations as a part of her profile. We raise concern that shareholder approval is being sought almost 10 months after her appointment to the board
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  10 for5 against
• Appointment of Shri Jai Prakash Srivastava (DIN: 09703643) as a Director

  15 for0 against

Mutual fund votes, meeting of 15 Jun 2022, 15 fund houses

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

• APPOINTMENT OF SHRI UPINDER SINGH MATHARU (DIN: 09541886) AS DIRECTOR

  15 for0 against
• APPOINTMENT OF SHRI VIJAY MITTAL (DIN: 09548096) AS DIRECTOR

  ›Against Invesco Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund

  • Invesco Mutual FundVijay Mittal, 54, is currently the Joint Secretary, Ministry of Heavy Industries, Government of India (GOI). He is an Indian Ordnance Factory Service officer (IOFS: 1991). He has been appointed as a Nominee Director of Government of India from 25 March 2022. The company has clarified that Vijay Mittal is a government director on the board of BHEL and is therefore not liable to retire by rotation as per BHEL’s Articles of Association (AoA). We do not support non-rotational board seats for non-executive non-independent directors or any other right which grants permanent directorship status to any individual.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundProposed appointment of director may not be liable to retire by rotation

  11 for3 against

Mutual fund votes, meeting of 23 Sep 2021, 11 fund houses

• Adoption of Financial Statements of the Company for the financial year ended 31st March, 2021, together with the Directors’ Report and Auditors’ Report thereon

  11 for0 against
• Re-appointment of Shri Subodh Gupta (DIN: 08113460), who retires by rotation

  11 for0 against
• Re-appointment of Shri Shashank Priya (DIN: 08538400), who retires by rotation

  11 for0 against
• Authorize the Board of Directors to fix the remuneration of the Auditors for the year 2021-22

  11 for0 against
• Ratification of remuneration of Cost Auditors for financial year 2021-22

  11 for0 against
• Appointment of Ms. Renuka Gera (DIN: 08970501) as Director

  11 for0 against
• Appointment of Shri Jeetendra Singh (DIN: 09207792) as Director

  11 for0 against