IFCI CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 25 Sep 2026, 7 fund houses so far (houses' deadline to file 15 Oct 2026)

• To receive, consider and adopt - a. the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, together with the reports of the Board of Directors and Auditors' thereon and comments of the Comptroller and Auditor General of India; and b. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the report of the Auditors' thereon and comments of the Comptroller and Auditor General of IndiaMoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundNon-disclosure of financial statements of certain Subsidiaries for FY 2025-26 on website. Governance concern: Non-Compliant Audit Committee at the time of approval of financial statements. 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 on matters relating to in-principle approval for consolidation of IFCI Group, non-recognition of interest income on Stage 3 assets, the negative CRAR of (-) 18.78% as on 31 March 2026 (below the RBI norm), non-availability of records under the SDF and PLI schemes. The auditors have also highlighted issues relating to subsidiaries, including pending litigations, aged receivables, and going-concern uncertainties. We note that in addition to emphasis of matter, the CAG supplementary audit has highlighted several deficiencies with the company’s financial statements, pertaining to loans, investments, and assets held for sale. These deficiencies could have a negative impact on the company’s financials. Despite these matters being pointed out in previous financial years, no corrective action was taken by the company. Further, 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. In the absence of the critical oversight provided by the audit committee, we are unable to support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundUnqualified Financial Statements (except certain non-material remarks identified in CARO report). Non-Compliant with Companies Act, 2013 and SEBI LODR Regulations: Non-disclosure of financial statements of certain Subsidiaries for FY 2025-26 on website. Governance concern: Non-Compliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  2 for5 against
• To resolve not to fill up the vacancy caused by retirement of Prof. Narayanaswamy Balakrishnan (DIN: 00181842) by rotation

  7 for0 against
• To fix remuneration of the Statutory Auditor(s) of the Company in terms of the provisions of Section(s) 139(5) and 142 of the Companies Act, 2013

  7 for0 against
• Appointment of Shri Manikumar Sivaramakrishnan (DIN: 08956660) as Deputy Managing Director (DMD)

  ›Against Angel One Mutual Fund, Edelweiss 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.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  4 for3 against
• Appointment of Shri Dilip Singh Punia (DIN:11943788) as an Independent Director

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law. The proposed director has already been appointed on the Board and the Company has given notice under section 160 of the Companies Act, 2013.
  • DSP Mutual Fund, Jio BlackRock Mutual FundDilip Singh Punia, 63, is former Principal of Government Lohia College, Churu. He is an academician, education administrator and social leader with over 38 years of experience. He holds M.Phil., M.Com. (ABST) and B.Com. (Hons.) from the University of Rajasthan, Jaipur. He has also held positions such as District Nodal Officer, College Education Department, Churu, where he supervised and coordinated the functioning of 18 Government Colleges in the district. Although his appointment is in line with statutory requirements, public sources suggest that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundNo concern on the merits of the proposed appointee. Governance concern: Term of appointment is ambiguous and against spirit of the law. The proposed director has already been appointed on the Board and the Company has given notice under section 160 of the Companies Act, 2013.

  2 for5 against

Mutual fund votes, meeting of 29 Oct 2025, 15 fund houses

• To receive, consider and adopt - a. the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025, together with the reports of the Board of Directors and Auditors' thereon and comments of the Comptroller and Auditor General of India; and b. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, together with the report of the Auditors' thereon and comments of the Comptroller and Auditor General of India.MoreLess

  ›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, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Non-Compliant Audit Committee. Accounts not vetted by duly compliant audit committee.
  • Axis Mutual Fund, Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has raised emphasis on matters relating to non-recognition of interest income on Stage 3 assets, the negative CRAR of (-) 23.04% as on 31 March 2025 (below the RBI norm), non-availability of records under the SDF and PLI schemes, and the company’s compromised independence due to its dual role as advisor and nodal agency under the SDF Scheme. The auditors have also highlighted issues relating to subsidiaries, including pending litigations, aged receivables, and going-concern uncertainties. We note that in addition to emphasis of matter, the CAG supplementary audit has highlighted several deficiencies with the company’s financial statements, pertaining to loans, investments, cash flow from investing activities, accounting policies and notes to accounts and independent auditor’s report. These deficiencies could have a negative impact on the company’s financials. Despite these matters being pointed out in previous financial years, no corrective action was taken by the company. Further, 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. In the absence of the critical oversight provided by the audit committee, we are unable to support the resolution. The company must clarify the reason for payables being overdue for over two years.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Governance Concern: Non-Compliant Audit Committee. Accounts not vetted by duly compliant audit committee.
  • HDFC Mutual FundThe auditors have raised emphasis on matters relating to non-recognition of interest income on Stage 3 assets, the negative CRAR of (-) 23.04% as on 31 March 2025 (below the RBI norm), non-availability of records under the SDF and PLI schemes, and the company’s compromised independence due to its dual role as advisor and nodal agency under the SDF Scheme. The CAG supplementary audit has highlighted several deficiencies with the company’s financial statements, pertaining to loans, investments, cash flow from investing activities, accounting policies and notes to accounts and independent auditor’s report. Despite these matters being pointed out in previous financial years, no corrective action was taken by the company. Further, the company has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Non-Compliant Audit Committee. Accounts not vetted by audit committee.

  3 for12 against
• To appoint a Director in place of Shri Arvind Kumar Jain (DIN: 07911109), who retires by rotation at this Annual General Meeting 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, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman 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 appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director.

  8 for7 against
• To fix remuneration of the Statutory Auditor(s) of the Company in terms of the provisions of Section(s) 139(5) and 142 of the Companies Act, 2013.

  15 for0 against
• Appointment of Shri Rahul Bhave (DIN: 09077979) as Managing Director & Chief Executive Officer (MD & CEO).

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman 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 proposed appointee. Governance concern: Board is non-compliant with respect to requirement of minimum number of IDs & Woman Director/ Woman ID.

  8 for7 against
• Appointment of Shri Shailesh Kumar (DIN: 11226831), Deputy Secretary, Department of Financial Services (DFS), Ministry of Finance as Government Director.

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

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director.
  • Axis Mutual Fund, Jio BlackRock Mutual FundShailesh Kumar, 54, is currently serving as Deputy Secretary, Department of Financial Services (DFS), Ministry of Finance where he leads the Debt Recovery Division and Legal Cell. He is a Central Secretariat Service Officer and will serve on the board as a government nominee director. It is unclear whether he is liable to retire by rotation. Notwithstanding, we draw comfort from SEBI’s new amendments effective 1 April 2024 which require shareholder approval for all directors at least once in five years. While his appointment is in line with statutory requirements, we are unable to support his appointment to the board as the board composition is not compliant with the regulations on independent director representation. Further, the board is non-compliant with respect to having at least one-woman independent director. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. We do not support the resolution.
  • 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 appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  4 for11 against
• Appointment of Shri Rajeev Sachdev (DIN: 10681633) as Director liable to retire by rotation.

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman 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 appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director.

  8 for7 against
• Appointment of M/s Surya Gupta & Associates, Practicing Company Secretaries, as Secretarial Auditor of the Company for the period of five (5) years.

  15 for0 against

• Tax disputeIncome Tax DepartmentSince 23 Jan 1998
  Pending with High Court
  At the filing before: In 2006, the Department filed an appeal before the High Court challenging the ITAT’s order, which allowed the interest paid on borrowing made for construction of office building u/s 36(1)(iii) for the AY 1995-1996.MoreLess
• Tax disputeIncome Tax Department (Interest Tax)Since 24 Mar 2000
  Pending with High Court
  At the filing before: In 2006, the Department filed an appeal before the High Court challenging the ITAT’s order, which held that interest tax could not be levied on interest income earned from debentures under the Interest Tax Act for Assessment Year 1997–98.MoreLess
• Tax disputeIncome Tax Department (Interest Tax)Since 16 Dec 2001
  Pending with High Court
  At the filing before: In 2006, the Department filed an appeal before the High Court challenging the ITAT’s order, which held that interest tax could not be levied on interest income earned from debentures under the Interest Tax Act for Assessment Year 1998–99.MoreLess
• Tax disputeIncome Tax Department (Interest Tax)Since 22 Mar 2002
  Pending with High Court
  At the filing before: In 2006, the Department filed an appeal before the High Court challenging the ITAT’s order, which held that interest tax could not be levied on interest income earned from debentures under the Interest Tax Act for Assessment Year 1999-2000.MoreLess
• Tax disputeIncome Tax DepartmentSince 9 Mar 2016
  Pending with High Court
  At the filing before: The Company filed a Writ Petition appeal with the High Court in the year 2022, for rectification of Form 3 under VSV scheme for AY 2013-14.
• Tax disputeIncome Tax DepartmentSince 19 Dec 2016
  Pending with High Court
  At the filing before: The Company filed a Writ Petition appeal with the High Court in the year 2022, for rectification of Form 3 under VSV scheme for AY 2014-15.
• Tax disputeIncome Tax DepartmentSince 25 Dec 2017
  Pending with High Court
  At the filing before: The Company filed a Writ Petition appeal with the High Court in the year 2022, for rectification of Form 3 under VSV scheme for AY 2015-16.
• Tax disputeIncome Tax DepartmentSince 29 Dec 2018
  Pending with High Court
  At the filing before: The Company filed a Writ Petition appeal with the High Court in the year 2022, for rectification of Form 3 under VSV scheme for AY 2016-17.

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

No

The company has a risk management committee

Yes

The chair is related to the managing director

No

The filing has a part on fines and penalties

No

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.