Craftsman Automation MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 21 Jul 2025, 23 fund houses

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

• Adoption of the Audited Standalone and Consolidated Annual Financial Statements of the Company for the financial year ended 31st March, 2025 including Audited Balance Sheet as at 31st March, 2025 and the Statement of Profit and Loss, Cash Flow Statement and Statement of Changes in Equity for the financial year ended on that date and the reports of the Board of Directors and Statutory Auditors thereon.MoreLess

  23 for0 against
• Declaration of a final dividend of Rs. 5/- per Equity share of Rs. 5/- each (100%) for the financial year ended 31st March, 2025.

  23 for0 against
• Appointment of a Director in place of Mr. Ravi Gauthamram (DIN: 06789004), who retires by rotation and being eligible, offers himself for re-appointment.

  23 for0 against
• Re-appointment of M/s. Sharp & Tannan, Chartered Accountants as the Statutory Auditors of the Company for a second term of 5 (five) consecutive years.

  23 for0 against
• Appointment M/s. KSR & Co Company Secretaries LLP, Practicing Company Secretaries as the Secretarial Auditors of the Company for a term of 5 (five) consecutive years.

  23 for0 against
• Ratification of the remuneration payable to the Cost Auditors for the financial year ending 31st March, 2026.

  18 for0 against
• Approval for the sale/disposal of land and buildings of Sunbeam Lightweighting Solutions Private Limited, Wholly Owned Subsidiary of the Company, located at Gurgaon, Haryana.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Canara Robeco Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund

  • Angel One Mutual FundTransparency Concern: Inadequate disclosure with respect to the asset proposed to be sold.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Transparency Concern: Inadequate disclosure w.r.t. the asset proposed to be sold.
  • Canara Robeco Mutual Fund, Mahindra Manulife Mutual FundSunbeam Lightweighting Solutions Private Limited (Sunbeam), a wholly owned subsidiary of Craftsman Automation, is a manufacturer of aluminum die castings, precision machined components, pistons, and sub-assemblies for the automotive industry. Craftsman Automation acquired 100% of the shares of Sunbeam from Kedaara Capital Fund II LLP and Nishant Sharma on 9 October 2024. Further, the company also subscribed to 606 mn Optionally Convertible Debentures (OCDs) of Rs. 10 each, amounting Rs. 6.06 bn, which were issued by Sunbeam in multiple tranches. This amount was used by Sunbeam to settle outstanding labor and supplier dues. The company now seeks shareholders’ approval for the sale of Sunbeam’s 16.184-acre land and its buildings located at 38/6 K.M. Stone, Delhi-Jaipur Highway, Narsingpur, Gurgaon – 122001, Haryana - this facility’s operations have been relocated to Takapura and Salarpur-Bhiwadi, Rajasthan.The proceeds will be used for capital expenditure, working capital requirements, repayment or prepayment of borrowings or redemption of debentures. The company has not provided any disclosures on the valuation of the transaction, the name of the prospective investor and other sale terms. We do not support blanket approvals for the sale of assets: the company must seek approval from shareholders with granular details when a sale is finalized. Further, the value must be determined based on comparable transactions in the area, with adequate disclosures on valuation metrics and a valuation report. While we understand the rationale for sale of the plant, due to lack of adequate disclosures, we are unable to support the resolution.
  • HDFC Mutual FundThe company has not provided any disclosures on the valuation of the transaction, the name of the prospective investor and other sale terms. Due to lack of adequate disclosures, we are unable to support the resolution.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted given the lack of disclosure to make an informed voting decision
  • Invesco Mutual FundSunbeam Lightweighting Solutions Private Limited (Sunbeam), a wholly owned subsidiary of Craftsman Automation, is a manufacturer of aluminum die castings, precision machined components, pistons, and sub-assemblies for the automotive industry. Craftsman Automation acquired 100% of the shares of Sunbeam from Kedaara Capital Fund II LLP and Nishant Sharma on 9 October 2024. Further, the company also subscribed to 606 mn Optionally Convertible Debentures (OCDs) of Rs. 10 each, amounting Rs. 6.06 bn, which were issued by Sunbeam in multiple tranches. This amount was used by Sunbeam to settle outstanding labor and supplier dues. The company now seeks shareholders’ approval for the sale of Sunbeam’s 16.184-acre land and its buildings located at 38/6 K.M. Stone, Delhi-Jaipur Highway, Narsingpur, Gurgaon – 122001, Haryana - this facility’s operations have been relocated to Takapura and Salarpur-Bhiwadi, Rajasthan. The proceeds will be used for capital expenditure, working capital requirements, repayment or prepayment of borrowings or redemption of debentures. The company has not provided any disclosures on the valuation of the transaction, the name of the prospective investor and other sale terms. We do not support blanket approvals for the sale of assets: the company must seek approval from shareholders with granular details when a sale is finalized. Further, the value must be determined based on comparable transactions in the area, with adequate disclosures on valuation metrics and a valuation report. While we understand the rationale for sale of the plant, due to lack of adequate disclosures, we are unable to support the resolution.
  • Nippon India Mutual FundTransparency concern: No adequate disclosure
  • UTI Mutual FundSunbeam Lightweighting Solutions Private Limited (Sunbeam), a wholly owned subsidiary of Craftsman Automation. The company seeks shareholders’ approval for the sale of Sunbeam’s 16.184-acre land and its buildings located in Narsingpur, Gurgaon, Haryana - this facility’s operations have been relocated to Takapura and Salarpur-Bhiwadi, Rajasthan. The proceeds will be used for capital expenditure, working capital requirements, repayment or prepayment of borrowings or redemption of debentures. The company has not provided any disclosures on the valuation of the transaction, the name of the prospective investor and other sale terms. We do not support blanket approvals for the sale of assets: the company must seek approval from shareholders with granular details when a sale is finalized. Further, the value must be determined based on comparable transactions in the area, with adequate disclosures on valuation metrics and a valuation report. While we understand the rationale for sale of the plant, due to lack of adequate disclosures, we are unable to support the resolution.

  11 for12 against

Mutual fund votes, meeting of 27 May 2024, 21 fund houses

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

• Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024 including Audited Balance Sheet as at 31st March, 2024 and the Statement of Profit and Loss, Cash Flow Statement and Statement of Changes in Equity for the financial year ended on that date and the reports of the Board of Directors and Statutory Auditors thereonMoreLess

  21 for0 against
• Declaration of a final dividend of ₹11.25 per equity share being 225% on the face value of ₹5 each for the financial year ended 31st March, 2024

  21 for0 against
• Appointment of Director in place of Mr. Srinivasan Ravi, (DIN: 01257716), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Quantum Mutual Fund

  • Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance Concern: Holding positions of Board Chairperson and Managing Director may lead to concentration of power in the hands of a single person.
  • Quantum Mutual FundThere is no concern with the profile, time commitments and attendance of Mr. Srinivasan Ravi. However, Mr. Ravi is the Chairman & MD of the company. We are of the view that clubbing of both the positions might lead to concentration of power. Therefore, we do not favour the resolution.

  17 for4 against
• Ratification of the remuneration payable to the Cost Auditors for the financial year ending 31st March, 2025

  18 for0 against
• Approval for raising of capital by way of further public issue, debt issue, preferential allotment, rights issue, ADRs, private placement, qualified institutions placement (“QIP”), or any other method in accordance with the provisions of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended from time to time (“SEBI ICDR Regulations”), and other applicable law, to such investors that may be permitted to invest in such issuance of securities, or any combination thereof, for an amount not exceeding ₹1200 Crores.MoreLess

  ›Against Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance concern: Excessive dilution. No specific justification which indicates urgent need of funds.

  15 for3 against

Mutual fund votes, meeting of 26 Jun 2023, 15 fund houses

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

• Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2023 including Audited Balance Sheet as at 31st March, 2023 and the Statement of Profit and Loss, Cash Flow Statement and Statement of Changes in Equity for the financial year ended on that date and the reports of the Board of Directors and Statutory Auditors thereon.MoreLess

  15 for0 against
• Declaration of a final dividend of Rs. 11.25 per equity share being 225% on the face value of Rs.5 each for the financial year ended 31st March, 2023

  15 for0 against
• Appointment of Director in place of Mr. Ravi Gauthamram, (DIN: 06789004), who retires by rotation and being eligible, offers himself for re-appointment

  15 for0 against
• Approval for the amendment of Articles of Association of the Company by deleting Article 2(1)(g), 22(8) and 22(9) in the existing Articles of Association

  15 for0 against
• Ratification of the remuneration payable to the Cost Auditors for the financial year ending 31st March, 2024

  12 for0 against

Mutual fund votes, meeting of 13 Apr 2023, 9 fund houses

• Re-appointment of Mrs. Vijaya Sampath (DIN:00641110) as an Independent Director of the Company

  ›Against Bandhan Mutual Fund

  • Bandhan Mutual FundCompliant with Law. Governance concern: Association of Independent Directors will exceed 10 years post completion of the proposed term.

  8 for1 against
• Re-appointment of Mr. Sundararaman Kalyanaraman (DIN: 01252878) as an Independent Director of the Company

  ›Against Bandhan Mutual Fund

  • Bandhan Mutual FundCompliant with Law. Governance concern: Association of Independent Directors will exceed 10 years post completion of the proposed term.

  8 for1 against
• Appointment of Mrs. Rajeswari Karthigeyan (DIN: 10051618) as an Independent Director of the Company

  9 for0 against

Mutual fund votes, meeting of 8 Dec 2022, 9 fund houses

• Shifting of Registered Office of the Company outside the local limits of the City i.e., Coimbatore in the State of Tamilnadu but within the jurisdiction of Registrar of Companies (RoC), Coimbatore

  9 for0 against

Mutual fund votes, meeting of 17 Jun 2022, 6 fund houses

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

• Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2022 including Audited Balance Sheet as at 31st March, 2022 and the Statement of Profit and Loss, Cash Flow Statement and Statement of Changes in Equity for the financial year ended on that date and the reports of the Board of Directors and Statutory Auditors thereon.MoreLess

  6 for0 against
• Declaration of a final dividend of Rs.3.75 per equity share being 75% on the face value of Rs.5 each for the financial year ended 31st March, 2022.

  6 for0 against
• Appointment of Director in place of Mr.Srinivasan Ravi (DIN: 01257716), who retires by rotation and being eligible, offers himself for re-appointment.

  6 for0 against
• Appointment of Mr. Tamraparni Srinivasan Venkata Rajagopal, (DIN: 07148250) as an Independent Director of the Company for a term of 5 (five) consecutive years commencing from 19th March, 2022 to 18th March, 2027.MoreLess

  6 for0 against
• Revision in payment of Commission to the Non-Executive Directors of the Company.

  ›Against Axis Mutual Fund, Invesco Mutual Fund

  • Axis Mutual FundThe company proposes to increase the cap on commission payable to each non-executive director from Rs. 0.6 mn to Rs. 2.0 mn per annum. The aggregate remuneration payable to all Non-Executive Director will not exceed 1% of net profits per annum. The NRC has proposed commission payable to each Non-Executive Director at Rs 0.9 mn from FY23, which is within the proposed maximum cap of Rs. 2.0 mn. The proposed cap on commission to Non-Executive Directors is reasonable and in line with market practices. However, the company has not defined a tenure for payment of commission and the resolution is effectively valid for perpetuity. We believe shareholders must get a chance to periodically approve such payments and therefore do not support such resolutions.
  • Invesco Mutual FundThe company proposes to increase the cap on commission payable to each non-executive director from Rs. 0.6 mn to Rs. 2.0 mn per annum. The aggregate remuneration payable to all Non-Executive Director will not exceed 1% of net profits per annum. The NRC has proposed commission payable to each Non-Executive Director at Rs. 0.9 mn from FY23, which is within the proposed maximum cap of Rs. 2.0 mn. The proposed cap on commission to Non-Executive Directors is reasonable and in line with market practices. However, the company has not defined a tenure for payment of commission and the resolution is effectively valid for perpetuity. We believe shareholders must get a chance to periodically approve such payments and therefore do not support such resolutions

  4 for2 against
• Ratification of the remuneration payable to the Cost Auditors for the financial year ending 31st March, 2023.

  4 for0 against