Gujarat State Fertilizers & Chemicals MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 20 Dec 2025, 11 fund houses

• APPONITMENT OF MR. 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, Motilal Oswal Mutual Fund, quant Mutual Fund

  • Angel One Mutual FundGovernance concern: Proposed appointment will lead to non-compliant Board with regards to retirement of Directors by rotation. Director holds 2 Full-Time positions as Chief Secretary of Govt. of Gujarat and Managing Director of Gujarat State Petronet Ltd.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern identified on the merits of proposed appointee. Governance concern: Proposed appointment will lead to non-compliant Board w.r.t. Section 152 of the Companies Act, 2013. Director holds 2 Full-Time positions as Chief Secretary of Govt. of Gujarat and MD of GSP Ltd.
  • quant Mutual FundNo concern identified on the merits of proposed appointee. Governance concern: Proposed appointment will lead to non-compliant board w.r.t. Section 152 of the Companies Act, 2013. Director holds 2 full-time positions as Chief Secretary of Govt. of Gujarat and MD of GSP Ltd.

  6 for5 against

Mutual fund votes, meeting of 24 Sep 2025, 10 fund houses

• 1-Adoption of 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’ thereon.MoreLess

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

  10 for0 against
• 3-To re-appoint Mr. Syed Jawaid Haider, IAS (DIN: 02879522), Director of the Company, who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Tata Mutual Fund

  • Aditya Birla Sun Life Mutual FundSyed Jawaid Haider, 59, is currently the Additional Chief Secretary to the Government of Gujarat in Energy and Petrochemicals Department. He is an IAS Officer with over 32 years of experience in administration and governance. He has served on the board of GSFC since August 2024 and has not attended any board meetings (nil out of three) held during his tenure in FY25. We expect directors to attend all board meetings: we have a threshold of 75% attendance of the board meetings in the three years prior to reappointment. Given that he has not attended any meetings in FY25 since his appointment, we do not support the resolution.
  • Angel One Mutual FundLow attendance at the Board & Committee meetings.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Low attendance at the Board & Committee meetings.
  • HDFC Mutual FundSyed Jawaid Haider, 59, is currently the Additional Chief Secretary to the Government of Gujarat in Energy and Petrochemicals Department. He is an IAS Officer with over 32 years of experience in administration and governance. He has served on the board of GSFC since August 2024 and has not attended any board meetings (nil out of three) held during his tenure in FY25. Given that he has not attended any meetings in FY25 since his appointment, we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Tata Mutual FundLow attendance at the Board meetings indicates that a director is not able to devote sufficient time towards the affairs of the Company as well as towards his/her duty of care being a director on the Board. Given that he has not attended any meetings in FY25 since his appointment, we do not support the resolution.

  1 for9 against
• 4 - Appointment of M/s CNK & Associates LLP, Chartered Accountants, Vadodara (Firm Registration Number - 101961W/W-100036) as Statutory Auditors of the Company

  ›Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Tata Mutual Fund

  • Aditya Birla Sun Life Mutual FundParikh Mehta & Associates were appointed as statutory auditors for two years from the conclusion of the 2022 AGM and then subsequently for one year from the conclusion of the 2024 AGM. The company has stated that since Parikh Mehta & Associates have completed two terms as statutory auditors, approval is sought for appointment of CNK & Associates LLP as statutory auditors for three years from 2025 AGM. CNK & Associates will be paid a remuneration of Rs. 2.0 mn. For FY25, the auditor remuneration was Rs. 1.6 mn. The proposed audit fees of Rs 2.0 mn plus applicable taxes and out of office expenses are reasonable. However, the proposed appointment for three years is not in line with Section 139(1) of Companies Act 2013, which states that auditors must be appointed for a period of five years. The company must issue a corrigendum to modify the auditor term and comply with the Act. Therefore, we do not support the resolution.
  • Angel One Mutual FundAppointment for period of 3 years only.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on merit of Auditor. Non-Compliance: Appointment for period of 3 years will result in violation of Section 139 of the Companies Act, 2013.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Tata Mutual FundAs per the provisions contained under section 139 of the Companies Act, 2013, a Statutory Auditor cannot be appointed for a term other than 5 years. As it is not compliant with law we do not support the resolution.

  3 for7 against
• 5 - Appointment of Mr. Sanjeev Kumar, IAS (DIN: 03600655) as Director of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundDirector holds 2 Full-Time positions as Principal Secretary of Gujarat and MD of GSFC Ltd.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance concern: Director holds 2 Full-Time positions as Principal Secretary of Gujarat and MD of GSFC Ltd.

  6 for4 against
• 6 - Appointment of Mr. Sanjeev Kumar, IAS (DIN: 03600655) as Managing Director of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundDirector holds 2 Full-Time positions as Principal Secretary of Gujarat and MD of GSFC Ltd.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance concern: Director holds 2 Full-Time positions as Principal Secretary of Gujarat and MD of GSFC Ltd.

  6 for4 against
• 7 - Re-Appointment of Mrs. Gauri Kumar, IAS (Retd.) (DIN: 01585999) as an Independent Director of the Company.

  ›Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund

  • Aditya Birla Sun Life Mutual FundMs. Gauri Kumar, 70, is a retired IAS Officer. As per public sources, she is founder and CEO, Scholar Planet, an Ed tech startup. She has served on the board of GSFC since September 2020 and has attended all the five board meetings held in FY25. Ms. Gauri Kumar serves on the boards of four listed companies (including GSFC). While regulations cap the number of independent directorships at seven, for whole-time directors of listed entities, the limit is three. We believe Ms. Gauri Kumar’s role as Founder of Scholar Planet is equivalent to a whole-time engagement. Further, we note that while Ms. Gauri Kumar has attended all board meetings of GSFC in the last three years, she has attended only 60% of board meetings of Gujarat Mineral Development Corporation Ltd, which raises concerns regarding her availability and ability to devote sufficient time to her board responsibilities. Further, she has also been an Independent Director on the board of Gujarat Narmada Valley Fertilizers & Chemicals Ltd, a group company, since March 2020 and we consider her overall association with the group while computing her tenure. We do not support reappointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years anytime during the proposed tenure as we believe that this is not in line with the spirit of the regulations. We are unable to support the resolution.
  • Angel One Mutual FundPrior shareholders’ approval not obtained for second Term as Independent Director.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of proposed appointee. Non-Compliance: Re-appointment is not in accordance with law, prior approval of shareholders not obtained for re-appointment as an ID.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  4 for6 against
• 8 - Re-Appointment of Dr. Sudhir Kumar Jain (DIN: 03646016) as an Independent Director of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundPrior shareholders’ approval not obtained for second Term as Independent Director.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of proposed appointee. Non-Compliance: Re-appointment is not in accordance with law, prior approval of shareholders not obtained for re-appointment as an ID.

  6 for4 against
• 9 - Appointment of Dr. Rama Shanker Dubey (DIN: 11265952) as an Independent Director of the Company.

  10 for0 against
• 10 - Appointment of Prof. Sundaravalli Narayanaswami (DIN: 06973448) as an Independent Director of the Company.

  10 for0 against
• 11 - Appointment of M/s. Samdani Shah & Kabra, Company Secretaries as Secretarial Auditor of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

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

  6 for4 against
• 12 - Ratification of remuneration to Cost Auditor.

  10 for0 against

Mutual fund votes, meeting of 22 Mar 2025, 14 fund houses

• APPOINTMENT OF SHRI PANKAJ JOSHI, IAS (DIN 01532892) AS A DIRECTOR AND CHAIRMAN OF THE COMPANY

  ›Against Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Axis Mutual FundPankaj Joshi, 59, 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. 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 do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern identified on the merits of proposed appointee. Governance concern: Proposed appointment will lead to non-compliant Board w.r.t. Section 152 of the Companies Act, 2013. Director holds 2 Full-Time positions as Chief Secretary of Govt. of Gujarat and MD of GSP Ltd.
  • Kotak Mahindra Mutual FundPankaj 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 do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundProfile of the Candidate
  • quant Mutual FundRelated to the appointment of Mr Pankaj Joshi, IAS as Director and Chairman of the company. No concern identified on the merits of proposed appointee. Governance concern: Proposed appointment will lead to non-compliant Board w.r.t. Section 152 of the Companies Act, 2013: only 2 Non-Executive Directors Mr S. J. Haider and Dr T. Natarajan, are liable to retire by rotation, which is not in line with the legal requirement of at least 2/3rd of the total NIDs being liable to retire by rotation. Also, the director holds 2 full-time positions as Chief Secretary of Govt. of Gujarat and MD of Gujarat State Petronet Ltd. Hence, we are voting against the resolution.

  4 for10 against

Mutual fund votes, meeting of 24 Sep 2024, 12 fund houses

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

• Adoption of Accounts

  3 for0 against
• To declare dividend on equity shares

  12 for0 against
• Appointment of M/s Parikh Mehta & Company, Chartered Accountants, Vadodara (Firm Registration Number 112832W) as Statutory Auditors of the Company and to fix their remuneration

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual Fund, DSP Mutual FundParikh Mehta & Associates were appointed as statutory auditors for two years from the conclusion of the 2022 AGM. The company proposes to reappoint them for one year from the conclusion of the 2024 AGM. For FY24, the overall auditor remuneration aggregated Rs. 1.4 mn. The proposed audit fees of Rs 1.1 mn plus applicable taxes and out of office expenses are reasonable. However, the proposed reappointment for one year is not in line with Section 139(1) of Companies Act 2013, which states that auditors must be appointed for a period of five years. The company must issue a corrigendum to modify the auditor term and comply with the Act. Therefore, we do not support the resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNo concern on merit of Auditor. Non-Compliance: Re-appointment for period of 1 year will result in violation of Section 139 of the Companies Act, 2013. Governance concern: Rationale for material change in audit fee not disclosed.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  5 for7 against
• Appointment of Shri S.J. Haider, IAS (DIN: 02879522) as Director of the Company

  12 for0 against
• Ratification of remuneration to Cost Auditor

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

  12 for0 against

Mutual fund votes, meeting of 20 Apr 2024, 12 fund houses

• APPOINTMENT OF SHRI KAMAL DAYANI, IAS (DIN 05351774) AS MANAGING DIRECTOR OF THE COMPANY

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

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance concern: Director holds 2 Full-Time positions as Chief Secretary of Gujarat and MD of GSFC Ltd. Appointment as a non-retiring director would result in Non-Compliant Board with retirement by rotation provision under Section 152 of the Companies Act, 2013.
  • Nippon India Mutual FundHolding two full time positions

  8 for4 against

Mutual fund votes, meeting of 22 Sep 2023, 6 fund houses

• To receive, consider and adopt the a) Audited Financial Statements of the Company for the F.Y. ended 31st March, 2023, together with the Report of the Board of Directors and Auditors thereon and b) Audited Consolidated Financial Statements of the Company for the FY ended 31st March, 2023 together with Report of the Auditors thereon.MoreLess

  ›Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Motilal Oswal Mutual FundUnqualified Financial Statements. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiary
  • Nippon India Mutual FundInadequate disclosure

  4 for2 against
• To declare dividend on equity shares

  6 for0 against
• To appoint a Director in place of Shri J P Gupta, IAS (DIN 01952821). Who retires by rotation in terms of Section 152 (6) of the Companies Act, 2013 and being eligible offers himself for reappointment.MoreLess

  ›Against Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Mahindra Manulife Mutual FundNon-Compliant with SEBI LODR Regulation 17(1C)- Delayed in shareholders approval. Governance Concern: Low attendance at Audit Committee meetings. Mr. J. P. Gupta was appointed as Director on 14th December, 2021 by Government of Gujarat on a liable to retire by rotation basis as per BSE corporate announcement. After the appointment of Mr. J. P. Gupta, the Company has held two general meetings (AGM 2022 & Postal Ballot dated 13th May, 2023). The Company has not proposed the appointment of Mr. J. P. Gupta for shareholders’ approval at any of these General meetings.
  • Motilal Oswal Mutual FundNo concern identified with profile and time commitment of the appointee. Non-Compliant with SEBI LODR Regulation 17(1C)- Delayed in shareholders approval. Governance Concern: Low attendance at Audit Committee meetings.
  • Nippon India Mutual FundShareholder's approval not obtained on time for appointment of director

  3 for3 against
• Ratification of remuneration to cost Auditor

  6 for0 against