Gujarat Narmada Valley Fertilizers and Chemicals MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 1 Jan 2026, 9 fund houses

• Appointment of Shri Manoj Kumar Das, IAS (DIN: 06530792) as a Director and Chairman of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundDirector holds 2 Full-Time positions as Managing Director, Gujarat State Petronet Ltd. and Chief Secretary to Govt. of Gujarat (GoG) & Proposed appointment as a Non-Retiring Director is leading to the Non-Compliance of retirement of director by rotation requirement.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merit of the proposed appointee. Governance concern: Director holds 2 Full-Time positions as MD, GSPL and Chief Secretary to Govt. of Gujarat (GoG). Non-Compliant Board u/s 152 of Companies Act: Proposed appointment as a Non-Retiring Director is leading to the Non-Compliance under section 152 of the Companies Act, 2013.
  • Jio BlackRock Mutual FundManoj Kumar Das, 58, is an IAS officer and currently serves as the Chief Secretary to the Government of Gujarat. Previously, he has served as Additional Chief Secretary to the Chief Minister of Gujarat, District Development Officer (Junagadh), District Collector (Porbandar, Palanpur and Surat), Deputy Municipal Commissioner (Ahmedabad), Municipal Commissioner (Surat and Vadodara), District Affairs (Jammu and Kashmir), etc.The notice does not specify whether he is proposed to be appointed as a non-executive director or an executive director. Given that he replaces Pankaj Joshi, former Non-Executive Chairperson, we have considered his appointment as that of a Non-Executive Director.He is not liable to retire by rotation and represents the Government of Gujarat on the board. While SEBI Regulations require periodic shareholder approval for directors, they carve out an exception for government nominee directors appointed on the boards of non-government companies. Accordingly, his continuation on the board would not be subject to periodic shareholder approval. In the absence of a defined tenure and given that he is not liable to retire by rotation, we do not support the resolution.
  • Mirae Asset Mutual FundIn line with advisor recommendation (passive holding)

  2 for7 against
• Ratification of remuneration payable to Cost Auditor of the Company for the Financial Year 2025-26

  9 for0 against

Mutual fund votes, meeting of 9 Sep 2025, 15 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 Standalone Financial Statements and Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025 and the Reports of the Board of Directors and Auditors’ thereonMoreLess

  15 for0 against
• Declaration of Dividend on equity shares for the Financial Year ended March 31, 2025

  14 for0 against
• Appointment of Director in place of Shri S. J. Haider, IAS (DIN: 02879522), who retires by rotation and being eligible, offers himself for re-appointment

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Proposed appointee is member of Nomination & Remuneration Committee and Board is non-compliant with requirement of retirement of Directors by rotation.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern identified on the merit of proposed appointee. Governance Concern: Proposed appointee is member of NRC and Board is non-compliant with Section 152 of the Companies Act, 2013.
  • Nippon India Mutual FundGovernance Concern: Proposed appointee is member of NRC and Board is non-compliant with Section 152 of the Companies Act, 2013.

  7 for7 against
• Re-appointment of Shri Bhadresh Mehta (DIN: 02625115) as an Independent Non-Executive Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Proposed appointee is member of Nomination & Remuneration Committee and Board is non-compliant with requirement of retirement of Directors by rotation.
  • Axis Mutual Fund, Jio BlackRock Mutual FundBhadresh Mehta, 65, is a qualified Chartered Accountant, Company Secretary and Cost Accountant. He has over 25 years in steering finance, audit and infotech functions. His areas of specialization are strategic planning, financial management, auditing, information technology and risk management. He has served on the board as an Independent Director since 29 December 2021. We note that Bhadresh Mehta was on the board of Gujarat Mineral Development Corporation Limited from October 2008 to April 2019 and has been on board of various other Gujarat state entities: Gujarat State Petronet Limited (since October 2015), Gujarat State Financial Services (Since December 2019) and Gujarat Gas Limited (Since August 2021) Gujarat State Investment Limited (Since May 2022). Therefore, he has been associated with the promoter group for over 16 years. While his reappointment is compliant with regulations, given his aggregate association with the group of over ten years, we do not support his appointment as Independent Director. The company must appoint him as a Non-Executive Non-Independent Director. We do not support this resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern identified on the merit of proposed appointee. Governance Concern: Proposed appointee is member of NRC and Board is non-compliant with Section 152 of the Companies Act, 2013.
  • HDFC Mutual FundMr. Bhadresh Mehta, 65, is a qualified Chartered Accountant, Company Secretary and Cost Accountant. He has over 25 years in steering finance, audit and infotech functions. His areas of specialization are strategic planning, financial management, auditing, information technology and risk management. His aggregate association with the group has exceeded ten years. We do not support this resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundGovernance Concern: Proposed appointee is member of NRC and Board is non-compliant with Section 152 of the Companies Act, 2013.

  3 for11 against
• Appointment of Shri Susanta Kumar Roy (DIN: 07940997) as an Independent Non-Executive Director of the Company

  15 for0 against
• Appointment of Shri Sanjeev Kumar, IAS (DIN: 03600655) as Director of the Company

  14 for0 against
• Appointment of M/s J J Gandhi & Co., Practicing Company Secretaries as a Secretarial Auditor of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Failure to highlight previous non-compliance in the Secretarial Audit Report or Compliance Report.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Failure to highlight previous non-compliance in the Secretarial Audit Report or Compliance Report.

  7 for7 against
• Ratification of remuneration payable to Cost Auditor of the Company for the financial year 2025-26

  14 for0 against

Mutual fund votes, meeting of 3 Apr 2025, 15 fund houses

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

• Change in designation and appointment of Dr. T. Natarajan, IAS (DIN: 00396367) as Managing Director of the Company

  ›Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of proposed appointee. Governance concern: Non-Compliant Board u/s 152 of Companies Act; appointment as a Non-Retiring Director is leading to the Non-Compliance. Excessive time commitments; Holding three full time positions.
  • Nippon India Mutual FundNon-Compliant Board u/s 152 of Companies Act

  9 for5 against
• Appointment of Shri Pankaj Joshi, IAS (DIN: 01532892) as Director and Chairman of the Company

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund

  • Axis Mutual Fund, Navi Mutual FundPankaj Joshi, 60, is Chief Secretary to Government of Gujarat. He also serves as the Chairperson of Gujarat State Fertilizers & Chemicals Ltd., and Gujarat Narmada Valley Fertilizers & Chemicals Ltd. Additionally, he holds the dual responsibility of Chairperson and Managing Director of Gujarat State Petronet Limited. Prior to this he was Additional Chief Secretary to the Chief Minister of Gujarat. In the past he has held leadership positions in public administration. He is an IAS Officer. He holds a Bachelor of Technology degree in Civil Engineering and a Master of Technology in Water Resource Engineering from Indian Institute of Technology, Delhi. He also holds an M.Phil. in Defence and Strategic Studies. Pankaj Joshi is not liable to retire by rotation. The recent amendments to SEBI regulations on periodic director rotation, carve out an exception for government nominees on non-public sector companies – therefore his reappointment will not require periodic shareholder approval. We do not support non-rotational board seats for Non-Executive Non-Independent Directors unless the tenure is specified, as it may lead to board permanency. We are unable to support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of proposed appointee. Governance concern: Non-Compliant Board u/s 152 of Companies Act; appointment as a Non-Retiring Director is leading to the Non-Compliance.
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundNon-Compliant Board u/s 152 of Companies Act
  • UTI Mutual FundPankaj Joshi, 60, is Chief Secretary to Government of Gujarat. Additionally, he holds the dual responsibility of Chairperson and Managing Director of Gujarat State Petronet Limited. Prior to this he was Additional Chief Secretary to the Chief Minister of Gujarat. Pankaj Joshi is not liable to retire by rotation. The recent amendments to SEBI regulations on periodic director rotation, carve out an exception for government nominees on non-public sector companies – therefore his reappointment will not require periodic shareholder approval. We do not support non-rotational board seats for Non-Executive Non-Independent Directors unless the tenure is specified, as it may lead to board permanency. We are unable to support the resolution.

  5 for9 against

Mutual fund votes, meeting of 28 Feb 2025, 20 fund houses

• Appointment of Shri Ajai Bahadur Khare (DIN: 07416463) as an Independent Non-Executive Director of the Company

  20 for0 against

Mutual fund votes, meeting of 4 Nov 2024, 1 fund house

• 1. Appointment of Shri Kamal Dayani, IAS (DIN: 05351774) as Director of the Company.

  1 for0 against

Mutual fund votes, meeting of 20 Sep 2024, 20 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 Standalone Financial Statements and Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024 and the Reports of the Board of Directors and Auditors’ thereon.MoreLess

  19 for0 against
• Declaration of Dividend on equity shares for the Financial Year ended March 31, 2024

  19 for0 against
• Appointment of Director in place of Shri Kamal Dayani, IAS (DIN: 05351774), who retires by rotation and being eligible, offers himself for re-appointment

  ›Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PPFAS Mutual Fund

  • Bajaj Finserv Mutual FundCompliant with law. No concern on merit of director. Governance concern: Excessive time commitments. Holding two full time positions.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merit of director. Governance concern: Excessive time commitments. Holding two full-time positions.
  • PPFAS Mutual FundHolding two full time positions

  14 for5 against
• Appointment of Shri S. J. Haider, IAS (DIN: 02879522) as Director of the Company.

  19 for0 against
• Re-appointment of Prof. Ranjan Kumar Ghosh (DIN: 08551618) as an Independent Non-Executive Director of the Company

  19 for0 against
• Ratification of remuneration payable to Cost Auditor of the Company for the financial year 2024-25

  19 for0 against
• Appointment of Dr. T. Natarajan, IAS (DIN: 00396367) as Director of the Company

  ›Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund

  • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNon-compliant: Addendum Notice not prior to 14 days w.r.t. appointment of Director under section 160.
  • Kotak Mahindra Mutual FundNo concern has been identified with the time commitments and profile of the Director. However, according to the Section 160 of the Companies Act, 2013, for the Director to be eligible for the appointment, the same has to be done not less than 14 days of the meeting date. Therefore, the Notice must have been received at least latest by 6th September 2024. There was no intimation to Stock Exchanges for this notice. However, on 12th September 2024 there is a disclosure on exchanges (Weblink) regarding appointment of said director. Hence voting against.
  • PPFAS Mutual FundAddendum Notice not prior to 14 days w.r.t. appointment of Director under section 160.

  12 for7 against