Escorts Kubota MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 30 Oct 2025, 26 fund houses

• To appoint Mr. Akira Kato, DIN- 07543672- as Director and Whole Time Director of the Company, designated as ‘Deputy Managing Director

  26 for0 against
• To approve the remuneration of Mr. Akira Kato, DIN: 07543672 as Whole-time Director, designated as ‘Deputy Managing Director’ of the Company

  26 for0 against

Mutual fund votes, meeting of 16 Jul 2025, 24 fund houses

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

• To receive, consider and adopt: (a) the audited standalone financial statement of the Company for the financial year ended March 31, 2025, the reports of the Board of Directors and Auditors thereon; and (b) the audited consolidated financial statement of the Company for the financial year ended March 31, 2025, and the report of Auditors thereon.MoreLess

  24 for0 against
• To confirm payment of interim dividend and declare a final dividend on equity shares for the financial year ended March 31, 2025

  24 for0 against
• To appoint Mr. Bharat Madan (DIN: 00944660), who retires by rotation as a Director

  24 for0 against
• To appoint Ms. Nitasha Nanda (DIN: 00032660), who retires by rotation as a Director

  24 for0 against
• To ratify the remuneration of Cost Auditor for the financial year ending March 31, 2026

  24 for0 against
• To approve the re-appointment of Mr. Harish Narinder Salve (DIN: 01399172) as a Non-Executive Independent Director

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Low attendance at Board Meetings.
  • Axis Mutual Fund, Canara Robeco Mutual Fund, Mahindra Manulife Mutual Fund, UTI Mutual FundHarish Salve, 69, is Senior counsel and arbitrator in India and Barrister (UK). He served as the Solicitor General of India from 1999 to 2002. He has been on the board of Escorts Kubota since 16 July 2020. He has attended 17% (1 out of 6) board meetings held in FY25 and 26% (5 out of 19) board meetings held over the last three years. We expect directors to attend all board meetings during the year, and we have a threshold of 75% attendance of the board meetings in the three years prior to re-appointment. While his reappointment is in line with statutory regulations, we are unable to support the reappointment given his low attendance.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: Low attendance at Board Meetings.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Harish Salve has failed to attend at least 75 percent of board and committee meetings in the most recent fiscal year, without a satisfactory explanation.
  • HDFC Mutual FundMr. Harish Salve, 69, is Senior counsel and arbitrator in India and Barrister (UK). He served as the Solicitor General of India from 1999 to 2002. We do not support reappointment due to poor board attendance over the last three years. We do not support the resolution.
  • Kotak Mahindra Mutual FundHarish Salve, 69, is Senior counsel and arbitrator in India and Barrister (UK). The Company has adequately disclosed and justified the performance evaluation of Mr. Harish Salve. No governance concerns have been identified regarding his profile, time commitments or independence. However, during the year, Mr. Harish Salve has attended only one board meeting (17%). In the two financial years prior to FY 2025, he had attended only 4 out of 13 (31%) board meetings. We are unable to support the reappointment given his low attendance. Hence voting against.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • PGIM India Mutual FundLow attendance at Board meetings.

  7 for17 against
• To appoint and fix the remuneration of Secretarial Auditors

  5 for0 against
• To approve ‘Material Related Party Transaction’ proposed to be entered during the financial years 2025-26 with Kubota Corporation

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Inadequate disclosures with respect to basis of arm’s length pricing.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: Inadequate disclosures with respect to basis of arm’s length pricing.
  • Kotak Mahindra Mutual FundKubota Corporation, Japan, is the holding company with a 54.07% equity stake in Escorts Kubota Limited. The RPT is at the ordinary course of business and at arm s length. However, for Basis of the Arm s Length Pricing , the company has mentioned going to be carried out on the same terms and conditions as would be applicable to any other unrelated party have been obtained. Hence there is no clarity on how the pricing is determined. Disclosure regarding the basis of arriving at the pricing of the transactions is a material disclosure for shareholders to arrive at an informed decision. Given the lack of clarity on the same, voting against.
  • PGIM India Mutual FundInadequate disclosures with respect to basis of arm s length pricing.

  15 for9 against

Mutual fund votes, meeting of 18 Jul 2024, 24 fund houses

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

• To receive, consider and adopt the na. audited standalone financial statement of the Company for the financial year ended March 31, 2024, and the reports of Board of Directors and Auditors thereon; and nb. audited consolidated financial statement of the Company for the financial year ended March 31, 2024, and the report of auditors thereon.MoreLess

  21 for0 against
• To declare a dividend on equity shares for the financial year ended March 31, 2024

  20 for0 against
• To appoint Mr. Hardeep Singh (DIN: 00088096), who retires by rotation as a Director.

  23 for0 against
• To appoint Mr. Yasukazu Kamada (DIN: 09634701), who retires by rotation as a Director.

  23 for0 against
• To appoint Mr. Dai Watanabe (DIN: 08736520), who retires by rotation as a Director.

  23 for0 against
• To ratify the remuneration of Cost Auditor for the financial year ending March 31, 2025.

  23 for0 against
• To approve payment of commission to Non- Executive Directors for a period of 5 years.

  23 for0 against
• To approve the re-appointment of Mr. Sunil Kant Munjal (DIN: 00003902), as a Non- Executive Independent Director.

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, DSP Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual FundNo concern on the merit of proposed appointee. Re-appointment compliant with law. Governance Concern Identified: Low attendance of <75% in board meetings over the last three years.
  • Axis Mutual Fund, DSP Mutual Fund, Invesco Mutual Fund, Mahindra Manulife Mutual FundSunil Kant Munjal, 66, is the chairperson of Hero Enterprise. He has been on the board of the company since 7 May 2019. He has attended five out of seven (71%) board meetings held in FY24 and fifteen out of twenty-one (~71%) board meetings in the last three years. We expect directors to take their responsibility seriously and attend all board meetings, and at the very least 75% board meetings over a three-year period.
  • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of proposed appointee. Non-Compliance: Proposed appointment for five would lead to total tenure of more than 10 years. Governance Concern: Low attendance.
  • Baroda BNP Paribas Mutual FundNon-Compliance: Proposed appointment for five would lead to total tenure of more than 10 years. Mr. Munjal was appointed as an ID on 7th May, 2019. His first term as ID ended on 6th May, 2024. Therefore, his tenure as on date is more than 5 years. In the proposed appointment the end of the proposed term, his overall total tenure with the Company will exceed 10 years i.e. 10 years, 2 months and 10 days (7 th May, 2019 to 17th July, 2029). As a result, proposed term of appointment will lead to his tenure exceeding 10 years.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Sunil Kant Munjal has failed to attend at least 75 percent of board and committee meetings in the most recent fiscal year, without a satisfactory explanation.
  • HSBC Mutual FundWe have concerns about the director's attendance at board meetings.
  • Kotak Mahindra Mutual FundMr. Sunil Kantal Munjal has attended only 58% of the Audit Committee meetings held during FY 2023-24 i.e., only 4 out of 7 meetings. No explanations for such leave of absence have been provided by the Company. Since the Audit Committee plays a very critical role in the governance process, we believe that the director should attend at least the majority of the meetings. Hence voting against.
  • Nippon India Mutual FundLow attendance
  • SBI Mutual FundSunil Kant Munjal, 66, is the chairperson of Hero Enterprise. He has been on the board of the company since 7 May 2019. He has attended five out of seven (71%board meetings held in FY24 and 69% over the last 3 financial years. We expect directors to take their responsibility seriously and attend all board meetings, and at the very least 75% board meetings over a three-year period. Hence, we do not favour the reappointment
  • Zerodha Mutual FundTotal tenure of 10+ years as Independent Director is not in accordance with law, Low attendance.

  6 for17 against
• To approve the re-appointment of Ms. Tanya Arvind Dubash (DIN: 00026028) as a Non- Executive Independent Director.

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual FundNo concern on the merit of proposed appointee. Re-appointment compliant with law. But Governance Concern Identified as Low attendance of <75% in board meetings over the last three years.
  • Axis Mutual Fund, DSP Mutual Fund, Mahindra Manulife Mutual FundMs. Tanya Dubash, 54, is Executive Director and Chief Brand Officer, Godrej Industries Limited. She has been on the board of the company since 29 January 2020. She has attended five out of seven (71%) of the board meetings held in FY24 and thirteen out of twenty-one (62%) of the board meetings in the last three financial years. We expect directors to take their responsibility seriously and attend all board meetings and at the very least 75% board meetings over a three-year period.
  • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundRe-appointment compliant with law. Governance Concern: Low attendance.
  • Edelweiss Mutual FundRotation desirable
  • Invesco Mutual FundMs. Tanya Dubash, 54, is Executive Director and Chief Brand Officer, Godrej Industries Limited. She has been on the board of the company since 29 January 2020. She has attended five out of seven (71%) of the board meetings held in FY24 and thirteen out of twenty-one (62%) of the board meetings in the last three financial years. We expect directors to take their responsibility seriously and attend all board meetings and at the very least 75% board meetings over a three-year period
  • Nippon India Mutual FundLow attendance
  • SBI Mutual FundMs. Tanya Dubash, 54, is Executive Director and Chief Brand Officer, Godrej Industries Limited. She has been on the board of the company since 29 January 2020. She has attended five out of seven (71%) of the board meetings held in FY24 and 62% in the last three financial years. We expect directors to take their responsibility seriously and attend all board meetings and at the very least 75% board meetings over a three-year period. Hence, we do not favour the reappointment
  • Zerodha Mutual FundLow attendance.

  10 for13 against
• To approve the re-appointment of Ms. Nitasha Nanda (DIN: 00032660) as a Whole-time Director of the Company.

  23 for0 against
• To approve the remuneration payable to Ms. Nitasha Nanda (DIN: 00032660) pursuant to her re-appointment as a Whole-time Director of the Company.

  23 for0 against
• To appoint Mr. Kinji Saito (DIN; 00049067) as a Non-Executive, Independent Director.

  23 for0 against

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

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

• To appoint Mr. Nobushige Ichikawa (DIN: 09570234) as Director of the Company

  26 for0 against
• To appoint Mr. Shingo Hanada (DIN: 10484929) as Director of the Company

  26 for0 against

Mutual fund votes, meeting of 2 Dec 2023, 24 fund houses

• Approval for the Scheme of Amalgamation amongst Escorts Kubota Limited, Escorts Kubota India Private Limited, and Kubota Agricultural Machinery India Private Limited, and their respective shareholders and creditors.MoreLess

  24 for0 against

Mutual fund votes, meeting of 14 Jul 2023, 21 fund houses

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

• To receive, consider and adopt the na. audited standalone financial statement of the Company for the financial year ended March 31, 2023, and the reports of Board of Directors and Auditors thereon; and nb. audited consolidated financial statement of the Company for the financial year ended March 31, 2023, and the report of auditors thereon.MoreLess

  16 for0 against

  1 abstained

• To declare a dividend on equity shares for the financial year ended March 31, 2023

  15 for0 against

  1 abstained

• To appoint Ms. Nitasha Nanda (DIN: 00032660), who retires by rotation as a Director.

  18 for0 against

  1 abstained

• To appoint Mr. Yuji Tomiyama (DIN: 08779472), who retires by rotation as a Director.

  18 for0 against

  1 abstained

• To ratify the remuneration of Cost Auditor for the financial year ending March 31, 2024.

  18 for0 against

  1 abstained

• To appoint Dr. Rupinder Singh Sodhi (DIN: 03179002) as an Non-Executive, Independent Director

  18 for0 against

  1 abstained