Container Corporation of India MD, chairman, board of directors and AGM

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

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

• To receive, consider, approve and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the year ended 31st March, 2026, including Balance Sheet as at 31st March, 2026, the Statement of Profit and Loss for the year ended on that date and the Reports of Board of Directors, Auditors and comments of the Comptroller & Auditor General of India thereonMoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund, Sundaram 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 Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundWe have relied upon the auditors’ report, which has raised emphasis of matters on non-recognition of right of use of asset for land license fees payable to Indian Railways, trade receivables of Rs. 293.4 mn outstanding for more than three years-against which only Rs. 48.2 mn has been provisioned while Rs. 245.2 mn remains unprovided (including dues under litigation), unconfirmed balances with various parties including Indian Railways, some of which have remained unreconciled for over three years and reassessment of useful life of some assets as a result of which depreciation expense recognised during the current financial year has been reduced by Rs. 80.7 mn on account of such change in accounting estimate. The auditors’ opinion is not qualified with respect to the matters. 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 has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board, even while the accounts were finalized. In the absence of critical oversight provided by the audit committee, we do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual FundUnqualified financial statements. 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 for9 against
• To confirm the payment of three Interim dividends and to declare Final dividend on equity shares for the financial year ended 31st March, 2026

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

  9 for6 against
• To appoint a Director in place of Shri Vijoy Kumar Singh, Director (International Marketing & Operations) (DIN: 10391476) who retires by rotation and being eligible, offers himself for reappointment

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, HSBC 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 Independent Directors.
  • Edelweiss 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 appointee. Governance Concern: Board is noncompliant with the requirement of requisite number Independent Directors.
  • HSBC Mutual FundWe have concerns about insufficient independence on the Audit committee.

  8 for7 against
• To take note of the appointment of M/s. Hem Sandeep & Co., Chartered Accountants, New Delhi as Statutory Auditors of the Company and fix auditors’ remuneration

  15 for0 against
• Approve the appointment of Shri Ajit Kumar Panda (DIN: 08221385), as Chairman and Managing Director

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors.
  • Edelweiss 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 appointee. Governance Concern: Board is noncompliant with the requirement of requisite number Independent Directors.
  • Quantum Mutual FundThe company is seeking approval for appointment of Shri Ajit Kumar Panda, as Chairman and Managing Director (CMD). We do not have any concern on the profile and time commitments of Shri Ajit. However, we do not favour appointment of CMD position together as it leads to concentration of power in the hands of a single person. In line with global best practices, we would prefer a separate position for Chairman and a separate position for Managing Director.

  8 for7 against
• To approve the appointment of Shri Rakesh Kumar Rousan (DIN:11350227) as a Part time Govt. Director

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundRakesh Kumar Rousan, 53, is the Executive Director (Business Development), Railway Board. He is a senior Indian Railway Traffic Service (IRTS) officer. Before joining as ED – Business Development, he was posted in North Eastern Railway, as Chief Freight Traffic Manager. He holds over two decades of experience in the railway sector. He attended two out of three (67%) board meetings held during his tenure in FY26. While his appointment as a Nominee Director is in line with statutory requirements, we are unable to support his reappointment on board as the board composition is not compliant with regulations on Independent Directors representation. We expect the Ministry of Railways to first address the board composition, before appointing their nominees on the board. Further, while not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India 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 and Woman Director/ Woman Independent Director.
  • HSBC Mutual FundWe are voting against this Nomination Committee member as we have concerns about insufficient gender diversity of the board. We have concerns about insufficient independence on the Remuneration and Nomination committees.

  5 for10 against
• To approve the appointment of Shri Harbrinder Singh Bajwa (DIN:11506675) as a Director (Domestic Division) (Additional Charge)

  ›Against Angel One Mutual Fund, Edelweiss 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 Independent Directors.
  • Edelweiss 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 appointee. Governance Concern: Board is noncompliant with the requirement of requisite number Independent Directors.

  9 for6 against
• To approve the appointment of Shri Rahul Agarwal (DIN :08970712) as Part Time Govt. Director

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundRahul Agarwal, 58, is currently serving as the Principal Executive Director, Traffic Transportation, Movement (PED/TT/M) in Railway Board, Ministry of Railways. Previously, he has held key leadership roles such as Principal Chief Operations Manager-South East Central Railway and Divisional Railway Manager, Mysuru Division of South Western Railway. While his appointment as a Nominee Director is in line with statutory requirements, we are unable to support his reappointment on board as the board composition is not compliant with regulations on Independent Directors representation. We expect the Ministry of Railways to first address the board composition, before appointing their nominees on the board. Further, while not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India 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 and Woman Director/ Woman Independent Director.
  • HSBC Mutual FundWe have concerns about insufficient independence on the Audit, Remuneration, and Nomination committees.

  5 for10 against
• To approve the appointment of Shri Vivek Gupta (DIN :11674836) Director (Finance )

  ›Against Angel One Mutual Fund, Edelweiss 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 Independent Directors.
  • Edelweiss 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 appointee. Governance Concern: Board is noncompliant with the requirement of requisite number Independent Directors.

  9 for6 against
• To approve the appointment of Shri V Kashiho Sangtam (DIN 11911049) as Non official Part Time Director

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundV. Kashiho Sangtam, 65, is a retired officer of Nagaland Public Service Commission (NPSC) and former Minister for Soil & Water Conservation, Geology and Mining. He holds over three decades of experience in administrative and public governance. While his appointment is in line with statutory requirements, public sources suggest that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • HSBC Mutual FundWe are voting against this new non-independent non-executive director as the level of board independence falls below our expectation. V. Kashiho Sangtam is 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.
  • Quantum Mutual FundWe do not have any concern on the time commitments of Shri V. Kashiho Sangtam. As per public information, it appears that Mr V. Kashiho was formerly associated with a political outfit. Therefore, we do not favour the resolution of his appointment as Non-official Part Time Director i.e. Independent director for a period of 3 years.

  4 for11 against

Mutual fund votes, meeting of 25 Sep 2025, 32 fund houses

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

• To receive, consider, approve and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the year ended 31st March, 2025, including Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss for the year ended on that date and the Reports of Board of Directors, Auditors and comments of the Comptroller and Auditor General of India thereon.MoreLess

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundThe Company has not disclosed financials of one subsidiary for FY 2024-25 on its website.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundUnqualified financial statements (except certain non-material remarks identified in CARO report). Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: The Company has not disclosed financials of one subsidiary for FY 2024-25 on its website.
  • LIC Mutual FundConcerns over The Company has not disclosed financials of one subsidiary for FY 2024-25 on its website.

  19 for10 against
• To confirm the payment of three Interim dividends and to declare Final dividend on equity shares for the financial year ended 31st March, 2025.

  31 for0 against
• To appoint a Director in place of Shri Sanjay Swarup, Chairman and Managing Director (DIN: 05159435), who retires by rotation and being eligible, offers himself for reappointment.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Quantum Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors; Holding combined position of Chairman and Manging Director.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India 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 Independent Directors; Holding combined position of Chairman and Manging Director.
  • Quantum Mutual FundWe believe that Mr. Sanjay Swarup holding dual position of Chairman and Managing director may lead to concentration of power. Hence, we do not favour the resolution.

  20 for11 against
• To appoint a Director in place of Shri Prabhas Dansana, Part Time Government Director (DIN: 07973307), who retires by rotation and being eligible, offers himself for reappointment.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan 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, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual FundPrabhas Dansana, 57, currently serves as the Principal Executive Director, In-charge of Traffic Transportation Directorate, Ministry of Railways. He was appointed as a Government Nominee by the Ministry of Railways, Railway Board, Government of India, from 20 May 2024. He attended four out of four (100%) board meetings during his tenure in FY25. He is liable to retire by rotation. We note that the board comprises ten directors of which four directors are classified as Independent by the company. Given that only 40% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support his appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. We do not support the resolution.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India 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 Independent Directors.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the board independence norms are not being met and the nominee are non-independent director nominee.
  • HSBC Mutual FundA vote AGAINST the nominees is warranted because: The board independence norms are not being met and the nominees are non-independent director nominees.
  • Invesco Mutual FundPrabhas Dansana, 57, currently serves as the Principal Executive Director, In-charge of Traffic Transportation Directorate, Ministry of Railways. He was appointed as a Government Nominee by the Ministry of Railways, Railway Board, Government of India, from 20 May 2024. He attended four out of four (100%) board meetings during his tenure in FY25. He is liable to retire by rotation.We note that the board comprises ten directors of which four directors are classified as Independent by the company. Given that only 40% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support his appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. We do not support the resolution
  • Mirae Asset Mutual FundThe board composition is not compliant with regulations on independent director
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors
  • quant Mutual FundCompliant with the 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.
  • WhiteOak Capital Mutual FundPrabhas Dansana, 57, currently serves as the Principal Executive Director, In-charge of Traffic Transportation Directorate, Ministry of Railways. Considering that the current board doesn't meet the regulatory threshold for Independent directors, we do not support the resolution.

  9 for23 against
• To take note of the appointment of Hem Sandeep and Co., Chartered Accountants, New Delhi as Statutory Auditors of the Company and fix auditors' remuneration.

  32 for0 against
• To approve the appointment of Shri Anurag Kapil (DIN: 06640383) as Director (Finance) (additional charge).

  ›Against Angel One Mutual Fund, Bandhan 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, PGIM India Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors; Delayed shareholder’s approval.
  • 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 merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number Independent Directors; Delayed shareholder’s approval.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the board independence norms are not being met and the nominee are non-independent director nominee.
  • HSBC Mutual FundA vote AGAINST the nominees is warranted because: The board independence norms are not being met and the nominees are non-independent director nominees.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors; Delayed shareholder s approval.
  • 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 Independent Directors; Delayed shareholder s approval.
  • quant Mutual FundCompliant with the 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; delayed shareholder’s approval.

  19 for13 against
• To approve the appointment of Shri Vijoy Kumar Singh (DIN: 10391476) as Director (International Marketing and Operations).

  ›Against Angel One Mutual Fund, Bandhan 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, PGIM India Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors; Delayed shareholder’s approval.
  • 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 merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number Independent Directors; Delayed shareholder’s approval.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the board independence norms are not being met and the nominee are non-independent director nominee.
  • HSBC Mutual FundA vote AGAINST the nominees is warranted because: The board independence norms are not being met and the nominees are non-independent director nominees.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors; Delayed shareholder s approval.
  • 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 Independent Directors; Delayed shareholder s approval.
  • quant Mutual FundCompliant with the 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; delayed shareholder’s approval.

  19 for13 against
• To approve the Re-appointment of Shri Chesong Bikramsing Terang (DIN: 09401230) as Non-Official Part Time Director.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan 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, PGIM India 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

  • 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; Term of appointment is ambiguous.
  • Axis Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundChesong Bikramsing Terang, 50, is a farmer and an author. He is a graduate in Chemical Engineering from Assam Engineering College, Gauhati University. He was as Independent Director on the board of this company from 16 November 2021 to 8 November 2024 and was reappointed from 15 April 2025. He attended three out of three (100%) board meetings held during his tenure in FY25. From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP). We do not support his reappointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Directors. 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; Term of appointment is ambiguous and against spirit of the law.
  • Canara Robeco Mutual FundChesong Bikramsing Terang, 50, is a farmer and an author. He is a graduate in Chemical Engineering from Assam Engineering College, Gauhati University. He was as Independent Director on the board of this company from 16 November 2021 to 8 November 2024 and was reappointed from 15 April 2025. He attended three out of three (100%) board meetings held during his tenure in FY25. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • Invesco Mutual FundChesong Bikramsing Terang, 50, is a farmer and an author. He is a graduate in Chemical Engineering from Assam Engineering College, Gauhati University. He was as Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months Independent Director on the board of this company from 16 November 2021 to 8 November 2024 and was reappointed from 15 April 2025. He attended three out of three (100%) board meetings held during his tenure in FY25.From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP). We do not support his reappointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution
  • Jio BlackRock Mutual Fund, Taurus Mutual FundChesong Bikramsing Terang, 50, is a farmer and an author. He is a graduate in Chemical Engineering from Assam Engineering College, Gauhati University. He was as Independent Director on the board of this company from 16 November 2021 to 8 November 2024 and was reappointed from 15 April 2025. He attended three out of three (100%) board meetings held during his tenure in FY25. From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP). We do not support his reappointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution.Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • 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; Term of appointment is ambiguous and against spirit of the law.
  • 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.
  • PGIM India Mutual FundNo concern on the merits of Directors. 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; Term of appointment is ambiguous and against spirit of the law.
  • quant Mutual FundNo concern on the merits of directors. 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; term of appointment is ambiguous and against spirit of the law.
  • Quantum Mutual FundWe do not have any concern on the profile and time commitment of Mr. Chesong Bikramsing Terang. We take note that the company has stated that the reappointment is for a period of one (1) year or until further orders, whichever is earlier. We are of the view that the company should provide for a fixed term of independent director as defined under law. Further, Independent Directors appointed for such short period go against the intent of the law. A 1-year time period is too short for an ID to make any significant contribution towards the affairs of the Company. As per public information, it appears that Mr Terang is affiliated with a political outfit. We do not favour the resolution.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundChesong Bikramsing Terang, 50, is a farmer and an author. He is a graduate in Chemical Engineering from Assam Engineering College, Gauhati University. Considering his lack of relevant experience and qualifications, we recommend voting against. We do not support the resolution.

  10 for22 against
• To approve the Re-appointment of Shri Kedarashish Bapat (DIN:02535543) as Non-official Part Time Director.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Canara Robeco 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, PGIM India 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

  • 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; Term of appointment is ambiguous.
  • Axis Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundKedarashish Bapat, 52, is a Chartered Accountant and partner at S. B. Dandeker & Co. He has over 28 years of experience in covering Audits, Direct Taxation, Corporate Laws compliance and Management Consulting. He was as Independent Director on the board of this company from 9 November 2021 to 8 November 2024 and was reappointed from 15 April 2025. He attended one out of three (33%) board meetings held during his tenure in FY25 and 19 out of 21 (90%) board meetings since his appointment. From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP). We do not support his reappointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Directors. 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; Term of appointment is ambiguous and against spirit of the law.
  • Canara Robeco Mutual FundKedarashish Bapat, 52, is a Chartered Accountant and partner at S. B. Dandeker & Co. He has over 28 years of experience in covering Audits, Direct Taxation, Corporate Laws compliance and Management Consulting. He was as Independent Director on the board of this company from 9 November 2021 to 8 November 2024 and was reappointed from 15 April 2025. He attended one out of three (33%) board meetings held during his tenure in FY25 and 19 out of 21 (90%) board meetings since his appointment. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because Kedarashish Bapat is 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.
  • HSBC Mutual FundA vote AGAINST the nominee is warranted because: Kedarashish Bapat is 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 FundKedarashish Bapat, 52, is a Chartered Accountant and partner at S. B. Dandeker & Co. He has over 28 years of experience in covering Audits, Direct Taxation, Corporate Laws compliance and Management Consulting. He was as Independent Director on the board of this company from 9 November 2021 to 8 November 2024 and was reappointed from 15 April 2025. He attended one out of three (33%) board meetings held during his tenure in FY25 and 19 out of 21 (90%) board meetings since his appointment.From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP). We do not support his reappointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution.Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months
  • Jio BlackRock Mutual Fund, Taurus Mutual FundKedarashish Bapat, 52, is a Chartered Accountant and partner at S. B. Dandeker & Co. He has over 28 years of experience in covering Audits, Direct Taxation, Corporate Laws compliance and Management Consulting. He was as Independent Director on the board of this company from 9 November 2021 to 8 November 2024 and was reappointed from 15 April 2025. He attended one out of three (33%) board meetings held during his tenure in FY25 and 19 out of 21 (90%) board meetings since his appointment.From public sources, we understand that he is affiliated with the Bharatiya Janata Party (BJP). We do not support his reappointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution.Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • 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; Term of appointment is ambiguous and against spirit of the law.
  • 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.
  • PGIM India Mutual FundNo concern on the merits of Directors. 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; Term of appointment is ambiguous and against spirit of the law.
  • quant Mutual FundNo concern on the merits of directors. 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; term of appointment is ambiguous and against spirit of the law.
  • Quantum Mutual FundWe do not have any concern on the profile and time commitment of Mr. Kedarashish Bapat. We take that the company has stated that the reappointment is for a period of one (1) year or until further orders, whichever is earlier. We are of the view that the company should provide for a fixed term of independent director as defined under law. Further, Independent Directors appointed for such short period go against the intent of the law. A 1-year time period is too short for an ID to make any significant contribution towards the affairs of the Company. We do not favour the resolution.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundKedarashish Bapat, 52, is a Chartered Accountant and partner at S. B. Dandeker & Co. He attended one out of three (33%) board meetings held during his tenure in FY25. Given his low attendance, we recommend voting against. We do not support the resolution..

  8 for24 against
• To approve the Re-appointment of Shi R. C. Paul Kanagaraj (DIN: 10199485) as Non-official Part Time Director.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Canara Robeco 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, PGIM India Mutual Fund, quant Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital 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; Term of appointment is ambiguous.
  • Axis Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundR C Paul Kanagaraj, 60, is a practicing Advocate at Chennai High Court. He has over 34 years of experience in practicing law. He is currently the state Vice President of Tamil Nadu BJP. He is also President of Legal wing of Bhartiya Janta Party, Tamil Nadu, since June 2020. He holds a BA.BL degree from Coimbatore Law College, Tamil Nadu. He was an independent director on the board of this company from 15 June 2023 to 24 March 2024. 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 reappointment. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Directors. 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; Term of appointment is ambiguous and against spirit of the law.
  • Canara Robeco Mutual FundR C Paul Kanagaraj, 60, is a practicing Advocate at Chennai High Court. He has over 34 years of experience in practicing law. He is currently the state Vice President of Tamil Nadu BJP. He is also President of Legal wing of Bhartiya Janta Party, Tamil Nadu, since June 2020. He holds a BA.BL degree from Coimbatore Law College, Tamil Nadu. He was an independent director on the board of this company from 15 June 2023 to 24 March 2024. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because R C Paul Kanagaraj is 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.
  • HSBC Mutual Fundvote AGAINST the nominee is warranted because: R C Paul Kanagaraj is 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 FundR C Paul Kanagaraj, 60, is a practicing Advocate at Chennai High Court. He has over 34 years of experience in practicing law. He is currently the state Vice President of Tamil Nadu BJP. He is also President of Legal wing of Bhartiya Janta Party, Tamil Nadu, since June 2020. He holds a BA.BL degree from Coimbatore Law College, Tamil Nadu. He was an independent director on the board of this company from 15 June 2023 to 24 March 2024. 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 reappointment.Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months
  • Jio BlackRock Mutual FundR C Paul Kanagaraj, 60, is a practicing Advocate at Chennai High Court. He has over 34 years of experience in practicing law. He is currently the state Vice President of Tamil Nadu BJP. He is also President of Legal wing of Bhartiya Janta Party, Tamil Nadu, since June 2020. He holds a BA.BL degree from Coimbatore Law College, Tamil Nadu. He was an independent director on the board of this company from 15 June 2023 to 24 March 2024. 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 reappointment.Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • 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; Term of appointment is ambiguous and against spirit of the law.
  • 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.
  • PGIM India Mutual FundNo concern on the merits of Directors. 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; Term of appointment is ambiguous and against spirit of the law.
  • quant Mutual FundNo concern on the merits of directors. 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; term of appointment is ambiguous and against spirit of the law.
  • Quantum Mutual FundWe do not have any concern on the profile and time commitment of Mr. R. C. Paul Kanagaraj. We take that the company has stated that the reappointment is for a period of one (1) year or until further orders, whichever is earlier. We are of the view that the company should provide for a fixed term of independent director as defined under law. Further, Independent Directors appointed for such short period go against the intent of the law. A 1-year time period is too short for an ID to make any significant contribution towards the affairs of the Company. As per public information, it appears that Mr Kanagaraj is affiliated with a political outfit. We do not favour the resolution.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundR C Paul Kanagaraj, 60, is a practicing Advocate at Chennai High Court. He has over 34 years of experience in practicing law. Considering his lack of relevant experience and qualifications, we recommend voting against. We do not support the resolution.

  8 for23 against
• To approve the Appointment of Smt. Namita Devi (DIN: 07436235), as Non-official Part Time Director.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Canara Robeco 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, PGIM India Mutual Fund, quant Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous; Appointment for a period of 1 year only.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundMs. Namita Devi, 45, has been working for Environment Conservation, Nasha Mukti Prayojan, Skill Development, Sporting Events, Women Skill Empowerment. She has done her PhD and Post Graduation in Sociology. From public sources, we understand that she is affiliated with the Bharatiya Janata Party (BJP). We do not support her appointment as an Independent Director as we believe her political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of her profile. We do not support the resolution.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Governance concern: Term of appointment is ambiguous and against spirit of the law; Appointment for a period of 1 year only.
  • Canara Robeco Mutual FundMs. Namita Devi, 45, has been working for Environment Conservation, Nasha Mukti Prayojan, Skill Development, Sporting Events, Women Skill Empowerment. She has done her PhD and Post Graduation in Sociology. We do not support her appointment as an Independent Director.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because: • Namita Devi is 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. • She seems to have limited board and leadership experience, questions could be raised around the potential contribution to the board.
  • HSBC Mutual Fundvote AGAINST the nominee is warranted because: Namita Devi is 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. Namita Devi seems to have limited board and leadership experience, questions could be raised around the potential contribution to the board.
  • Invesco Mutual FundMs. Namita Devi, 45, has been working for Environment Conservation, Nasha Mukti Prayojan, Skill Development, Sporting Events, Women Skill Empowerment. She has done her PhD and Post Graduation in Sociology.From public sources, we understand that she is affiliated with the Bharatiya Janata Party (BJP). We do not support her appointment as an Independent Director as we believe her political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of her profile. We do not support the resolution
  • LIC Mutual Fund, Nippon India Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law; Appointment for a period of 1 year only.
  • quant Mutual FundNo concern on the merits of Director. Governance concern: Term of appointment is ambiguous and against spirit of the law; appointment for a period of 1 year only.
  • Quantum Mutual FundWe do not have any concern on the profile and time commitment of Ms. Namita Devi. We take that the company has stated that the appointment is for a period of one (1) year or until further orders, whichever is earlier. We are of the view that the company should provide for a fixed term of independent director as defined under law. Further, Independent Directors appointed for such short period go against the intent of the law. A 1-year time period is too short for an ID to make any significant contribution towards the affairs of the Company. We do not favour the resolution.
  • UTI Mutual FundPublic sources suggest she is politically affiliated.
  • WhiteOak Capital Mutual FundMs. Namita Devi, 45, has been working for Environment Conservation, Nasha Mukti Prayojan, Skill Development, Sporting Events, Women Skill Empowerment. Considering her lack of relevant experience and qualifications, we recommend voting against. We do not support the resolution.

  8 for23 against
• To Approve the Appointment of Secretarial Auditor of the Company for a term of five consecutive years from FY 2025-26 till FY 2029-30 and fixing their remuneration.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundProposed fee payable to Secretarial Auditors not disclosed.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundNo concern on the merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed fee payable to Secretarial Auditors not disclosed.
  • Kotak Mahindra Mutual FundThe board has failed to disclose the audit fee of secretarial auditors, which is a regulatory requirement. We can not favour the resolution.
  • LIC Mutual FundConcerns over Proposed fee payable to Secretarial Auditors not disclosed.
  • quant Mutual FundNo concern on the merits of the Director. Governance concern: Term of appointment is ambiguous and against spirit of the law; appointment for a period of 1 year only.

  19 for11 against
• To increase the Authorised Share Capital of the Company and consequential amendment in the Memorandum of Association of the Company.

  32 for0 against

• Fine or penaltyNa􀆟onal Stock Exchange of India Ltd, MumbaiSince 27 May 2026

  Fine for non‐compliance of Rsgulation 17 of SEBI (LODR) Regulations, 2015

  Non‐composition of Board of Directors as per applicbale provisions.
• Fine or penaltyBSE LimitedSince 27 May 2026

  Fine for non‐compliance of Rsgulation 17 of SEBI (LODR) Regulations, 2015

  Non‐composition of Board of Directors as per applicbale provisions.
• Fine or penaltyPrincipal Commissioner of Customs, LudhianaSince 24 Apr 2026

  Non-Payment / delayed Payment of Cost Recovery Charges

• Tax disputeACIT/DCIT, Income Tax DepartmentSince 26 Aug 2022
  Vide DIN & Order no. ITBA/APL/S/250/2025-26/1082373643(1) dated 07-11-2025, the appellate authority (Commissioner of Income Tax (Appeal)) has passed an order u/s 250 wherein the CONCOR's appeal has been partly allowed and has directed the Assessing Officer to verify the CONCOR claim and provide relief if the employee dues were deposited within the statutory due date. Subsequently, appeal effect request letter has been submitted with the Deputy Commissioner of Income Tax, Circle 4(2) vide our letter dated 14-11-2025 ( Ack no. 563599370141125) & physical request copy also submitted to Assessing Officer on 30-12-2025. Currently, the appeal effect proceedings are ongoing. The Tax Implication is 0.44 CroresMoreLess
  At the filing before: AY 2020-21: Disallowance of deductions for Contribution to provident fund/ superannuation fund The Company received a communication proposing adjustments under Section 143(1)(a) of the Income Tax Act, 1961 on 22.09.2021 for the AY 2020-21. The proposed adjustment amounted to ₹1.76 crore, citing discrepancies related to the treatment of employee contributions to provident fund, superannuation fund, ESI, or other employee welfare funds—specifically amounts not credited to employees’ accounts on or before the due date as prescribed under Section 36(1)(va). The adjustment was proposed on the basis of inconsistencies between the amounts reported in the Income Tax Return (Schedule OI) and the Tax Audit Report. The Company submitted a detailed response within the prescribed time frame, explaining why the proposed adjustment was not applicable. Despite the representation, the Income Tax Return for AY 2020–21 was processed and an intimation order under Section 143(1) was issued on 24.12.2021 (Document Identification No. CPC/2021/A6/187451475 dated 22.07.2022), incorporating the proposed adjustment of ₹1.76 crore related to employee contributions to the superannuation fund not deposited within the stipulated due date. Subsequently, CONCOR filed an appeal before the Commissioner of Income Tax (Appeals) [CIT(A)] on 26.08.2022, which was acknowledged vide Acknowledgement No. 449003680260822. The matter is currently pending before the CIT(A).MoreLess
• Tax disputeACIT/DCIT, Income Tax DepartmentSince 28 Sep 2022
  No further communication is received from the department in this regard. Currently, the appeal proceedings are ongoing. Tax Implication is of 0.06 Crores
  At the filing before: AY 2020-21: Disallowance of deductions for: Claimed under 80G of Income Tax Act Under its CSR initiatives, CONCOR has supported the operation of Super 30 in Shivpur, Varanasi, providing residential coaching to 30 underprivileged students, and claimed a deduction of ₹0.22 crore under Section 80(G) for the AY 2020-21. However, this deduction was disallowed as per the Assessment Order under Section 143(3). The Company has filed an appeal with CIT(A) on 28.09.2022, with acknowledgment number 610627680011022.MoreLess
• Tax disputeThe Principal Commissioner, CGST, Delhi South CommissionerateSince 23 Jan 2025
  The disputed amount pertains to a service tax demand raised on the claim of exemption in relation to abatement benefit on rail freight income—for the period April 2016 to June 2017. The said demand, amounting to ₹445.13 crore, was dropped by the Additional Director General (Adjudication), DGGSTI, vide Order No. 82/2024-ST dated 30.04.2024. However, the Principal Commissioner, Central Goods & Services Tax, Delhi South Commissionerate, has filed an appeal before the Customs, Central Excise and Service Tax Appellate Tribunal (CESTAT). In response, CONCOR has filed cross-objections before the CESTAT on 06.03.2025. The matter is currently pending before the Tribunal.MoreLess

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.