JSW Energy CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 25 Mar 2026, 30 fund houses

• Approval for the re-appointment of Mr. Munesh Khanna as an Independent Director

  30 for0 against

Mutual fund votes, meeting of 3 Jan 2026, 31 fund houses

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

• Preferential Issue of Equity Shares on a private placement basis to the Equity Allottee

  26 for0 against
• Preferential Issue of convertible Warrants on a private placement basis to the Warrants Allottee

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance Concern: Warrants are priced at par with equity.
  • Axis Mutual Fund, UTI Mutual FundThe company proposes to raise Rs. 30.0 bn by way of an equity issuance of Rs. 5.0 bn (resolution #1) and a warrants issue of Rs. 25.0 bn (resolution #2). The issue price of Rs. 525.0 represents a premium of approximately 8.1% to the current market price.JSW Energy Limited currently has an installed capacity of 13.2 GW and an under-construction capacity of 12.5 GW for power generation. The company has a target of achieving 30.0 GW of generation capacity and 40 GWh energy storage capacity by 2030 The company’s consolidated debt stood at Rs. 681.4 bn as of September 2025, with a debt-equity ratio of 2.4x.The overall dilution due to preferential allotment of equity shares and warrants will be approximately 3.2% on the expanded capital base. While we understand the company’s need for funds given its capex plans, the need to infuse funds through warrants, as against equity, is unclear. We do not support the issue of warrants to promoters, as it allows them to benefit from stock price movements for 18 months. Further, if the promoters decide not to subscribe to the remaining 75%, it could have material implications for the company’s debt repayment or capex plans. We encourage promoters to participate through a preferential issue of equity, where funds are brought in upfront rather than through the warrants route. In this case, the majority of the funds, more than 80% (Rs. 25.0 bn), are proposed to be raised through warrants rather than equity. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Warrants are priced at par with equity.
  • Invesco Mutual FundThe company proposes to raise Rs. 30.0 bn by way of an equity issuance of Rs. 5.0 bn and a warrants issue of Rs. 25.0 bn. The issue price of Rs. 525.0 represents a premium of approximately 8.1% to the current market price. JSW Energy Limited currently has an installed capacity of 13.2 GW and an under-construction capacity of 12.5 GW for power generation. The company has a target of achieving 30.0 GW of generation capacity and 40 GWh energy storage capacity by 2030 The company’s consolidated debt stood at Rs. 681.4 bn as of September 2025, with a debt-equity ratio of 2.4x. The overall dilution due to preferential allotment of equity shares and warrants will be approximately 3.2% on the expanded capital base. While we understand the company’s need for funds given its capex plans, the need to infuse funds through warrants, as against equity, is unclear. We do not support the issue of warrants to promoters, as it allows them to benefit from stock price movements for 18 months. Further, if the promoters decide not to subscribe to the remaining 75%, it could have material implications for the company’s debt repayment or capex plans. We encourage promoters to participate through a preferential issue of equity, where funds are brought in upfront rather than through the warrants route. In this case, the majority of the funds, more than 80% (Rs. 25.0 bn), are proposed to be raised through warrants rather than equity. We do not support the resolution.
  • Jio BlackRock Mutual Fund, Sundaram Mutual FundThe company proposes to raise Rs. 30.0 bn by way of an equity issuance of Rs. 5.0 bn (resolution #1) and a warrants issue of Rs. 25.0 bn (resolution #2). The issue price of Rs. 525.0 represents a premium of approximately 8.1% to the current market price. JSW Energy Limited currently has an installed capacity of 13.2 GW and an under-construction capacity of 12.5 GW for power generation. The company has a target of achieving 30.0 GW of generation capacity and 40 GWh energy storage capacity by 2030 The company’s consolidated debt stood at Rs. 681.4 bn as of September 2025, with a debt-equity ratio of 2.4x. The overall dilution due to preferential allotment of equity shares and warrants will be approximately 3.2% on the expanded capital base. While we understand the company’s need for funds given its capex plans, the need to infuse funds through warrants, as against equity, is unclear. We do not support the issue of warrants to promoters, as it allows them to benefit from stock price movements for 18 months. Further, if the promoters decide not to subscribe to the remaining 75%, it could have material implications for the company’s debt repayment or capex plans. We encourage promoters to participate through a preferential issue of equity, where funds are brought in upfront rather than through the warrants route. In this case, the majority of the funds, more than 80% (Rs. 25.0 bn), are proposed to be raised through warrants rather than equity. We do not support the resolution.
  • Kotak Mahindra Mutual FundThe company proposes to raise Rs. 30.0 bn by way of an equity issuance of Rs. 5.0 bn and a warrants issue of Rs. 25.0 bn. The issue price of Rs. 525.0 represents a premium of approximately 8.1% to the current market price. JSW Energy Limited currently has an installed capacity of 13.2 GW and an under construction capacity of 12.5 GW for power generation. The company has a target of achieving 30.0 GW of generation capacity and 40 GWh energy storage capacity by 2030 The company s consolidated debt stood at Rs. 681.4 bn as of September 2025, with a debt equity ratio of 2.4x. The overall dilution due to preferential allotment of equity shares and warrants will be approximately 3.2% on the expanded capital base. While we understand the company s need for funds given its capex plans, the need to infuse funds through warrants, as against equity, is unclear. We do not support the issue of warrants to promoters, as it allows them to benefit from stock price movements for 18 months. Further, if the promoters decide not to subscribe to the remaining 75%, it could have material implications for the company s debt repayment or capex plans. Promoters should have participated through a preferential issue of equity, where funds are brought in upfront rather than through the warrants route. In this case, the majority of the funds, more than 80% (Rs. 25.0 bn), are proposed to be raised through warrants rather than equity. We do not support the resolution.
  • NJ Mutual FundThe company proposes to raise Rs. 30.0 bn by way of an equity issuance of Rs. 5.0 bn (resolution #1) and a warrants issue of Rs. 25.0 bn (resolution #2). The issue price of Rs. 525.0 represents a premium of approximately 8.1% to the current market price. JSW Energy Limited currently has an installed capacity of 13.2 GW and an under- construction capacity of 12.5 GW for power generation. The company has a target of achieving 30.0 GW of generation capacity and 40 GWh energy storage capacity by 2030 The company’s consolidated debt stood at Rs. 681.4 bn as of September 2025, with a debt- equity ratio of 2.4x. The overall dilution due to preferential allotment of equity shares and warrants will be approximately 3.2% on the expanded capital base. While we understand the company’s need for funds given its capex plans, the need to infuse funds through warrants, as against equity, is unclear. We do not support the issue of warrants to promoters, as it allows them to benefit from stock price movements for 18 months. Further, if the promoters decide not to subscribe to the remaining 75%, it could have material implications for the company’s debt repayment or capex plans. We encourage promoters to participate through a preferential issue of equity, where funds are brought in upfront rather than through the warrants route. In this case, the majority of the funds, more than 80% (Rs. 25.0 bn), are proposed to be raised through warrants rather than equity. We do not support the resolution.
  • PPFAS Mutual FundWarrants are priced at par with equity

  14 for17 against
• Issue of Equity Shares, etc

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Significant dilution; however, no adequate justification for fundraising and no clarity regarding why the rights issue is not preferred.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Significant dilution; however, no adequate justification for fundraising and no clarity regarding why the rights issue is not preferred.
  • PPFAS Mutual FundExcessive dilution; inadequate justification & no rationale for not opting for Rights Issue

  16 for8 against
• Material Related Party Transactions between JSW Thermal Energy Limited (a wholly-owned subsidiary of the Company) and Toshiba JSW Power Systems Private Limited (a related party of the Company)

  31 for0 against

Mutual fund votes, meeting of 11 Jul 2025, 34 fund houses

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

• Adoption of: a.) the audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2025, together with the Reports of the Board of Directors and the Statutory Auditor thereon b.) the audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025, together with the Report of the Statutory Auditor thereonMoreLess

  33 for0 against
• Declaration of a Dividend of Rs. 2 (20%) per equity share of Rs. 10 of the Company, for the financial year ended 31st March, 2025

  33 for0 against
• Appointment of Mr. Pritesh Vinay (DIN: 08868022), Director, who retires as a Director by rotation and, being eligible, offers himself for re-appointment

  33 for0 against
• Ratification of the remuneration payable to the Cost Auditor

  33 for0 against
• Appointment of the Secretarial Auditor of the Company

  31 for0 against
• Re-appointment of Mr. Desh Deepak Verma as an Independent Director

  33 for0 against
• Material Related Party Transactions between the Company and JSW Energy (Utkal) Limited, a subsidiary of the Company

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundTransparency Concern: No clarity on whether prior approval of Audit Committee before entering into related party transactions has been obtained or not.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundTransparency Concern: No clarity on whether prior approval of Audit Committee before entering into RPTs has been obtained or not.

  28 for6 against
• Material Related Party Transactions between the Company and KSK Mahanadi Power Company Limited, a subsidiary of the Company

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundTransparency Concern: No clarity on whether prior approval of Audit Committee before entering into related party transactions has been obtained or not.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundTransparency Concern: No clarity on whether prior approval of Audit Committee before entering into RPTs has been obtained or not.

  27 for6 against
• Material Related Party Transactions between JSW Neo Energy Limited and JSW Renewable Energy (Vijayanagar) Limited, subsidiaries of the Company

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Basis for Arm’s Length pricing not disclosed for all Related Party Transactions.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed for all RPTs.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted given:_x000D_ _x000D_ JSWREVL is 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.

  27 for7 against
• Material Related Party Transactions between JSW Energy (Utkal) Limited and JSW Power Trading Company Limited, subsidiaries of the Company

  34 for0 against
• Material Related Party Transactions between JSW Energy (Barmer) Limited, a wholly owned subsidiary of the Company with its Joint Venture (JV) company viz., Barmer Lignite Mining Company Limited

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundOmnibus approval sought for more than one year.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-compliance with SEBI Circular: Omnibus approval sought for more than 1 year.

  26 for7 against
• Material Related Party Transactions between JSW Neo Energy Limited and JSW Renewable Energy Coated Two Limited, subsidiaries of the Company

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain Related Party Transactions fall within ordinary course of business.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain RPTs fall within ordinary course of business.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that JSWRECTL shall be a 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted given:_x000D_ _x000D_ JSWRECTL shall be a 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits

  25 for8 against
• Material Related Party Transactions between JSW Neo Energy Limited and JSW Renewable Energy (Cement) Limited, subsidiaries of the Company

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain Related Party Transactions fall within ordinary course of business; Inadequate justification for entering into significant Related Party Transaction.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain RPTs fall within ordinary course of business; Inadequate justification for entering into significant RPT.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that JSWRECL is 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted given:_x000D_ _x000D_ JSWRECL is 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.

  25 for8 against
• Material Related Party Transactions between JSW Neo Energy Limited and JSW Renew Energy Thirty Two Limited, subsidiaries of the Company

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain Related Party Transactions fall within ordinary course of business.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain RPTs fall within ordinary course of business.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that JSWRE32L shall be a 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted given:_x000D_ _x000D_ JSWRE32L shall be a 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.

  25 for8 against
• Material Related Party Transactions between JSW Neo Energy Limited and JSW Renew Energy (Kar) Limited, subsidiaries of the Company

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain Related Party Transactions fall within ordinary course of business.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain RPTs fall within ordinary course of business.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that JSWREKL shall be a 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted given:_x000D_ _x000D_ JSWREKL shall be a 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.

  25 for8 against
• Material Related Party Transactions between JSW Neo Energy Limited and JSW Renew Energy Three Limited, subsidiaries of the Company

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain Related Party Transactions fall within ordinary course of business.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain RPTs fall within ordinary course of business.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that JSWRETL shall be a 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted given:_x000D_ _x000D_ JSWRETL shall be a 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.

  25 for8 against
• Material Related Party Transactions between JSW Neo Energy Limited and JSW Green Energy Seven Limited, subsidiaries of the Company

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain Related Party Transactions fall within ordinary course of business.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain RPTs fall within ordinary course of business.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that JSWGE7L shall be a 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted given:_x000D_ _x000D_ JSWGE7L shall be a 74% subsidiary, and the circular has not stated if corporate guarantees provided will be proportionate to its shareholding and therefore, JSWNEL could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.

  25 for8 against
• Issue of Equity Shares, etc.

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Significant dilution, however, no adequate justification for fund raising and no clarity regarding why Rights Issue is not preferred.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Significant dilution, however, no adequate justification for fund raising and no clarity regarding why Rights Issue is not preferred.
  • Baroda BNP Paribas Mutual FundNo end use specified and quantum is large
  • LIC Mutual FundConcerns over Significant dilution, however, no adequate justification for fund raising and no clarity regarding why Rights Issue is not preferred.
  • PPFAS Mutual FundExcessive dilution; inadequate justification & no rationale for not opting for Rights Issue

  16 for10 against
• Amendment of the Shri O.P. Jindal Employee Stock Ownership Plan (JSWEL) - 2021

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundInadequate disclosure regarding Exercise Period. Governance Concern: excessive potential benefit may be extended to an individual employee.
  • Axis Mutual Fund, Taurus Mutual FundThe amendments to JSWEL OPJ ESOP Plan 2021 scheme – approved by shareholders at the 2021 AGM, comprise: increase in the ceiling limit on the number of options which can be granted under the plan by up to another 4,362,000 options and amendments to align with statutory requirements. The exercise price of the additional options available under JSWEL OPJ ESOP Plan 2021 is Rs. 10 per share – par value and although, the options are available for employees (including whole-time directors) in grades L16 - L19 and high performers in Grades L11 – L15. Based on subsequent clarification provided by the company, we understand that 40% of the options carry time based vesting and 60% of the options carry performance-based vesting: the targets and achievement parameters will be determined by the ESOP Committee of the Board. We do not favour schemes where options are granted at a discount of more than 20% to the market price – in this case, 40% of the options will be granted at face value and will carry time-based vesting. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. Such practices do not align the interests of investors and employees. For options vesting based the achievement of performance targets, we expect companies to clearly disclose the corporate-level performance metrics and the targes to be achieved for the vesting. The proposed scheme contours do not meet our voting guidelines. We do not support the resolution.
  • Bandhan Mutual Fund, Motilal Oswal Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations: Inadequate disclosure regarding Exercise Period.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations: Inadequate disclosure regarding Exercise Period. Governance Concern: No absolute cap on maximum options to be grated to single employee and excessive potential benefit may be extended to an individual employee.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the exact performance conditions, vesting thresholds and targets have not been disclosed.
  • HDFC Mutual FundESOPs are issued at significant discount to the market price. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted because:_x000D_ _x000D_ The exact performance conditions, vesting thresholds and targets have not been disclosed.
  • Invesco Mutual FundThe amendments to JSWEL OPJ ESOP Plan 2021 scheme – approved by shareholders at the 2021 AGM, comprise: increase in the ceiling limit on the number of options which can be granted under the plan by up to another 4,362,000 options and amendments to align with statutory requirements. The exercise price of the additional options available under JSWEL OPJ ESOP Plan 2021 is Rs. 10 per share – par value and although, the options are available for employees (including whole-time directors) in grades L16 - L19 and high performers in Grades L11 – L15. Based on subsequent clarification provided by the company, we understand that 40% of the options carry time based vesting and 60% of the options carry performance-based vesting: the targets and achievement parameters will be determined by the ESOP Committee of the Board. We do not favour schemes where options are granted at a discount of more than 20% to the market price – in this case, 40% of the options will be granted at face value and will carry time-based vesting. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. Such practices do not align the interests of investors and employees. For options vesting based the achievement of performance targets, we expect companies to clearly disclose the corporate-level performance metrics and the targes to be achieved for the vesting. The proposed scheme contours do not meet our voting guidelines. We do not support the resolution
  • LIC Mutual FundConcerns over Inadequate disclosure regarding Exercise Period.
  • Mirae Asset Mutual FundResolution is not inline with Regulatory requirements
  • Nippon India Mutual FundTransparency concern: No adequate disclosure
  • NJ Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundThe amendments to JSWEL OPJ ESOP Plan 2021 scheme – approved by shareholders at the 2021 AGM, comprise: increase in the ceiling limit on the number of options which can be granted under the plan by up to another 4,362,000 options and amendments to align with statutory requirements. The exercise price of the additional options available under JSWEL OPJ ESOP Plan 2021 is Rs. 10 per share – par value and although, the options are available for employees (including whole-time directors) in grades L16 - L19 and high performers in Grades L11 – L15, there is no clarity provided on the performance parameters and individual targets that need to be achieved. We do not favour schemes where options are granted at a discount of more than 20% to the market price or where there is no clarity on the performance metrics for vesting. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. Such practices do not align the interests of investors and employees. We do not support the resolution.
  • PPFAS Mutual FundInadequate disclosures under SEBI (SBEB & SE) Regulations; Excessive benefit can be extended to single employee
  • UTI Mutual FundThe exercise price of the additional options available under JSWEL OPJ ESOP Plan 2021 is Rs. 10 per share – par value and although, the options are available for employees (including whole-time directors) in grades L16 - L19 and high performers in Grades L11 – L15. Based on subsequent clarification provided by the company, we understand that 40% of the options carry time based vesting and 60% of the options carry performance-based vesting: the targets and achievement parameters will be determined by the ESOP Committee of the Board. We do not favour schemes where options are granted at a discount of more than 20% to the market price – in this case, 40% of the options will be granted at face value and will carry time-based vesting. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. Such practices do not align the interests of investors and employees. For options vesting based the achievement of performance targets, we expect companies to clearly disclose the corporate-level performance metrics and the targets to be achieved for the vesting. The proposed scheme contours do not meet our voting guidelines. We do not support the resolution.

  11 for22 against
• Grant of Stock Options to the employees of Indian Subsidiary Companies under the Shri O.P. Jindal Employee Stock Ownership Plan (JSWEL)-2021

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundInadequate disclosure regarding Exercise Period. Governance Concern: excessive potential benefit may be extended to an individual employee.
  • Axis Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, UTI Mutual FundThe company proposes to extension the amended scheme to employees of subsidiary companies. Since we do not support the amended JSWEL OPJ ESOP Plan 2021, we do not support extension of the amended scheme to employees of subsidiary companies.
  • Bandhan Mutual Fund, Motilal Oswal Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations: Inadequate disclosure regarding Exercise Period.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations: Inadequate disclosure regarding Exercise Period. Governance Concern: No absolute cap on maximum options to be grated to single employee and excessive potential benefit may be extended to an individual employee.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the exact performance conditions, vesting thresholds and targets have not been disclosed.
  • HDFC Mutual FundESOPs are issued at significant discount to the market price. We do not support the resolution.
  • HSBC Mutual FundThe exact performance conditions, vesting thresholds and targets have not been disclosed.
  • Invesco Mutual FundThe company proposes to extension the amended scheme to employees of subsidiary companies. Since we do not support the amended JSWEL OPJ ESOP Plan 2021, we do not support extension of the amended scheme to employees of subsidiary companies. We do not support the resolution.
  • LIC Mutual FundConcerns over Inadequate disclosure regarding Exercise Period.
  • Mirae Asset Mutual FundResolution is not inline with Regulatory requirements
  • Nippon India Mutual FundTransparency concern: No adequate disclosure
  • PPFAS Mutual FundInadequate disclosures under SEBI (SBEB & SE) Regulations; Excessive benefit can be extended to single employee

  10 for20 against
• Authorization to the JSW Energy Employees Welfare Trust for secondary market acquisition of Equity Shares and provision of money by the Company for purchase of its own shares by the ESOP Trust / Trustees for the benefit of employees under the Shri O. P. Jindal Employees Stock Ownership Plan (JSWEL)-2021MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundInadequate disclosure regarding Exercise Period. Governance Concern: excessive potential benefit may be extended to an individual employee.
  • Axis Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, UTI Mutual FundThe company proposes authorization to the trust for secondary acquisition of shares and grant of loan for purchase of shares for the amended scheme. Since we do not support the amended JSWEL OPJ ESOP Plan 2021, we do not support the authorisation and grant of loan.
  • Bandhan Mutual Fund, Motilal Oswal Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations: Inadequate disclosure regarding Exercise Period.
  • Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations: Inadequate disclosure regarding Exercise Period. Governance Concern: No absolute cap on maximum options to be grated to single employee and excessive potential benefit may be extended to an individual employee.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the exact performance conditions, vesting thresholds and targets have not been disclosed.
  • HDFC Mutual FundESOPs are issued at significant discount to the market price. We do not support the resolution.
  • HSBC Mutual FundThe exact performance conditions, vesting thresholds and targets have not been disclosed.
  • Invesco Mutual FundThe company proposes authorization to the trust for secondary acquisition of shares and grant of loan for purchase of shares for the amended scheme. Since we do not support the amended JSWEL OPJ ESOP Plan 2021, we do not support the authorisation and grant of loan. We do not support the resolution.
  • LIC Mutual FundConcerns over Inadequate disclosure regarding Exercise Period.
  • Mirae Asset Mutual FundResolution is not inline with Regulatory requirements
  • Nippon India Mutual FundTransparency concern: No adequate disclosure
  • PPFAS Mutual FundInadequate disclosures under SEBI (SBEB & SE) Regulations; Excessive benefit can be extended to single employee

  10 for21 against
• Consent for a potential dilution of shareholding in, and a potential disposal of the assets of, a material subsidiary

  32 for0 against

Mutual fund votes, meeting of 12 Mar 2025, 25 fund houses

• Re-appointment of Mr. Rajeev Sharma as an Independent Director

  ›Against Groww Mutual Fund

  • Groww Mutual FundCompliant with law. No concern w.r.t. the merits of the proposed appointee. Governance Concern: Appointee holds directorship in an entity that is engaged similar line of business.

  24 for1 against

Mutual fund votes, meeting of 16 Jan 2025, 22 fund houses

• Appointment of Mr. Ajoy Mehta as a Director and as an Independent Director

  22 for0 against

Mutual fund votes, meeting of 5 Jul 2024, 18 fund houses

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

• Adoption of Annual Audited Standalone and Consolidated Financial Statement alongwith the Reports of the Board of Directors and Auditors thereon for the financial year ended 31st March, 2024

  16 for0 against
• Declaration of dividend of Rs.2 (20%) per Equity Share of Rs.10 /-

  17 for0 against
• Appointment of Mr. Parth Jindal (DIN: 06404506), Director, who retires by rotation and, being eligible, offers himself for re-appointment

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Trust Mutual FundAppointment is compliant with law. Governance Concern: Director holds 2 full time positions in Companies engaged in unrelated business.
  • Zerodha Mutual FundThe concerned person holds 2 full time positions in Companies engaged in unrelated business.

  11 for6 against
• Ratification of the remuneration payable to the Cost Auditor M/s Kishore Bhatia & Associates

  17 for0 against
• Alteration of the Object Clause of the Memorandum of Association of the Company

  18 for0 against
• Material Related Party Transactions between the JSW Energy Limited and Ind-Barath Energy (Utkal) Limited, a subsidiary of the Company

  17 for0 against
• Material Related Party Transactions between Ind-Barath Energy (Utkal) Limited and JSW Power Trading Company Limited, subsidiaries of the Company

  17 for0 against
• Material Related Party Transactions between JSW Neo Energy Limited and JSW Renewable Energy (Vijayanagar) Limited, subsidiaries of the Company

  ›Against HSBC Mutual Fund, Taurus Mutual Fund

  • HSBC Mutual FundA vote AGAINST this resolution is warranted given: The company has not provided sufficient information on the valuation assigned to determine the fairness of the transaction under the enabling provision for sale of assets. JSWREVL is 74% subsidiary, and the circular not stated if corporate guarantees that can be provided will be proportionate to its shareholding and therefore, it could be taking disproportionate financial risk relative to its ownership stake, where the risks may outweigh the potential benefits.
  • Taurus Mutual FundJSW Neo Energy Limited (JSWNEL), is a 100% subsidiary of JSW Energy, housing its renewable energy operations. JSW Renewable Energy (Vijayanagar) Limited (JSWREVL), 74% held by JSWNEL and 26% by JSW Steel Limited, was set up to house renewable energy projects under the group captive scheme. JSWREVL is essentially a captive green energy supplier to JSW Steel. JSWREVL has set up a 225 MW solar power project and is implementing a 600 MW wind project, a pumped storage project and a green hydrogen manufacturing facility. To provide financial and operational support, the company seeks a related party transaction limit of Rs. 23.0 bn for FY25. While we recognize the need to support JSWREVL, it is unclear of the support is being extended in the ratio of shareholding. Therefore, we are unable to support the resolution. We note that there is a difference in the aggregate transaction quantum in FY23, as stated in the shareholder notice and reported in the annual report: based on the annual report disclosures, we aggregate the transaction quantum to be Rs. 11.0 bn, which the shareholder notice states that the FY23 transactions with JSWREVL aggregated Rs. 5.9 bn.

  16 for2 against
• Issue of Equity Shares, etc.

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance concern: Excessive dilution and no specific justification which indicates urgent need of funds.
  • Zerodha Mutual FundExcessive dilution and no specific justification which indicates urgent need of funds.

  9 for5 against