JBM Auto MD, chairman, board of directors and AGM
NSE: JBMABSE: 532605Auto ComponentsSmall Cap
Formerly JBM Auto Components
Last close ₹487.15down ₹19.80 (3.91%)BSE ₹487.35
Share price at the NSE close on 23 Oct 2026. Previous close ₹506.95.
52-week range of traded prices to 23 Oct 2026
₹477.00Low, 16 Mar 2026₹738.50High, 22 Jun 2026
- Next results date: the board meets on 26 Oct 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹11,521 Cr445th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 30 Jul 2026
- 51.4
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 17 Jul 2026
- 7.5
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.17%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 30 Jul 2026
- 15.5%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 30 Jul 2026
- 12.1%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 17 Jul 2026
- 1.89
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 4,36,10048.7% delivered
JBM Auto board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- ChairpersonSurendra Kumar AryaRelated to the promoter
- Managing directorNishant Arya
- Company Secretary and Compliance OfficerSanjeev Kumar
6 directors3 independent2 executive1 non-executive
- Surendra Kumar Arya · ChairpersonNon-executive · joined Aug 2000 · 2 listed boards · 2 committee seats, 1 as chair
- Nishant Arya · Managing directorExecutive · joined Jul 2009 · 3 listed boards · 1 as independent · 1 committee seat
- Praveen Kumar TripathiIndependent · joined Jul 2019 · reappointed Jul 2024 · 86 months as independent · 3 listed boards · 2 as independent · 10 committee seats, 3 as chair
- Pravin TripathiIndependent · joined Sep 2017 · reappointed Sep 2022 · 108 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 2 as chair
- V Ramgopal RaoIndependent · joined Nov 2022 · reappointed Nov 2022 · 46 months as independent · 1 listed board · 1 as independent · 2 committee seats
- Dhiraj MohanExecutive · joined Nov 2022 · 1 listed board · 1 committee seat
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 30 Jul 20266 of 6 present3 independent · 79 days in between
- 11 May 20266 of 6 present3 independent
Audit Committee
Chair Pravin Tripathi
Dhiraj Mohan, Praveen Kumar Tripathi, V Ramgopal Rao
- 30 Jul 20264 of 4 present3 independent · 79 days in between
- 11 May 20264 of 4 present3 independent
Nomination and remuneration committee
Chair Pravin Tripathi
Surendra Kumar Arya, Praveen Kumar Tripathi
- 30 Jul 20263 of 3 present2 independent
- 11 May 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair Praveen Kumar Tripathi
Nishant Arya, V Ramgopal Rao
No meeting listed in the filing.
Risk Management Committee
Chair Dhiraj Mohan
Pravin Tripathi, V Ramgopal Rao, Vivek Gupta
- 30 Jul 20263 of 3 present2 independent
- 30 Jan 20263 of 3 present2 independent
Corporate Social Responsibility Committee
Chair Surendra Kumar Arya
Nishant Arya, V Ramgopal Rao
No meeting listed in the filing.
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Jun 2026.
- R N Marwah & Co LLPPeer-review certificate valid to Aug 2027
1 earlier auditor
- RN MARWAH & CO LLPNamed in the filing for the quarter to Mar 2025
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
JBM Auto AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.JBM Auto dividend history
Annual general meeting, 16 Sep 2026
1,84,564 shareholders on the register on 9 Sep 2026; present: 16 promoters and 117 others; votes counted by Dhananjay Shukla / Dhananjay Shukla and Associates.The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited IND AS Financial Statements (Standalone & Consolidated) of the Company for the financial year ended 31st March, 2026 together with the reports of the Board of Directors and Auditors thereon.MoreLess
OrdinaryPromoters have an interest in it99.93% for0.07% againstAgainst: promoters 0.00% · institutions 3.03% · other public 0.01%
Turnout: all 82.89% · promoters 97.49% · institutions 87.48% · other public 50.07%
- To declare Dividend on Equity SharesOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 82.89% · promoters 97.49% · institutions 87.48% · other public 50.07%
- Re-appointment of Mr. Nishant Arya (DIN: 00004954), as a Director liable to retire by rotationOrdinaryPromoters have an interest in it99.90% for0.10% against
Against: promoters 0.00% · institutions 4.44% · other public 0.01%
Turnout: all 82.89% · promoters 97.49% · institutions 87.48% · other public 50.07%
- Ratification of remuneration payable to Cost AuditorsOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 82.89% · promoters 97.49% · institutions 87.48% · other public 50.07%
- To consider and approve the issue of SecuritiesSpecial99.93% for0.07% against
Against: promoters 0.00% · institutions 3.03% · other public 0.01%
Turnout: all 82.89% · promoters 97.49% · institutions 87.48% · other public 50.07%
Re-appointment of Mr. Nishant Arya as Managing Director (Key Managerial Personnel) designated as Vice-Chairman and Managing Director of the Company for a period of three (3) years w.e.f. 18th May, 2027 and to approve his remuneration.MoreLess
SpecialPromoters have an interest in it97.95% for2.05% againstAgainst: promoters 0.00% · institutions 90.68% · other public 0.01%
Turnout: all 82.89% · promoters 97.49% · institutions 87.48% · other public 50.07%
- Approval for continuation of directorship of Mr. Praveen Kumar Tripathi (DIN : 02167497) as an Independent Director of the Company after attaining the age of Seventy-Five Years.Special99.90% for0.10% against
Against: promoters 0.00% · institutions 4.50% · other public 0.01%
Turnout: all 82.89% · promoters 97.49% · institutions 87.48% · other public 50.07%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 3 Jul 2026, 12 resolutions
1,88,406 shareholders on the register on 29 May 2026; votes counted by Dhananjay Shukla / Dhananjay Shukla and Associates.The company's voting result (opens in a new tab)
- Material Related Party Transaction(s) with JBM Electric Vehicles Private LimitedOrdinaryPromoters have an interest in it99.36% for0.64% against
Against: promoters 0.00% · institutions 5.82% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
- Material Related Party Transaction(s) with Ecolife Mobility EV Private LimitedOrdinaryPromoters have an interest in it99.36% for0.64% against
Against: promoters 0.00% · institutions 5.82% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
- Material Related Party Transaction(s) with Ecolife Mobility Vehicles Private LimitedOrdinaryPromoters have an interest in it99.36% for0.64% against
Against: promoters 0.00% · institutions 5.82% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
- Material Related Party Transaction(s) with Ecolife GT Mobility Private LimitedOrdinaryPromoters have an interest in it99.36% for0.64% against
Against: promoters 0.00% · institutions 5.82% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
- Material Related Party Transaction(s) with JBM Ecolife Mobility Haryana Private LimitedOrdinaryPromoters have an interest in it99.36% for0.64% against
Against: promoters 0.00% · institutions 5.82% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
- Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and JBM Green Energy Systems Private LimitedOrdinaryPromoters have an interest in it89.37% for10.63% against
Against: promoters 0.00% · institutions 98.10% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
- Material Related Party Transaction(s) with JBM Ecolife Mobility Private LimitedOrdinaryPromoters have an interest in it99.36% for0.64% against
Against: promoters 0.00% · institutions 5.82% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
- Material Related Party Transaction(s) with Neel Metal Products LimitedOrdinaryPromoters have an interest in it89.37% for10.63% against
Against: promoters 0.00% · institutions 98.10% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
- To consider and approve the pledge of shares of material subsidiary/joint venture i.e. JBM Ecolife Mobility Private Limited('JBM Ecolife')SpecialPromoters have an interest in it98.69% for1.31% against
Against: promoters 0.00% · institutions 12.03% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
- Authorisation to Board under Section 180(1)(c) of the Companies Act, 2013SpecialPromoters have an interest in it92.72% for7.28% against
Against: promoters 0.00% · institutions 67.20% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
- Authorisation to Board under Section 180(1)(a) of the Companies Act, 2013SpecialPromoters have an interest in it92.99% for7.01% against
Against: promoters 0.00% · institutions 64.68% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
- Authorisation to Board under Section 185 of the Companies Act, 2013SpecialPromoters have an interest in it89.22% for10.78% against
Against: promoters 0.00% · institutions 99.49% · other public 0.01%
Turnout: all 17.15% · promoters 0.00% · institutions 88.08% · other public 50.37%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 10 Dec 2025, 1 resolution
1,89,399 shareholders on the register on 31 Oct 2025; votes counted by Dhananjay Shukla / Dhananjay Shukla and Associates.The company's voting result (opens in a new tab)
- Material Related Party Transaction(s) with JBM Ecolife Mobility Private LimitedOrdinaryPromoters have an interest in it99.22% for0.78% against
Against: promoters 0.00% · institutions 7.36% · other public 0.01%
Turnout: all 17.07% · promoters 0.00% · institutions 89.69% · other public 50.16%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 3 Sep 2025, 8 resolutions
1,80,775 shareholders on the register on 27 Aug 2025; present: 17 promoters and 164 others; votes counted by Dhananjay Shukla / Dhananjay Shukla and Associates.The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited IND AS Financial Statements (Standalone & Consolidated) of the Company for the Financial Year ended 31st March, 2025 together with the reports of the Board of Directors and Auditors thereon.MoreLess
Ordinary99.95% for0.05% againstAgainst: promoters 0.00% · institutions 2.41% · other public 0.00%
Turnout: all 83.82% · promoters 98.73% · institutions 83.58% · other public 50.55%
- To declare a dividend of Rs. 0.85 per Equity Share for the Financial Year 2024-25Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.02% · other public 0.00%
Turnout: all 83.82% · promoters 98.73% · institutions 83.58% · other public 50.55%
- Re-appointment of Mr. Dhiraj Mohan (DIN: 07224934) who is retiring by rotation and being eligible, offers himself for re-appointment, as a DirectorOrdinary98.02% for1.98% against
Against: promoters 0.00% · institutions 89.07% · other public 0.00%
Turnout: all 83.82% · promoters 98.73% · institutions 83.58% · other public 50.55%
- Re-appointment of Mr. Dhiraj Mohan (DIN: 07224934) as Whole time Director of the CompanySpecial98.06% for1.94% against
Against: promoters 0.00% · institutions 87.34% · other public 0.00%
Turnout: all 83.82% · promoters 98.73% · institutions 83.58% · other public 50.55%
- Ratification of remuneration payable to Cost Auditors of the Company for the Financial Year 2025-26Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 83.82% · promoters 98.73% · institutions 83.58% · other public 50.55%
- To Consider and approve the issue of SecuritiesSpecial99.93% for0.07% against
Against: promoters 0.00% · institutions 2.96% · other public 0.00%
Turnout: all 83.82% · promoters 98.73% · institutions 83.58% · other public 50.55%
- Appointment of Secretarial AuditorOrdinary99.04% for0.96% against
Against: promoters 0.00% · institutions 43.24% · other public 0.00%
Turnout: all 83.82% · promoters 98.73% · institutions 83.56% · other public 50.55%
- Material Related party Transactions with Neel Metal Products LimitedOrdinaryPromoters have an interest in it99.73% for0.27% against
Against: promoters 0.00% · institutions 2.41% · other public 0.00%
Turnout: all 17.15% · promoters 0.00% · institutions 83.58% · other public 50.55%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 26 Dec 2024, 9 resolutions
1,38,315 shareholders on the register on 15 Nov 2024; votes counted by Dhananjay Shukla / Dhananjay Shukla & Associates.The company's voting result (opens in a new tab)
- Sub-Division of Equity Shares of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 83.28% · promoters 96.42% · institutions 75.41% · other public 53.71%
- Alteration of the Capital Clause of the Memorandum of Association of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 83.28% · promoters 96.42% · institutions 75.41% · other public 53.71%
- Material Related Party Transaction(s) with JBM Electric Vehicles Private LimitedOrdinaryPromoters have an interest in it99.26% for0.74% against
Against: promoters 0.00% · institutions 5.32% · other public 0.00%
Turnout: all 18.17% · promoters 0.00% · institutions 75.41% · other public 53.71%
- Material Related Party Transaction(s) with JBM Eco Tech Private LimitedOrdinaryPromoters have an interest in it99.26% for0.74% against
Against: promoters 0.00% · institutions 5.32% · other public 0.00%
Turnout: all 18.17% · promoters 0.00% · institutions 75.41% · other public 53.71%
- Material Related Party Transaction(s) with JBM Ecolife Mobility Haryana Private LimitedOrdinaryPromoters have an interest in it99.26% for0.74% against
Against: promoters 0.00% · institutions 5.32% · other public 0.00%
Turnout: all 18.17% · promoters 0.00% · institutions 75.41% · other public 53.71%
- Material Related Party Transaction(s) with TL Ecolife Mobility Private LimitedOrdinaryPromoters have an interest in it99.26% for0.74% against
Against: promoters 0.00% · institutions 5.32% · other public 0.00%
Turnout: all 18.17% · promoters 0.00% · institutions 75.41% · other public 53.71%
- Material Related Party Transaction(s) with Ecolife Mobility Mumbai Private LimitedOrdinaryPromoters have an interest in it99.26% for0.74% against
Against: promoters 0.00% · institutions 5.32% · other public 0.00%
Turnout: all 18.17% · promoters 0.00% · institutions 75.41% · other public 53.71%
- Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and JBM Green Energy Systems Private LimitedOrdinaryPromoters have an interest in it86.18% for13.82% against
Against: promoters 0.00% · institutions 99.52% · other public 0.00%
Turnout: all 18.16% · promoters 0.00% · institutions 75.39% · other public 53.71%
- Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and JBM EV Industries Private LimitedOrdinaryPromoters have an interest in it86.18% for13.82% against
Against: promoters 0.00% · institutions 99.52% · other public 0.00%
Turnout: all 18.16% · promoters 0.00% · institutions 75.39% · other public 53.71%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 12 Sep 2024, 9 resolutions
Present: 15 promoters and 148 others.The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited IND AS Financial Statements (Standalone & Consolidated) of the Company for the financial year ended 31st March, 2024 together with the reports of the Board of Directors and Auditors thereon.MoreLess
Ordinary99.97% for0.03% againstAgainst: promoters 0.00% · institutions 1.19% · other public 0.00%
Turnout: all 85.99% · promoters 98.93% · institutions 72.86% · other public 57.47%
- To declare a Final Dividend of Rs. 1.50 per equity share for the Financial Year 2023-24.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 85.99% · promoters 98.93% · institutions 72.86% · other public 57.47%
- Re-appoint Mr. Surendra Kumar Arya (DIN: 00004626) who is retiring by rotation and being eligible, offers himself for re-appointment, as a Director.Ordinary99.84% for0.16% against
Against: promoters 0.00% · institutions 5.56% · other public 0.00%
Turnout: all 85.99% · promoters 98.93% · institutions 72.86% · other public 57.47%
- Ratification of remuneration payable to Cost Auditors of the Company for the Financial Year 2024-25.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 85.99% · promoters 98.93% · institutions 72.86% · other public 57.47%
- To consider and approve the issue of Securities.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 85.99% · promoters 98.93% · institutions 72.86% · other public 57.47%
- Re-appointment of Mr. Praveen Kumar Tripathi (DIN - 02167497) as an Independent Director.Special99.90% for0.10% against
Against: promoters 0.00% · institutions 3.47% · other public 0.00%
Turnout: all 85.99% · promoters 98.93% · institutions 72.86% · other public 57.46%
- Continuation of directorship of Mrs. Pravin Tripathi (DIN: 06913463) as an Independent Director.Special99.96% for0.04% against
Against: promoters 0.00% · institutions 1.22% · other public 0.00%
Turnout: all 85.99% · promoters 98.93% · institutions 72.86% · other public 57.46%
- Material Related Party Transactions with Neel Metal Products Limited.OrdinaryPromoters have an interest in it79.47% for20.53% against
Against: promoters 0.00% · institutions 95.72% · other public 0.00%
Turnout: all 11.45% · promoters 0.00% · institutions 72.86% · other public 30.90%
- Material Related Party Transactions with JBM Ecolife Mobility Private Limited.OrdinaryPromoters have an interest in it99.53% for0.47% against
Against: promoters 0.00% · institutions 2.20% · other public 0.00%
Turnout: all 11.45% · promoters 0.00% · institutions 72.86% · other public 30.90%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 30 Jun 2024, 3 resolutions
The company's voting result (opens in a new tab)
- Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and JBM Eco Tech Private LimitedOrdinaryPromoters have an interest in it99.89% for0.11% against
Against: promoters 0.00% · institutions 0.38% · other public 0.07%
Turnout: all 17.69% · promoters 0.00% · institutions 68.00% · other public 52.86%
- Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and JBM Ecolife Mobility Haryana Private LimitedOrdinaryPromoters have an interest in it99.89% for0.11% against
Against: promoters 0.00% · institutions 0.38% · other public 0.07%
Turnout: all 17.69% · promoters 0.00% · institutions 68.00% · other public 52.86%
- Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and TL Ecolife Mobility Private LimitedOrdinaryPromoters have an interest in it99.89% for0.11% against
Against: promoters 0.00% · institutions 0.38% · other public 0.07%
Turnout: all 17.69% · promoters 0.00% · institutions 68.00% · other public 52.86%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 30 Mar 2024, 3 resolutions
The company's voting result (opens in a new tab)
Re-appointment of Mr. Nishant Arya as Managing Director (Key Managerial Personnel) designated as ViceChairman and Managing Director of the Company for a period of three (3) years w.e.f. 18th May, 2024 and to fix his remuneration.MoreLess
SpecialPromoters have an interest in it98.15% for1.85% againstAgainst: promoters 0.00% · institutions 82.28% · other public 0.00%
Turnout: all 84.61% · promoters 97.48% · institutions 60.62% · other public 57.54%
- Material Related Party Transaction(s) with JBM Ecolife Mobility Private LimitedOrdinaryPromoters have an interest in it99.85% for0.15% against
Against: promoters 0.00% · institutions 1.49% · other public 0.00%
Turnout: all 18.78% · promoters 0.00% · institutions 60.62% · other public 57.54%
- Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and JBM EV Industries Private LimitedOrdinaryPromoters have an interest in it99.85% for0.15% against
Against: promoters 0.00% · institutions 1.49% · other public 0.00%
Turnout: all 18.78% · promoters 0.00% · institutions 60.62% · other public 57.54%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 16 Sep 2026, 8 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 and adopt the Audited IND AS Financial Statements (Standalone & Consolidated) of the Company for the financial year ended 31st March, 2026 together with the reports of the Board of Directors and Auditors thereon.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundNon-disclosure of the audited financial statements of few Subsidiaries on the website of the Company.
- Edelweiss Mutual Fund, Navi Mutual FundUnqualified financial statements (except minor observation in CARO Report). Non-Compliant with Companies Act, 2013 and Regulation 46(2)(s) of SEBI LODR: Non-disclosure of the audited financial statements of few Subsidiaries on the website of the Company.
5 for3 against- To declare Dividend on Equity Shares8 for0 against
- Re-appointment of Mr. Nishant Arya (DIN: 00004954), as a Director liable to retire by rotation
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance concern: The remuneration practice is skewed in his favour and excessive when compared to the Industry Trend.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern identified on the merit of the proposed director. Governance concern: The remuneration practice is skewed in his favour and excessive when compared to the Industry Trend.
5 for3 against - Ratification of remuneration payable to Cost Auditors8 for0 against
- To consider and approve the issue of Securities
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance & Transparency Concern: Significant dilution and no specific justification for not opting for Rights Issue.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Governance & Transparency Concern: Significant dilution and no specific justification for not opting for Rights Issue.
5 for3 against Re-appointment of Mr. Nishant Arya as Managing Director (Key Managerial Personnel) designated as Vice-Chairman and Managing Director of the Company for a period of three (3) years w.e.f. 18th May, 2027 and to approve his remuneration.MoreLess
Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, SBI Mutual Fund
- Angel One Mutual FundGovernance & Transparency Concern: The proposed remuneration appears excessive; Remuneration practice is skewed in favour of promoter Executive Director; and no absolute cap has been provided on the variable pay component.
- DSP Mutual Fund, Jio BlackRock Mutual FundHe received Rs. 249.3 mn in FY26. Based on his present terms, we estimate his annual remuneration at Rs. 361.1 mn, which is significantly higher than peers and not commensurate with the size and scale of the company. At present levels, his remuneration equates to 12.7% of FY26 standalone pre-tax profits. The commission component in his remuneration structure is set at 5% of net profits or any amount permissible under Section 198 of Companies Act, 2013 with no absolute cap. Further, there are no disclosures on the performance metrics that determine variable commission. We expect companies to disclose performance metrics and cap the remuneration payable in absolute terms. Surendra Kumar Arya, his father, is also a member of the Nomination and Remuneration Committee, which is an inherent conflict of interest. Further, we note that the company has not disclosed ratio of executive remuneration to median employee remuneration. While we support his reappointment, we do not support the enabling remuneration terms. We do not support the resolution.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern identified on the merit of the proposed director. Governance & Transparency Concern: The proposed remuneration appears excessive; Remuneration practice is skewed in favour of promoter ED; and no absolute cap has been provided on the variable pay component.
- SBI Mutual FundHe received Rs. 249.3 mn in FY26. Based on his present terms, we estimate his annual remuneration at Rs. 361.1 mn, which is significantly higher than peers and not commensurate with the size and scale of the company. At present levels, his remuneration equates to 12.7% of FY26 standalone pre-tax profits. The commission component in his remuneration structure is set at 5% of net profits or any amount permissible under Section 198 of Companies Act, 2013 with no absolute cap. Further, there are no disclosures on the performance metrics that determine variable commission. We expect companies to disclose performance metrics and cap the remuneration payable in absolute terms. Further, we note that the company has not disclosed ratio of executive remuneration to median employee remuneration. While we support his reappointment, we do not support the enabling remuneration terms. We do not support the resolution.
1 for6 against- Approval for continuation of directorship of Mr. Praveen Kumar Tripathi (DIN : 02167497) as an Independent Director of the Company after attaining the age of Seventy-Five Years.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance concern: Nomination & Remuneration Committee member and skewed remuneration in favour of promoter directors.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No issue on merits, profile, attendance & continuing beyond 75 years of age in capacity of Independent Director. Governance concern: NRC member and skewed remuneration in favour of promoter directors.
5 for3 against
1 proposal not matched to one resolution
Re-appointment of Mr. Nishant Arya (DIN: 00004954) as Managing Director (Key Managerial Personnel) designated as Vice-Chairman and Managing Director of the Company, liable to retire by rotation, for a period of 3 (three) years w.e.f. 18th May, 2027 to 17th May, 2030 (at the end of the existing tenure on 17th May, 2027), including remuneration.MoreLess
Against ICICI Prudential Mutual Fund
- ICICI Prudential Mutual FundVoting against the resolution as his remuneration at 12.7% of pre-tax profits of FY26 is higher than peers. The commission component in his remuneration structure is set at 5% of net profits or any amount permissible under Section 198 of Companies Act, 2013 with no absolute cap. Further, there are no disclosures on the performance metrics that determine variable commission. Surendra Kumar Arya, his father, is also a member of the Nomination and Remuneration Committee, which could create an inherent conflict of interest. While the AMC supports his reappointment, however, is not in support of remuneration terms and hence the AMC has voted against the resolution.
0 for1 against
Mutual fund votes, meeting of 3 Jul 2026, 8 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.
- Material Related Party Transaction(s) with JBM Electric Vehicles Private Limited
Against DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual Fund
- DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundJEVPL is an 85% subsidiary of JBM Auto, the balance 15% is held by promoter Nishant Arya, following a share divestment transaction in June 2023. The company is engaged in the manufacturing of electric and hybrid transit buses, utility trucks, ambulances, and e-rickshaws. We note, proposed transactions between JBM Auto and JEVPL are largely operational in nature and in FY26 aggregated Rs. 16.7 bn. However, the proposed being proposed is significantly high. The company should provide clarity on its capacity to execute annual business levels of Rs. 45.0 bn in a year. Furthermore, transactions also include financial assistance, but there is no disclosure on the terms of financial assistance and also if it will be in the ratio of the respective shareholding. Additionally, we highlight the need for the company’s board to explain the sale of 15% equity stake in JEVPL to Nishant Arya just as JEVPL was commencing operations. We do not support the resolution.
0 for3 against - Material Related Party Transaction(s) with Ecolife Mobility EV Private Limited
Against DSP Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual Fund
- DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundEMEPL is a wholly-owned subsidiary of JBM Ecolife Mobility Private Limited (JEMPL), an 83% joint venture of JBM Auto with the remaining 17% held by promoter Nishant Arya. JEMPL operates as an incubator and management platform that structures long-term public electric bus transit projects through regional Special Purpose Vehicles like EMEPL. We note, while transactions between JBM Auto and EMEPL aggregated Rs.1.6 bn in FY26, the limit for proposed transactions spanning operational and financial transactions is Rs.32.5 bn, which is significantly high. The company must clarify its capacity to execute business at levels of Rs. 32.5 bn in a year. Furthermore, transactions also include financial assistance, but there is no disclosure on the terms of financial assistance and also if it will be in the ratio of the respective shareholding. Additionally, we highlight the need for the company’s board to explain the sale of 17% equity stake in JEMPL to Nishant Arya just as JEMPL was commencing operations. We do not support the resolution.
- ICICI Prudential Mutual FundThe AMC has voted against the resolution due to lack of clarity and inadequate disclosures with respect to arm’s length pricing.
0 for4 against - Material Related Party Transaction(s) with Ecolife Mobility Vehicles Private Limited
Against DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual Fund
- DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundEMVPL is a wholly-owned subsidiary of JEMPL, an 83% joint venture of JBM Auto with the remaining 17% held by promoter Nishant Arya. JEMPL operates as an incubator and management platform that structures long-term public electric bus transit projects through regional Special Purpose Vehicles like EMEPL. We note, while transactions between JBM Auto and EMVPL aggregated Rs.2.1 bn in FY26, the limit for proposed transactions spanning operational and financial transactions is Rs.32.5 bn, which is significantly high. The company must clarify its capacity to execute business at levels of Rs. 32.5 bn in a year. Furthermore, transactions also include financial assistance, but there is no disclosure on the terms of financial assistance and also if it will be in the ratio of the respective shareholding. Additionally, we highlight the need for the company’s board to explain the sale of 17% equity stake in JEMPL to Nishant Arya just as JEMPL was commencing operations. We do not support the resolution.
0 for3 against - Material Related Party Transaction(s) with Ecolife GT Mobility Private Limited
Against DSP Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual Fund
- DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundEGMPL is a wholly-owned subsidiary of JEMPL, an 83% joint venture of JBM Auto with the remaining 17% held by promoter Nishant Arya. JEMPL operates as an incubator and management platform that structures long-term public electric bus transit projects through regional Special Purpose Vehicles like EGMPL. We note, while transactions between JBM Auto and EGMPL aggregated Rs.2.3 bn in FY26, the limit for proposed transactions spanning operational and financial transactions is Rs.11.0 bn, which is significantly high. The company must clarify its capacity to execute business at levels of Rs. 11.0 bn in a year. Furthermore, transactions also include financial assistance, but there is no disclosure on the terms of financial assistance and also if it will be in the ratio of the respective shareholding. Additionally, we highlight the need for the company’s board to explain the sale of 17% equity stake in JEMPL to Nishant Arya just as JEMPL was commencing operations. We do not support the resolution.
- ICICI Prudential Mutual FundThe AMC has voted against the resolution due to lack of clarity and inadequate disclosures with respect to arm’s length pricing.
0 for4 against - Material Related Party Transaction(s) with JBM Ecolife Mobility Haryana Private Limited
Against DSP Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual Fund
- DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundJEMHPL is a wholly-owned subsidiary of JEMPL, an 83% joint venture of JBM Auto with the remaining 17% held by promoter Nishant Arya. JEMPL operates as an incubator and management platform that structures long-term public electric bus transit projects through regional Special Purpose Vehicles like JEMHPL. We note, while transactions between JBM Auto and JEMHPL aggregated Rs.1.7 bn in FY26, the limit for proposed transactions spanning operational and financial transactions is Rs.15.0 bn, which is significantly high. The company must clarify its capacity to execute business at levels of Rs. 15.0 bn in a year. Furthermore, transactions also include financial assistance, but there is no disclosure on the terms of financial assistance and also if it will be in the ratio of the respective shareholding. Additionally, we highlight the need for the company’s board to explain the sale of 17% equity stake in JEMPL to Nishant Arya just as JEMPL was commencing operations. We do not support the resolution.
- ICICI Prudential Mutual FundThe AMC has voted against the resolution due to lack of clarity and inadequate disclosures with respect to arm’s length pricing.
0 for4 against - Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and JBM Green Energy Systems Private Limited
Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, SBI Mutual Fund
- Angel One Mutual FundGovernance and Transparency concern: Rationale for entering into the proposed Related Party Transactions appears to be generic. No clarity/Inadequate disclosures with regards to the basis of arms’ length pricing and no clarity on what is covered under other related transactions. No clarity with regards to the contribution/obligations undertaken by the other shareholders. Disclosure on trade advances conveys no meaningful information.Further, the Company should provide clarity with regards to the capacity to meet the proposed Related Party Transaction obligations by the Company itself and also of all the related parties involved. It appears that the Company has not aggregated all transactions in the past, which makes it unclear whether, currently, under all resolutions, the Company has aggregated them as required under law or not.
- DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundJGESPL is a 51% Joint Venture of JEVPL, and promoter company Neel Metals Products Limited (NMPL) holding the remaining 49%. The company manufactures lithium-ion battery packs and energy storage systems that support the JBM Group's electric vehicle and e-mobility operations. During FY26, transactions aggregated Rs. 8.2bn, comprising largely of purchases. We note proposed transaction continue to be largely operational but also include financial assistance. The terms have not been disclosed and it is unclear whether the financial assistance will include support from Nishant Arya (holding 15% stake in JEVPL) and also promoter entity NMPL - holding 49% in JGESPL. In the absence of clarity, we do not support the transaction.
- Edelweiss Mutual Fund, Navi Mutual FundGovernance and Transparency concern: Same as provided for resolution #1.
1 for6 against - Material Related Party Transaction(s) with JBM Ecolife Mobility Private Limited
Against DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual Fund
- DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundWe note the transactions between the company and JEMPL in FY26 aggregated Rs. 2.2 bn, however the limit being proposed is high. The company should provide clarity on the capacity to execute annual business levels of Rs. 15.0 bn in a year. We also note that proposed transactions are largely for financial assistance. No disclosures have been made on the terms of financial assistance in the notice as well as if the assistance provided with be in the ratio of shareholding 83:17. Additionally, we highlight the need for the company’s board to explain the sale of 17% equity stake in JEMPL to Nishant Arya just as JEMPL was commencing operations. We do not support the resolution.
0 for3 against - Material Related Party Transaction(s) with Neel Metal Products Limited
Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, SBI Mutual Fund
- Angel One Mutual FundGovernance and Transparency concern: Rationale for entering into the proposed Related Party Transactions appears to be generic. No clarity/Inadequate disclosures with regards to the basis of arms’ length pricing and no clarity on what is covered under other related transactions. No clarity with regards to the contribution/obligations undertaken by the other shareholders. Disclosure on trade advances conveys no meaningful information.Further, the Company should provide clarity with regards to the capacity to meet the proposed Related Party Transaction obligations by the Company itself and also of all the related parties involved. It appears that the Company has not aggregated all transactions in the past, which makes it unclear whether, currently, under all resolutions, the Company has aggregated them as required under law or not.In addition to that, there is inadequate justification as to why the Company is providing financial and non-financial support to NMPL, a promoter group entity.
- DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundNMPL is classified as a promoter entity, holding 1.93% of the company’s paid-up share capital as on 31 March 2026 and is engaged in the manufacturing of sheet metal components, catering to the domestic automotive market. In the past transactions with NMPL have been entirely operational in nature. The proposed transactions continue to be largely operational but also include financial assistance transactions. The company has neither disclosed a rationale for the extension of financial support nor the terms at which the assistance will be extended. In the absence of clarity, we do not support the resolution.
- Edelweiss Mutual Fund, Navi Mutual FundGovernance and Transparency concern: Same as provided for resolution #1. In addition to that, there is inadequate justification as to why the Company is providing financial and non-financial support to NMPL, a promoter group entity.
- ICICI Prudential Mutual FundThe AMC has voted against the resolution due to lack of clarity and inadequate disclosures with respect to arm’s length pricing.
1 for7 against - To consider and approve the pledge of shares of material subsidiary/joint venture i.e. JBM Ecolife Mobility Private Limited('JBM Ecolife')
Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, SBI Mutual Fund
- Angel One Mutual FundGovernance and Transparency concern: The Company has sought an enabling approval, and adequate disclosures have not been made for the shareholders to make an informed decision.
- DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundWe note, the transaction of pledge of equity investment is for a financial facility as may be decided by the company as per business need and requirement from time to time for its loan facilities. Although we understand this to be a standard market practice for financial institutions, we raise concerns that pledge needs to in the ratio of shareholding. Nishant Arya- promoter holds 17% in JEMPL and it is unclear if such pledge is being created on his stake in JEMPL. We do not support the resolution.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Governance and Transparency concern: The Company has sought an enabling approval, and adequate disclosures have not been made for the shareholders to make an informed decision.
2 for6 against
19 proposals not matched to one resolution
- 10) Approve increase to Rs. 50.0 bn or paid-up share capital, free reserves and securities premium whichever is higher from Rs. 20.0 bn.
Against SBI Mutual Fund
- SBI Mutual FundAs of 31 March 2026, JMB Auto’s borrowings rated CRISIL A / Stable/ CRISIL A1, stood at ~ Rs. 16.3 bn, comprising Rs. 5.2 bn long term and Rs. 11.1 bn short term (primarily working capital). Under the current approved borrowing limit of Rs. 20.0 bn, the company has limited headroom for additional borrowings. Given the expansion in JBM Auto’s operations, its working capital demand will remain high resulting in a constant need for working capital debt. Although we acknowledge the need for a higher borrowing limit, the proposed 150% increase in borrowing limit is high and will have a significant impact on credit metrics. We expect the company to clearly articulate the intended use of the enhanced borrowing capacity. In the absence of clarity, we do not support the resolution.
0 for1 against - 11) Approve creation of charge up to the borrowing limit of Rs. 50.0 bn, or paid-up share capital, free reserves and securities premium whichever is higher.1 for0 against
- 12) Approve loans, guarantees and securities under Section 185 of the Companies Act, 2013 up to Rs. 50.0 bn.
Against SBI Mutual Fund
- SBI Mutual FundWe note, the proposed limit at Rs. 50.0 bn is 3.0x the company’s net worth as of 31 March 2026. Furthermore, the enabling nature of approval could allow the company to give loans / guarantees / provide securities to any company in which directors are interested, including promoter companies. whether the promoters are just directors on the board of these companies. The company must disclose granular details including names of these companies, the nature and size of their operations and terms of support, to enable shareholders to make an informed decision. We do not support the resolution.
0 for1 against Approval of material related party transaction(s) between JBM Electric Vehicles Private Limited (JBMEV), a subsidiary of the JBM Auto Limited and JBM Green Energy Systems Private Limited (JBMG), a subsidiary / Joint Venture of the JBMEV for an aggregate value not exceeding Rs. 1,500 Crores during the period of one year from the date of approval of the shareholders, as may be decided by the Board from time to time, subject to such contract(s) / arrangement(s) / transaction(s) shall be carried out at arm’s length and in the ordinary course of business of the Company.MoreLess
Against ICICI Prudential Mutual Fund
- ICICI Prudential Mutual FundThe AMC has voted against the resolution due to lack of clarity and inadequate disclosures with respect to arm’s length pricing.
0 for1 againstApproval of material related party transaction(s) with Ecolife Mobility Vehicles Private Limited, for an aggregate value of not exceeding Rs. 3,250 Crores during the period of one year from the date of approval of the shareholders, as may be decided by the Board from time to time, subject to such contract(s) / arrangement(s) / transaction(s) shall be carried out at arm’s length and in the ordinary course of business of the Company.MoreLess
Against ICICI Prudential Mutual Fund
- ICICI Prudential Mutual FundThe AMC has voted against the resolution due to lack of clarity and inadequate disclosures with respect to arm’s length pricing.
0 for1 againstApproval of material related party transaction(s) with JBM Ecolife Mobility Private Limited, for an aggregate value of not exceeding Rs. 1,550 Crores during the period of one year from the date of approval of the shareholders ( This limit is in addition to any limit as approved by shareholders and specified period not expired) , as may be decided by the Board or Finance Committee or any other Committee of Board from time to time, subject to such contract(s) / arrangement(s) / transaction(s) shall be carried out at arm’s length and in the ordinary course of business of the Company.MoreLess
Against ICICI Prudential Mutual Fund
- ICICI Prudential Mutual FundThe AMC has voted against the resolution due to lack of clarity and inadequate disclosures with respect to arm’s length pricing.
0 for1 againstApproval of material related party transaction(s)with JBM Electric Vehicles Private Limited , for an aggregate value of not exceeding Rs. 4,500 Crores during the period of one year from the date of approval of the shareholders, as may be decided by the Board from time to time, subject to such contract(s) / arrangement(s) / transaction(s) shall be carried out at arm’s length and in the ordinary course of business of the Company.MoreLess
Against ICICI Prudential Mutual Fund
- ICICI Prudential Mutual FundThe AMC has voted against the resolution due to lack of clarity and inadequate disclosures with respect to arm’s length pricing.
0 for1 against- Approve creation of charge up to the borrowing limit of Rs. 50.0 bn, or paid-up share capital, free reserves and securities premium whichever is higher2 for0 against
- Approve increase to Rs. 50.0 bn or paid-up share capital, free reserves and securities premium whichever is higher from Rs. 20.0 bn
Against DSP Mutual Fund, Jio BlackRock Mutual Fund
- DSP Mutual Fund, Jio BlackRock Mutual FundAs of 31 March 2026, JMB Auto’s borrowings rated CRISIL A / Stable/ CRISIL A1, stood at ~ Rs. 16.3 bn, comprising Rs. 5.2 bn long term and Rs. 11.1 bn short term (primarily working capital). Under the current approved borrowing limit of Rs. 20.0 bn, the company has limited headroom for additional borrowings. Given the expansion in JBM Auto’s operations, its working capital demand will remain high resulting in a constant need for working capital debt. Although we acknowledge the need for a higher borrowing limit, the proposed 150% increase in borrowing limit is high and will have a significant impact on credit metrics. We expect the company to clearly articulate the intended use of the enhanced borrowing capacity. In the absence of clarity, we do not support the resolution.
0 for2 against - Approve loans, guarantees and securities under Section 185 of the Companies Act, 2013 up to Rs. 50.0 bn
Against DSP Mutual Fund, Jio BlackRock Mutual Fund
- DSP Mutual Fund, Jio BlackRock Mutual FundWe note, the proposed limit at Rs. 50.0 bn is 3.0x the company’s net worth as of 31 March 2026. Furthermore, the enabling nature of approval could allow the company to give loans / guarantees / provide securities to any company in which directors are interested, including promoter companies. whether the promoters are just directors on the board of these companies. The company must disclose granular details including names of these companies, the nature and size of their operations and terms of support, to enable shareholders to make an informed decision. We do not support the resolution.
0 for2 against To borrow any sum or sums of moneys whether rupee loans or foreign currency loans or other external commercial borrowings in one or more tranches (apart from temporary loans obtained from the Company’s Bankers in the ordinary course of business) from the Banks and / or Financial / Lending Institutions and/ or Body Corporate(s) or from any other sources, such as, Foreign Banks, Foreign Investment / Financial Institutions or Funds or other Bodies or such other Persons / Individuals, Authorities / Entities located in India or abroad whether by way of cash credit, working capital, term loan, advances in any form, bill discounting, commercial paper or other forms of credit or warrants, bonds, external commercial borrowings or other debt instruments or otherwise and whether unsecured or secured by mortgage, charge, hypothecation or pledge on the Company’s assets and properties whether moveable or immoveable or stock-in-trade (including raw materials, stores, spare parts and components or stock in transit), work in-progress and book debts of the Company as may be considered suitable by the Board upto a limit, the outstanding of which shall not exceed, apart from temporary loans obtained from the Company’s bankers in the ordinary course of business, at any given time (in addition to money already borrowed), Rs. 5,000 crores or aggregate of its paid up share capital, free reserves and securities premium, whichever is higher.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundTransparency concern: Inadequate justification for proposing 2.5x of the existing borrowing limits.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Transparency concern: Inadequate justification for proposing 2.5x of the existing borrowing limits.
2 for3 againstTo enter into the material related party contract(s) / arrangement(s) / transaction(s) (whether any way of an individual transaction or series of transactions taken together or otherwise) with Ecolife GT Mobility Private Limited (a related party under Regulation 2(1) (zb) of the SEBI Listing Regulations and step down subsidiary/joint venture of the Company) to Sale/Purchase of vehicles / spares/ reconditioned engines / services / financial support/ financial assistance i.e. undertakings, sponsor support, Comfort letter, indemnity or any other financial support in legally permissible mode or job work any other related transactions to business of the Company for an aggregate value of not exceeding Rs. 1,100 Crores during the period of one year from the date of approval of the shareholders, as may be decided by the Board from time to time, subject to such contract(s) / arrangement(s) / transaction(s) shall be carried out at arm’s length and in the ordinary course of business of the Company.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance and Transparency concern: Rationale for entering into the proposed Related Party Transactions appears to be generic. No clarity/Inadequate disclosures with regards to the basis of arms’ length pricing and no clarity on what is covered under other related transactions. No clarity with regards to the contribution/obligations undertaken by the other shareholders. Disclosure on trade advances conveys no meaningful information.Further, the Company should provide clarity with regards to the capacity to meet the proposed Related Party Transaction obligations by the Company itself and also of all the related parties involved. It appears that the Company has not aggregated all transactions in the past, which makes it unclear whether, currently, under all resolutions, the Company has aggregated them as required under law or not. except the concern pertaining to aggregation of Related Party Transactions. In addition to that, there is no clarity as to how the related parties are fulfilling their financial commitments considering the financials of the said related parties.
- Edelweiss Mutual Fund, Navi Mutual FundGovernance and Transparency concern: Same as provided for resolution #1, except the concern pertaining to aggregation of RPTs. In addition to that, there is no clarity as to how the related parties are fulfilling their financial commitments considering the financials of the said related parties.
1 for3 againstTo enter into the material related party contract(s) / arrangement(s)/ transaction(s) (whether any way of an individual transaction or series of transactions taken together or otherwise) with Ecolife Mobility EV Private Limited (a related party under Regulation 2(1) (zb) of the SEBI Listing Regulations and step down subsidiary / joint venture of the Company) to Sale / Purchase of vehicles/ spares/ reconditioned engines / services / financial support/ financial assistance i.e. undertakings, sponsor support, Comfort letter, indemnity or any other financial support in legally permissible mode or job work or any other related transactions to business of the Company for an aggregate value of not exceeding Rs. 3,250 Crores during the period of one year from the date of approval of the shareholders, as may be decided by the Board from time to time, subject to such contract(s) / arrangement(s)/ transaction(s) shall be carried out at arm’s length and in the ordinary course of business of the Company.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance and Transparency concern: Rationale for entering into the proposed Related Party Transactions appears to be generic. No clarity/Inadequate disclosures with regards to the basis of arms’ length pricing and no clarity on what is covered under other related transactions. No clarity with regards to the contribution/obligations undertaken by the other shareholders. Disclosure on trade advances conveys no meaningful information.Further, the Company should provide clarity with regards to the capacity to meet the proposed Related Party Transaction obligations by the Company itself and also of all the related parties involved. It appears that the Company has not aggregated all transactions in the past, which makes it unclear whether, currently, under all resolutions, the Company has aggregated them as required under law or not. except the concern pertaining to aggregation of Related Party Transactions. In addition to that, there is no clarity as to how the related parties are fulfilling their financial commitments considering the financials of the said related parties.
- Edelweiss Mutual Fund, Navi Mutual FundGovernance and Transparency concern: Same as provided for resolution #1, except the concern pertaining to aggregation of RPTs. In addition to that, there is no clarity as to how the related parties are fulfilling their financial commitments considering the financials of the said related parties.
1 for3 againstTo enter into the material related party contract(s) / arrangement(s) / transaction(s) (whether any way of an individual transaction or series of transactions taken together or otherwise) with Ecolife Mobility Vehicles Private Limited (a related party under Regulation 2(1) (zb) of the SEBI Listing Regulations and Step down subsidiary / joint venture of the Company) to Sale/ purchase of vehicles/ spares/ reconditioned engines / services/ financial support / financial assistance i.e. undertakings, sponsor support, Comfort letter, indemnity or any other financial support in legally permissible mode or job work or any other related transactions to business of the Company for an aggregate value of not exceeding Rs. 3,250 Crores during the period of one year from the date of approval of the shareholders, as may be decided by the Board from time to time, subject to such contract(s) / arrangement(s) / transaction(s) shall be carried out at arm’s length and in the ordinary course of business of the Company.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance and Transparency concern: Rationale for entering into the proposed Related Party Transactions appears to be generic. No clarity/Inadequate disclosures with regards to the basis of arms’ length pricing and no clarity on what is covered under other related transactions. No clarity with regards to the contribution/obligations undertaken by the other shareholders. Disclosure on trade advances conveys no meaningful information.Further, the Company should provide clarity with regards to the capacity to meet the proposed Related Party Transaction obligations by the Company itself and also of all the related parties involved. It appears that the Company has not aggregated all transactions in the past, which makes it unclear whether, currently, under all resolutions, the Company has aggregated them as required under law or not. except the concern pertaining to aggregation of Related Party Transactions. In addition to that, there is no clarity as to how the related parties are fulfilling their financial commitments considering the financials of the said related parties.
- Edelweiss Mutual Fund, Navi Mutual FundGovernance and Transparency concern: Same as provided for resolution #1, except the concern pertaining to aggregation of RPTs. In addition to that, there is no clarity as to how the related parties are fulfilling their financial commitments considering the financials of the said related parties.
1 for3 againstTo enter into the material related party contract(s) / arrangement(s) / transaction(s) (whether any way of an individual transaction or series of transactions taken together or otherwise) with JBM Ecolife Mobility Haryana Private Limited (a related party under Regulation 2(1) (zb) of the SEBI Listing Regulations and step down subsidiary / joint venture of the Company) to Sale of vehicles/ spares/ reconditioned engines/ services / financial support/ financial assistance i.e. undertakings, sponsor support, Comfort letter, indemnity or any other financial support in legally permissible mode or job work any other related transactions to business of the Company for an aggregate value of not exceeding Rs. 1,350 Crores during the period of one year from the date of approval of the shareholders, as may be decided by the Board from time to time, subject to such contract(s) / arrangement(s) / transaction(s) shall be carried out at arm’s length and in the ordinary course of business of the Company.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance and Transparency concern: Rationale for entering into the proposed Related Party Transactions appears to be generic. No clarity/Inadequate disclosures with regards to the basis of arms’ length pricing and no clarity on what is covered under other related transactions. No clarity with regards to the contribution/obligations undertaken by the other shareholders. Disclosure on trade advances conveys no meaningful information.Further, the Company should provide clarity with regards to the capacity to meet the proposed Related Party Transaction obligations by the Company itself and also of all the related parties involved. It appears that the Company has not aggregated all transactions in the past, which makes it unclear whether, currently, under all resolutions, the Company has aggregated them as required under law or not. except the concern pertaining to aggregation of Related Party Transactions. In addition to that, there is no clarity as to how the related parties are fulfilling their financial commitments considering the financials of the said related parties.
- Edelweiss Mutual Fund, Navi Mutual FundGovernance and Transparency concern: Same as provided for resolution #1 and #2.
1 for3 againstTo enter into the material related party contract(s) / arrangement(s)/ transaction(s) (whether any way of an individual transaction or series of transactions taken together or otherwise) with JBM Ecolife Mobility Private Limited (a related party under Regulation 2(1) (zb) of the SEBI Listing Regulations and a subsidiary/joint venture of the Company) to Sale of vehicles/ spares / reconditioned engines / services / financial support / financial assistance i.e. undertakings, sponsor support, Comfort letter, indemnity, Pledge or any other financial support in legally permissible mode or any other related transactions to business of the Company for an aggregate value of not exceeding Rs. 1,550 Crores during the period of one year from the date of approval of the shareholders ( This limit is in addition to any limit as approved by shareholders and specified period not expired) , as may be decided by the Board or Finance Committee or any other Committee of Board from time to time, subject to such contract(s) / arrangement(s) / transaction(s) shall be carried out at arm’s length and in the ordinary course of business of the Company.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance and Transparency concern: Rationale for entering into the proposed Related Party Transactions appears to be generic. No clarity/Inadequate disclosures with regards to the basis of arms’ length pricing and no clarity on what is covered under other related transactions. No clarity with regards to the contribution/obligations undertaken by the other shareholders. Disclosure on trade advances conveys no meaningful information.Further, the Company should provide clarity with regards to the capacity to meet the proposed Related Party Transaction obligations by the Company itself and also of all the related parties involved. It appears that the Company has not aggregated all transactions in the past, which makes it unclear whether, currently, under all resolutions, the Company has aggregated them as required under law or not. except the concern pertaining to aggregation of Related Party Transactions. In addition to that, there is no clarity as to how the related parties are fulfilling their financial commitments considering the financials of the said related parties.
- Edelweiss Mutual Fund, Navi Mutual FundGovernance and Transparency concern: Same as provided for resolution #1 and #2.
1 for3 againstTo enter into the material related party contract(s) / arrangement(s) / transaction(s) (whether any way of an individual transaction or series of transactions taken together or otherwise) with JBM Electric Vehicles Private Limited (a related party under Regulation 2(1) (zb) of the SEBI Listing Regulations and subsidiary of the Company) to Sale/Purchase of vehicles / spares / reconditioned engines / services / financial support/ financial assistance i.e. undertakings, sponsor support, Comfort letter, indemnity or any other financial support in legally permissible mode or job work or any other related transactions to business of the Company for an aggregate value of not exceeding Rs. 4,500 Crores during the period of one year from the date of approval of the shareholders, as may be decided by the Board from time to time, subject to such contract(s) / arrangement(s) / transaction(s) shall be carried out at arm’s length and in the ordinary course of business of the Company.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance and Transparency concern: Rationale for entering into the proposed Related Party Transactions appears to be generic. No clarity/Inadequate disclosures with regards to the basis of arms’ length pricing and no clarity on what is covered under other related transactions. No clarity with regards to the contribution/obligations undertaken by the other shareholders. Disclosure on trade advances conveys no meaningful information.Further, the Company should provide clarity with regards to the capacity to meet the proposed Related Party Transaction obligations by the Company itself and also of all the related parties involved. It appears that the Company has not aggregated all transactions in the past, which makes it unclear whether, currently, under all resolutions, the Company has aggregated them as required under law or not.
- Edelweiss Mutual Fund, Navi Mutual FundGovernance and Transparency concern: Rationale for entering into the proposed RPTs appears to be generic. No clarity/Inadequate disclosures w.r.t. the basis of arms’ length pricing and no clarity on what is covered under other related transactions. No clarity w.r.t. the contribution/obligations undertaken by the other shareholders. Disclosure on trade advances conveys no meaningful information. Further, the Company should provide clarity w.r.t. the capacity to meet the proposed RPT obligations by the Company itself and also of all the related parties involved. It appears that the Company has not aggregated all transactions in the past, which makes it unclear whether, currently, under all resolutions, the Company has aggregated them as required under law or not.
1 for3 againstTo making of loan(s) including any loan represented by way of Book Debt (the Loan) to, and / or giving of guarantee(s), and/or undertaking/indemnity / comfort letter and/or providing of security(ies) in connection with any loan taken / to be taken in one or more tranches (subject to the exemption provided under this section) by Subsidiary/Joint Venture /Associate or group entity of the Company or any other person in which any of the Directors of the Company is deemed to be interested as specified in the explanation to sub-section 2 of section 185 of the Act (collectively referred to as the Entities), from time to time, up to an aggregate amount , (This limit is in addition to any limit as approved by shareholders) not exceeding Rs. 5,000 Crore in its absolute discretion deems beneficial and in the best interest of the Company, provided that such loans shall be utilized by the borrowing entity for its principal business activities.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundInadequate disclosures with regards to the particulars mandated u/s 185 of Companies Act, 2013.
- Edelweiss Mutual Fund, Navi Mutual FundNon-Compliant with Section 185 of the Companies Act: Inadequate disclosures w.r.t. the particulars mandated u/s 185 of Companies Act, 2013.
2 for3 againstTo mortgage, pledge, create charges or hypothecation and to provide security as may be necessary on all undertakings of the Company wherever situated both present and future or to sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the Company or where the Company owns more than one undertaking, of the whole or substantially the whole of any such undertaking(s) on such applicable for borrowings upto an amount of Rs. 5,000 Crores excluding existing secured or unsecured borrowing, at such time or times and from time to time and in such form or manner as the Board may in its absolute discretion deem fit, including the present and/ or future properties, whether movable or immovable comprised in any undertaking(s) of the Company, as the case may be, in favour of the banks, financial institutions, agent(s), trustee(s), Companies, government(s) / other agencies or any other person(s), entities located in India or abroad, for the purpose of securing the borrowings of the Company or any of the subsidiary(ies) of the Company already availed / to be availed including by way of loan(s) and securities (including fully/ partly convertible debentures / Foreign Currency Convertible Bonds and / or non-convertible debentures / Bonds with or without warrants or other debt instruments) issued / to be issued by the Company or any of the subsidiary(ies) of the Company.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundTransparency concern: Inadequate justification for proposing 2.5x of the existing borrowing limits.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Transparency concern: Inadequate justification for proposing 2.5x of the existing borrowing limits.
2 for3 against
6 earlier meetings
Mutual fund votes, meeting of 10 Dec 2025, 14 fund houses
- Material Related Party Transaction(s) with JBM Ecolife Mobility Private Limited
Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC 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, SBI Mutual Fund
- Angel One Mutual FundGovernance & Transparency Concern: Lack of clarity on whether sale and purchase of goods related Related Party Transactions will be continued in the proposed period or not and if yes, then absence of disclosure for such Related Party Transactions in Industry Standards Forum Format. Inadequate justification on how the related party will meet the Related Party Transaction obligation when its present financials indicate limited feasibility. No information on how the pricing for the proposed transaction is determined. Inadequate explanation on why there is a significant gap between the previous year Related Party Transaction values and the proposed limit. No information on whether the support related obligations are shared in proportion to ownership in the related party and if not, whether the remaining owner is adequately compensating for the benefit received as a result of the listed entity’s support. No clarity on whether any Related Party Transactions were entered from AGM 2025 date till the date of the proposed approval.
- Axis Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundJBM Ecolife Mobility Private Limited (JEMPL), incorporated in December 2020, is engaged in business of electric bus operations and the broader EV ecosystem, including supplying, operating, and maintaining electric buses and their related infrastructure directly or through its subsidiaries incorporated as SPVs. It is an 83% joint venture of JBM Auto Ltd, the balance 17% is held by promoter Nishant Arya – pursuant to a preferential allotment in June 2023. The rationale for the promoter holding equity in JEMPL has not been disclosed. We note, the proposed transactions comprise primarily of financial assistance extended by JBM Auto to JEMPL. For FY25, transactions with JEMPL were Rs.9.9 bn. However, it is unclear whether the assistance provided is in the ratio of shareholding by JBM Auto and Nishant Arya. The company has also not disclosed the exhaustive list of all the details of the terms of the financial assistance to be provided as well as the financial profile of JEMPL. The transactions are enabling in nature. Given the concerns we do not support the resolution.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNon-Compliant with SEBI Circular: Certain disclosures as mandated under ISF Format are not made in the explanatory statement to the Notice. Governance & Transparency Concern: Lack of clarity on whether sale and purchase of goods related RPTs will be continued in the proposed period or not and if yes, then absence of disclosure for such RPTs in ISF Format. Inadequate justification on how the related party will meet the RPT obligation when its present financials indicate limited feasibility. No information on how the pricing for the proposed transaction is determined. Inadequate explanation on why there is a significant gap between the previous year RPT values and the proposed limit. No information on whether the support related obligations are shared in proportion to ownership in the related party and if not, whether the remaining owner is adequately compensating for the benefit received as a result of the listed entity’s support. No clarity on whether any RPTs were entered from AGM 2025 date till the date of the proposed approval.
- HDFC Mutual FundThere is lack of clarity on the exhaustive list of all the details of the terms of the financial assistance to be provided as well as the financial profile of JEMPL. The transactions are enabling in nature. Given the concerns we do not support the resolution.
- Kotak Mahindra Mutual FundJBM Ecolife Mobility Private Limited (JEMPL), incorporated in December 2020, is engaged in business of electric bus operations and the broader EV ecosystem, including supplying, operating, and maintaining electric buses and their related infrastructure directly or through its subsidiaries incorporated as SPVs. It is an 83% joint venture of JBM Auto Ltd, the balance 17% is held by promoter Nishant Arya pursuant to a preferential allotment in June 2023. The rationale for the promoter holding equity in JEMPL has not been disclosed. We note, the proposed transactions comprise primarily of financial assistance extended by JBM Auto to JEMPL. For FY25, transactions with JEMPL were Rs.9.9 bn. However, it is unclear whether the assistance provided is in the ratio of shareholding by JBM Auto and Nishant Arya. The company has also not disclosed the exhaustive list of all the details of the terms of the financial assistance to be provided as well as the financial profile of JEMPL. The transactions are enabling in nature. Given the concerns we do not support the resolution.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundGovernance & Transparency Concern: Lack of clarity on goods RPT continuation, ISF disclosures, related party's obligation feasibility (per weak financials), pricing basis, prior-year RPT gap justification, proportional support obligations (or other owners' compensation), and post-AGM 2025 RPTs
1 for13 against
Mutual fund votes, meeting of 12 Oct 2025, 1 fund house
- Material Related Party Transaction(s) with JBM Ecolife Mobility Private Limited for an aggregate value of not exceeding Rs. 1,450 Crores.
Against Zerodha Mutual Fund
- Zerodha Mutual FundNon-Compliant with SEBI Circular: Certain disclosures as mandated under ISF Format are not made in the explanatory statement to the Notice. Governance & Transparency Concern: Lack of clarity on whether sale and purchase of goods related RPTs will be continued in the proposed period or not and if yes, then absence of disclosure for such RPTs in ISF Format. Inadequate justification on how the related party will meet the RPT obligation when its present financials indicate limited feasibility. No information on how the pricing for the proposed transaction is determined. Inadequate explanation on why there is a significant gap between the previous year RPT values and the proposed limit. No information on whether the support related obligations are shared in proportion to ownership in the related party and if not, whether the remaining owner is adequately compensating for the benefit received as a result of the listed entity’s support. No clarity on whether any RPTs were entered from AGM 2025 date till the date of the proposed approval.
0 for1 against
Mutual fund votes, meeting of 3 Sep 2025, 14 fund houses
To receive, consider and adopt the Audited IND AS Financial Statements (Standalone & Consolidated) of the Company for the Financial Year ended 31st March, 2025 together with the reports of the Board of Directors and Auditors thereon.MoreLess
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
- Angel One Mutual FundNon-disclosure of the audited financial statements of few Subsidiaries on the website of the Company.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundUnqualified financial statements (except certain non-material remarks identified in CARO report). Non-Compliant with Companies Act, 2013 and Regulation 46(2)(s) of SEBI LODR: Non-disclosure of the audited financial statements of few Subsidiaries on the website of the Company.
- Kotak Mahindra Mutual FundThe auditors have not raised concerns on the financial statements. The financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards. The company has not uploaded the annual reports of the subsidiaries of the company which is a regulatory requirement. Hence, we do not support the resolution.
- Nippon India Mutual FundNon-Compliant with Companies Act, 2013 and Regulation 46(2)(s) of SEBI LODR: Non-disclosure of the audited financial statements of few Subsidiaries on the website of the Company.
6 for8 against- To declare a dividend of Rs. 0.85 per Equity Share for the Financial Year 2024-25
Against Kotak Mahindra Mutual Fund
- Kotak Mahindra Mutual FundThe total dividend outflow for FY25 is Rs. 201.0 mn and the dividend payout ratio is 15.0% of standalone after-tax profits. The payout ratio for FY24 was 29.2%. This resolution is linked to resolution #1. Hence, we do not support the resolution.
13 for1 against - Re-appointment of Mr. Dhiraj Mohan (DIN: 07224934) who is retiring by rotation and being eligible, offers himself for re-appointment, as a Director14 for0 against
- Re-appointment of Mr. Dhiraj Mohan (DIN: 07224934) as Whole time Director of the Company14 for0 against
- Ratification of remuneration payable to Cost Auditors of the Company for the Financial Year 2025-2614 for0 against
- To Consider and approve the issue of Securities
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 Fund, Nippon India Mutual FundGovernance concern: Excessive dilution. No specific justification for not opting rights issue.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with Law. Governance concern: Excessive dilution. No specific justification for not opting rights issue.
7 for7 against - Appointment of Secretarial Auditor
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
- Angel One Mutual FundAppointment of Secretarial auditor proposed for term of 3 year only; Proposed audit fee payable to Secretarial Auditors not disclosed.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on the merit of the proposed Secretarial Auditors. Non-Compliant with Regulation SEBI LODR: Appointment of Secretarial auditor proposed for term of 3 year only; Proposed audit fee payable to Secretarial Auditors not disclosed.
- Kotak Mahindra Mutual FundThe company proposes to appoint Dhananjay Shukla & Associates as secretarial auditors for three consecutive financial years from 1 April 2025 till 31 March 2028. The company has not disclosed the proposed remuneration which is a regulatory requirement. Hence, we do not support the resolution.
- Nippon India Mutual FundNon-Compliant with Regulation SEBI LODR: Appointment of Secretarial auditor proposed for term of 3 year only; Proposed audit fee payable to Secretarial Auditors not disclosed.
6 for8 against - Material Related party Transactions with Neel Metal Products Limited
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
- Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Non-disclosure of the basis for arm’s length pricing in the proposed transactions.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Non-disclosure of the basis for arm’s length pricing in the proposed transactions.
- Kotak Mahindra Mutual FundNeel Metal Products Limited is classified as a promoter holding 1.93% of the company s paid-up share capital as on 30 June 2025. NMPL is a manufacturer of sheet metal components, catering to the domestic automotive market. The proposed transactions are related to purchase and sale of sheets, components, tools, dies and fixtures, equipment s including hiring of services and job work with NMPL and is expected to comprise ~ 18.3% of the company s FY25 consolidated turnover. The Company has not disclosed the basis for determining arm s length pricing or any external benchmarks for the proposed transactions in its explanatory statement. Hence, we do not support the resolution.
6 for8 against
Mutual fund votes, meeting of 26 Dec 2024, 11 fund houses
- Sub-Division of Equity Shares of the Company11 for0 against
- Alteration of the Capital Clause of the Memorandum of Association of the Company11 for0 against
- Material Related Party Transaction(s) with JBM Electric Vehicles Private Limited
Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Axis Mutual Fund, Navi Mutual FundJEVPL is an 85% subsidiary of JBM Auto, the residual 15% equity is held by Nishant Arya, the promoter. JEVPL has commenced operations recently, in Q2FY24 and for FY24 had a total income of Rs. 14,070.71 mn, pre-tax profits of Rs. 1087.9 mn. While the proposed transactions are largely operational in nature, the resolution is enabling. The size of limits is high and there is no rationale for the same – it could well be that JBM Auto’s e-bus orders are being executed through JEVPL, however, this has not been articulated. The company has merely stated that the transactions will bring operational efficiency, but the nature of operational savings from these efficiencies is unclear. There is no clarity on JEVPL’s capacity to execute at business levels of Rs. 60.0 bn (119.8% of JBM Auto’s consolidated FY24 revenues). Further, it is unclear if the financial support proposed to be extended by JBM Auto is in the ratio of JEVPL’s shareholding.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance & Transparency concern: Inadequate disclosures w.r.t. proposed transaction. Significant size of the RPTs. No specific reasoning for significant shift between values of previous year RPTs as against the proposed RPT limit. Basis for Arm’s Length pricing not disclosed.
- HDFC Mutual FundThere is lack of clarity if the financial support proposed to be extended by JBM Auto is in the ratio of JEVPL’s shareholding.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundBasis for Arm’s Length pricing is not disclosed.
- SBI Mutual FundJEVPL is an 85% subsidiary of JBM Auto, the residual 15% equity is held by Nishant Arya, the promoter. JEVPL has commenced operations recently, in Q2FY24 and for FY24 had a total income of Rs. 14,070.71 mn, pre-tax profits of Rs. 1087.9 mn. While the proposed transactions are largely operational in nature, the resolution is enabling. The size of limits is high and there is no rationale for the same – it could well be that JBM Auto’s e-bus orders are being executed through JEVPL, however, this has not been articulated. The company has merely stated that the transactions will bring operational efficiency, but the nature of operational savings from these efficiencies is unclear. There is no clarity on JEVPL’s capacity to execute at business levels of Rs. 60.0 bn (119.8% of JBM Auto’s consolidated FY24 revenues). Further, it is unclear if the financial support proposed to be extended by JBM Auto is in the ratio of JEVPL’s shareholding. We do not support the resolution.
1 for10 against - Material Related Party Transaction(s) with JBM Eco Tech Private Limited
Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Axis Mutual Fund, Navi Mutual FundJETPL is wholly-owned step-down subsidiary of JBM Ecolife Mobility Private Limited (JEMPL): JEMPL, in turn, is an 83% subsidiary of JBM Auto, the residual 17% equity being held by Nishan Arya, the promoter, after a June 2023 preferential allotment. The limit sought is high. It may well be that JBM Auto’s e-bus orders will be executed partly through JETPL – however, the company has not articulated this. The company has merely stated that all resolution proposed in this postal ballot will help operational efficiency – however, the nature of these efficiencies and the resultant cost savings has not been articulated. As per JETPL’s FY24 annual report, we understand that the company had a total income of Rs. 99.7 mn. It is unclear if JETPL has the capacity to execute at annual business levels of Rs. 15 bn. The proposed transactions also include financial assistance, which is enabling in nature. The terms of financial assistance have not been disclosed in the notice. It is unclear whether the financial assistance will be provided to JETPL in the ratio of shareholding by JBM Auto and Nishant Arya in JEMPL.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance & Transparency concern: Inadequate disclosures w.r.t. proposed transaction. Significant size of the RPTs. No specific reasoning for significant shift between values of previous year RPTs as against the proposed RPT limit. Basis for Arm’s Length pricing not disclosed.
- HDFC Mutual FundThere is lack of clarity whether the financial assistance will be provided to JETPL in the ratio of shareholding by JBM Auto and Nishant Arya in JEMPL.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundBasis for Arm’s Length pricing is not disclosed.
- SBI Mutual FundJETPL is wholly-owned step-down subsidiary of JBM Ecolife Mobility Private Limited (JEMPL): JEMPL, in turn, is an 83% subsidiary of JBM Auto, the residual 17% equity being held by Nishan Arya, the promoter, after a June 2023 preferential allotment. The limit sought is high. It may well be that JBM Auto’s e-bus orders will be executed partly through JETPL – however, the company has not articulated this. The company has merely stated that all resolution proposed in this postal ballot will help operational efficiency – however, the nature of these efficiencies and the resultant cost savings has not been articulated. As per JETPL’s FY24 annual report, we understand that the company had a total income of Rs. 99.7 mn. It is unclear if JETPL has the capacity to execute at annual business levels of Rs. 15 bn. The proposed transactions also include financial assistance, which is enabling in nature. The terms of financial assistance have not been disclosed in the notice. It is unclear whether the financial assistance will be provided to JETPL in the ratio of shareholding by JBM Auto and Nishant Arya in JEMPL. We do not support the resolution.
1 for10 against - Material Related Party Transaction(s) with JBM Ecolife Mobility Haryana Private Limited
Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Axis Mutual Fund, Navi Mutual FundJEMHL is wholly-owned step-down subsidiary of JBM Ecolife Mobility Private Limited (JEMPL): JEMPL, in turn, is currently an 83% subsidiary of JBM Auto, the residual 17% equity being held by Nishan Arya, the promoter, after a June 2023 preferential allotment. JEMHL’s recent financial statements are not available. While the proposed transactions are largely operational in nature, the resolution is enabling. The size of limits is high and there is no rationale for the same – it could well be that JBM Auto’s e-bus orders are being executed through JEVMHL, however, this has not been articulated. The company has merely stated that the transactions will bring operational efficiency, but the nature of operational savings from these efficiencies is unclear. There is no clarity on JEMHL’s capacity to execute at business levels of upto Rs. 7.5 bn. The terms of financial assistance have not been disclosed in the notice. It is unclear whether the financial assistance will be provided to JEMHL in the ratio of shareholding by JBM Auto and Nishant Arya in JEMHL.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance & Transparency concern: Inadequate disclosures w.r.t. proposed transaction. Significant size of the RPTs. No specific reasoning for significant shift between values of previous year RPTs as against the proposed RPT limit. Basis for Arm’s Length pricing not disclosed.
- HDFC Mutual FundThere is lack of clarity whether the financial assistance will be provided to JEMHL in the ratio of shareholding by JBM Auto and Nishant Arya in JEMHL.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundBasis for Arm’s Length pricing is not disclosed.
- SBI Mutual FundJEMHL is wholly-owned step-down subsidiary of JBM Ecolife Mobility Private Limited (JEMPL): JEMPL, in turn, is currently an 83% subsidiary of JBM Auto, the residual 17% equity being held by Nishan Arya, the promoter, after a June 2023 preferential allotment. JEMHL’s recent financial statements are not available. While the proposed transactions are largely operational in nature, the resolution is enabling. The size of limits is high and there is no rationale for the same – it could well be that JBM Auto’s e-bus orders are being executed through JEVMHL, however, this has not been articulated. The company has merely stated that the transactions will bring operational efficiency, but the nature of operational savings from these efficiencies is unclear. There is no clarity on JEMHL’s capacity to execute at business levels of upto Rs. 7.5 bn. The terms of financial assistance have not been disclosed in the notice. It is unclear whether the financial assistance will be provided to JEMHL in the ratio of shareholding by JBM Auto and Nishant Arya in JEMHL. We do not support the resolution.
1 for10 against - Material Related Party Transaction(s) with TL Ecolife Mobility Private Limited
Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Axis Mutual Fund, Navi Mutual FundTEMPL is a wholly-owned subsidiary of JBM Ecolife Mobility Private Limited (JEMPL): JEMPL, in turn, is currently an 83% subsidiary of JBM Auto, the residual 17% equity being held by Nishan Arya, the promoter, after a June 2023 preferential allotment. Therefore, TEMPL is a step-down subsidiary of JBM Auto. The rationale for selling 17% equity stake to the promoters just as TEMPL and its subsidiaries were commencing operations needs to be explained by the company’s board. The limit sought is high. It may well be that JBM Auto’s e-bus orders will be executed partly through TEMPL – however, the company has not articulated this. The company has merely stated that all resolution proposed in this postal ballot will help operational efficiency – however, the nature of these efficiencies and the resultant cost savings has not been articulated. As per TEMPL’s FY24 annual report, we understand that TEMPL was yet to commence commercial operations on 31 March 2024. It is unclear if TEMPL has the capacity to execute at annual business levels of Rs.15 bn. The proposed transactions also include financial assistance, which is enabling in nature. The terms of financial assistance have not been disclosed in the notice. It is unclear whether the financial assistance will be provided to TEMPL in the ratio of shareholding by JBM Auto and Nishant Arya in TEMPL.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance & Transparency concern: Inadequate disclosures w.r.t. proposed transaction. Significant size of the RPTs. No specific reasoning for significant shift between values of previous year RPTs as against the proposed RPT limit. Basis for Arm’s Length pricing not disclosed.
- HDFC Mutual FundThere is lack of clarity whether the financial assistance will be provided to TEMPL in the ratio of shareholding by JBM Auto and Nishant Arya in TEMPL.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundBasis for Arm’s Length pricing is not disclosed.
- SBI Mutual FundTEMPL is a wholly-owned subsidiary of JBM Ecolife Mobility Private Limited (JEMPL): JEMPL, in turn, is currently an 83% subsidiary of JBM Auto, the residual 17% equity being held by Nishan Arya, the promoter, after a June 2023 preferential allotment. Therefore, TEMPL is a step-down subsidiary of JBM Auto. The rationale for selling 17% equity stake to the promoters just as TEMPL and its subsidiaries were commencing operations needs to be explained by the company’s board. The limit sought is high. It may well be that JBM Auto’s e-bus orders will be executed partly through TEMPL – however, the company has not articulated this. The company has merely stated that all resolution proposed in this postal ballot will help operational efficiency – however, the nature of these efficiencies and the resultant cost savings has not been articulated. As per TEMPL’s FY24 annual report, we understand that TEMPL was yet to commence commercial operations on 31 March 2024. It is unclear if TEMPL has the capacity to execute at annual business levels of Rs.15 bn. The proposed transactions also include financial assistance, which is enabling in nature. The terms of financial assistance have not been disclosed in the notice. It is unclear whether the financial assistance will be provided to TEMPL in the ratio of shareholding by JBM Auto and Nishant Arya in TEMPL. We do not support the resolution.
1 for10 against - Material Related Party Transaction(s) with Ecolife Mobility Mumbai Private Limited
Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Axis Mutual Fund, Navi Mutual FundEMMPL, incorporated in October 2023, is a wholly-owned subsidiary of JBM Ecolife Mobility Private Limited (JEMPL): JEMPL, in turn, is currently an 83% subsidiary of JBM Auto, the residual 17% equity being held by Nishan Arya, the promoter, after a June 2023 preferential allotment. Therefore, EMMPL is a step-down subsidiary of JBM Auto. The rationale for selling 17% equity stake to the promoters just as EMMPL and its subsidiaries were commencing operations needs to be explained by the company’s board. The limit sought is high. It may well be that JBM Auto’s e-bus orders will be executed partly through EMMPL – however, the company has not articulated this. The company has merely stated that all resolution proposed in this postal ballot will help operational efficiency – however, the nature of these efficiencies and the resultant cost savings has not been articulated. As per EMMPL’s FY24 annual report, we understand that EMMPL was yet to commence commercial operations on 31 March 2024. It is unclear if EMMPL has the capacity to execute at annual business levels of Rs. 20.0 bn. The proposed transactions also include financial assistance, which is enabling in nature. The terms of financial assistance have not been disclosed in the notice. It is unclear whether the financial assistance will be provided to EMMPL in the ratio of shareholding by JBM Auto and Nishant Arya in EMMPL.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance & Transparency concern: Inadequate disclosures w.r.t. proposed transaction. Significant size of the RPTs. No specific reasoning for significant shift between values of previous year RPTs as against the proposed RPT limit. Basis for Arm’s Length pricing not disclosed.
- HDFC Mutual FundThere is lack of clarity whether the financial assistance will be provided to EMMPL in the ratio of shareholding by JBM Auto and Nishant Arya in EMMPL.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundBasis for Arm’s Length pricing is not disclosed.
- SBI Mutual FundEMMPL, incorporated in October 2023, is a wholly-owned subsidiary of JBM Ecolife Mobility Private Limited (JEMPL): JEMPL, in turn, is currently an 83% subsidiary of JBM Auto, the residual 17% equity being held by Nishan Arya, the promoter, after a June 2023 preferential allotment. Therefore, EMMPL is a step-down subsidiary of JBM Auto. The rationale for selling 17% equity stake to the promoters just as EMMPL and its subsidiaries were commencing operations needs to be explained by the company’s board. The limit sought is high. It may well be that JBM Auto’s e-bus orders will be executed partly through EMMPL – however, the company has not articulated this. The company has merely stated that all resolution proposed in this postal ballot will help operational efficiency – however, the nature of these efficiencies and the resultant cost savings has not been articulated. As per EMMPL’s FY24 annual report, we understand that EMMPL was yet to commence commercial operations on 31 March 2024. It is unclear if EMMPL has the capacity to execute at annual business levels of Rs. 20.0 bn. The proposed transactions also include financial assistance, which is enabling in nature. The terms of financial assistance have not been disclosed in the notice. It is unclear whether the financial assistance will be provided to EMMPL in the ratio of shareholding by JBM Auto and Nishant Arya in EMMPL. We do not support the resolution.
1 for10 against - Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and JBM Green Energy Systems Private Limited
Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Axis Mutual Fund, Navi Mutual Fund, SBI Mutual FundJEVPL has commenced operations recently in FY24. JGESPL is a 51% Joint Venture of JEVPL. On 22 January 2022, JEVPL acquired 51% stake in JGESPL from Neel Metal Products Ltd, a promoter entity. Transactions between JEVPL and JGESPL aggregated ~ Rs. 5.0 bn in FY24 and Rs. 1.5 bn in H1FY25 (primarily on account of purchase of goods.). The proposed transactions include some operational transactions such as sale, purchase and supply of batteries for EV Buses and job work, etc which will be on an arms’ length basis and in the ordinary course of business. The proposed transactions also include financial assistance, which is enabling in nature. The terms of financial assistance have not been disclosed in the notice. It is unclear whether the financial assistance will include support from Nishant Arya (holding 15% stake in JEVPL) and Neel Metal Products Ltd (promoter entity holding 49% in JGESPL). The size of limits is high and there is no rationale for the same. The company has merely stated that the transactions will bring operational efficiency, but the nature of operational savings from these efficiencies is unclear. Further, it is unclear if both these companies have the capacity to operate at annual business levels of Rs. 20.0 bn. Given the lack of clarity, we do not support the resolution.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance & Transparency concern: Inadequate disclosures w.r.t. proposed transaction. Significant size of the RPTs. No specific reasoning for significant shift between values of previous year RPTs as against the proposed RPT limit. Basis for Arm’s Length pricing not disclosed.
- HDFC Mutual FundThe proposed transactions also include financial assistance, which is enabling in nature. The terms of financial assistance have not been disclosed in the notice.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundBasis for Arm’s Length pricing is not disclosed.
1 for10 against - Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and JBM EV Industries Private Limited
Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Axis Mutual Fund, Navi Mutual Fund, SBI Mutual FundJEVPL has commenced operations recently in FY24. JEIPL is a 51% Joint Venture of JEVPL. On 22 January 2022, JEVPL acquired 51% stake in JEIPL from Neel Metal Products Ltd, a promoter entity. Transactions between JEVPL and JEIPL in FY24 aggregated to Rs. 375.7 mn primarily on account of purchase of goods.The proposed transactions include some operational transactions such as sale, purchase and supply of batteries for EV Buses and job work, etc which will be on an arms’ length basis and in the ordinary course of business. The proposed transactions also include financial assistance, which is enabling in nature. The terms of financial assistance have not been disclosed in the notice. It is unclear whether the financial assistance will include support from Nishant Arya (holding 15% stake in JEVPL) and Neel Metal Products Ltd (promoter entity holding 49% in JEIPL). The size of limits is high and there is no rationale for the same. The company has merely stated that the transactions will bring operational efficiency, but the nature of operational savings from these efficiencies is unclear. Further, it is unclear if both these companies have the capacity to operate at annual business levels of Rs. 8.0 bn. Given the lack of clarity, we do not support the resolution.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance & Transparency concern: Inadequate disclosures w.r.t. proposed transaction. Significant size of the RPTs. No specific reasoning for significant shift between values of previous year RPTs as against the proposed RPT limit. Basis for Arm’s Length pricing not disclosed.
- HDFC Mutual FundThe proposed transactions also include financial assistance, which is enabling in nature. The terms of financial assistance have not been disclosed in the notice.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundBasis for Arm’s Length pricing is not disclosed.
1 for10 against
Mutual fund votes, meeting of 12 Sep 2024, 10 fund houses
To receive, consider and adopt the Audited IND AS Financial Statements (Standalone & Consolidated) of the Company for the financial year ended 31st March, 2024 together with the reports of the Board of Directors and Auditors thereon.MoreLess
Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: The Company has not disclosed the financials of its subsidiaries for FY 2023-24 on its website.
5 for5 against- To declare a Final Dividend of Rs. 1.50 per equity share for the Financial Year 2023-24.10 for0 against
- Re-appoint Mr. Surendra Kumar Arya (DIN: 00004626) who is retiring by rotation and being eligible, offers himself for re-appointment, as a Director.
Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundRe-appointment compliant with law. Governance Concern: Chairperson related to MD & and the remuneration is skewed in favor of a related director hence Director is responsible as a NRC member.
5 for5 against - Ratification of remuneration payable to Cost Auditors of the Company for the Financial Year 2024-25.10 for0 against
- To consider and approve the issue of Securities.10 for0 against
- Re-appointment of Mr. Praveen Kumar Tripathi (DIN - 02167497) as an Independent Director.
Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNo concern on the merit of proposed appointee. Non-Compliance: Re-appointment is not in accordance with law, no prior shareholders’ approval obtained for re-appointment as an ID.
5 for5 against - Continuation of directorship of Mrs. Pravin Tripathi (DIN: 06913463) as an Independent Director.
Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. No concern on the merit of proposed appointee. Governance Concern: Chairperson of both AC & NRC.
5 for5 against - Material Related Party Transactions with Neel Metal Products Limited.
Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate Disclosures and Basis for Arm’s Length pricing.
5 for5 against - Material Related Party Transactions with JBM Ecolife Mobility Private Limited.
Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
- Axis Mutual Fund, SBI Mutual FundJBM Ecolife Mobility Private Limited (JEMPL), incorporated in December 2020, is an 83% joint venture of JBM Auto Ltd. JEMPL was an 83% subsidiary till 29 March 2024, however, from 30 March 2024 its status was changed to joint venture without any change in shareholding. The company’s primary objective is to undertake or carry on business of repair and maintenance of electric vehicles, electric buses and passenger vehicles. We raise concern that the company presently holds 83% shareholding in JEMPL, Nishant Arya owns the remaining 17% through a preferential allotment in June 2023. The rationale for selling 17% equity stake to the promoters just as JEMPL and its subsidiaries were commencing operations needs to be explained by the company’s board. The approval for limit sought is high. It may well be that JBM Auto’s 5,000 e-bus order will be executed partly through JEMPL – however, the company has not articulated this. The company has merely stated that all resolution proposed in this postal ballot will help operational efficiency – however, the nature of these efficiencies and the resultant cost savings has not been articulated. The proposed transactions also include financial assistance, which is enabling in nature. The financial assistance will be upto Rs. 3.5 bn for the year. However, it is unclear whether the financial assistance will be provided to JETPL in the ratio of shareholding by JBM Auto and Nishant Arya in JEMPL. We believe the company must also disclose granular details of the terms of the financial assistance to be provided. We do not support this resolution.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate Disclosures and Basis for Arm’s Length pricing.
- HDFC Mutual FundAs the resolution is open ended there could be a possibility that the support could be extended to other companies directly/indirectly controlled by the promoters
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
1 for9 against
Mutual fund votes, meeting of 30 Jun 2024, 9 fund houses
- Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and JBM Eco Tech Private Limited
Against Edelweiss Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund
- Edelweiss Mutual FundBoth are not 100% subsidiaries
- HDFC Mutual FundLack of clarity with regard to rationale of providing of financial assistance to a promoter controlled entity
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
6 for3 against - Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and JBM Ecolife Mobility Haryana Private Limited
Against Edelweiss Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund
- Edelweiss Mutual FundBoth are not 100% subsidiaries
- HDFC Mutual FundLack of clarity with regard to rationale of providing of financial assistance to a promoter controlled entity
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
6 for3 against - Material Related Party Transaction(s) between JBM Electric Vehicles Private Limited and TL Ecolife Mobility Private Limited
Against Edelweiss Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund
- Edelweiss Mutual FundBoth are not 100% subsidiaries
- HDFC Mutual FundLack of clarity with regard to rationale of providing of financial assistance to a promoter controlled entity
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
6 for3 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
At most 2 complaints open, quarter to Sep 2026.
- The board is made up as the listing rules require
- Yes
- 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
- No
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.