IRM Energy MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 11 Apr 2026, 1 fund house

• APPOINTMENT OF MR. VIVEK WATHODKAR (DIN: 08486382) AS AN INDEPENDENT DIRECTOR OF THE COMPANY

  1 for0 against

Mutual fund votes, meeting of 25 Sep 2025, 1 fund house

• To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Board of Directors and the Statutory Auditors thereonMoreLess

  1 for0 against
• To declare a final dividend on equity shares for the financial year ended March 31, 2025

  1 for0 against
• To appoint Mr. Badri Mahapatra (DIN: 02479848) as Director (Non-Executive Non- Independent), who retires by rotation, and being eligible, offers himself for re-appointment

  1 for0 against
• To appoint M/s Manoj Hurkat & Associates, Practicing Company Secretaries, as the Secretarial Auditor of the Company

  1 for0 against
• To ratify the remuneration of Cost Auditors for the financial year ending March 31, 2026

  1 for0 against

Mutual fund votes, meeting of 30 Apr 2025, 2 fund houses

• Appointment of Mr. Abhay Gupte (DIN: 02145565) as an Independent Director of the Company

  2 for0 against

Mutual fund votes, meeting of 19 Dec 2024, 3 fund houses

• Appointment of Mr. Krishan Kumar Gupta (DIN: 03476812) as an Independent Director of the Company

  3 for0 against
• Appointment of Mrs. Preetha Reddy (DIN:00001871) as an Independent Director of the Company

  ›Against Bandhan Mutual Fund, DSP Mutual Fund

  • Bandhan Mutual FundCompliant with Law. Governance Concern: Prolonged Association at Group Level. Director holds Non-Independent Position at Group Level.
  • DSP Mutual FundDr. Preetha Reddy, 67, is Promoter and Vice Chairperson of the Apollo Hospitals Group and Chairperson and Executive Director on the board of Apollo Hospitals Enterprise Limited. She also serves as a Non- Executive Director on the board of Apollo Hospitals International Limited - a joint venture of Apollo Hospitals Enterprise Limited with IRM Trust – a promoter of the company. Given, the promoters’ interest in Apollo Hospitals International Limited, we do not consider her to be independent. Further, Apollo Hospitals International Limited is also classified as a promoter of IRM Energy, although their shareholding as on 30 September 2024 is nil. We support do not support her appointment.

  1 for2 against
• Appointment of Mr. Dharamchand Harakchand Jain (DIN: 02425815) as an Independent Director of the Company

  ›Against Bandhan Mutual Fund, DSP Mutual Fund

  • Bandhan Mutual FundCompliant with Law. Governance Concern: Prolonged Association at Group Level. Lack of clarity regarding the nature of directorship held at Group Level.
  • DSP Mutual FundDharamchand H Jain, 69, has over three decades of experience in the banking industry spanning retail, corporate, Government, MSME and audit. He was Country head of retail and branch banking as also Government banking amongst other roles during the eighteen year association with IDBI Bank. He also served as Managing Director and CEO - IDBI Capital Markets Services Limited. We note, Dharamchand H Jain has been on the board of IRM Private Limited, part of the Cadila Group – since 2020, and a beneficiary of IRM Trust. Because of his association with the promoter group, and his being a beneficiary of the IRM Trust, we do not consider him independent. Therefore, we do not support the appointment.

  1 for2 against
• Appointment of Mr. Rajiv R. Modi (DIN: 10276899) as Non-Executive Non- Independent Director of the Company

  ›Against DSP Mutual Fund

  • DSP Mutual FundRajiv R Modi, 23, is part of the Promoter group and is currently pursuing Masters of Arts (Honours) in Management from University of St Andrew. The company has disclosed that he has held leadership roles in global hospitality, aviation, energy and pharmaceutical sectors – namely in the Cadilla Group of companies, however, no granular disclosures have been provided with respect to his years of experience and/or the quality of his experience at the age of 23 years. Given the lack of clarity, we do not support his appointment onto the board. We believe with an experience of less than ten years; his appointment does not align with our voting guidelines. Furthermore, given he is in the midst of pursuing his education, the company needs to articulate how he will be able to effectively devote time to participate and contribute to board deliberations. We do not support his appointment.

  2 for1 against
• Appointment of Mr. Amit Lalitkumar Doshi (DIN: 01603380) as Non- Executive Non-Independent Director of the Company

  3 for0 against
• Appointment of Mr. Amitabha Banerjee (DIN: 05152456) as a Whole timenDirector, designated as Executive Director of the company.

  ›Against Bandhan Mutual Fund, LIC Mutual Fund

  • Bandhan Mutual Fund, LIC Mutual FundNon-Compliant with Section 197(3) of Companies Act, 2014: Prior approval of shareholders not sought prior to commencement of executive directorship of the director who has already attained 70 years and the explanatory statement does not comprise of a specific justification for reasons behind appointment despite attaining 70 years.

  1 for2 against
• Approval of variation of terms of 50,00,000 10% Non-cumulative Redeemable Preference Shares (ISIN: INE07U704043)

  3 for0 against
• Approval of variation of terms of 20,00,000 10% Non-cumulative Redeemable Preference Shares (ISIN: INE07U704050)

  3 for0 against
• Approval of variation of terms of 40,00,000 10% Non-cumulative Redeemable Preference Shares (ISIN: INE07U704027)

  3 for0 against
• Approval of variation of terms of 55,00,000 10% Non-cumulative Redeemable Preference Shares (ISIN: INE07U704035)

  3 for0 against
• Approval of variation of terms of 50,00,000 10% Non-cumulative Redeemable Preference Shares (ISIN: INE07U704019)

  3 for0 against
• Approval of variation of terms of 30,87,500 10% Non-cumulative Redeemable Preference Shares (ISIN: INE07U704068)

  3 for0 against
• Approval of variation of terms of 69,97,491 10% Non-cumulative Redeemable Preference Shares (ISIN: INE07U704076)

  3 for0 against
• Approval of variation of terms of 19,98,977 10% Non-cumulative Redeemable Preference Shares (ISIN: INE07U704084)

  3 for0 against
• Approval of variation of terms of 14,15,464 10% Non-cumulative Redeemable Preference Shares (ISIN: INE07U704092)

  3 for0 against

Mutual fund votes, meeting of 2 Aug 2024, 2 fund houses

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

• To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2024 together with the Report of the Board of Directors and the Statutory Auditors thereonMoreLess

  ›Against LIC Mutual Fund

  • LIC Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiary Company for FY 2023-24.

  1 for1 against
• To declare the Final Dividend of Re. 1/- (Rupee One) per 10% Non-cumulative Redeemable Preference Share of Rs. 10/- each for the year ended March 31, 2024

  ›Against LIC Mutual Fund

  • LIC Mutual FundCompliant with law. Governance Concern: Proposed dividend on Debt linked Preference Shares is significant as the Company is also paying Interest on the said NCRPS.

  1 for1 against
• To declare the Final Dividend of Rs. 1.50 (Rupee One and Fifty Paisa) per equity share of Rs. 10/-each for the year ended March 31, 2024

  2 for0 against
• To appoint Dr. Rajiv I. Modi (DIN: 01394558) as Director (Non-Executive Non- Independent), who retires by rotation and being eligible, offers himself for re appointment

  2 for0 against
• Mr. Maheswar Sahu (DIN: 00034051) Director, liable to retire by rotation, who does not seek reelection

  2 for0 against
• Appointment of Mrs. Kaushal Nakrani (DIN: 08405226) as an Independent Director of the Company

  2 for0 against
• To consider and approve amendment in Articles of Association of the Company

  ›Against LIC Mutual Fund

  • LIC Mutual FundCompliant with law. Governance Concern: Undermine the role of NRC.

  1 for1 against
• To increase the borrowing limits of the Company

  1 for0 against
• Creation of charges, mortgages, hypothecation on the immovable and movable properties of the Company under Section 180(1)(a) of the Companies Act, 2013

  2 for0 against
• To ratify the remuneration of Cost Auditors for the financial year ending March 31, 2025

  2 for0 against

Mutual fund votes, meeting of 8 Jul 2024, 3 fund houses

• Appoint Amit Doshi (DIN: 01603380) as Non-Executive Non-Independent Director, from 8 July 2024, liable to retire by rotation

  ›Against DSP Mutual Fund

  • DSP Mutual FundFrom public sources, we understand that Amit Doshi, 64, currently serves as COO-IRM Group of companies, - the non-pharma business of Cadila Pharmaceuticals. His appointment to the board is being requisitioned by the controlling shareholders and is being opposed by the company’s board. His appointment meets statutory requirements. While we believe that the board and the controlling shareholders must align their interests for smoother operations, we do not support the resolution. Our concerns emanate from the excessive number of non-executive non-independent directors on the board: – all the proposed appointments will take the total number of non-executive non-independent directors to seven. To meet the 50% board independence mandate, this will most likely require the board to expand to about fourteen board members, which is large for the size of company and larger than the NIFTY 500 median board size of about nine directors.

  0 for1 against
• Appoint Dharamchand Harakchand Jain (DIN: 02425815) as Independent Director, for five years from 8 July 2024

  ›Against DSP Mutual Fund

  • DSP Mutual FundDharamchand H Jain, 69, has over three decades of experience in the banking industry spanning retail, corporate, Government, MSME and audit. He was Country head of retail and branch banking as also Government banking amongst other roles during the eighteen year association with IDBI Bank. He also served as Managing Director and CEO IDBI Capital Markets Services Limited. Dharamchand Jain’s appointment to the board is being requisitioned by the controlling shareholders and is being opposed by the company’s board. We note that his appointment meets statutory requirements. While we believe that the board and the controlling shareholders must align their interests for smoother operations, we do not support the resolution. Dharamchand Jain is on the board of IRM Private Limited, part of the Cadila Group, and a beneficiary of IRM Trust. Because of his association with the promoter group, and his being a beneficiary of the IRM Trust, we do not consider him independent. Therefore, we do not support the appointment.

  0 for1 against
• Appoint Ms. Gala Joshi (DIN: 10615255) as Non-Executive Non-Independent Women Director, from 8 July 2024, liable to retire by rotation

  ›Against DSP Mutual Fund

  • DSP Mutual FundMs. Gala Joshi, 68, has over four decades of experience in Finance and Banking and is a Partner at CMRS & Associates LLP. The rationale for appointing her as non-independent director is unclear – from public sources, we are unable to establish a commercial or personal relationship with the promoter group. Ms. Gala Joshi’s appointment to the board is being requisitioned by the controlling shareholders and is being opposed by the company’s board. Her appointment meets statutory requirements. While we believe that the board and the controlling shareholders must align their interests for smoother operations, we do not support the resolution. Our concerns emanate from the number of non-executive non-independent directors on the board, which based on the current proposals will aggregate seven non-executive non-independent directors. Thereafter, to meet the 50% board independence mandate, this will require the board to expand to about fourteen board members, which is large for the size of company and larger than the NIFTY 500 median board size of about nine directors.

  0 for1 against
• Appoint Ramesh Choksi (DIN: 06636737) as Non-Executive Non-Independent Director, from 8 July 2024, liable to retire by rotation

  ›Against DSP Mutual Fund

  • DSP Mutual FundRamesh Choksi, 73, is a chartered accountant and has been with Cadila for two decades in various positions spanning finance, costing, production, management, distribution, domestic and international marketing. His appointment to the board is being requisitioned by the controlling shareholders, and which is being opposed by the company’s board. We note that his appointment meets statutory requirements. While we believe that the board and the controlling shareholders must align their interests for smoother operations, we do not support the resolution. Our concerns emanate from the excessive number of non-executive non-independent directors on the board: with all the proposed appointments, the company will have seven non-executive non-independent directors. To meet the 50% board independence mandate, this will most likely require the board to expand to about fourteen board members, which is large for the size of company and larger than the NIFTY 500 median board size of about nine directors. Moreover, we raise concern that Ramesh Choksi may be over-boarded – he serves as a director on 17 boards, most of these being part of the Cadila group companies.

  0 for1 against
• Appointment of Mr. Amit Doshi (DIN: 01603380) as an Additional Non - Executive Non - Independent Director of the Company, liable to retire by rotation.

  2 for0 against
• Appointment of Mr. Dharamchand Harakchand Jain (DIN: 02425815) as an Independent director of the Company to hold office for a term of upto five consecutive years for which requisite declaration required under Section 149(7) has been provided by him.MoreLess

  ›Against LIC Mutual Fund

  • LIC Mutual FundCompliant with law. Governance concern: Prolonged association with the Promoter Group Company.

  1 for1 against
• Appointment of Mr. Ramesh Choksi (DIN: 06636737) as an Additional Non - Executive Non - Independent Director of the Company, liable to retire by rotation.

  2 for0 against
• Appointment of Mrs. Gala Joshi (DIN: 10615255) as an Additional Non - Executive Non - Independent woman director of the Company, liable to retire by rotation.

  2 for0 against