Indian Energy Exchange MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 6 Mar 2025, 20 fund houses

• Appointment of Mr. Pradeep Kumar Pujari (DIN: 00399995) as a Non-Executive Independent Director of the Company

  20 for0 against

Mutual fund votes, meeting of 6 Aug 2024, 24 fund houses

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

• To receive, consider and adopt audited standalone and consolidated financial statements for the financial year ended March 31, 2024, together with the Report of the Auditors thereon

  23 for0 against
• To confirm the payment of Interim Dividend of Re. 1/-per-equity share and to approve and declare the payment of a Final Dividend of Rs. 1.5/- equity share each for the financial year ended March 31, 2024MoreLess

  21 for0 against
• To appoint Mr. Gautam Dalmia (DIN 00009758) as director, liable to retire by rotation

  ›Against Bajaj Finserv Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Holding two full time positions.
  • HSBC Mutual FundWe have concerns about insufficient independence on the Remuneration and Nomination committees. We have concerns about insufficient independence on the board.

  19 for5 against
• To appoint the Statutory Auditors in place of the existing Auditors and to fix their remuneration

  4 for0 against
• Approval for appointment of Mr. Rohit Bajaj (DIN 06793234) as the Director and also as Joint Managing Director of the Company

  24 for0 against
• Approval for re-appointment of Mr. Satyanarayan Goel (DIN 02294069) as the Chairman and Managing Director of the Company

  ›Against Bajaj Finserv Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. No concern on merit of proposed appointee. Governance concern: Combined position of CMD. Concentration of power in the hands of a single person.
  • JM Financial Mutual FundCompliant with law. No concern on merit of proposed appointee. Governance concern: Combined position of Chairman and Managing Director. Concentration of power in the hands of a single person.

  19 for5 against
• Approval for appointment of Mr. Rajeev Gupta (DIN 00241501) as an Independent Director of the Company

  ›Against Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund

  • Axis Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, NJ Mutual FundRajeev Gupta, 66, is founding Partner of Arpwood Capital, a boutique investment banking and advisory firm. He was Managing Director of Carlyle Asia and Head of India buyout team from 2005 to 2010. We note that he previously served as an Additional Director on the board of this company from 27 April 2022 till 17 July 2022. However, the resolution for his appointment as Independent Director was rejected by shareholders. Rajeev Gupta serves as an Independent Director on the board of five listed companies. Given their full-time responsibilities, regulations allow whole time directors of listed companies to be independent directors in a maximum of three listed companies. We believe that his responsibilities as the founding partner of Arpwood Capital are equivalent to a whole-time directorship. Therefore, the high number of directorships on listed companies is not in keeping with the spirit of the regulation. We continue to not support his appointment.
  • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merit of proposed appointee. Governance Concern: Excessive time commitment. Holding 7 listed directorships & 1 full-time position.
  • Edelweiss Mutual FundAppointing for longer period of time against industry practises.
  • HSBC Mutual FundA vote AGAINST the nominee is warranted because: • Rajeev Gupta serves on a total of more than six public listed company boards, which could potentially compromise his ability to commit sufficient time to his/her role in the company.
  • Invesco Mutual FundRajeev Gupta, 66, is founding Partner of Arpwood Capital, a boutique investment banking and advisory firm. He was Managing Director of Carlyle Asia and Head of India buyout team from 2005 to 2010. We note that he previously served as an Additional Director on the board of this company from 27 April 2022 till 17 July 2022. However, the resolution for his appointment as Independent Director was rejected by shareholders. Rajeev Gupta serves as an Independent Director on the board of five listed companies. Given their full-time responsibilities, regulations allow whole time directors of listed companies to be independent directors in a maximum of three listed companies. We believe that his responsibilities as the founding partner of Arpwood Capital are equivalent to a whole-time directorship. Therefore, the high number of directorships on listed companies is not in keeping with the spirit of the regulation. We continue to not support his appointment
  • Nippon India Mutual FundExcessive time commitment.

  11 for13 against

Mutual fund votes, meeting of 5 Sep 2023, 19 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 & Consolidated Financial Statements of the Company for the financial year ended March 31, 2023, together with the Reports of the Board of Directors and the Auditors thereonMoreLess

  19 for0 against
• To approve and declare the payment of Final Dividend of Re. 1/- (Rupee One) per equity share of face value of Re. 1/- each for the financial year ended March 31, 2023

  19 for0 against
• To appoint Mr. Amit Garg (DIN: 06385718) as director, who retires by rotation as a Director and, being eligible, offers himself for re-appointment

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundA vote AGAINST the nominee is warranted because: The board independence norms are not met (based on our reclassification), and Amit Garg is a non-independent director nominee.

  18 for1 against
• To consider the re-appointment of Ms. Sudha Pillai (DIN: 02263950) as the Non-Executive Independent Director of the Company for second term of five consecutive years

  19 for0 against
• To consider the reappointment of Mr. Tejpreet Singh Chopra (DIN: 00317683) as the Non-Executive Independent Director of the Company for a second term of five consecutive years

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund

  • Axis Mutual Fund, Bank of India Mutual FundTejpreet Singh Chopra, 53, is Founder and CEO of Bharat Light & Power (BLP) Group, a renewable energy generation and technology company. Prior to this, he was President and CEO of General Electric in India, Sri Lanka and Bangladesh. He attended four out of six board meetings (67%) held in FY23. He has attended twenty out of a total of twenty-six meetings (77%) over a three-year period. We expect directors to take their responsibilities seriously and attend all board meetings. He serves on the board of four listed companies (including Indian Energy Exchange Limited). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors on a maximum of three listed companies. We believe that as Founder and CEO of Bharat Light & Power, his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies is not in keeping with the spirit of the regulation. We do not support his reappointment.
  • Edelweiss Mutual FundAppointment for second term and directorship in too many companies can lead to dilution of focus
  • HSBC Mutual FundA vote AGAINST the nominee is warranted because: Tejpreet Chopra has failed to attend at least 75 percent of board meetings in the most recent fiscal year, without a satisfactory explanation.
  • Invesco Mutual FundTejpreet Singh Chopra, 53, is Founder and CEO of Bharat Light & Power (BLP) Group, a renewable energy generation and technology company. Prior to this, he was President and CEO of General Electric in India, Sri Lanka and Bangladesh. He attended four out of six board meetings (67%) held in FY23. He has attended twenty out of a total of twenty-six meetings (77%) over a three-year period. We expect directors to take their responsibilities seriously and attend all board meetings. He serves on the board of four listed companies (including Indian Energy Exchange Limited). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors on a maximum of three listed companies. We believe that as Founder and CEO of Bharat Light & Power, his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies is not in keeping with the spirit of the regulation. We do not support his reappointment

  14 for5 against
• To approve the enhancement in limit prescribed under Section 186 of the Companies Act, 2013

  ›Against Bandhan Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund

  • Bandhan Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with Law. Governance concern: Omnibus approval; Inadequate disclosure.
  • Kotak Mahindra Mutual FundGranting of loan, providing guarantee and making investments is not in ordinary course of business for the company. Increase in limit for inter-corporate transactions and inadequate disclosure on specific plans is considered as governance concern. Hence voting against.
  • Nippon India Mutual FundInadequate disclosure

  13 for5 against

Mutual fund votes, meeting of 30 Dec 2022, 17 fund houses

• Approval for the Buyback of Equity Shares of the Company

  17 for0 against

Mutual fund votes, meeting of 2 Sep 2022, 19 fund houses

• To receive, consider and adopt the Audited Standalone Consolidated Financial Statements of the Company for the financial year ended March 31, 2022, together with the Reports of the Board of Directors and the Auditors thereonMoreLess

  19 for0 against
• To confirm the payment of Interim Dividend of Re. 1/- per equity share of face value of Re. 1/- each and To Approve and declare the payment of Final Dividend of Re. 1/- per equity share of face value of Re. 1/- each for the financial year ending March 31, 2022.MoreLess

  19 for0 against
• To appoint Mr. Gautam Dalmia (DIN 00009758) who retires by rotation as a Director and, being eligible, offers himself for re-appointment

  ›Against HSBC Mutual Fund, JM Financial Mutual Fund

  • HSBC Mutual FundA vote against this resolution is warranted as this is against appointing non-independent candidates if board is less than 50% independent and where board chair is an executive or the promoter.
  • JM Financial Mutual FundCompliant with law. Governance concern: Holding two full time positions.

  17 for2 against

Mutual fund votes, meeting of 17 Jul 2022, 17 fund houses

• Appointment of Mr. Rajeev Gupta (DIN: 00241501) as an Independent Director of the Company

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund

  • Axis Mutual Fund, Bank of India Mutual FundRajeev Gupta, 64, is the founding partner of Arpwood Capital, a boutique investment banking and advisory firm. He was Managing Director of Carlyle Asia and Head of India buyout team from 2005 to 2010. He is a member of the advisory board of Bain & Co India Limited and TVS Funds.Rajeev Gupta serves as an Independent Director on the board of six listed companies including Indian Energy Exchange Limited. Given their full-time responsibilities, regulations allow whole time directors of listed companies to be independent directors in maximum of three listed companies. We believe that his responsibilities as the founding partner of Arpwood Capital are equivalent to a whole-time directorship. Therefore, the high number of directorships on listed companies are not in keeping with the spirit of the regulation.
  • Baroda BNP Paribas Mutual FundExcessive time commitments
  • Kotak Mahindra Mutual FundRajeev Gupta, 64 is currently Wholetime Director in Arpwood Capital Private Limited. He has over three decades of experience in Commercial and Investment Banking. However, Rajeev Gupta has directorships in six listed companies as an Independent Director. Therefore, his high number of directorships on listed companies are not in keeping with the spirit of the regulation.
  • Mirae Asset Mutual FundNot in line with our internal guidelines due to higher number of directorships
  • Nippon India Mutual FundConsidering time commitment due to multiple directorships on listed companies
  • SBI Mutual FundRajeev Gupta, 64, is the founding partner of Arpwood Capital, a boutique investment banking and advisory firm. He was Managing Director of Carlyle Asia and Head of India buyout team from 2005 to 2010. He is a member of the advisory board of Bain & Co India Limited and TVS Funds. Rajeev Gupta serves as an Independent Director on the board of six listed companies including Indian Energy Exchange Limited. Given their full-time responsibilities, regulations allow whole time directors of listed companies to be independent directors in maximum of three listed companies. We believe that his responsibilities as the founding partner of Arpwood Capital are equivalent to a whole-time directorship. Therefore, the high number of directorships on listed companies are not in keeping with the spirit of the regulation.

  10 for7 against