Housing & Urban Development Corporation CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 24 Aug 2026, 12 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 consider and adopt Audited Financial Statements (Standalone and Consolidated) of the Company for the Financial Year ended 31st March, 2026, the report of the Board of Directors, Independent Auditor’s Report, and comments of the Comptroller and Auditor General of India thereonMoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC 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 raised emphasis of matters relating to: (i) recognition of interest income of Rs. 265.7 mn on the Andrews Ganj Project, with an outstanding recoverable balance of Rs. 6,856.4 mn from MoHUA as at 31 March 2026 (FY25: Rs. 6,265.2 mn); (ii) non-compliance with SEBI requirements regarding the requisite number of Independent Directors during specified periods; (iii) non-fulfilment of RBI's conditions requiring 75% infrastructure finance exposure and divestment of joint venture investments by 31 March 2026, for which an extension has been sought; and (iv) non-recognition of Deferred Tax Liability (DTL) on the Special Reserve and reversal of the DTL recognized earlier, with the amount not disclosed. Except for these matters, the auditors have not modified their opinion. We raise concern that the company has not constituted an audit committee in line with regulations and does 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 FundUnqualified Financial Statements (except certain non-material remarks in CARO Report). Governance concern: Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  5 for6 against
• To declare final dividend for Financial Year 2025-26 @ 15% (Rs. 1.50/- per equity share) as recommended by the Board and to confirm the payment of interim dividends already declared and paid for the Financial Year 2025-26MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi 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 FundCompliant with law. Sufficient fund to pay 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.

  8 for4 against
• To appoint a Director in place of Shri Daljeet Singh Khatri (DIN: 06630234), Director (Finance), who retires by rotation at this Annual General Meeting and is eligible and offers himself for re-appointment, on the same terms & conditions as earlier approved by the President of IndiaMoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, LIC 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 Director/ Woman Independent Director on the Board. Mr. Daljeet Singh Khatri, Executive Director and a member of the Nomination & Remuneration Committee. Executive Director serving as member of Nomination & Remuneration Committee is non-compliant with the applicable legal provisions.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundNo 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 on the Board. Mr. Daljeet Singh Khatri, Executive Director and a member of the NRC. Executive Director serving as member of NRC is non-compliant with the applicable legal provisions.
  • 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 Daljeet Singh Khatri and Baldeo Purushartha are non-independent director nominees. Daljeet Singh Khatri is an executive director serving on the nomination and remuneration committee.

  7 for5 against
• To authorize the Board of Directors of the Company to fix the remuneration of the Statutory Auditors of the Company for the Financial Year 2026-27

  12 for0 against
• To appoint Shri Baldeo Purushartha (DIN:07570116) as Part-time Official (Government) Director

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, LIC 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 Director/ Woman Independent Director on the Board.
  • DSP Mutual FundBaldeo Purushartha, 52, is an IAS officer 2002 batch from the Punjab cadre. He is the Joint Secretary in the Department of Economic Affairs, Ministry of Finance. He has served in various field and secretariat positions in the Government of Punjab and the Government of India. Now, the company proposes to appoint him as Non-Executive Nominee Director. He has attended all six board meetings (100%) held in FY26 since his appointment on board. He is liable to retire by rotation. Further, he was appointed on the board from 15 September 2025: while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval within three months.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 the Ministry of Housing & Urban Affairs to first address the board composition, before appointing its nominees to the board. Hence, we do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundNo 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.
  • 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 Daljeet Singh Khatri and Baldeo Purushartha are non-independent director nominees. Daljeet Singh Khatri is an executive director serving on the nomination and remuneration committee.
  • Jio BlackRock Mutual FundBaldeo Purushartha, 52, is an IAS officer 2002 batch from the Punjab cadre. He is the Joint Secretary in the Department of Economic Affairs, Ministry of Finance. He has served in various field and secretariat positions in the Government of Punjab and the Government of India. Now, the company proposes to appoint him as Non-Executive Nominee Director. He has attended all six board meetings (100%) held in FY26 since his appointment on board. He is liable to retire by rotation. Further, he was appointed on the board from 15 September 2025: while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval within three months. 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 the Ministry of Housing & Urban Affairs to first address the board composition, before appointing its nominees to the board. Hence, we do not support the resolution.

  5 for7 against
• Raising of Funds up to a maximum of Rs. 70,000 Crore through issue of Non-Convertible Bonds/ Debentures on private placement basis

  12 for0 against

Mutual fund votes, meeting of 15 Sep 2025, 28 fund houses

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

• To consider and adopt Audited Financial Statements (Standalone and Consolidated) of the Company for the Financial Year ended 31st March, 2025, the report of the Board of Directors, Independent Auditor’s Report, and comments of the Comptroller and Auditor General of India thereon.MoreLess

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual Fund

  • Axis Mutual Fund, Bank of India Mutual Fund, Sundaram Mutual FundWe have relied upon the auditors’ report, which has identified material weaknesses with respect to matters such as noted weaknesses in the Loan Management System and financial closure processes, including manual interventions and inadequate monitoring, and recommended stronger controls to ensure accurate and timely reporting in the company’s internal financial controls. Consequently, the auditors have qualified their opinion with respect to the adequacy of the internal financial controls. Additionally, auditors have raised emphasis of matters regarding the company’s recognition of interest income of Rs. 294.6 mn in FY25 on the ‘No lien AGP Account’ which carries a debit balance of Rs. 6,265.2 mn pending recovery or reimbursement from MoHUA and also noted that the company has not complied with SEBI requirements on maintaining the requisite number of Independent Directors on its Board during specified periods. Given the qualified opinion in the internal financial controls, we do not support the resolution.
  • Invesco Mutual FundWe have relied upon the auditors’ report, which has identified material weaknesses with respect to matters such as noted weaknesses in the Loan Management System and financial closure processes, including manual interventions and inadequate monitoring, and recommended stronger controls to ensure accurate and timely reporting in the company’s internal financial controls. Consequently, the auditors have qualified their opinion with respect to the adequacy of the internal financial controls. Additionally, auditors have raised emphasis of matters regarding the company’s recognition of interest income of Rs. 294.6 mn in FY25 on the ‘No lien AGP Account’ which carries a debit balance of Rs. 6,265.2 mn pending recovery or reimbursement from MoHUA and also noted that the company has not complied with SEBI requirements on maintaining the requisite number of Independent Directors on its Board during specified periods. Given the qualified opinion in the internal financial controls, we do not support the resolution
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • WhiteOak Capital Mutual FundWe have relied upon the auditors’ report, which has identified material weaknesses with respect to matters such as noted weaknesses in the Loan Management System and financial closure processes. Consequently, the auditors have qualified their opinion with respect to the adequacy of the internal financial controls. We do not support the resolution.

  18 for6 against
• To declare final dividend for Financial Year 2024-25 @ 10.50% (Rs. 1.05/- per equity share) as recommended by the Board and to confirm the payment of 1st and 2nd interim dividends @ 20.50% and 10.50% (Rs. 2.05/- and Rs.1.05/- per equity share) respectively.MoreLess

  28 for0 against
• To appoint a Director in place of Shri M. Nagaraj (DIN:05184848), Director (Corporate Planning), who retires by rotation at this Annual General Meeting and is eligible and offers himself for re-appointment, on the same terms & conditions as earlier approved by the President of India .MoreLess

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of 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 appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Director.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the board independence norms are not met and the nominee is a non-independent director nominee.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors

  17 for11 against
• To authorize the Board of Directors of the Company to fix the remuneration of the Statutory Auditors of the Company for the Financial Year 2025-26.

  28 for0 against
• To appoint Shri Kantilal Chaturbhai Patel (DIN:06610367), as Non-official Independent Director.

  ›Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundKantilal Chaturbhai Patel, 65, is a law graduate and an active social worker with approximately 41 years of experience. The company must provide granular disclosures on his profile and past work experience in the notice. Public sources suggest that he is a former Rajya Sabha candidate from the BJP in Gujarat, though his current political affiliation remains unclear. We believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. We are unable to support his appointment as an Independent Director. Hence, we do not support the resolution.
  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous. Appointment as Independent Director for a period of only one year.
  • Axis Mutual Fund, WhiteOak Capital Mutual FundKantilal Chaturbhai Patel, 65, is a law graduate and an active social worker with approximately 41 years of experience. The company must provide granular disclosures on his profile and past work experience in the notice. We are unable to support his appointment as an Independent Director. Hence, we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the 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.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted given the limited board and leadership experience, questions could be raised around the potential contribution to the board.
  • HSBC Mutual FundGiven the nominee's limited board and leadership experience, his potential contribution to the board could be questioned.
  • Invesco Mutual FundKantilal Chaturbhai Patel, 65, is a law graduate and an active social worker with approximately 41 years of experience. The company must provide granular disclosures on his profile and past work experience in the notice. Public sources suggest that he is a former Rajya Sabha candidate from the BJP in Gujarat, though his current political affiliation remains unclear. We believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. We are unable to support his appointment as an Independent Director. Hence, we do not support the resolution
  • LIC Mutual FundGovernance 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.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance 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.
  • UTI Mutual FundPublic sources suggest political affiliations.

  8 for20 against
• To appoint Smt. Sabitha Bojan (DIN: 09398364), as Non-official Independent Director.

  ›Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundMs. Sabitha Bojan, 47, is a social activist engaged in welfare initiatives for youth, women, and tribal communities in collaboration with various NGOs. She holds an M.A. in Sociology and an MBA in Human Resources. She has 18 years of experience across corporate, education, and management sectors, having served in leadership roles as state and regional head in multiple organizations. She has served on the board of HUDCO as Non-Official (Independent Director) from 22 November 2021 to 21 November 2024. Public sources suggest that she is a BJP State Executive Member for Tamil Nadu. We believe her political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. Given this, we are unable to support her appointment as an Independent Director. Hence, we do not support the resolution.
  • 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.
  • Axis Mutual FundMs. Sabitha Bojan, 47, is a social activist engaged in welfare initiatives for youth, women, and tribal communities in collaboration with various NGOs. She holds an M.A. in Sociology and an MBA in Human Resources. She has 18 years of experience across corporate, education, and management sectors, having served in leadership roles as state and regional head in multiple organizations. She has served on the board of HUDCO as Non-Official (Independent Director) from 22 November 2021 to 21 November 2024. 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. Given this, we are unable to support her appointment as an Independent Director. Hence, we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the 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 nominee is warranted because: • Sabitha Bojan is 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. • Sabitha Bojan is a member of the audit committee and auditor has identified deficiencies in the company's internal controls and provided a qualified opinion.
  • HSBC Mutual FundSabitha Bojan is 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. Sabitha Bojan is a member of the audit committee and auditor has identified deficiencies in the company's internal controls and provided a qualified opinion.
  • Invesco Mutual FundMs. Sabitha Bojan, 47, is a social activist engaged in welfare initiatives for youth, women, and tribal communities in collaboration with various NGOs. She holds an M.A. in Sociology and an MBA in Human Resources. She has 18 years of experience across corporate, education, and management sectors, having served in leadership roles as state and regional head in multiple organizations. She has served on the board of HUDCO as Non-Official (Independent Director) from 22 November 2021 to 21 November 2024. Public sources suggest that she is a BJP State Executive Member for Tamil Nadu. We believe her political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. Given this, we are unable to support her appointment as an Independent Director. Hence, we do not support the resolution
  • LIC 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 and against spirit of the law.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • 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
  • UTI Mutual FundPublic sources suggest political affiliations.
  • WhiteOak Capital Mutual FundMs. Sabitha Bojan, 47, is a social activist engaged in welfare initiatives for youth, women, and tribal communities in collaboration with various NGOs. Due to lack of her relevant experience, we do not support the resolution.

  8 for20 against
• To appoint Dr. Ravindra Kumar Ray (DIN: 09394495), as Non-official Independent Director.

  ›Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundDr. Ravindra Kumar Ray, 67, holds a Ph.D. in history. He was the former Member of Parliament in the sixteenth Lok Sabha. He has also served as a member of the Bihar and Jharkhand Legislative assembly for two terms and held the position of Cabinet Minister in Government of Jharkhand. He has served on the board of HUDCO as Non-Official (Independent Director) from 22 November 2021 to 21 November 2024. He has attended 67% (6 out of 9) board meetings held during his tenure in FY25 and 33 out of 37 (89%) board meetings held during his first tenure as an Independent Director. We believe directors should attend all board meetings. Public sources suggest that he is the State President of BJP Jharkhand. We believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. Given this, we are unable to support his appointment as an Independent Director. Hence, we do not support the resolution.
  • 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.
  • Axis Mutual FundDr. Ravindra Kumar Ray, 67, holds a Ph.D. in history. He was the former Member of Parliament in the sixteenth Lok Sabha. He has also served as a member of the Bihar and Jharkhand Legislative assembly for two terms and held the position of Cabinet Minister in Government of Jharkhand. He has served on the board of HUDCO as Non-Official (Independent Director) from 22 November 2021 to 21 November 2024. He has attended 67% (6 out of 9) board meetings held during his tenure in FY25 and 33 out of 37 (89%) board meetings held during his first tenure as an Independent Director. We believe directors should attend all board meetings. 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. Given this, we are unable to support his appointment as an Independent Director. Hence, we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the 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 nominee is warranted because: • Ravindra Kumar Ray is 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. • The nominee has failed to attend at least 75 percent of board meetings in the most recent fiscal year, without a satisfactory explanation. • Ravindra Kumar Ray is a member of the audit committee and auditor has identified deficiencies in the company's internal controls and provided a qualified opinion.
  • HSBC Mutual FundWe have concerns about the director's attendance at board meetings. Ravindra Kumar Ray is 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. Ravindra Kumar Ray is a member of the audit committee and auditor has identified deficiencies in the company's internal controls and provided a qualified opinion.
  • Invesco Mutual FundDr. Ravindra Kumar Ray, 67, holds a Ph.D. in history. He was the former Member of Parliament in the sixteenth Lok Sabha. He has also served as a member of the Bihar and Jharkhand Legislative assembly for two terms and held the position of Cabinet Minister in Government of Jharkhand. He has served on the board of HUDCO as Non-Official (Independent Director) from 22 November 2021 to 21 November 2024. He has attended 67% (6 out of 9) board meetings held during his tenure in FY25 and 33 out of 37 (89%) board meetings held during his first tenure as an Independent Director. We believe directors should attend all board meetings. Public sources suggest that he is the State President of BJP Jharkhand. We believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. Given this, we are unable to support his appointment as an Independent Director. Hence, we do not support the resolution
  • LIC 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 and against spirit of the law.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • 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.
  • UTI Mutual FundPublic sources suggest political affiliations.
  • WhiteOak Capital Mutual FundDr. Ravindra Kumar Ray, 67, holds a Ph.D. in history. He has attended 67% (6 out of 9) board meetings held during his tenure in FY25. Given his low attendance, we are unable to support his appointment as an Independent Director. Hence, we do not support the resolution.

  8 for20 against
• To increase in overall borrowing limit from Rs. 1,50,000 Crore to Rs. 2,50,000 Crore.

  28 for0 against
• Raising of Funds up to a maximum of Rs. 65,000 Crore through issue of Non-Convertible Bonds/ Debentures on private placement basis.

  28 for0 against
• To appoint VAP & Associates, Practicing Company Secretaries as the Secretarial Auditor of the Company.

  27 for0 against

• Fine or penaltyBSE LimitedSince 27 May 2026

  Imposition of fine by BSE amounting to Rs. 5,31,000/- (Including GST) for the quarter ended 31st March, 2026 for non compliance with the provisions of Regulation 17(1) of SEBI (LODR) Regulations, 2015.

  During the quarter ended 31st March, 2026, the composition of Board of Directors was not in line with the provisions of SEBI (LODR) Regulations, 2015.
• Fine or penaltyNational Stock Exchange of India LimitedSince 27 May 2026

  Imposition of fine by NSE amounting to Rs. 5,31,000/- (Including GST) for the quarter ended 31st March, 2026 for non compliance with the provisions of Regulation 17(1) of SEBI (LODR) Regulations, 2015.

  During the quarter ended 31st March, 2026, the composition of Board of Directors was not in line with the provisions of SEBI (LODR) Regulations, 2015.

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

No

There was a cyber security incident in the quarter

No

The company's own answers in its filing.