Dixon Technologies (India) MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 23 Sep 2025, 37 fund houses

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

• Adoption of Financial Statements & Reports

  37 for0 against
• Declaration of Dividend

  36 for0 against
• Appointment of Mr. Sunil Vachani as a Director liable to retire by rotation

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Mr. Sunil Vachani holds the position of Chairman and Executive Director, clubbing the position may lead to concentration of power.
  • Angel One Mutual FundGovernance Concern: holding combine position of Chairman and Executive Director, clubbing the position may lead to concentration of power.
  • PPFAS Mutual FundHolding combined position as Executive Chairman

  29 for8 against
• Ratification of Remuneration to be paid to M/s Satija & Associates, Cost Accountants, Cost Auditors of the Company

  37 for0 against
• To approve Material Related Party Transactions of Dixon Electro Appliances Private Limited, Subsidiary/ Joint Venture of the Company

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundNon-Compliant with SEBI Circular: Omnibus approval sought for more than 1 year.
  • Angel One Mutual FundOmnibus approval sought for more than 1 year.
  • LIC Mutual FundConcerns over Omnibus approval sought for more than 1 year.
  • PPFAS Mutual FundOmnibus approval sought for >1 year

  27 for10 against
• To approve Material Related Party Transactions of Padget Electronics Private Limited, Wholly Owned Subsidiary of the Company

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundNon-Compliant with SEBI Circular: Omnibus approval sought for more than 1 year.
  • Angel One Mutual FundOmnibus approval sought for more than 1 year.
  • LIC Mutual FundConcerns over Omnibus approval sought for more than 1 year.
  • PPFAS Mutual FundOmnibus approval sought for >1 year

  27 for10 against
• To approve Material Related Party Transactions of IsmartU India Private Limited, Subsidiary of the Company

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundNon-Compliant with SEBI Circular: Omnibus approval sought for more than 1 year.
  • Angel One Mutual FundOmnibus approval sought for more than 1 year.
  • LIC Mutual FundConcerns over Omnibus approval sought for more than 1 year.
  • PPFAS Mutual FundOmnibus approval sought for >1 year

  27 for10 against
• To approve appointment of M/s SBYN & Associates, as Secretarial Auditors of the Company

  ›Against Groww Mutual Fund

  • Groww Mutual FundCompliant with law. No concern on the merits of the proposed Auditors. Transparency Concern: The Company has not disclosed the audit fee paid to the outgoing Secretarial Auditors; therefore, a material change in the audit fee, if any, cannot be ascertained.

  36 for1 against

Mutual fund votes, meeting of 3 Jul 2025, 33 fund houses

• Appointment of Mr. Manoj Maheshwari (DIN No. 02581704) as Non-Executive and Non-Independent Director of the Company

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Cooling off period of one year not served after completion of term as Independent Director, appointment as Non-Executive Director raises question over his independence as Independent Director.
  • Bank of India 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 proposed appointee. Governance concern: Cooling off period of 1 year not served after completion of term as ID, appointment as NED raises question over his independence as ID.
  • PGIM India Mutual FundNo cooling off period served post tenure as ID.

  25 for8 against

Mutual fund votes, meeting of 5 Jan 2025, 31 fund houses

• Appointment of Ms. Geeta Mathur (DIN No. 02139552) as Non-Executive and Independent Director of the Company for a term of 5 consecutive years

  31 for0 against

Mutual fund votes, meeting of 25 Sep 2024, 31 fund houses

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

• Adoption of Financial Statements & Reports

  31 for0 against
• Declaration of Dividend

  31 for0 against
• Appointment of Mr. Atul B. Lall as a Director liable to retire by rotation

  31 for0 against
• Ratification of Remuneration to be paid to M/s. Satija & Associates, Cost Accountants, Cost Auditors of the Company

  31 for0 against
• To approve Material Related Party Transactions of Dixon Electro Appliances Private Limited

  ›Against 360 One Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual FundWe do not support the resolution since it seeks shareholder approval in perpetuity.
  • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual FundNon-compliance with SEBI Circular: Omnibus approval sought without specifying term / tenure / duration. Governance Concern: Basis for Arm’s Length pricing not disclosed.
  • Bank of India Mutual Fund, Mahindra Manulife Mutual FundDixon Electro Appliances Private Limited (DEAPL) is a subsidiary and JV where Dixon Technologies (India) Limited (Dixon) holds 51% equity stake and 49% is held by Beetel Teletech Ltd, a 97.12% subsidiary of Bharti Airtel Services Limited (100% subsidiary of Bharti Airtel Limited). DEAPL is primarily engaged in the business of manufacturing of telecom and networking products like GPON’s, ONT’s, modems, routers, set top boxes, IOT devices, 5G Fixed Wireless Access (FWA), Outdoor and Indoor units, Access Points, Internet Set top boxes, etc. The company seeks approval for transactions upto Rs. 25.0 bn for sale and purchase of telecom products, electronic appliances and related spare parts & components etc. The proposed transactions to be carried out are at arm’s length and in the ordinary course of business. Even so, we do not support the resolution since it seeks shareholder approval in perpetuity: the company’s response does not articulate whether shareholders will have another opportunity to review these transactions. As per our guidelines, the resolution must clearly specify a period for which the approval is being sought. Therefore, we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • NJ Mutual Fund, Sundaram Mutual FundDixon Electro Appliances Private Limited (DEAPL) is a subsidiary and JV where Dixon Technologies (India) Limited (Dixon) holds 51% equity stake and 49% is held by Beetel Teletech Ltd, a 97.12% subsidiary of Bharti Airtel Services Limited (100% subsidiary of Bharti Airtel Limited). DEAPL is primarily engaged in the business of manufacturing of telecom and networking products like GPON’s, ONT’s, modems, routers, set top boxes, IOT devices, 5G Fixed Wireless Access (FWA), Outdoor and Indoor units, Access Points, Internet Set top boxes, etc. The company seeks approval for transactions upto Rs. 25.0 bn for sale and purchase of telecom products, electronic appliances and related spare parts & components etc. The proposed transactions to be carried out are at arm’s length and in the ordinary course of business. Even so, we do not support the resolution since it seeks shareholder approval in perpetuity. We believe shareholders must have an opportunity to periodically review such transactions.
  • PGIM India Mutual FundNon-compliance with SEBI Circular: Omnibus approval sought without specifying term / tenure / duration. Governance Concern: Basis for Arm s Length pricing not disclosed.
  • PPFAS Mutual FundOmnibus approval without specifying tenure; Basis for Arm’s Length not disclosed.

  17 for14 against
• To approve Material Related Party Transactions of Padget Electronics Private Limited and IsmartU India Private Limited

  ›Against 360 One Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual FundNon-compliance with SEBI Circular: Omnibus approval sought without specifying term / tenure / duration. Governance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain RPTs fall within ordinary course of business.
  • Bank of India Mutual Fund, Mahindra Manulife Mutual FundThe company seeks approval for transactions between Padget Electronics Private Ltd (100% subsidiary) and IsmartU India Private Ltd (IIPL, Subsidiary) upto Rs. 125.0 bn; between Padget Electronics Private Ltd and Tecno Mobile Ltd (related party of IIPL) upto Rs. 70.0 bn; between IsmartU India Private Ltd and S Mobile Devices Private Ltd and G-Mobile Services Private Ltd upto Rs. 160.05 bn; and between IsmartU India Private Ltd and Tecno Mobile Ltd upto Rs. 30.0 bn. The company proposes to enter into transactions with respect to sale & purchase of goods, purchase of fixed assets, availment and rendering of services, purchase of raw material/ components for manufacturing of mobile phones, leasing of property. The company should have sought separate shareholder approval for each transaction instead of seeking blanket approval. The proposed transactions to be carried out are at arm’s length and in the ordinary course of business. Even so, we do not support the resolution since it seeks shareholder approval in perpetuity: the company’s response does not articulate whether shareholders will have another opportunity to review these transactions. As per our guidelines, the resolution must clearly specify a period for which the approval is being sought. Therefore, we do not support the resolution. The company must also explain the nature of relationship between IIPL and Tecno Mobile Limited.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • NJ Mutual Fund, Sundaram Mutual FundThe company seeks approval for transactions between Padget Electronics Private Ltd (100% subsidiary) and IsmartU India Private Ltd (IIPL, Subsidiary) upto Rs. 125.0 bn; between Padget Electronics Private Ltd and Tecno Mobile Ltd (related party of IIPL) upto Rs. 70.0 bn; between IsmartU India Private Ltd and S Mobile Devices Private Ltd and G-Mobile Services Private Ltd upto Rs. 160.05 bn; and between IsmartU India Private Ltd and Tecno Mobile Ltd upto Rs. 30.0 bn. The company proposes to enter into transactions with respect to sale & purchase of goods, purchase of fixed assets, availment and rendering of services, purchase of raw material/ components for manufacturing of mobile phones, leasing of property. The company should have sought separate shareholder approval for each transaction instead of seeking blanket approval. The proposed transactions to be carried out are at arm’s length and in the ordinary course of business. Even so, we do not support the resolution since it seeks shareholder approval in perpetuity. We believe shareholders must have an opportunity to periodically review such transactions. The company must also explain the nature of relationship between IIPL and Tecno Mobile Limited.
  • PGIM India Mutual FundNon-compliance with SEBI Circular: Omnibus approval sought without specifying term / tenure / duration. Governance Concern: Basis for Arm s Length pricing not disclosed; No clarity on how certain RPTs fall within ordinary course of business.
  • PPFAS Mutual FundOmnibus approval without specifying tenure; Basis for Arm’s Length not disclosed; RPT does not appear to be in ordinary course of business.

  17 for14 against
• Approval of enhancement of the limits of Intercorporate loans, Investments, Guarantee or Security and acquisition

  ›Against 360 One Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate disclosures w.r.t. the particulars of the proposed loans/ investments/ guarantee transactions; Enabling approval.
  • Bank of India Mutual FundThe current limit available under Section 186 of the Companies Act, 2013 to provide loans/guarantees/make investments is Rs 13.6 bn as on 31 March 2024. The current utilization of the limit is Rs. 4.5 bn. There is enough headroom of Rs. 9.1 bn available to enter into inter-corporate transactions. The company has not provided granular details of the related parties in which the investments will be made. The approval is enabling, and it could allow the company to give loans / guarantees / provide securities to any company in which directors are interested, including promoter companies. The company has clarified that the investments to be made and/ or financial support to be provided will be in the ratio of shareholding of Dixon in concerned bodies corporate. However, there is no clarity on whether it will invest in promoter-controlled entities. In the absence of clarity, we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • NJ Mutual FundThe current limit available under Section 186 of the Companies Act, 2013 to provide loans/guarantees/make investments is Rs 13.6 bn as on 31 March 2024. The current utilization of the limit is Rs. 4.5 bn. There is enough headroom of Rs. 9.1 bn available to enter into inter-corporate transactions. The company has not provided granular details of the related parties in which the investments will be made. There is no clarity whether the investments, and / or any financial support, will be in the ratio of shareholding. The approval is enabling, and it could allow the company to give loans / guarantees / provide securities to any company in which directors are interested, including promoter companies. Given the lack of clarity, we cannot support the resolution.
  • PPFAS Mutual FundInadequate Disclosures; Enabling Approval.

  15 for12 against

Mutual fund votes, meeting of 3 Dec 2023, 25 fund houses

• Approval of Dixon Technologies (India) Limited — Employees Stock Option Plan, 2023 (“DIXON ESOP 2023”)

  ›Against HDFC Mutual Fund

  • HDFC Mutual FundESOPs are being granted at a significant discount to market price

  23 for1 against
• Grant of stock options to the Employees of Subsidiary Companies and Associate Companies, including Joint Venture Companies under Dixon Technologies (India) Limited – Employees Stock Option Plan, 2023 (“DIXON ESOP 2023”)MoreLess

  ›Against HDFC Mutual Fund, Sundaram Mutual Fund

  • HDFC Mutual FundESOPs are being granted at a significant discount to market price
  • Sundaram Mutual FundThe company seeks approval to extend ESOP to eligible employees of subsidiary companies and associate companies, including joint venture companies. While we support the grant of stock options to employees of unlisted subsidiaries, we do not support these to be extended to employees of associate companies (which may include promoter companies) / joint venture companies, without a clear rationale. We do not support the resolution.

  23 for2 against

Mutual fund votes, meeting of 29 Sep 2023, 20 fund houses

• Adoption of Financial Statements & Reports

  19 for0 against

  1 abstained

• Declaration of Dividend

  19 for0 against

  1 abstained

• Appointment of Mr. Sunil Vachani as a director liable to retire by rotation

  ›Against PGIM India Mutual Fund

  • PGIM India Mutual FundCompliant with Law. Governance Concern: Mr. Sunil Vachani holds the position of Chairman and Whole time Director. Clubbing the position may lead to concentration of power.

  18 for1 against

  1 abstained

• Re-Appointment of M/s S.N. Dhawan & Co. LLP as Statutory Auditors of the Company

  19 for0 against

  1 abstained

• Ratification of Remuneration to be paid to M/s. Satija & Co., Cost Accountants, Cost Auditors of the Company

  19 for0 against

  1 abstained

• Re-appointment of Mr. Keng Tsung Kuo (DIN: 03299647) as the Non-Executive and Independent Director of the Company for a second term of five consecutive years

  19 for0 against

  1 abstained

• Approval of remuneration of Mr. Prithvi Vachani, Assistant General Manager (Business Development) of the Company to hold office or place of profit in the Company

  ›Against 360 One Mutual Fund, Bandhan Mutual Fund, HSBC Mutual Fund, Mahindra Manulife Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • 360 One Mutual FundThe resolution does not specify a time-period, effectively seeking approval in perpetuity.
  • Bandhan Mutual Fund, PGIM India Mutual FundCompliant with Law. Governance Concern: Inadequate disclosures.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • The proposal is deemed a related-party-transaction and the proposed mandate may limit shareholders' rights to review and vote on the said transaction on a periodic basis
  • Mahindra Manulife Mutual Fund, Sundaram Mutual FundPrithvi Vachani, is the son of Sunil Vachani, promoter and Executive Chairperson. He is a graduate from Bentley University, Waltham, United States and London School of Economics and Political Science, London, United Kingdom. He has done his MBA from London Business School. The company is seeking approval to pay him remuneration as Assistant General Manager – Business Development, from 1 October 2023, not exceeding Rs. 5.0 mn per annum. It is unclear how his remuneration has been internally benchmarked. The resolution does not specify a time-period, effectively seeking approval in perpetuity. We do not support perpetual resolutions and expect companies to seek shareholders’ approval on a periodic basis.
  • Nippon India Mutual FundInadequate disclosure

  12 for7 against

  1 abstained

• Appointment of Mr. Arun Seth (DIN: 00204434) as Non-Executive and Independent Director of the Company and continuation of his office as Non-Executive and Independent Director beyond age of 75 years

  ›Against Axis Mutual Fund

  • Axis Mutual FundThe dilution will be 3.3% on the expanded capital base. Under ESOP 2023, vesting is performance based: however, the company has not disclosed performance criteria for vesting of the options. The exercise price as stated shall be the market price on the date immediately prior to the date of the meeting of the committee on which the grant is to be made. The resolution gives flexibility to the NRC to provide a discount on the exercise price. We do not support stock option plans where the options are granted at a deep discount (greater than 20%) to the market price or where performance criteria for vesting have not been disclosed.

  18 for1 against

  1 abstained

• Approval of Dixon Technologies (India) Limited — Employee Stock Option Plan, 2023 (“DIXON ESOP 2023”)

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • 360 One Mutual FundNRC will have the flexibility to provide a discount on the exercise price. Performance criteria for vesting is not disclosed.
  • Axis Mutual FundThe company seeks approval to extend ESOP to eligible employees of subsidiary companies and associate companies, including joint venture companies. Our recommendation on this resolution is linked to our recommendation on resolution #9. While we support the grant of stock options to employees of unlisted subsidiaries, we do not support these to be extended to employees of associate / joint venture companies.
  • Bandhan Mutual Fund, PGIM India Mutual FundNon-Compliance with SEBI SBEB & SE Regulations: NRC discretion to determine discount on exercise price.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The aggregate dilution pursuant to the proposed scheme is deemed high. • The Scheme permits stock units to be issued with an exercise price at a discount to the market price, as on grant date. • The exact performance conditions and targets for vesting have not been disclosed. • The proposals include grant of units to employees of associate companies without a compelling rationale.
  • HDFC Mutual FundThere is lack of disclosure/clarity on the pricing formula/exercise price at which the ESOP will be granted
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted because: • The aggregate dilution pursuant to the proposed scheme is deemed high. • The Scheme permits stock units to be issued with an exercise price at a discount to the market price, as on grant date. • The exact performance conditions and targets for vesting have not been disclosed. • The proposals include grant of units to employees of associate companies without a compelling rationale.
  • Kotak Mahindra Mutual FundNon-Compliance with SEBI SBEB & SE Regulations: Nomination and Remuneration Committee discretion to determine discount on exercise price.
  • Mirae Asset Mutual FundNot as per internal guidelines
  • Nippon India Mutual FundSrock Options could be granted at a significant discount
  • Sundaram Mutual FundThe dilution will be 3.3% on the expanded capital base. Under ESOP 2023, vesting is performance based: however, the company has not disclosed performance criteria for vesting of the options. The exercise price as stated shall be the market price on the date immediately prior to the date of the meeting of the committee on which the grant is to be made. The resolution gives flexibility to the NRC to provide a discount on the exercise price. We do not support stock option plans where the options are granted at a deep discount (greater than 20%) to the market price or where performance criteria for vesting have not been disclosed.

  8 for11 against

  1 abstained

• Grant of stock options to the employees of Subsidiary Companies and Associate Companies, including Joint Venture Companies under Dixon Technologies (India) Limited – Employees Stock Option Plan, 2023 (“Dixon ESOP 2023”).MoreLess

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Kotak Mahindra Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • 360 One Mutual FundStock options being extended to employees of JV / associates.
  • Axis Mutual FundPrithvi Vachani, is the son of Sunil Vachani, promoter and Executive Chairperson. He is a graduate from Bentley University, Waltham, United States and London School of Economics and Political Science, London, United Kingdom. He has done his MBA from London Business School. The company is seeking approval to pay him remuneration as Assistant General Manager – Business Development, from 1 October 2023, not exceeding Rs. 5.0 mn per annum. It is unclear how his remuneration has been internally benchmarked. The resolution does not specify a time-period, effectively seeking approval in perpetuity. We do not support perpetual resolutions and expect companies to seek shareholders’ approval on a periodic basis.
  • Bandhan Mutual Fund, Mahindra Manulife Mutual Fund, PGIM India Mutual FundNon-Compliance with SEBI SBEB & SE Regulations: NRC discretion to determine discount on exercise price. No compelling justification for extension of scheme to employees of associate companies.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The aggregate dilution pursuant to the proposed scheme is deemed high. • The Scheme permits stock units to be issued with an exercise price at a discount to the market price, as on grant date. • The exact performance conditions and targets for vesting have not been disclosed. • The proposals include grant of units to employees of associate companies without a compelling rationale.
  • HDFC Mutual FundThere is lack of disclosure/clarity on the pricing formula/exercise price at which the ESOP will be granted
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted because: • The aggregate dilution pursuant to the proposed scheme is deemed high. • The Scheme permits stock units to be issued with an exercise price at a discount to the market price, as on grant date. • The exact performance conditions and targets for vesting have not been disclosed. • The proposals include grant of units to employees of associate companies without a compelling rationale.
  • Kotak Mahindra Mutual FundNon-Compliance with SEBI SBEB & SE Regulations: : Nomination and Remuneration Committee discretion to determine discount on exercise price. No compelling justification for extension of scheme to employees of associate companies.
  • Mirae Asset Mutual FundNot as per internal guidelines
  • Nippon India Mutual FundSrock Options could be granted at a significant discount
  • Sundaram Mutual FundThe company seeks approval to extend ESOP to eligible employees of subsidiary companies and associate companies, including joint venture companies. Our recommendation on this resolution is linked to our recommendation on resolution #9. While we support the grant of stock options to employees of unlisted subsidiaries, we do not support these to be extended to employees of associate / joint venture companies.

  7 for12 against

  1 abstained