InterGlobe Aviation MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 20 Aug 2025, 40 fund houses

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

• Adoption of Financial Statements a. The audited standalone financial statements of the Company for the financial year ended March 31, 2025 together with the reports of the Directors and Auditors thereon; 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.MoreLess

  39 for0 against
• Declaration of final dividend for the financial year ended March 31, 2025

  39 for0 against
• Appointment of Mr. Meleveetil Damodaran as a Director, liable to retire by rotation

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with Law. Governance Concern: Cooling off period of 1-year not served after completion of term as ID.
  • Angel One Mutual FundGovernance Concern: Cooling off period of one year not served after completion of term as Independent Director.
  • Bank of India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundM Damodaran, 78, is a Governance Consultant. He is former Chairperson of SEBI. He served as Chairperson and Independent Director of InterGlobe Aviation Limited from 23 January 2019 to 3 May 2022. He attended all eleven board meetings (100%) held in FY25. The company seeks shareholder approval through a special resolution for his continuation on the board as he has attained 75 years of age, as required under amendments to SEBI’s LODR. In November 2020, SEBI through a show cause notice had questioned the conduct of the board relating to related party transactions and corporate governance protocols, which was subsequently settled by the company. Meleveetil Damodaran was the Chairperson of the board and that of the Audit Committee at the time of these actions – and classified as an Independent Director at that time. We believe he failed to discharge his duties in a fair and impartial manner and therefore do not support his reappointment as a Non-Executive Director.
  • Canara Robeco Mutual FundM Damodaran, 78, is a Governance Consultant. He is former Chairperson of SEBI. He served as Chairperson and Independent Director of InterGlobe Aviation Limited from 23 January 2019 to 3 May 2022. He attended all eleven board meetings (100%) held in FY25. The company seeks shareholder approval through a special resolution for his continuation on the board as he has attained 75 years of age, as required under amendments to SEBI’s LODR.In November 2020, SEBI through a show cause notice had questioned the conduct of the board relating to related party transactions and corporate governance protocols, which was subsequently settled by the company. Meleveetil Damodaran was the Chairperson of the board and that of the Audit Committee at the time of these actions – and classified as an Independent Director at that time. We believe he failed to discharge his duties in a fair and impartial manner and therefore do not support his reappointment as a Non-Executive Director.
  • Invesco Mutual FundM Damodaran, 78, is a Governance Consultant. He is former Chairperson of SEBI. He served as Chairperson and Independent Director of InterGlobe Aviation Limited from 23 January 2019 to 3 May 2022. He attended all eleven board meetings (100%) held in FY25. The company seeks shareholder approval through a special resolution for his continuation on the board as he has attained 75 years of age, as required under amendments to SEBI’s LODR.In November 2020, SEBI through a show cause notice had questioned the conduct of the board relating to related party transactions and corporate governance protocols, which was subsequently settled by the company. Meleveetil Damodaran was the Chairperson of the board and that of the Audit Committee at the time of these actions – and classified as an Independent Director at that time. We believe he failed to discharge his duties in a fair and impartial manner and therefore do not support his reappointment as a Non-Executive Director. We do not support the resolution.
  • Nippon India Mutual FundGovernance Concern: Cooling off period of 1-year not served after completion of term as ID.
  • PPFAS Mutual FundNo cooling off period served from ID to NED

  23 for17 against
• Appointment of Mr. Michael Gordon Whitaker as an Independent Director

  40 for0 against
• Appointment of M/s RMG & Associates, Company Secretaries as Secretarial Auditors

  40 for0 against
• Approval for revision in limits of commission payable to Independent Directors

  ›Against Bank of India Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund

  • Bank of India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundAt the 2019 AGM, shareholders approved payment of commission to each Independent Director upto Rs. 5.0 mn per annum. The company now seeks shareholder approval to increase the maximum commission payable to each Independent Director, from Rs. 5.0 mn to Rs. 7.5 mn per annum. The commission will be payable in addition to sitting fees and expenses for attending board and committee meetings. The company must disclose how it has benchmarked the proposed compensation. The company has not defined a tenure for payment of commission, and the resolution is valid in perpetuity. We believe shareholders must get an opportunity to periodically approve such payments and therefore do not support the resolution.
  • Invesco Mutual FundAt the 2019 AGM, shareholders approved payment of commission to each Independent Director upto Rs. 5.0 mn per annum. The company now seeks shareholder approval to increase the maximum commission payable to each Independent Director, from Rs. 5.0 mn to Rs. 7.5 mn per annum. The commission will be payable in addition to sitting fees and expenses for attending board and committee meetings. The company must disclose how it has benchmarked the proposed compensation. The company has not defined a tenure for payment of commission, and the resolution is valid in perpetuity. We believe shareholders must get an opportunity to periodically approve such payments and therefore do not support the resolution
  • Kotak Mahindra Mutual FundAt the 2019 AGM, shareholders approved payment of commission to each Independent Director upto Rs. 5.0 mn per annum. The company now seeks shareholder approval to increase the maximum commission payable to each Independent Director, from Rs. 5.0 mn to Rs. 7.5 mn per annum. The commission will be payable in addition to sitting fees and expenses for attending board and committee meetings. The company has not defined a tenure for payment of commission, and the resolution is valid in perpetuity. We believe shareholders must get an opportunity to periodically approve such payments and therefore we do not support the resolution.

  34 for6 against

Mutual fund votes, meeting of 23 Aug 2024, 29 fund houses

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

• Adoption of Financial Statements: a. the audited standalone financial statements of the Company for the financial year ended March 31, 2024 together with the reports of the Directors and Auditors thereon; and b. the audited consolidated financial statements of the Company for the financial year ended March 31, 2024 together with the report of the Auditors thereon.MoreLess

  29 for0 against
• Appointment of Mr. Anil Parashar (DIN: 00055377) as a director, liable to retire by rotation and being eligible, offers himself for re-appointment

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundWe are voting against this longest serving non-executive director as we have concerns about the company's management of climate-related risks.

  28 for1 against
• Re-appointment of M/S. S.R. Batliboi & Co. LLP, Chartered Accountants as Statutory Auditors for a second term of 5 years

  29 for0 against
• Re-appointment of Ms. Pallavi Shardul Shroff (DIN: 00013580) as an Independent Director for a second term of 5 years effective September 19, 2024

  ›Against 360 One 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, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundComplaint with Law. Governance Concern: Non-material pecuniary relationship with the Company. Governance Concerns identified in her fiduciary duties with regard to one of her other directorships.
  • Bank of India Mutual Fund, DSP Mutual FundMs. Pallavi Shroff, 68, is Managing Partner at Shardul Amarchand Mangaldas & Co. She has experience of over 43 years as a dispute lawyer. She has attended fourteen out of fifteen (93%) board meetings held in FY24. We note that the company avails professional services from Shardul Amarchand Mangaldas & Co. and also has paid fees of Rs. 1.3 mn in FY24. Based on the existing business relationship with the company, we do not classify her as Independent.Pallavi Shroff serves on the board of four listed companies (including InterGlobe Aviation Limited). 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, as Managing Partner, her responsibilities are equivalent to a whole-time directorship. Therefore, her high number of directorships on listed companies is not in keeping with the spirit of the regulation. Hence, we do not support the resolution.
  • Edelweiss Mutual FundCandidate owns directorship of multiple companies.
  • HSBC Mutual FundWe are voting against this Nomination Committee Chair as we have concerns about insufficient gender diversity of the board. We have concerns about the lack of independence of the Remuneration and Nomination Committees' Chair. Pallavi Shroff is being considered non-independent (after our reclassification) given that she is the Managing Partner of Shardul Amarchand Mangaldas & Co, a law firm that received legal fees from the company during the year.
  • Invesco Mutual FundMs. Pallavi Shroff, 68, is Managing Partner at Shardul Amarchand Mangaldas & Co. She has experience of over 43 years as a dispute lawyer. She has attended fourteen out of fifteen (93%) board meetings held in FY24. We note that the company avails professional services from Shardul Amarchand Mangaldas & Co. and also has paid fees of Rs. 1.3 mn in FY24. Based on the existing business relationship with the company, we do not classify her as Independent. Pallavi Shroff serves on the board of four listed companies (including InterGlobe Aviation Limited). 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, as Managing Partner, her responsibilities are equivalent to a whole-time directorship. Therefore, her high number of directorships on listed companies is not in keeping with the spirit of the regulation. Hence, we do not support the resolution.
  • Mirae Asset Mutual FundPotential conflict of interest
  • Nippon India Mutual Fundpecuniary relationship
  • PPFAS Mutual FundNon-material Pecuniary relationship. Other Governance concern
  • Sundaram Mutual Fund"Ms. Pallavi Shroff, 68, is Managing Partner at Shardul Amarchand Mangaldas & Co. She has experience of over 43 years as a dispute lawyer. She has attended fourteen out of fifteen (93%) board meetings held in FY24. We note that the company avails professional services from Shardul Amarchand Mangaldas & Co. and also has paid fees of Rs. 1.3 mn in FY24. Based on the existing business relationship with the company, we do not classify her as Independent. Pallavi Shroff serves on the board of four listed companies (including InterGlobe Aviation Limited). 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, as Managing Partner, her responsibilities are equivalent to a whole-time directorship. Therefore, her high number of directorships on listed companies is not in keeping with the spirit of the regulation. Hence, we do not support the resolution."
  • Zerodha Mutual FundGovernance Concern: Non-material pecuniary relationship with the Company. Governance Concerns identified in her fiduciary duties with regard to one of her other directorships.

  14 for15 against
• Increase in limits of borrowings and creation of charges against borrowings

  7 for0 against

Mutual fund votes, meeting of 24 Aug 2023, 21 fund houses

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

• Adoption of the audited standalone and consolidatd financial statements of the Company for the financial year ended March 31, 2023 with the reports of the Board and Auditors thereon

  19 for0 against
• To re-appoint Mr. Gregg Albert Saretsky (DIN: 08787780) as Director, who retires by rotation, and being eligible, offers himself for re-appointment

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundWe are voting against this longest serving non-executive director as we have concerns about the company's management of climate-related risks.

  20 for1 against
• Approval for implementation of ‘InterGlobe Aviation Limited – Employee Stock Option Scheme 2023’ of the Company

  ›Against HDFC Mutual Fund, JM Financial Mutual Fund, PGIM India Mutual Fund

  • HDFC Mutual FundESOPs are being granted at a significant discount to market price
  • JM Financial Mutual Fund, PGIM India Mutual FundCompliant with the law. Governance Concerns: Potential Excessive benefits per employee.

  18 for3 against
• Approval for extension of ‘InterGlobe Aviation Limited – Employee Stock Option Scheme 2023’ to the eligible employees of subsidiary company(ies) of the Company

  ›Against HDFC Mutual Fund, JM Financial Mutual Fund, PGIM India Mutual Fund

  • HDFC Mutual FundESOPs are being granted at a significant discount to market price
  • JM Financial Mutual Fund, PGIM India Mutual FundCompliant with the law. Governance Concerns: Potential Excessive benefits per employee.

  18 for3 against

Mutual fund votes, meeting of 29 Sep 2022, 17 fund houses

• To approve remuneration of Mr. Ronojoy Dutta (DIN: 08676730), Whole Time Director and Chief Executive Officer of the Company for FY 2022-23 as minimum remuneration in the event of absence or inadequacy of profitsMoreLess

  17 for0 against

Mutual fund votes, meeting of 26 Aug 2022, 17 fund houses

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

• Adoption of the audited standalone and consolidatd financial statements of the Company for the financial year ended March 31, 2022 with the reports of the Board and Auditors thereon

  16 for0 against
• To appoint a Director in place of Mr. Anil Parashar (DIN: 00055377), who retires by rotation and being eligible, offers himself for re-appointment

  ›Against Franklin Templeton Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the re-election of Anil Parashar is warranted because the board does not have a female independent director and Anil Parashar is a senior member of the nomination and remuneration committee standing for re-election.

  16 for1 against
• Appointment of Mr. Vikram Singh Mehta (DIN: 00041197) as an Independent Director of the Company

  17 for0 against
• Appointment of Air Chief Marshal (Retd.) Birender Singh Dhanoa (DIN: 08851613) as an Independent Director of the Company

  17 for0 against
• Appointment of Mr. Meleveetil Damodaran (DIN: 02106990) as an Independent Director of the Company

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual FundMeleveetil Damodaran, 75, is a Governance Consultant. He is former Chairperson of SEBI. He served as Chairperson and Independent Director of Interglobe Aviation Limited from 23 January 2019 to 3 May 2022. In November 2020, SEBI through a show cause notice had questioned the conduct of the board relating to related party transactions and corporate governance protocols, which was subsequently settled by the company. Meleveetil Damodaran was the Chairperson of the board and that of the Audit Committee at the time of these actions – and classified as an Independent Director at that time. We believe he failed to discharge his duties in a fair and impartial manner and therefore do not support his coming back on the board, even if he is reclassified as a Non-Executive Director
  • Bank of India Mutual Fund, Invesco Mutual FundMeleveetil Damodaran, 75, is a Governance Consultant. He is former Chairperson of SEBI. He served as Chairperson and Independent Director of Interglobe Aviation Limited from 23 January 2019 to 3 May 2022. In November 2020, SEBI through a show cause notice had questioned the conduct of the board relating to related party transactions and corporate governance protocols, which was subsequently settled by the company. We raise concerns over the SEBI’s Settlement order issued to Interglobe Aviation Limited during his tenure as Chairperson of the board and Audit Committee. Thus, we do not support his appointment as Non-Executive Non-Independent Director.
  • Edelweiss Mutual FundShould be appointed as independent director
  • Kotak Mahindra Mutual FundMeleveetil Damodaran, 75 has over five decades of experience in management. He has worked with the Union and the State Governments of India, regulatory bodies, investment institutions, banks, development financial institutions and with the private sector. He was Chairman of Securities and Exchange Board of India (SEBI) from February 2005 to February 2008. He was associated with the company from January 24, 2019 to May 3, 2022 as an Independent Director. However, he did not serve the cooling off period as required by SEBI LODR (Third Amendment) Regulations, 2021, hence not compliant with law.
  • LIC Mutual FundNo concern on the merit. Non-compliant with law: Approval should have been obtained prior to him being appointed as NED from 16th July 2022. Governance concern: No gap between ID and NE-NID term.
  • Mirae Asset Mutual FundAs per the proxy advisor recommendation (passive holding)
  • Nippon India Mutual FundShareholder's approval not obtained on time for appointment of director

  9 for8 against

Mutual fund votes, meeting of 18 Mar 2022, 18 fund houses

• Appointment of Mr. Rahul Bhatia (DIN 00090860) as the Managing Director of the Company

  18 for0 against
• Approval for availing advisory services from Mr. Gregg Alber Saretsky (DIN 08787780), Non Executive Director of the Company in the capacity as as Special Advisor and payment of remuneration to him for the said servicesMoreLess

  ›Against Franklin Templeton Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The articulated role of the nominee is generic in nature and reflects the expected duty of a non-executive chair. The company has not provided any compelling rationale to justify the payout, especially given that the proposed pay is much higher than the remuneration being paid to the company's board chair in form of sitting fees. • The company is seeking a blanket approval to pay the proposed remuneration to him irrespective of the company's financials and performance, which is not aligned with best practices.

  17 for1 against