Indian Railway Finance Corporation CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 25 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 receive, consider, approve and adopt the audited financial statements of the Company for the financial year ended 31st March 2026, along with the Reports of the Board of Directors and Auditors thereon and Comments of the Comptroller and Auditor General of India (CAG)MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Sundaram 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 Fund, Sundaram Mutual FundWe have relied upon the auditors’ report, which has raised an emphasis of matter regarding where company has disclosed recognition of lease receivable for Project EBR IF 2019-20, Project EBR IF 2020-21 and Project EBR S 2020-21 w.e.f. 24 March 2026 and execution of lease agreement for same is under process on the reporting date. The auditor’s opinion is not modified in the matter. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). The board is not in compliance with regulatory norms on board independence. Further, due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute the Audit Committee, the Nomination and Remuneration Committee, the Stakeholder Relationship Committee and Risk Management Committee. While the auditor’s view on the financial statements is not modified, we believe that financial statements approved under such circumstances should not be supported until the governance framework is regularized and statutory compliance is ensured. Therefore, we do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundUnqualified financial statements (except certain non-material CARO observations). Governance concern: Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  4 for7 against
• Confirmation of payment of 1st and 2nd interim dividend Paid during the financial year 2025-26

  12 for0 against
• Re-appointment of Ms. Laya Madduri (DIN:11704330) as a Nominee 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, SBI Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • DSP Mutual FundMs. Laya Madduri, 41, is an IAS officer currently serving as Joint Secretary in the Department of Economic Affairs, Ministry of Finance, Government of India. She was appointed as Non-Executive Non-Independent Director from 7 May 2026. She is liable to retire by rotation. We believe that the company should have sought approval for her appointment as Non-Executive Non-Independent Nominee Director as required by regulations to be obtained at the general meeting after appointment. It is unclear how she is retiring by rotation when shareholder approval has not been sought for her appointment from 7 May 2026.Further, we are unable to support the resolution because the board composition is not compliant with regulations on Independent Director representation. We expect the Government of India to first address the board composition, before appointing its nominees on the board. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC 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.
  • 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 Laya Madduri is non-independent director nominees.
  • Jio BlackRock Mutual Fund, Sundaram Mutual FundMs. Laya Madduri, 41, is an IAS officer currently serving as Joint Secretary in the Department of Economic Affairs, Ministry of Finance, Government of India. She was appointed as Non-Executive Non-Independent Director from 7 May 2026. She is liable to retire by rotation. We believe that the company should have sought approval for her appointment as Non-Executive Non-Independent Nominee Director as required by regulations to be obtained at the general meeting after appointment. It is unclear how she is retiring by rotation when shareholder approval has not been sought for her appointment from 7 May 2026. Further, we are unable to support the resolution because the board composition is not compliant with regulations on Independent Director representation. We expect the Government of India to first address the board composition, before appointing its nominees on the board. We do not support the resolution.
  • SBI Mutual FundMs. Laya Madduri, 41, is an IAS officer currently serving as Joint Secretary in the Department of Economic Affairs, Ministry of Finance, Government of India. She was appointed as Non-Executive Non-Independent Director from 7 May 2026. She is liable to retire by rotation. We believe that the company should have sought approval for her appointment as Non-Executive Non-Independent Nominee Director as required by regulations to be obtained at the general meeting after appointment. It is unclear how she is retiring by rotation when shareholder approval has not been sought for her appointment from 7 May 2026. We do not support the resolution.

  3 for9 against
• Appointment of Dr. Ranjay Choudhary (DIN:11796981) as Director (Finance) on the Board

  ›Against Angel One Mutual Fund, Edelweiss 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 Independent Director on the Board.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi 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 Directors and Woman Independent Director on the Board.

  8 for4 against

Mutual fund votes, meeting of 30 Aug 2025, 23 fund houses

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

• To receive, consider, approve and adopt the audited financial statements of the Company for the financial year ended 31st March 2025, along with the Reports of the Board of Directors and Auditors thereon and Comments of the Comptroller and Auditor General of India (CAG)MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww 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, Unifi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance concern: Non-Compliant Audit Committee. Accounts not vetted by duly compliant audit committee.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundWe have relied upon the auditors’ report, which has raised an emphasis of matter regarding where company has disclosed recognition of lease receivable for Project EBR IF 2019-20 w.e.f. 24 March 2025 and execution of lease agreement for same is under process on the reporting date. The auditor’s opinion is not modified in the matter. The company must disclose the reasons for having undisputed payables overdue by more than two years. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). The board is not in compliance with regulatory norms on board independence. Further, due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute the Audit Committee, the Nomination and Remuneration Committee, the Stakeholder Relationship Committee and Risk Management Committee. While the auditor’s view on the financial statements is not modified, we believe that financial statements approved under such circumstances should not be supported until the governance framework is regularized and statutory compliance is ensured. Therefore, we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified financial statements (except certain non-material remarks identified in CARO Report). Compliant with Indian Accounting Standards. Governance concern: Non-Compliant Audit Committee. Accounts not vetted by duly compliant audit committee.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  8 for14 against
• Confirmation of payment of 1st and 2nd interim dividend Paid during the financial year 2024-25

  23 for0 against
• Re-appointment of Shri Abhishek Kumar (DIN: 10644411) as a Nominee Director

  ›Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC 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, Unifi Mutual Fund, Zerodha Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundAbhishek Kumar, 48, is an Indian Railway Accounts Service (IRAS) officer and serves as Executive Director Finance (Budget) at Railway Board. He was appointed as Non-Executive Non-Independent Director on 29 May 2024. He attended nine out of thirteen (69%) board meetings during his tenure held in FY25. We expect directors to attend all board meetings and at minimum of 75% of the meetings over a three-year period. He is liable to retire by rotation. While his reappointment is in line with the 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 Government of India to first address the board composition, before appointing its nominees on the board. We do not support the resolution.
  • Angel One Mutual Fund, LIC 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 appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director.
  • 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 andAbhishek Kumar and Randhir Sahay are non-independent director nominees.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors and Woman Director/ Woman Independent Director.

  7 for16 against
• Appointment of Shri Manoj Kumar Dubey (DIN: 07518387) as Chairman and Managing Director & CEO on the Board.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww 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 Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director. Holding combined position of Chairman and Managing Director, may lead to concentration of power in the hand of single person. Delayed approval of shareholders.
  • 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 Directors & Woman Director/ Woman Independent Director. Holding combined position of Chairman and Managing Director, may lead to concentration of power in the hand of single person. Delayed approval of shareholders.

  14 for9 against
• Appointment of Shri Randhir Sahay (DIN: 10591482) as Director (Finance) (Addl. Charge) on the Board.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss 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 Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director. Delayed approval of shareholders.
  • 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 Directors & Woman Director/ Woman Independent Director. Delayed approval of shareholders.
  • 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 andAbhishek Kumar and Randhir Sahay are non-independent director nominees.

  13 for10 against
• Appointment of Shri Vallabhbhai Maneklal Patel (DIN: 07713055) as Non- Official / Independent Director on the Board

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss 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 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. 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.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• The board does not have a female director and Vallabhbhai Maneklal Patel is the seniormost member ofthe nomination and remuneration committee.
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval, Term of appointment is ambiguous and against spirit of the law.
  • 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 Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.

  13 for10 against
• Appointment of M/s VAP & Associates, Practicing Company Secretaries (Firm Registration No. S2014UP280200) as Secretarial Auditors of the Company for the Period of Five Years (2025-26 to 2029-30)

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundProposed fee payable to Secretarial Auditors not disclosed. Transparency Concern: Remuneration of outgoing auditor not disclosed, thus, material change, if any, with proposed audit fee cannot be ascertained.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed fee payable to Secretarial Auditors not disclosed. Transparency Concern: Remuneration of outgoing auditor not disclosed, thus, material change, if any, with proposed audit fee cannot be ascertained.
  • Kotak Mahindra Mutual FundCompany has not disclose the secretarial auditors fee which is a regulatory requirement. Hence we are not favouring the resolution.
  • LIC Mutual FundTransparency Concern: Remuneration of outgoing auditor not disclosed, thus, material change, if any, with proposed audit fee cannot be ascertained.
  • Nippon India Mutual FundNon disclosure of Proposed fee payable to Secretarial Auditors.

  13 for10 against

• Tax disputeGST DepartmentSince 9 Jun 2023
  Vide High Court of Judicature at Madras Order dated 27.07.2026, the impugned order and recovery notice are set aside and the matter is remanded for reconsideration
  At the filing before: Disclosed in the Notes to Financial Statement in the Balance Sheet

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

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.