GAIL (India) MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 27 Aug 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 and adopt the Audited Standalone as well as Consolidated Financial Statements for the Financial Year ended 31st March, 2026, Board’s Report, Independent Auditors’ Report and the comments thereon of the Comptroller & Auditor General of IndiaMoreLess

  ›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, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee. 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 Emphases of matter about (i) a demand of Rs. 28.9 bn (with interest up to Rs. 37.6 bn) raised by the Excise Department on classification of Naphtha, which the company has contested before the Supreme Court and disclosed as a contingent liability; (ii) transportation tariff orders issued by PNGRB that are under challenge before APTEL and in courts, with adjustments to be made once matters are resolved; and (iii) recoverable dues of Rs. 1.63 bn from Nagarjuna Fertilizers, which the company expects to fully realize given escrow arrangements and government support. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. We raise concern that the company has not constituted an audit committee in line with regulations and did not have sufficient independent directors on the board, while the accounts were finalized. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundUnqualified Financial Statements (Except certain non-material CARO observations). Governance concern: Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  6 for8 against
• To declare final dividend for the Financial Year 2025-26 @5% (Re 0.50/- per equity share) on the paid-up equity share capital of the Company.

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

  • Angel One Mutual FundGovernance concern is raised in adoption of financial statements of the Company under resolution #1, 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 FundCompliant with law. Sufficient fund to pay final dividend. Governance concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  10 for5 against
• To appoint a Director in place of Shri R K Singhal, Director (Business Development) (DIN 09230386), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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 of Independent Directors and woman Director/ Woman Independent Director.
  • HSBC Mutual FundA vote AGAINST the resolution is warranted given the concerns about insufficient independence on the Audit committee.

  9 for6 against
• To appoint a Director in place of Shri Ayush Gupta, Director (HR) (DIN 09681775), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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. The Director is serving as the Chairperson of the Audit Committee (AC). However, being an Executive Director, the Director is not eligible to chair the Audit Committee.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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 of Independent Directors and woman Director/ Woman Independent Director. The Director is serving as the Chairperson of the Audit Committee (AC). However, being an Executive Director, the Director is not eligible to chair the AC.
  • HSBC Mutual FundA vote AGAINST the resolution is warranted given the concerns about insufficient independence on the Audit committee. We also have concerns about the lack of independence of the Audit Committee Chair.

  9 for6 against
• Approval for Appointment of Shri Rohit Mathur (DIN 08216731) as a Government Nominee Director of the Company.

  ›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, 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 on the Board. The Director is serving as the Chairperson of the Nomination and Remuneration Committee (NRC). However, being a Non-Executive Non-Independent Director, the Director is not eligible to chair the Nomination and Remuneration Committee.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundRohit Mathur, 51, is the Joint Secretary (Govt. of India), Ministry of Petroleum and Natural Gas (MOP&NG). He is a Mechanical Engineer and is Master of Finance and Control (MFC) from Delhi University. Prior to this he was Director (S, CC & FP), MOP&NG handling matters relating to Refineries Sector, Biofuels, Petrochemicals, crude oil supply and flagship programmes. He is liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect Ministry of Petroleum & Natural Gas to first address the board composition, before reappointing its nominees to the board. We do not support the resolution. While not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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 of Independent Directors and woman Director/ Woman Independent Director on the Board. The Director is serving as the Chairperson of the Nomination and Remuneration Committee (NRC). However, being a Non-Executive NonIndependent Director, the Director is not eligible to chair the NRC.
  • HSBC Mutual FundA vote AGAINST the resolution is warranted given the concerns about insufficient independence on the Remuneration and Nomination committees. We have concerns about the lack of independence of the Remuneration and Nomination Committees' Chair

  6 for9 against
• Approval for appointment of Shri Satish Kumar Sinha (DIN 10528036) as Director (Finance) of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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 of Independent Directors and woman Director/ Woman Independent Director.

  10 for5 against
• Approval for ratification of Remuneration of Cost Auditors of the Company.

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

  • Angel One Mutual FundGovernance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundCompliant with law. Governance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.

  10 for5 against
• Approval for Material Related Party Transactions with Petronet LNG Limited.

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

  • Angel One Mutual FundThe Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the Chief Executive Officer / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the Related Party Transaction Industry Standards. Governance Concern: Currently, there are no independent directors on the Company's Board. Additionally, the Audit Committee, which is not compliant, has approved the related party transactions.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundNon-Compliant with RPT Industry Standards: The Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the CEO / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the RPT Industry Standards. Governance Concern: Currently, there are no independent directors on the Company's Board. Additionally, the Audit Committee, which is not compliant, has approved the related party transactions.

  10 for5 against
• Approval for Material Related Party Transactions with Indraprastha Gas Limited.

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

  • Angel One Mutual FundThe Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the Chief Executive Officer / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the Related Party Transaction Industry Standards. Governance Concern: Currently, there are no independent directors on the Company's Board. Additionally, the Audit Committee, which is not compliant, has approved the related party transactions.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundNon-Compliant with RPT Industry Standards: The Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the CEO / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the RPT Industry Standards. Governance Concern: Currently, there are no independent directors on the Company's Board. Additionally, the Audit Committee, which is not compliant, has approved the related party transactions.

  10 for5 against
• Approval for Material Related Party Transactions with Mahanagar Gas Limited.

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

  • Angel One Mutual FundThe Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the Chief Executive Officer / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the Related Party Transaction Industry Standards. Governance Concern: Currently, there are no independent directors on the Company's Board. Additionally, the Audit Committee, which is not compliant, has approved the related party transactions.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundNon-Compliant with RPT Industry Standards: The Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the CEO / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the RPT Industry Standards. Governance Concern: Currently, there are no independent directors on the Company's Board. Additionally, the Audit Committee, which is not compliant, has approved the related party transactions.

  10 for5 against
• Approval for Material Related Party Transactions with Ramagundam Fertilizers and Chemicals Limited.

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

  • Angel One Mutual FundThe Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the Chief Executive Officer / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the Related Party Transaction Industry Standards. Governance Concern: Currently, there are no independent directors on the Company's Board. Additionally, the Audit Committee, which is not compliant, has approved the related party transactions.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundNon-Compliant with RPT Industry Standards: The Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the CEO / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the RPT Industry Standards. Governance Concern: Currently, there are no independent directors on the Company's Board. Additionally, the Audit Committee, which is not compliant, has approved the related party transactions.

  10 for5 against

Mutual fund votes, meeting of 29 Aug 2025, 32 fund houses

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

• Adoption of Audited Standalone & Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2025, Board’s Report, Independent Auditors’ Report and the comments thereon of the Comptroller & Auditor General of IndiaMoreLess

  30 for0 against
• To declare final dividend for the Financial Year 2024-25 @ 10.00% (1.00/- per equity share) on the paid-up equity share capital of the Company

  32 for0 against
• Appointment of Shri Rakesh Kumar Jain, Director (Finance) (DIN-08788595), who retires by rotation, and being eligible, offers himself for re-appointment

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.
  • 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 of Independent Directors and woman Independent Director.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by an executive director and the board is not at least one-half independent and Rakesh Kumar Jain is a non-independent director nominee.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• The board is chaired by an executive director and the board is not at least one-half independent and Rakesh Kumar Jain, Sanjay Kumar and Kamini Chauhan Ratan are non-independent director nominees• Sanjay Kumar is an executive director serving on the audit committee
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs
  • 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 and Woman Independent Director.

  22 for10 against
• Appointment of Shri Sanjay Kumar, Director (Marketing) (DIN-08346704), who retires by rotation, and being eligible, offers himself for re-appointment

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.
  • 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 of Independent Directors and woman Independent Director.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: • The board is chaired by an executive director and the board is not at least one-half independent and Sanjay Kumar is a non-independent director nominee. • Sanjay Kumar is an executive director serving on the audit committee.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• The board is chaired by an executive director and the board is not at least one-half independent and Rakesh Kumar Jain, Sanjay Kumar and Kamini Chauhan Ratan are non-independent director nominees• Sanjay Kumar is an executive director serving on the audit committee
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs
  • 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 and Woman Independent Director.

  22 for10 against
• Approval for appointment of Shri Akhilesh Jain (DIN- 07731983) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram 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 directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Directors. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Akhilesh Jain is associated with a political party and the presence of director with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • HSBC Mutual FundKangabam Inaocha Devi has limited leadership and board related experience within relevant industry which raises concerns on her potential contribution to the board.• Akhilesh Jain, Sanjay Kashyap and Kangabam Inaocha Devi are 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 Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundAkhilesh Jain, 51, is a Chartered Accountant and lawyer with 19 years of experience in field of audits, consultancy in company law matters, income tax matters, and other fiscal laws related to public sector companies, public sector banks, co-operative sector, private sector companies, defence units and other businesses. He has been on the board since 8 November 2021. His first term as Independent Director ended on 7 November 2024. He has attended all seven board meetings held during his tenure in FY25. His appointment meets all statutory requirements. Public sources suggest that he has political affiliations. We do not support his reappointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliations as a part of his profile. We do not support the resolution.
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law
  • quant Mutual FundNo concern on merit of directors. Non-compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed shareholders’ approval, term of appointment is ambiguous and against spirit of the law.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundAkhilesh Jain, 51, is a Chartered Accountant and lawyer with 19 years of experience in field of audits, consultancy in company law matters, income tax matters, and other fiscal laws related to public sector companies, public sector banks, co-operative sector, private sector companies, defence units and other businesses. We expect the company to seek shareholders’ approval within three months of the board appointment. We do not support the resolution.

  14 for18 against
• Approval for appointment of Shri Sanjay Kashyap (DIN- 09402360) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram 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 directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Directors. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Sanjay Kashyap is associated with a political party and the presence of director with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • HSBC Mutual FundKangabam Inaocha Devi has limited leadership and board related experience within relevant industry which raises concerns on her potential contribution to the board.• Akhilesh Jain, Sanjay Kashyap and Kangabam Inaocha Devi are 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 FundSanjay Kashyap, 51, is an advocate and an environmentalist. He has worked for over 22 years as an advocate at District Civil Court, Ghaziabad in areas of criminal, civil, environmental and consumer related matters. As an environmentalist he has been working in the area of water conservation through his NGO - Center for Water Peace. He has been on the board since 17 November 2021. His first term as Independent Director ended on 7 November 2024. He has attended all seven board meetings held during his tenure in FY25. His reappointment meets all statutory requirements. Public sources suggest that he has political affiliations. We do not support his reappointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliations as a part of his profile. We do not support the resolution
  • Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundSanjay Kashyap, 51, is an advocate and an environmentalist. He has worked for over 22 years as an advocate at District Civil Court, Ghaziabad in areas of criminal, civil, environmental and consumer related matters. As an environmentalist he has been working in the area of water conservation through his NGO - Center for Water Peace. He has been on the board since 17 November 2021. His first term as Independent Director ended on 7 November 2024. He has attended all seven board meetings held during his tenure in FY25. His reappointment meets all statutory requirements. Public sources suggest that he has political affiliations. We do not support his reappointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliations as a part of his profile. We do not support the resolution.
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law
  • quant Mutual FundNo concern on merit of directors. Non-compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed shareholders’ approval, term of appointment is ambiguous and against spirit of the law.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundSanjay Kashyap, 51, is an advocate and an environmentalist. He has worked for over 22 years as an advocate at District Civil Court, Ghaziabad in areas of criminal, civil, environmental and consumer related matters. As an environmentalist he has been working in the area of water conservation through his NGO - Center for Water Peace. We expect the company to seek shareholders’ approval within three months of the board appointment. We do not support the resolution.

  14 for18 against
• Approval for appointment of Ms. Kangabam Inaocha Devi (DIN-07812922) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram 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 directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Directors. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: • Kangabam Inaocha Devi has limited leadership and board related experience within relevant industry which raises concerns on her potential contribution to the board. • Kangabam Inaocha Devi is associated with a political party and the presence of director with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • HSBC Mutual FundKangabam Inaocha Devi has limited leadership and board related experience within relevant industry which raises concerns on her potential contribution to the board.• Akhilesh Jain, Sanjay Kashyap and Kangabam Inaocha Devi are 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 FundMs. Kangabam Inaocha Devi, 47, is a social worker based in Manipur. She has worked as a Zilla Parishad member and as a Pradhan. She has been on the board since 17 November 2021. Her first term as Independent Director ended on 7 November 2024. She has attended all seven board meetings held during her tenure in FY25. Her appointment meets all statutory requirements. However, public sources suggest that she has political affiliations. We do not support her reappointment as an Independent Director as we believe her political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed her political affiliations as a part of his profile. We do not support the resolution
  • Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundMs. Kangabam Inaocha Devi, 47, is a social worker based in Manipur. She has worked as a Zilla Parishad member and as a Pradhan. She has been on the board since 17 November 2021. Her first term as Independent Director ended on 7 November 2024. She has attended all seven board meetings held during her tenure in FY25. Her appointment meets all statutory requirements. However, public sources suggest that she has political affiliations. We do not support her reappointment as an Independent Director as we believe her political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. The company should have disclosed her political affiliations as a part of his profile. We do not support the resolution.
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law
  • quant Mutual FundNo concern on merit of directors. Non-compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed shareholders’ approval, term of appointment is ambiguous and against spirit of the law.
  • UTI Mutual FundPublic sources suggest she is politically affiliated.
  • WhiteOak Capital Mutual FundMs. Kangabam Inaocha Devi, 47, is a social worker based in Manipur. She has worked as a Zilla Parishad member and as a Pradhan. She has been on the board since 17 November 2021. Her first term as Independent Director ended on 7 November 2024. We expect the company to seek shareholders’ approval within three months of the board appointment. . We do not support the resolution.

  14 for18 against
• Approval for appointment of Shri Yajurvendra Anil Mahajan (DIN-06625664) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous, Appointment as Independent Director for a period of only one year.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law, Appointment as ID for a period of only one year.
  • PPFAS Mutual FundDelayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law; Appointment as ID for 1 year
  • quant Mutual FundNo concern on merit of the director. Governance concern: Delayed shareholders’ approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.

  24 for8 against
• Approval for appointment of Ms. Kamini Chauhan Ratan (DIN-09831741) as a Government Nominee Director of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.
  • Bandhan 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 of Independent Directors and woman Independent Director.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by an executive director and the board is not at least one-half independent and Kamini Chauhan Ratan is a non-independent director nominee.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• The board is chaired by an executive director and the board is not at least one-half independent and Rakesh Kumar Jain, Sanjay Kumar and Kamini Chauhan Ratan are non-independent director nominees• Sanjay Kumar is an executive director serving on the audit committee
  • Invesco Mutual FundMs. Kamini Chauhan Ratan, 54, is an IAS Officer of 1997 batch. She is Additional Secretary & Financial Advisor, in Ministry of Petroleum & Natural Gas, Government of India. She has held various key Government positions, including Sub-Divisional Magistrate/Joint Magistrate in Agra, Ayodhya and Lucknow. She has worked as Chief Development Officer in Meerut and Managing Director of Mahila Vitta Evam Vikas Nigam in Madhya Pradesh. She is liable to retire by rotation.While her appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect Ministry of Petroleum & Natural Gas to first address the board composition, before reappointing its nominees to the board. We do not support the resolution
  • Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundMs. Kamini Chauhan Ratan, 54, is an IAS Officer of 1997 batch. She is Additional Secretary & Financial Advisor, in Ministry of Petroleum & Natural Gas, Government of India. She has held various key Government positions, including Sub-Divisional Magistrate/Joint Magistrate in Agra, Ayodhya and Lucknow. She has worked as Chief Development Officer in Meerut and Managing Director of Mahila Vitta Evam Vikas Nigam in Madhya Pradesh. She is liable to retire by rotation. While her appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect Ministry of Petroleum & Natural Gas to first address the board composition, before reappointing its nominees to the board. We do not support the resolution.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs.
  • 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 and Woman Independent Director.
  • WhiteOak Capital Mutual FundMs. Kamini Chauhan Ratan, 54, is an IAS Officer of 1997 batch. She is Additional Secretary & Financial Advisor, in Ministry of Petroleum & Natural Gas, Government of India. We are unable to support the resolution because the board composition is not compliant with regulations on independent director representation.We do not support the resolution.

  15 for17 against
• Ratification of Remuneration of Cost Auditors of the Company

  32 for0 against
• Appointment of Secretarial Auditor of the Company

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundCredentials of the proposed Secretarial Auditors not disclosed.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Credentials of the proposed Secretarial Auditors not disclosed.
  • PPFAS Mutual FundNon-Disclosure of Credentials of Proposed Auditor
  • quant Mutual FundNo concern on merit of the proposed secretarial auditors. Non-compliant with Regulation 36(5) of SEBI LODR: Credentials of the proposed Secretarial Auditors not disclosed.

  24 for8 against
• Approval for Material Related Party Transactions with Petronet LNG Limited for FY 2026-27

  32 for0 against
• Approval for Material Related Party Transactions with Ramagundam Fertilizers and Chemicals Limited for FY 2026-27

  32 for0 against
• Approval for Material Related Party Transactions with Indraprastha Gas Limited for FY 2026-27

  32 for0 against
• Approval for Material Related Party Transactions with Mahanagar Gas Limited for FY 2026-27

  32 for0 against
• Approval for Material Related Party Transactions with Maharashtra Natural Gas Limited for FY 2026-27

  32 for0 against
• Approval for Material Related Party Transactions with Aavantika Gas Limited for FY 2026-27

  32 for0 against
• Approval for Material Related Party Transactions with Central U.P. Gas Limited for FY 2026-27

  32 for0 against
• Approval for Material Related Party Transactions with Green Gas Limited for FY 2026-27

  32 for0 against
• Approval for Material Related Party Transactions with Bhagyanagar Gas Limited for FY 2026-27

  32 for0 against
• Approval for Material Related Party Transactions with Talcher Fertilizers Limited for FY 2025-26

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: Basis for Arm’s Length pricing not disclosed.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Basis for Arm’s Length pricing not disclosed.
  • PPFAS Mutual FundBasis of arm’s length pricing not disclosed
  • quant Mutual FundCompliant with the law. Governance & transparency concern: Basis for arm’s Length pricing not disclosed.

  22 for8 against
• Approval for Material Related Party Transactions with Talcher Fertilizers Limited for FY 2026-27

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: Basis for Arm’s Length pricing not disclosed.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Basis for Arm’s Length pricing not disclosed.
  • PPFAS Mutual FundBasis of arm’s length pricing not disclosed
  • quant Mutual FundCompliant with the law. Governance & transparency concern: Basis for arm’s Length pricing not disclosed.

  21 for7 against

• Fine or penaltyNational Stock Exchange of India LimitedSince 25 Aug 2026₹0.14 Cr

  Notice for non-compliance demanding fine from the Company

  REGULATION 17(1), REGULATION 18(1), REGULATION 19(1)/19(2), REGULATION 20(2)/(2A), REGULATION 21(2), REGULATION 17(2A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- for the quarter ended 30.06.2026MoreLess
• Fine or penaltyBSE LimitedSince 25 Aug 2026₹0.14 Cr

  Notice for non-compliance demanding fine from the Company

  Regulation 17(1)- Non-compliance with the requirements pertaining to the composition of the Board including failure to appoint woman director, Regulation 17(2A) Non-compliance with the requirements pertaining to quorum of Board meetings,Regulation 18(1) Non-compliance with the constitution of audit committee,Regulation 19(1)/ 19(2) Non-compliance with the constitution of nomination and remuneration committee,Regulation 20(2)/(2A) Non-compliance with the constitution of stakeholder relationship committee,Regulation 21(2) Non-compliance with the Constitution of risk management committee - for the quarter ended 30.06.2026MoreLess
• Tax disputeCentral Excise DepartmentSince 30 Nov 2018
  Pending before Hon’ble Supreme Court for Final Hearing.
  At the filing before: Classification dispute of Naphtha -Pending before Hon’ble Supreme Court for Final Hearing.
• Tax disputeGST DepartmentSince 27 Nov 2018
  Pending before Hon’ble High Court of Gujarat & MP for Final Hearing.
  At the filing before: Demand of GST @ 18% instead of @ 5% on supply of Domestic LPG from 01.07.2017 to 24.01.2018-Pending before Hon’ble High Court of Gujarat & MP for Final Hearing.

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.