CESC MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 11 Sep 2025, 25 fund houses

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

• Adoption of financial statements (Standalone & Consolidated) of the Company and reports of Directors and Auditors for the year ended March 31, 2025.

  25 for0 against
• Confirmation of the payment of Interim Dividend for the financial year ended March 31, 2025.

  25 for0 against
• Re-appointment of Dr. Sanjiv Goenka, (DIN: 00074796) who retires by rotation as a Director.

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

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Remuneration is skewed in favour of Promoter Director.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Remuneration is skewed in favour of Promoter Director.

  19 for6 against
• Creation of Charge/Security on the movable and immovable properties of the Company.

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

  • Angel One Mutual Fund, LIC Mutual FundTransparency Concern: Lack of adequate disclosures regarding the limits specified.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with Law. Transparency Concern: Lack of adequate disclosures regarding the limits specified.
  • Kotak Mahindra Mutual FundThere is no clarity as to reduction in limit or additional approval being sought by the Company. On the basis of above lack of adequate disclosures, we do not favour the resolution.

  17 for7 against
• Appointment of Secretarial Auditors.

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

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Failure to highlight previous noncompliance by the Secretarial Auditors in their Report or Compliance Report.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance Concern: Failure to highlight previous noncompliance by the Secretarial Auditors in their Report or Compliance Report.

  19 for6 against
• Ratification of the remuneration of Cost Auditors for the financial year ending March 31, 2026.

  25 for0 against

Mutual fund votes, meeting of 26 Dec 2024, 22 fund houses

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

• Creation of Charge/Security on the movable and immovable properties of the Company

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

  • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Transparency Concern: Lack of adequate disclosures regarding the limits specified

  17 for4 against

Mutual fund votes, meeting of 24 Oct 2024, 20 fund houses

• Appointment of Mr. Paras K Chowdhary as a Non-Executive Independent Director

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund

  • Axis Mutual Fund, Navi Mutual Fund, Sundaram Mutual FundParas Kumar Chowdhary, 72, is the former Managing Director of CEAT Limited. He has also served as President & Whole-Time Director of Apollo Tyres Limited. He has more than 45 years of experience in strategy, finance, sales and marketing. He was Independent Director on the board of PCBL Limited: a group company between December 1999 and July 2024. We classify him as Non-Independent as his overall association with the RPSG Group has crossed ten years. Thus, we are unable to support his appointment.
  • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundNon-compliant with Companies Act, 2013 and SEBI LODR 2015; Governance Concern: Prolonged association with the Group.
  • HDFC Mutual FundWith the appointment, Mr. Paras Kumar Chowdhary's association with the group will cross 10 years. We believe that this is not in line with the spirit of the regulations.
  • JM Financial Mutual FundNon-compliant with Companies Act, 2013 and SEBI LODR Regulations, 2015; Governance Concern: Prolonged association with the Group.
  • Kotak Mahindra Mutual FundNo concern has been identified w.r.t. profile, time commitment of Mr. Paras Kumar Chowdhary. However, Mr. Paras Kumar Chowdhary was appointed as an additional director on the Board w.e.f. 9th August, 2024. Accordingly, the company should have sought the shareholder s approval in the AGM held on 21st August, 2024 in line with Regulation 17 (1C) of SEBI LODR, 2015. Since the resolution is non-compliant by the law, voting against.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundProlonged Association with the Group.

  8 for12 against
• Re-appointment of Mr. Sunil Mitra as a Non-Executive Independent Director

  20 for0 against

Mutual fund votes, meeting of 21 Aug 2024, 17 fund houses

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

• Adoption of financial statements (Standalone & Consolidated) of the Company and reports of Directors and Auditors for the year ended March 31, 2024.

  17 for0 against
• Confirmation of the payment of Interim Dividend for the financial year ended March 31, 2024.

  17 for0 against
• Re-appointment of Mr. Pradip Kumar Khaitan as a Director, who retires by rotation.

  ›Against Franklin Templeton Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Pradip Kumar Khaitan has failed to attend at least 75 percent of board and committee meetings in the most recent fiscal year, without a satisfactory explanation.
  • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: Interlinked with Resolution No. 9.
  • JM Financial Mutual FundCompliant with Law. Governance Concern: The Director has had close affiliation the Director of the Company in the recent past.
  • Kotak Mahindra Mutual FundPradip Kumar Khaitan, 82, is Senior Partner at Khaitan & Co and a Non-Executive Nonindependent Director of the company. No concern identified on his merit, profile, attendance and time commitments., However, Mr. Pradip Kumar Khaitan has close associations with Khaitan & Co. Advocates who are acting as solicitors of the Company. Compelling justification is required as to what are the parameters which were considered by Mr. Pradip Kumar Khaitan as an NRC member. On basis of the same, voting against.

  12 for5 against
• Continuation of appointment of Mr. Pradip Kumar Khaitan as a Non-Executive, Non-Independent Director of the Company.

  ›Against Franklin Templeton Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Pradip Kumar Khaitan has failed to attend at least 75 percent of board and committee meetings in the most recent fiscal year, without a satisfactory explanation.
  • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: Interlinked with Resolution No. 9.
  • JM Financial Mutual FundCompliant with Law. Governance Concern: The Director has had close affiliation the Director of the Company in the recent past.
  • Kotak Mahindra Mutual FundPradip Kumar Khaitan, 82, is Senior Partner at Khaitan & Co and a Non-Executive Nonindependent Director of the company. No concern identified on his merit, profile, attendance and time commitments., However, Mr. Pradip Kumar Khaitan has close associations with Khaitan & Co. Advocates who are acting as solicitors of the Company. Compelling justification is required as to what are the parameters which were considered by Mr. Pradip Kumar Khaitan as an NRC member. On basis of the same, voting against.

  12 for5 against
• Appointment of Mr. Brajesh Singh as a Director of the Company.

  17 for0 against
• Appointment of Mr. Brajesh Singh as the Managing Director (Generation).

  17 for0 against
• Appointment of Mr. Vineet Sikka as a Director of the Company.

  17 for0 against
• Appointment of Mr. Vineet Sikka as the Managing Director (Distribution).

  17 for0 against
• Appointment of Ms. Kusum Dadoo as an Independent Director of the Company.

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund

  • Axis Mutual FundMs. Kusum Dadoo, 71, is a Lawyer and was associated with Khaitan & Co Advocates for over thirty-nine years. She has experience in real estate, banking and finance related matters. We observe that Khaitan & Co have been legal advisors for various RPSG group companies for several years – notwithstanding we draw comfort from the fact that Ms. Kusum Dadoo is no longer associated with Khaitan & Co. Currently she is on the board of group companies, RPSG Ventures Limited from September 2021 and PCBL (TN) Ltd – a 100% subsidiary of PCBL Limited from April 2022 onwards. We note that she was on the board of Saregama India Limited from 5 June 2020 to 4 February 2021 and PCBL Limited from 1 April 2015 until her resignation on 4 February 2021 due to personal reasons. Since she has not served a cooling off period of at least three years, we consider her cumulative tenure as nine years. Her aggregate tenure with the group will exceed ten years during the proposed tenure. Therefore, we are unable to support her appointment as Independent Director. The board must consider appointing her as a Non-Executive Non-Independent Director. We are unable to support the resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with Law. Governance Concern: Proposed term of appointment may lead to prolonged association. Transparency Concern: Terms and Conditions of appointment of proposed ID is not accessible on the website of the Company & Past association with Solicitors of the Company.
  • Kotak Mahindra Mutual FundMs. Kusum Dadoo, 71, is a Lawyer and was associated with Khaitan & Co Advocates for over thirty-nine years. The Company should provide a compelling justification as to how Ms. Kusum Dadoo s association with Khaitan & Co will not have an impact on her independence. Also she has not served a cooling off period of at least three years, we consider her cumulative tenure as nine years. Her aggregate tenure with the group will exceed ten years during the proposed tenure. Therefore, we are unable to support her appointment as Independent Director. The board must consider appointing her as a Non-Executive Non-Independent Director. We are unable to support the resolution.
  • Mahindra Manulife Mutual FundGovernance Concern: Proposed term of appointment may lead to prolonged association. Transparency Concern: Terms and Conditions of appointment of proposed ID is not accessible on the website of the Company & Past association with Solicitors of the Company.
  • Sundaram Mutual Fund"Ms. Kusum Dadoo, 71, is a Lawyer and was associated with Khaitan & Co Advocates for over thirty-nine years. She has experience in real estate, banking and finance related matters. We observe that Khaitan & Co have been legal advisors for various RPSG group companies for several years – notwithstanding we draw comfort from the fact that Ms. Kusum Dadoo is no longer associated with Khaitan & Co. Currently she is on the board of group companies, RPSG Ventures Limited from September 2021 and PCBL (TN) Ltd – a 100% subsidiary of PCBL Limited from April 2022 onwards. We note that she was on the board of Saregama India Limited from 5 June 2020 to 4 February 2021 and PCBL Limited from 1 April 2015 until her resignation on 4 February 2021 due to personal reasons. Since she has not served a cooling off period of at least three years, we consider her cumulative tenure as nine years. Her aggregate tenure with the group will exceed ten years during the proposed tenure. Therefore, we are unable to support her appointment as Independent Director. The board must consider appointing her as a Non-Executive Non-Independent Director. We are unable to support the resolution."

  8 for9 against
• Creation of Charge / Security on the movable and immovable properties of the Company

  ›Against Groww Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund

  • Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Transparency Concern: Lack of adequate disclosures regarding the limits specified.
  • Kotak Mahindra Mutual FundThere is no clarity as to reduction in limit or additional approval being sought by the Company. No concern Identified on the merits of the resolution. However, on the basis of above lack of adequate disclosures, voting against.

  12 for4 against
• Ratification of remuneration of Cost Auditors for the financial year ending March 31, 2025.

  17 for0 against

Mutual fund votes, meeting of 13 Mar 2024, 14 fund houses

• Appointment of Mr. Arjun Kumar as a Non-Executive Independent Director

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with law. Governance Concern: Proposed term will lead to Prolonged Association with the Group.
  • Kotak Mahindra Mutual FundMr. Arjun Kumar has been serving as Independent Director on the Board of RPSG Ventures Ltd. w.e.f. 14th November, 2018. Both, RPSG Ventures Ltd and the Company belong to the same Group i.e. RPSG Group. The proposed appointment of him as Independent Director for a period of 5 consecutive years is from 19th January, 2024 to 18th January, 2029. This raises a governance concern as his total association with the Group would exceed 10 years. Hence voting against.

  9 for5 against

Mutual fund votes, meeting of 6 Oct 2023, 9 fund houses

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

• Increase in the borrowing limit under Section 180(1)(c) of the Companies Act, 2013

  3 for0 against
• Creation of charge / security on the movable and immovable properties of the company under Section 180(1)(a) of the Companies Act, 2013

  8 for0 against