ITI MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 11 Nov 2025, 14 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 and consolidated financial statements of the Company for the financial year ended 31st March 2025 together with the reports of the Board of Directors and Auditors thereon and comments of Comptroller and Auditor General of India.MoreLess

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

  • Angel One Mutual FundGovernance Concern: Material Weaknesses in Internal Financial Controls; Material uncertainty related to going concern; Unpaid undisputed statutory dues for more than 3 years; 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 expressed a disclaimer of opinion because auditors were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. They have also issued a disclaimer of opinion on the internal financial controls for the same reason. Auditors have also raised an emphasis of matter in relation to a dispute regarding excess electricity billing with UPPCL. The matter is currently under adjudication by the High Court, Lucknow. Auditors have also raised material uncertainty on going concern. The auditors did not receive confirmation on availability of audit trail facilities with company’s branch auditors in Raebareli and Srinagar units. We also 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundQualified Financial Statements. Governance Concern: Material Weaknesses in Internal Financial Controls; Material uncertainty related to going concern; Unpaid undisputed statutory dues for more than 3 years; Non-Compliant Audit Committee. Accounts not vetted by duly compliant Audit Committee.
  • Kotak Mahindra Mutual FundAuditors report has expressed a disclaimer of opinion because auditors were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. They have also issued a disclaimer of opinion on the internal financial controls for the same reason. Auditors have also raised an emphasis of matter in relation to a dispute regarding excess electricity billing with UPPCL. The matter is currently under adjudication by the High Court, Lucknow. Auditors have also raised material uncertainty on going concern. The auditors did not receive confirmation on availability of audit trail facilities with company s branch auditors in Raebareli and Srinagar units. In the absence of the critical oversight provided by the audit committee, we are unable to support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Material weaknesses in internal financial controls, going concern uncertainty, unpaid undisputed statutory dues >3 years (Companies Act Section 3A), non-compliant Audit Committee (SEBI LODR Reg. 18), and unvetted accounts breaching AC oversight

  3 for11 against
• To appoint a Director in the place of Smt. S Jeyanthi (DIN: 10059174), who retires by rotation and being eligible, be and is hereby re-appointed.

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

  • Angel One Mutual FundExecutive Director as member of Nomination and Remuneration Committee.Governance Concern: Non-Compliant board with the requirement of requisite number of Independent Directors.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on merit of proposed appointee. Non-compliance with Section 178 of the Companies Act, 2013 and SEBI LODR Regulation 19 (1): Executive Director as member of NRC committee. Governance Concern: Non-Compliant board with the requirement of requisite number of IDs.
  • Nippon India Mutual FundGovernance Concern: Non-Compliant board with the requirement of requisite number of IDs.

  7 for7 against
• Authorisation to Board to fix remuneration of Statutory and Branch Auditors for the financial year 2025-26.

  13 for0 against
• Appointment of Mr. Arun Agarwal, DDG (Sat.), DOT (DIN: 05270538) be and is hereby appointed as Government Director on the Board of the Company w.e.f. 22nd July 2025 for a period of three years or till the date of superannuation or till further orders, whichever is earliest and on the terms and conditions as stipulated by the Government of India.MoreLess

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director; Delayed approval of shareholders.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundAppointment compliant with law; no concern on the merits of appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director; Delayed approval of shareholders.
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director. Also, delayed approval of shareholders.

  7 for7 against
• Appointment of Shri Gopinath Sahu (DIN: 11192872) and is hereby appointed as Government Director on the Board of the Company w.e.f 14th July 2025 for a period of three years or till the date of superannuation or till further orders, whichever is the earliest and on the terms and conditions as stipulated by the Government of India.MoreLess

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

  • Angel One Mutual FundSeeking shareholders’ approval for appointment of Independent Directors by way of ‘Ordinary Resolution’instead of ‘Special Resolution’. 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 FundNon-Compliance with SEBI LODR Regulations: Seeking shareholders’ approval for appointment of IDs by way of ‘Ordinary Resolution’ instead of ‘Special Resolution’. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • Jio BlackRock Mutual FundGopinath Sahu is a socio-political activist. He was a Swayamsevak since 1991, served as State Organizing Secretary, Odisha at ABVP from 1994 to 2009. He was an RSS pracharak from 2004 to 2009. He joined the Bhartiya Janta Party from 2018 and currently heads the communication and data division of the party in Odisha. He was involved in election management for BJP Odisha in 2019 and 2024. We believe his political affiliation may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval within three months.
  • Kotak Mahindra Mutual FundThe appointment, re-appointment or removal of an independent director of a listed entity, should be subject to the approval of shareholders by way of a special resolution instead of ordinary resolution. This appointment does not meet regulatory requirement. Hence, we do not favour this resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.

  4 for10 against
• Ratification of remuneration payable to the Cost Auditors for the financial year 2025-26.

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

  • Angel One Mutual FundGovernance Concern: non-compliant Audit committee.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Audit committee is non-compliant with SEBI LODR Regulations.
  • Nippon India Mutual FundGovernance Concern: Audit committee is non-compliant with SEBI LODR Regulations.

  5 for7 against
• Appointment of Mr. D Venkateswarlu, Practising Company Secretary (FCS 8554), as Secretarial Auditor of the Company for a term of five consecutive years commencing from Financial Year 2025-26 till Financial Year 2029-30.MoreLess

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Failure to highlight previous non-compliances by the Company in the Secretarial Audit Report or Annual secretarial Compliance Report.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Failure to highlight previous non-compliances by the Company in the Secretarial Audit Report or Annual secretarial Compliance Report.

  8 for6 against

Mutual fund votes, meeting of 8 Nov 2024, 12 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 and consolidated financial statements of the Company for the financial year ended 31st March 2024 together with the reports of the Board of Directors and Auditors thereon and comments of Comptroller and Auditor General of India.MoreLess

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual Fund, Navi Mutual FundWe have relied upon the auditors’ report, which has expressed a disclaimer of opinion because auditors were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. They have also issued a disclaimer of opinion on the internal financial controls for the same reason. Auditors have also raised several emphases of matters including the following - receipt of funds for capital expenditure as part of the financial assistance approved by the Cabinet Committee on Economic Affairs (CCEA) after being designated a Sick Company under the Sick Industrial Companies Act, 1985, the company is non-compliant with the required number of independent directors, the company holds 77 acres of land valued at Rs. 1,947.0 mn under Property, Plant & Equipment, despite a repossession notice from the Government of Kerala, which the company is disputing. The matter is currently under adjudication by the Supreme Court. Auditors has also raised material uncertainty on going concern and disclaimer of opinion on internal financial controls of the company. Given this, we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundQualified financial statements. Governance Concern: The Company has not provided response for few qualified observations. The Auditors have also made qualified opinion w.r.t. internal financial controls of the Company. Material Uncertainty on the Company’s Going Concern. Remarks on CARO Report – Undisputed Statutory Dues pending for more than 2 years.
  • Kotak Mahindra Mutual FundAuditors have raised several emphases of matters including the following - receipt of funds for capital expenditure as part of the financial assistance approved by the Cabinet Committee on Economic Affairs (CCEA) after being designated a Sick Company under the Sick Industrial Companies Act, 1985, the company is non-compliant with the required number of independent directors, the company holds 77 acres of land valued at Rs. 1,947.0 mn under Property, Plant & Equipment, despite a repossession notice from the Government of Kerala, which the company is disputing. The matter is currently under adjudication by the Supreme Court. Auditors has also raised material uncertainty on going concern and disclaimer of opinion on internal financial controls of the company. Given this, we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundUndisputed Statutory Dues pending for more than 2 years.

  3 for9 against
• To appoint a Director in the place of Shri Rajeev Srivastava (DIN: 08921307), who retires by rotation and being eligible, be and is hereby re-appointed.

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundRe-appointment compliant with law; no concern on the merits of appointees. Governance Concern: Non-Compliant board with the requisite number of IDs as well as required number of Directors liable to retire by rotation.
  • Nippon India Mutual FundNon-Compliant board with the requisite number of IDs as well as required number of Directors liable to retire by rotation.

  8 for4 against
• Authorisation to Board to fix remuneration of Statutory and Branch Auditors for the financial year 2024-25.

  12 for0 against
• Appointment of Shri Ramana Babu C V (DIN: 10478320), be and is hereby appointed as Director (Marketing) on the Board of the Company w.e.f 25th January 2024 to till 31st July 2028 i.e the date of superannuation, or until further orders, whichever is the earlier and on the terms and conditions as stipulated by the Government of India.MoreLess

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with law; no concern on the merits of appointees. Governance Concern: Non-Compliant board with the requisite number of IDs as well as required number of Directors liable to retire by rotation; Delayed in shareholders’ approval.
  • Nippon India Mutual FundNon-Compliant board with the requisite number of IDs as well as required number of Directors liable to retire by rotation.

  8 for4 against
• Appointment of Lt. Gen Kanwar Vinod Kumar, Signal Officer-in-Chief, Ministry of Defence (DIN: 10366028) be and is hereby appointed as Government Director on the Board of the Company w.e.f. 20th October 2023 for a period of three years or till the date of superannuation or till further orders, whichever is earliest and on the terms and conditions as stipulated by the Government of India.MoreLess

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with law; no concern on the merits of appointees. Governance Concern: Non-Compliant board with the requisite number of IDs as well as required number of Directors liable to retire by rotation; Delayed in shareholders’ approval
  • Nippon India Mutual FundNon-Compliant board with the requisite number of IDs as well as required number of Directors liable to retire by rotation.

  8 for4 against
• Appointment of Shri Mukesh Mangal (DIN: 10460089) DDG (AI&DIU), DoT be and is hereby appointed as Government Director on the Board of the Company w.e.f 10th January 2024 for a period of three years or till the date of superannuation or till further orders, whichever is the earliest and on the terms and conditions as stipulated by the Government of India.MoreLess

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with law; no concern on the merits of appointees. Governance Concern: Non-Compliant board with the requisite number of IDs as well as required number of Directors liable to retire by rotation; Delayed in shareholders’ approval.
  • Nippon India Mutual FundNon-Compliant board with the requisite number of IDs as well as required number of Directors liable to retire by rotation.

  8 for4 against
• Ratification of remuneration payable to the Cost Auditors for the financial year 2024-25.

  10 for0 against

• Tax disputeCentral Excise Act 1944Since 23 Nov 2000
  CESTAT
  At the filing before: CENVAT Credit
• Tax disputeUP VATSince 10 Oct 1986
  Pending
  At the filing before: Sales Tax
• Tax disputeUP VATSince 20 Oct 1991
  Pending
  At the filing before: Sales Tax
• Tax disputeFinance Act, 1994Since 11 Feb 2009
  Pending
  At the filing before: Service Tax
• Tax disputeGST AppealSince 30 Dec 2023
  Appeal filed
  At the filing before: Demand related to short paid of GST FY 2017-18
• Tax disputeGST AppealSince 23 Jul 2024
  Appeal filed
  At the filing before: Excess utilization of ITC FY 2019-20
• Tax disputeGST AppealSince 31 Mar 2026
  Appeal have to file Tax amount deposited
  At the filing before: Ineligilble ITC and Blocked Credit
• Tax disputeAppeal to be filed to TribunalSince 10 Dec 2024
  Appeal to be filed
  At the filing before: Demand related to credit note issued beyond the limitation period as per GST

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

Yes

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.