Vodafone Idea MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 11 Nov 2025, 33 fund houses

• Appointment of Mr. Abhijit Kishore as the Chief Executive Officer of the Company

  33 for0 against

Mutual fund votes, meeting of 25 Aug 2025, 30 fund houses

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

• Adoption of the Audited Standalone Financial Statements and the Audited Consolidated Financial Statements for the year ended March 31, 2025 together with the Report of Board of Directors’ and Auditors’ thereonMoreLess

  29 for0 against
• Re-appointment of Mr. Kumar Mangalam Birla (DIN: 00012813), as a Director of the Company, who retires from office by rotation

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Low attendance at Board meetings and no justification for leave of absence.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. No issue identified on merit of appointee. Governance Concern: Low attendance at Board meetings and no justification for leave of absence.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: • Kumar Mangalam Birla has failed to attend at least 75 percent of board meetings in the most recent fiscal year, without a satisfactory explanation. • Kumar Mangalam Birla serves on a total of more than six public company boards, which could potentially compromise his ability to commit sufficient time to his role in the company.
  • PPFAS Mutual FundLow board meeting attendance & no justification for leave of absence

  17 for13 against
• Re-appointment of Mr. Himanshu Kapania (DIN: 03387441), as a Director of the Company, who retires from office by rotation

  30 for0 against
• Ratification of remuneration payable to Cost Auditors for Financial Year 2025-26

  29 for0 against
• Appointment of Secretarial Auditors of the Company

  30 for0 against
• Re-appointment of Mr. Anjani Kumar Agrawal as an Independent Director

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Helios Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Taurus Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance Concern: Proposed term will lead to prolonged association of more than 10 years with the Group.
  • Axis Mutual Fund, Taurus Mutual FundAnjani Kumar Agrawal, 67, is the former Global Client Service Partner – Advisory Services at EY. As per public sources, he is also the founder of VfP Advisors. He currently serves as an Independent Director on the board of six listed companies (including Vodafone Idea Limited). While regulations cap the number of independent directorships at seven, for whole-time directors of listed entities, the limit is three. We believe Anjani Kumar Agrawal’s role as Founder of VfP Advisors is equivalent to a whole-time engagement. That said, in the past, he has attended all board meetings across her listed company engagements, which is reflective of his availability and ability to devote sufficient time to his board responsibilities. However, Anjani Kumar Agrawal is a Director on the board of Aditya Birla Sun Life Trustee Private Limited: an Aditya Birla group (promoter) company, since December 2019. We consider his overall association with the group while calculating his tenure with the company. He will complete 10 years of association with the group during the proposed tenure. We do not support (re)appointment 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. Hence, we do not support the resolution.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance Concern: Proposed term will lead to prolonged association of more than 10 years with the Group.
  • HDFC Mutual FundMr. Anjani Kumar Agrawal, 67, is the former Global Client Service Partner – Advisory Services at EY. He is also the founder of VfP Advisors. His aggregate tenure with the company or the group exceeds 10 years during the proposed tenure, which is not in line with the spirit of the regulations. We do not support the resolution.
  • Invesco Mutual FundAnjani Kumar Agrawal, 67, is the former Global Client Service Partner – Advisory Services at EY. As per public sources, he is also the founder of VfP Advisors. He currently serves as an Independent Director on the board of six listed companies (including Vodafone Idea Limited). While regulations cap the number of independent directorships at seven, for whole-time directors of listed entities, the limit is three. We believe Anjani Kumar Agrawal’s role as Founder of VfP Advisors is equivalent to a whole-time engagement. That said, in the past, he has attended all board meetings across her listed company engagements, which is reflective of his availability and ability to devote sufficient time to his board responsibilities. However, Anjani Kumar Agrawal is a Director on the board of Aditya Birla Sun Life Trustee Private Limited: an Aditya Birla group (promoter) company, since December 2019. We consider his overall association with the group while calculating his tenure with the company. He will complete 10 years of association with the group during the proposed tenure. We do not support (re)appointment 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. Hence, we do not support the resolution
  • Mirae Asset Mutual FundIn line with advisor recommendation (passive holdings)
  • PPFAS Mutual FundProposed term will lead to prolonged association
  • quant Mutual FundRelated to the re-appointment of Mr Anjani Kumar Agrawal as Independent Director. Compliant with the law. No concern on the merits of proposed appointee. Governance concern: Proposed term will lead to prolonged association of more than 10 years with the group.

  11 for19 against

Mutual fund votes, meeting of 27 Jun 2025, 33 fund houses

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

• Amendment to the Articles of Association

  32 for0 against
• Issuance of securities upto an aggregate amount of Rs. 20,000 Crore

  32 for0 against

Mutual fund votes, meeting of 7 Jan 2025, 25 fund houses

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

• Issuance of equity shares on Preferential Basis

  23 for0 against
• Appointment of Mr.Seluk Karacay as Non- Executive Director of the Company

  24 for0 against
• Appointment of Mr.Sunirmal Talukdar as an Independent Director of the Company

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

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance concern: Ex-employee in Group Company.
  • Nippon India Mutual FundEx-employee in Group Company.
  • PPFAS Mutual FundPrior association as an Ex-Employee in the Group Company.

  18 for6 against

Mutual fund votes, meeting of 10 Oct 2024, 30 fund houses

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

• Adoption of Vodafone Idea Limited Employee Stock Option and Performance Stock Unit Scheme 2024

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Tata Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Tata Mutual FundUnder the scheme, the exercise price of the PSUs shall be the face value (Rs. 2.0) of the underlying ordinary share. We do not favor stock option schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to performance parameters, which must be disclosed in the shareholder notice and must align to shareholder interests. In the current case, while the company has stated that options will vest based on achievement of performance targets, the company has not disclosed the granular performance metrics or targets on the basis of which PSUs will vest. Further, the scheme allows the NRC to modify the vesting schedule if the employee has not satisfied any vesting condition or the employee has not met the performance parameters. Thus, we are unable to support the resolution
  • Axis Mutual FundUnder the scheme the company proposes to grant 348.5 mn options. The stock options will be granted at market price whereas the exercise price of PSUs shall be the face value (Rs. 10.0) of the underlying ordinary share. As per the scheme the number of PSUs granted shall not exceed 50% of the total stock options. The company has clarified that they will endeavour to grant 75% of the target opportunity as options and 25% as PSUs. Though the dilution is realtively small ~0.5% and wide based beneficial for majority of employees, we vote against the resolution owing to 1) Lack of clarity on precise criteria for granting and vesting of the proposed ESOPs (these will be decided in future by NRC as per management) 2) The company has been in PAT loss over last 5 years FY19-24, the ESOP cost will translate into an additional cost burden on the already loss making P&L
  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: NRC discretion to determine Exercise Period. Governance concern: Power to the NRC to accelerate vesting period.
  • Bandhan Mutual Fund, LIC Mutual Fund, Zerodha Mutual FundCompliant with Law. Governance concern: Power to the NRC to accelerate vesting period.
  • Bank of India Mutual FundUnder the scheme the company proposes to grant 348.5 mn options. The stock options will be granted at market price whereas the exercise price of PSUs shall be the face value (Rs. 10.0) of the underlying ordinary share. As per the scheme the number of PSUs granted shall not exceed 50% of the total stock options. The company has clarified that they will endeavour to grant 75% of the target opportunity as options and 25% as PSUs. We do not favor stock option schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to performance parameters, which must be disclosed in the shareholder notice and must align to shareholder interests. In the current case, while the company has stated that options will vest based on achievement of performance targets, the company has not disclosed the granular performance metrics or targets on the basis of which PSUs will vest. Thus, we are unable to support the resolution.
  • Edelweiss Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual FundPower to the NRC to accelerate vesting period.
  • HDFC Mutual FundExercise price of the ESOP is at a great discount to current market price. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees.
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted because: • The performance criteria for vesting of PSU are open ended with discretion to the NRC, and company has also not mentioned the weightage of the criteria.
  • Invesco Mutual FundUnder the scheme the company proposes to grant 348.5 mn options. The stock options will be granted at market price whereas the exercise price of PSUs shall be the face value (Rs. 10.0) of the underlying ordinary share. As per the scheme the number of PSUs granted shall not exceed 50% of the total stock options. The company has clarified that they will endeavour to grant 75% of the target opportunity as options and 25% as PSUs.
  • Kotak Mahindra Mutual FundUnder the scheme, the exercise price of the PSUs shall be the face value (Rs. 2.0) of the underlying ordinary share. We do not favor stock option schemes where options are significantly discounted to market price. In the case of discounted options, there is no alignment between the interests of investors and those of employees. Thus, we are unable to support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • NJ Mutual FundUnder the scheme, the exercise price of the PSUs shall be the face value (Rs. 2.0) of the underlying ordinary share. We do not favor stock option schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to performance parameters, which must be disclosed in the shareholder notice and must align to shareholder interests. In the current case, while the company has stated that options will vest based on achievement of performance targets, the company has not disclosed the granular performance metrics or targets on the basis of which PSUs will vest. Further, the scheme allows the NRC to modify the vesting schedule if the employee has not satisfied any vesting condition or the employee has not met the performance parameters. Thus, we are unable to support the resolution.

  4 for20 against
• Extension of Vodafone Idea Limited Employee Stock Option and Performance Stock Unit Scheme 2024 to employees of subsidiary companies of the Company

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Tata Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bank of India Mutual FundThe company seeks approval to extend the benefits of the scheme to employees of present and future subsidiaries. If an employee is transferred to a group company, subsidiary company or an associate, all options and PSUs shall vest as per the terms of the grant. Our view is linked to our view in resolution #1. Hence, we do not support the resolution.
  • Axis Mutual FundWe vote against the ESOP scheme on grounds of the rationale mentioned for Resolution No. 1
  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: NRC discretion to determine Exercise Period. Governance concern: Power to the NRC to accelerate vesting period.
  • Bandhan Mutual Fund, LIC Mutual Fund, Zerodha Mutual FundCompliant with Law. Governance concern: Power to the NRC to accelerate vesting period.
  • Edelweiss Mutual Fund, Nippon India Mutual FundPower to the NRC to accelerate vesting period.
  • HDFC Mutual FundExercise price of the ESOP is at a great discount to current market price. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees.
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted because: • The performance criteria for vesting of PSU are open ended with discretion to the NRC, and company has also not mentioned the weightage of the criteria.
  • Invesco Mutual FundWe do not favor stock option schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to performance parameters, which must be disclosed in the shareholder notice and must align to shareholder interests. In the current case, while the company has stated that options will vest based on achievement of performance targets, the company has not disclosed the granular performance metrics or targets on the basis of which PSUs will vest. Thus, we are unable to support the resolution
  • Kotak Mahindra Mutual FundOur view is linked to our view in resolution #2. Hence, we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • NJ Mutual Fund, Tata Mutual FundThe company seeks approval to extend the benefits of the scheme to employees of present and future subsidiaries. If an employee is transferred to a group company, subsidiary company or an associate, all options and PSUs shall vest as per the terms of the grant. Our view is linked to our view in resolution #2. Hence, we do not support the resolution.
  • PPFAS Mutual FundInter-linked with resolution #1.

  4 for20 against