Jubilant Ingrevia CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 29 Aug 2025, 18 fund houses

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

• To consider and adopt audited standaloneand consolidated financial statements of the Company for the financial year ended March 31, 2025

  2 for0 against
• To declare a final dividend of Rs.2.50 per equity share of Re 1 each for the financial year ended March 31, 2025.

  18 for0 against
• To appoint a Director in place of Mr. Hari S. Bhartia (DIN: 00010499), who retires by rotation and, being eligible, offers himself for re-appointment.

  ›Against Angel One 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: Nature of Position of Co-Chairpersonship. Holding Dual Position as Co-Chairperson and Executive Director.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law: Governance Concern: Nature of Position of Co-Chairpersonship. Holding Dual Position as Co-Chairperson and Executive Director.

  12 for6 against
• To appoint a Director in place of Mr. Deepak Jain (DIN: 10255429), who retires by rotation and, being eligible, offers himself for re-appointment.

  18 for0 against
• Re-appointment of Statutory Auditors of the Company

  18 for0 against
• Ratification of Cost Auditor Remuneration

  18 for0 against
• Appointment of Ms. Aashti Bhartia as Director

  ›Against Angel One 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: Holds 2 full-time positions in entities with unrelated businesses.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Holds 2 full-time positions in entities with unrelated businesses.

  12 for6 against
• Appointment of DMK Associates as a Secretarial Auditor

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

  • Angel One Mutual FundTransparency Concern: Previous auditors’ remuneration not available; it cannot be ascertained as to whether there is any material change in the proposed Audit fee.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed Auditors. Transparency Concern: Previous auditors’ remuneration not available; it cannot be ascertained as to whether there is any material change in the proposed Audit fee.
  • Nippon India Mutual FundProfile of the auditor

  12 for6 against
• Re-appointment of Mr. Pradeep Banerjee as an Independent Director

  ›Against HDFC Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund

  • HDFC Mutual FundMr. Pradeep Banerjee, 67, is an Operating Partner at Advent PE and Senior Advisor with Boston Consulting Group (BCG). He has over four decades of experience in customer service, manufacturing, marketing, logistics, procurement & R&D at Hindustan Unilever Limited (HUL). His aggregate tenure with the company or the group has exceeded 10 years, which we believe is not in line with the spirit of the regulations. We do not support the resolution.
  • Jio BlackRock Mutual FundPradeep Banerjee, 67, is an Operating Partner at Advent PE and Senior Advisor with Boston Consulting Group (BCG). He has over four decades of experience in customer service, manufacturing, marketing, logistics, procurement & R&D at Hindustan Unilever Limited (HUL). He has been associated with the company since 6 February 2021 and has attended all five (100%) board meetings held in FY25. As per public sources, Pradeep Jyoti Banerjee is Managing Partner of Pradeep Banerjee Associates and founder and CEO of Hyue, a cosmetics brand. He is on the board of four listed companies (including Jubilant Ingrevia Limited). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. We believe that as Managing Partner of Pradeep Banerjee Associates and CEO of Hyue, his responsibilities are equivalent to a whole-time directorship of a listed company. Therefore, his high number of directorships on listed companies is not in keeping with the spirit of the regulation. Notwithstanding, he has attended all board meetings on these companies in FY25, indicative of his availability. We raise concern that he has been a director on the board of Chambal Fertilisers and Chemicals Limited, a promoter group company, since 1 December 2019. We note that he will cross 10 years of association with the group in his proposed tenure. We will consider his overall association with the promoter group while computing his tenure. We do not support rotation of Independent Directors within the group if their aggregate tenure with the company or the group exceeds 10 years as we believe this is not in line with the spirit of the regulations. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundProfile of the candidate

  14 for4 against
• Re-appointment of Mr. Siraj Azmat Chaudhry as an Independent Director

  18 for0 against
• Re-appointment of Mr. Arun Seth as an Independent Director

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

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Prolonged association with group Companies.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Prolonged association with group Companies.
  • HDFC Mutual FundMr. Arun Seth, 74, is former Managing Director of British Telecom in India. He has worked for the BT Group in India at various positions for over 18 years. He has experience in Business Strategy and Development. His aggregate tenure with the company or the group exceeds 10 years, which we believe this is not in line with the spirit of the regulations. We do not support the resolution.
  • Jio BlackRock Mutual FundArun Seth, 74, is former Managing Director of British Telecom in India. He has worked for the BT Group in India at various positions for over 18 years. He has experience in Business Strategy and Development. He has been associated with the company since 6 February 2021 and has attended all five (100%) board meetings held in FY25. We raise concern that he has been a director on the board of Jubilant Pharmova Limited, a group company, since 22 October 2018. We note that he will cross 10 years of association with the group in his proposed tenure. We will consider his overall association with the Jubilant group while computing his tenure. We do not support rotation of Independent Directors within the group if their aggregate tenure with the company or the group exceeds 10 years as we believe this is not in line with the spirit of the regulations. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  8 for10 against
• Re-appointment of Ms. Sudha Pillai as an Independent Director

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, WhiteOak Capital Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Prolonged association with group Companies.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Prolonged association with group Companies.
  • HDFC Mutual FundMs. Sudha Pillai, 75, is a retired IAS officer. She has over 45 years of experience in policy formulation relating to Technology Transfer, Foreign Investment and Competition Law, National Skill Development Policy and Safety, Health & Environment at Workplace. Her overall association with the Jubilant group while computing his tenure exceeds 10 years, which we believe this is not in line with the spirit of the regulations. We do not support the resolution.
  • Jio BlackRock Mutual FundMs. Sudha Pillai, 75, is a retired IAS officer. She served as Member Secretary of the Planning Commission in 2010 in the rank of Minister of State. She has over 45 years of experience in policy formulation relating to Technology Transfer, Foreign Investment and Competition Law, National Skill Development Policy and Safety, Health & Environment at Workplace. She has been associated with the company since 6 February 2021 and has attended all five (100%) board meetings held in FY25. We raise concern that she has been a director on the board of Jubilant Pharmova Limited, a group company, since 3 September 2013. We will consider her overall association with the Jubilant group while computing his tenure. We do not support rotation of Independent Directors within the group if their aggregate tenure with the company or the group exceeds 10 years as we believe this is not in line with the spirit of the regulations. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • WhiteOak Capital Mutual FundMs. Sudha Pillai, 75, is a retired IAS officer. She served as Member Secretary of the Planning Commission in 2010 in the rank of Minister of State. She has been associated with the company since 6 February 2021 and has attended all five (100%) board meetings held in FY25. We raise concern that she has been a director on the board of Jubilant Pharmova Limited, a group company, since 3 September 2013. We do not support the resolution.

  7 for11 against
• Re-appointment of Mr. Sushil Kumar Roongta as an Independent Director

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, WhiteOak Capital Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Prolonged association with group Companies, Excessive time commitments.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Prolonged association with group Companies, Excessive time commitments.
  • HDFC Mutual FundMr. Sushil Kumar Roongta, 75, is the former Executive Chairperson of SAIL. He has experience in public sector undertakings in the industry. Hs overall association with the Jubilant group while computing his tenure exceeds 10 years, which we believe this is not in line with the spirit of the regulations. We do not support the resolution.
  • Jio BlackRock Mutual FundSushil Kumar Roongta, 75, is the former Executive Chairperson of SAIL. He has experience in public sector undertakings in the industry. He was also Chairperson of International Coal Ventures Limited (ICVL) – a JV of five PSUs i.e. SAIL, CIL, RINL, NMDC & NTPC. He has been associated with the company since 6 February 2021 and has attended all five (100%) board meetings held in FY25. We raise concern that he has been a director on the board of Jubilant Industries Limited, a group company, since 26 November 2010. We will consider his overall association with the Jubilant group while computing his tenure. We do not support rotation of Independent Directors within the group if their aggregate tenure with the company or the group exceeds 10 years as we believe this is not in line with the spirit of the regulations. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • WhiteOak Capital Mutual FundSushil Kumar Roongta, 75, is the former Executive Chairperson of SAIL. He has experience in public sector undertakings in the industry. He has been associated with the company since 6 February 2021 and has attended all five (100%) board meetings held in FY25. We raise concern that he has been a director on the board of Jubilant Industries Limited, a group company, since 26 November 2010.. We do not support the resolution.

  7 for11 against

Mutual fund votes, meeting of 21 Jan 2025, 13 fund houses

• Appointment of Mr. Vijay Kumar Srivastava as Director [DIN: 07381359]

  ›Against Edelweiss Mutual Fund, Groww Mutual Fund, Nippon India Mutual Fund

  • Edelweiss Mutual FundAlready Two Full-Time Positions.
  • Groww Mutual FundAppointment compliant with law. No concern on the merits of the appointee. Governance Concern: Two Full-Time Positions.
  • Nippon India Mutual FundTwo Full-Time Positions.

  10 for3 against
• Appointment of Mr. Vijay Kumar Srivastava as a Whole-time Director [DIN: 07381359] designated as Chief of Operations & Whole -Time Director

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund

  • Axis Mutual FundVijay Kumar Srivastava, 48 is Chief of Operations (COO) and Whole Time Director, Jubilant Ingrevia Limited. He has been associated with the company since March 2022 as President – Operations. The company seeks approval to appoint him as WTD for five years from 1 November 2024 and fix his remuneration. Vijay Kumar Srivastava’s remuneration terms also include stock options and retention bonus as per the company policy for which there is no guidance provided. Given the lack of clarity, we are unable to make a reasonable estimate of his overall proposed executive remuneration. Although we support Vijay Kumar Srivastava’s board appointment, in the absence of adequate disclosures on his proposed remuneration, we are unable to support the resolution. We also expect the company to disclose granular details about the performance metrics for determining his variable pay, retention bonus and the quantum of stock options proposed to be granted over the tenure.
  • Bandhan Mutual Fund, Groww Mutual FundAppointment compliant with law. No concern on the merits of the appointee. Governance Concern: Two Full-Time Positions. Transparency Concern: Ambiguity w.r.t. ESOP caps – Potential excessive remuneration.
  • Edelweiss Mutual FundGovernance Concern: Two Full-Time Positions. Transparency Concern: Ambiguity w.r.t. ESOP caps – Potential excessive remuneration.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundTwo Full-Time Positions.
  • SBI Mutual FundVijay Kumar Srivastava’s remuneration terms also include stock options and retention bonus as per the company policy for which there is no guidance provided. Given the lack of clarity, we are unable to make a reasonable estimate of his overall proposed executive remuneration.

  6 for7 against

Mutual fund votes, meeting of 30 Aug 2024, 11 fund houses

• nTo receive, consider and adopt:nthe audited standalone financial statements of the Company for the financial year ended March 31, 2024 together with the reports of the Board of Directors and the Auditors thereonnand nthe audited consolidated financial statements of the Company for the financial year ended March 31, 2024 together with the report of the Auditors thereonMoreLess

  11 for0 against
• To declare a final dividend of Re 2.50 per equity share of Re 1 each nfor the financial year ended March 31, 2024

  11 for0 against
• To appoint a Director in place of Mr. Shyam S. Bhartia (DIN: n00010484), who retires by rotation and, being eligible, offers nhimself for re-appointmen

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Chairperson related to Executive Director and Co-Chairmanship positions.

  9 for2 against
• To appoint a Director in place of Mr. Priyavrat Bhartia (DIN: n00020603), who retires by rotation and, being eligible, offers nhimself for re-appointment

  11 for0 against
• Ratification of Cost Auditor’s Remuneration

  11 for0 against
• Continuation of Directorship of Mrs. Sudha Pilla

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual Fund, DSP Mutual FundMs. Sudha Pillai, 74 is a retired IAS officer. She served as Member Secretary of the Planning Commission in 2010 in the rank of Minister of State. She has over 45 years of experience in policy formulation relating to Technology Transfer, Foreign Investment and Competition Law, National Skill Development Policy and Safety, Health & Environment at Workplace. The company seeks approval for her continuation on board after she attains 75 years of age on 1 May 2025, till the end of her term on 5 February 2026. We do not consider age to be a criterion for board memberships. We raise concern that she has been a director on the board of Jubilant Pharmova Limited, a group company, since 3 September 2013. We will consider her overall association with the Jubilant group while computing his tenure. We do not support rotation of Independent Directors within the group if their aggregate tenure with the company or the group exceeds 10 years as we believe this is not in line with the spirit of the regulations. We do not support her continuation on the board.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Prolonged Association with the Group companies.
  • Mahindra Manulife Mutual FundGovernance Concern: Prolonged Association with the Group companies.
  • Nippon India Mutual FundProlonged Association with the Group companies.

  4 for7 against
• Continuation of Directorship of Mr. Sushil Kumar Roongta

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual Fund, DSP Mutual FundSushil Kumar Roongta, 74 is the former Executive Chairperson of SAIL. He has experience in public sector undertakings in the industry. He was also Chairperson of International Coal Ventures Limited (ICVL) – a JV of five PSUs i.e. SAIL, CIL, RINL, NMDC & NTPC. The company seeks approval for his continuation on board after he attains 75 years of age on 9 May 2025 till the end of her term on 5 February 2026. We do not consider age to be a criterion for board memberships. We raise concern that he has been a director on the board of Jubilant Industries Limited, a group company, since 26 November 2010. We will consider his overall association with the Jubilant group while computing his tenure. We do not support rotation of Independent Directors within the group if their aggregate tenure with the company or the group exceeds 10 years as we believe this is not in line with the spirit of the regulations. We do not support his continuation on the board.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Prolonged Association with the Group companies.
  • Mahindra Manulife Mutual FundGovernance Concern: Prolonged Association with the Group companies.
  • Nippon India Mutual FundProlonged Association with the Group companies.

  4 for7 against

Mutual fund votes, meeting of 17 Mar 2024, 9 fund houses

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

• APPROVAL FOR GRANT OF STOCK OPTIONS TO THE EMPLOYEES OF SUBSIDIARY COMPANIES, IN INDIA OR OUTSIDE INDIA, OF THE COMPANY UNDER JUBILANT INGREVIA EMPLOYEES STOCK OPTION PLAN 2021

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

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: In adequate Disclosure of exercise price/Pricing Formula. Governance Concern: Accelerated vesting.
  • HDFC Mutual FundESOPs are being granted at a discount to market price
  • Nippon India Mutual FundInadequate disclosure

  1 for5 against

Mutual fund votes, meeting of 31 Aug 2023, 9 fund houses

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

• To receive, consider and adopt:n(a) the audited standalone financial statements of the Company for the financial year ended March 31, 2023 together with the reports of the Board of Directors and the Auditors thereon; andn(b) the audited consolidated financial statements of the Company for the financial year ended March 31, 2023 together with the report of the Auditors thereon.nMoreLess

  8 for0 against
• To declare a final dividend of Rs. 2.50 per equity share of Re 1 each for the financial year ended March 31, 2023

  8 for0 against
• To appoint a Director in place of Mr. Hari S Bhartia (DIN: 00010499), who retires by rotation and, being eligible, offers himself for re-appointment.

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with law: Governance Concern: Position of Co-Chairpersonship.

  8 for1 against
• To appoint a Director in place of Mr. Arjun Shanker Bhartia (DIN: 03019690), who retires by rotation and, being eligible, offers himself for re-appointment.

  9 for0 against
• Appointment of Mr. Deepak Jain (DIN: 10255429) as Director of the Company

  6 for0 against
• Appointment of Mr. Deepak Jain (DIN: 10255429) as Managing Director designated as CEO and Managing Director of the Companyn

  7 for0 against