General Insurance Corporation of India CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 22 Sep 2026, 8 fund houses so far (houses' deadline to file 15 Oct 2026)

• To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Corporation for the financial year ended 31st March 2026 and the reports of the Board of Directors and the Auditors thereon.MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi 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 FundWe have relied upon the auditors’ report, which has not raised concerns on the financial statements. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). However, we raise concern that the Corporation’s audit committee is not constituted in line with regulations and the board and audit committee does not have sufficient independent directors. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundUnqualified financial statements. Compliant with the Indian Accounting Standards. Governance Concern: Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity / accuracy of the financial statements.

  3 for5 against
• To declare dividend of Rs. 13.25 per equity share for the financial year 2025-26, as recommended by the Board of Directors.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Sufficient funds available for payment of final dividend. However, Governance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  5 for3 against
• To authorize the Board of Directors to fix the remuneration of the Joint Statutory Auditors appointed by the Comptroller and Auditor General of India (C&AG) for the financial year 2026-27

  8 for0 against
• To appoint a director in place of Ms. Jayashri Balkrishna (DIN: 11210291), who retires by rotation and being eligible, offers herself for re-appointment

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. No issue on merit/eligibility or competence of appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  5 for3 against
• Appointment of Shri Hitesh Rameshchandra Joshi (DIN: 09322218) as Chairman-cum-Managing Director (CMD) of the Corporation

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. No issue on merit/eligibility or competence of appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  5 for3 against
• Appointment of Dr. Debasish Prusty (DIN: 10655471) as Government Nominee Director of the Corporation

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.
  • DSP Mutual Fund, Jio BlackRock Mutual FundDr. Debasish Prusty, 50, is the Additional Secretary, Department of Financial Services, Ministry of Finance, Government of India. He has over 26 years of experience in designing and implementing policies relating to public finance, sustainable development, development cooperation, and environmental and urban governance. Prior to this, he served as the Principal Secretary, Finance and Urban Development Department, Government of Rajasthan. He is not liable to retire by rotation, and the company has not disclosed his tenure. However, we take comfort from the SEBI LODR amendments, which require the periodic reappointment of a director at least once every five years. While his appointment as Government Nominee Director is in line with the statutory requirements, we are unable to support his appointment to the board as the board composition is not compliant with the regulations with respect to number of independent director’s including woman independent Director on the board. The Ministry of Finance must first address the board composition before appointing its nominees to the board. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. No issue on merit/eligibility or competence of appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.

  3 for5 against
• Appointment of Shri Hiteshkumar Kismatbhai Bhandari (DIN: 11890575) as Part-time Non-Official Director (Independent Director) of the Corporation

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concerns: Term of appointment is ambiguous and against spirit of the law.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on merit/eligibility or competence of proposed appointee. Governance Concerns: Term of appointment is ambiguous and against spirit of the law.

  5 for3 against

Mutual fund votes, meeting of 23 Sep 2025, 22 fund houses

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

• To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Corporation for the financial year ended 31st March 2025 and the reports of the Board of Directors and the Auditors thereon.MoreLess

  21 for0 against
• To declare dividend of ₹10/- per equity share for the financial year 2024-25, as recommended by the Board of Directors.

  21 for0 against
• To authorize the Board of Directors to fix the remuneration of the Joint Statutory Auditors appointed by the Comptroller and Auditor General of India (C&AG) for the financial year 2025-26.

  22 for0 against
• To appoint a Director in place of Shri Hitesh Rameshchandra Joshi (DIN: 09322218), who retires by rotation and being eligible, offers himself for reappointment.

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

  • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No issue on merit/eligibility or competence of proposed appointee. Governance Concern: Board is noncompliant with the requirement of requisite number of Independent Directors.
  • LIC Mutual FundGovernance Concern: Board is noncompliant with the requirement of requisite number of Independent Directors.

  14 for7 against
• Appointment of Shri Manoj Muttathil Ayyappan (DIN: 10733238) as Government Nominee Director of the Corporation.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Taurus Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors; Delayed Shareholders’ approval.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Taurus Mutual FundManoj Muttathil Ayyappan, 51, is Joint Secretary, Department of Financial Services, Ministry of Finance, Government of India. He has over 25 years of experience in SME lending, financial analysis, trade finance, risk management, stress account management, and credit operations. He is not liable to retire by rotation, and the company has not disclosed his tenure. However, we take comfort from the SEBI LODR amendments, which require the periodic reappointment of a director at least once every five years. While his appointment as Government Nominee Director is in line with the statutory requirements, we are unable to support his appointment as the board composition is not compliant with the regulations on independent director’s representation. The Ministry of Finance must first address the board composition before appointing its nominees to the board. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with Law. No issue on merit/eligibility or competence of appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed Shareholders’ approval.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed Shareholders approval.
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed Shareholders’ approval.

  9 for13 against
• Appointment of Ms. Jayashri Balkrishna (DIN: 11210291) as Executive Director on the Board of the Corporation.

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

  • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No issue on merit/eligibility or competence of proposed appointee. Governance Concern: Board is noncompliant with the requirement of requisite number of Independent Directors.
  • LIC Mutual FundGovernance Concern: Board is noncompliant with the requirement of requisite number of Independent Directors.

  15 for7 against
• Appointment of Shri Tapan Kumar Mondal (DIN: 11228147) as Government Nominee Director of the Corporation.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Taurus Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Taurus Mutual FundTapan Kumar Mondal, 59, is Deputy Secretary, Department of Financial Services, Ministry of Finance, Government of India. He is a Central Secretariat Service officer of the 1990 batch. He is not liable to retire by rotation, and the company has not disclosed his tenure. However, we take comfort from the SEBI LODR amendments, which require the periodic reappointment of a director at least once every five years. While his appointment as Government Nominee Director is in line with the statutory requirements, we are unable to support his appointment as the board composition is not compliant with the regulations on independent director’s representation. The Ministry of Finance must first address the board composition before appointing its nominees to the board. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with Law. No issue on merit/eligibility or competence of appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • LIC Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  9 for13 against
• Appointment of Shri Ashwani Kumar (DIN: 10344636), MD & CEO, UCO Bank as Non- Executive Director on the Board of the Corporation.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundTerm of appointment is ambiguous.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Taurus Mutual Fund, UTI Mutual FundAshwani Kumar, 56, is Managing Director and Chief Executive Officer of UCO Bank. He has more than two decades of experience in banking. The notice of his appointment does not clearly state the category of directorship in GIC; however as per the annual report, he is classified as an Independent Director. Since UCO Bank and GIC are both Government owned entities, we do not consider Ashwani Kumar to be an Independent Director. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with Law. No issue on merit/eligibility or competence of appointee. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • LIC Mutual Fund, Nippon India Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.

  8 for14 against
• Appointment of M/s. Ragini Chokshi & Co., practicing company secretaries as Secretarial Auditors for a term of five (5) consecutive years.

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

  • Angel One Mutual FundFailure to highlight non compliance in the Secretarial Audit Report.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: Failure to highlight non-compliance w.r.t. by the Corporation in the Secretarial Audit Report issued by the proposed Auditors.
  • LIC Mutual FundGovernance concern: Failure to highlight non-compliance w.r.t. by the Corporation in the Secretarial Audit Report issued by the proposed Auditors.

  15 for7 against

• Fine or penaltyNational Stock Exchange of India LimitedSince 27 May 2026

  Communication of fine levied for non-compliance with regulation 17 (1), 18(1) and 19(1)(2) of SEBI LODR, 2015

  Fine levied by National Stock Exchange of India Limited during quarter ended June 2026 for non-compliance under Regulation 17(1), 18(1) and 19(1)/(2) of SEBI (LODR) Regulations pertaining to composition of Board for quarter ended 31.03.2026.MoreLess
• Fine or penaltyBSE LimitedSince 27 May 2026

  Communication of fine levied for non-compliance with regulation 17 (1), 18(1) and 19(1)(2) of SEBI LODR, 2015

  Fine levied by BSE Limited during quarter ended June 2026 for non-compliance under Regulation 17(1), 18(1) and 19(1)/(2) of SEBI (LODR) Regulations pertaining to composition of Board for quarter ended 31.03.2026.MoreLess
• Tax disputeCBIC - GST DeptSince 19 Oct 2016
  Pending at CESTAT. Section 135 of Finance Act 2025 introduced retrospective amendment to grant exemption for service tax on exempt agriculture premium. The Corporation has appointed Deloitte to pursue case with CESTAT to dismiss demandMoreLess
  At the filing before: Adjudicating Authority has confirmed the demand. GIC Re has filed the appeal before Honourable CESTAT Mumbai.
• Tax disputeCBIC - GST DeptSince 18 Oct 2019
  Pending at CESTAT
  At the filing before: Adjudicating Authority has confirmed the demand. GIC Re has filed the appeal before Honourable CESTAT Mumbai.
• Tax disputeCBIC - GST DeptSince 16 Jan 2020
  Pending at CESTAT. Section 135 of Finance Act 2025 introduced retrospective amendment to grant exemption for service tax on exempt agriculture premium - The Corporation has appointed Deloitte to pursue case with CESTAT to dismiss demandMoreLess
  At the filing before: Adjudicating Authority has confirmed the demand. GIC Re has filed the appeal before Honourable CESTAT Mumbai.
• Tax disputeACIT CIT 3(1)(1), MumbaiSince 3 Jan 2023
  Pending at Income Tax Appellate Tribunal, Mumbai
  At the filing before: Initial appeal was filed by GIC on 23-03-2019 at CIT(A) level and then Income tax department had filed appeal against CIT(A) order at ITAT level on 03-01-2023
• Tax disputeACIT CIT 3(1)(2), MumbaiSince 23 Mar 2019
  Pending at CIT(A)-8 Mumbai
  At the filing before: Appeal is filed by the Corporation on 23-03-2019 against order under sec 143(3) r.w.s 147 dated 23-02-2019
• Tax disputeACIT CIT 3(1)(1), MumbaiSince 25 Jan 2022
  Pending at Income Tax Appellate Tribunal, Mumbai
  At the filing before: Initially appeal was filed by GIC at CIT(A) level on 14-06-2019 against order under section 143(3) r.w.s 144C(3) dated 30-05-2019 .Subsequently, Appeal was filed by Income Tax Department aginst CIT(A)order on 25-01-2022 and same is pending at ITAT level.MoreLess

In the company's own words, from its latest governance filing.

The board is made up as the listing rules require

No

The board has a regular chairperson

Yes

The company has a risk management committee

Yes

The chair is related to the managing director

No

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.