Kwality Wall's (India) MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 28 Jun 2026, 16 fund houses

• Appointment of Mr. Abhijit Bhattacharya (DIN: 11638966) as Non-Executive Non-Independent Director of the Company

  ›Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund

  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual FundNo concerns identified w.r.t the profile and time commitments of the proposed appointees. Non-Compliant with Regulation 17(1C) of SEBI LODR Regulations: Delayed approval of shareholders as the appointment of proposed appointees were not approved at the general meeting (i.e. Postal Ballot dated 15th April, 2026) held post appointment.
  • Kotak Mahindra Mutual FundAbhijit Bhattacharya, 64, is Chief Financial Officer of The Magnum Ice Cream Company N.V. Previously, he served as Chief Financial Officer for Unilever Ice Cream since 2024. Mr. Abhijit Bhattacharya was appointed on 30th March 2026 as an additional Non-Executive Director. Regulatory requirement is, The listed entity shall ensure that approval of shareholders for appointment or re-appointment of a person on the board of directors or as a manager is taken at the next general meeting or within a time period of three months from the date of appointment, whichever is earlier. The company had conducted Postal Ballot dated 15th April, 2026, having voting deadline of 15th May, 2026, where they have not asked for the shareholders approval for Mr. Abhijit Bhattacharya s appointment. Therefore, we would not favour the resolution.

  12 for4 against
• Appointment of Mr. Tahir Toloy Tanridagli (DIN: 11164403) as a Non-Executive Non-Independent Director of the Company

  ›Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund

  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual FundNo concerns identified w.r.t the profile and time commitments of the proposed appointees. Non-Compliant with Regulation 17(1C) of SEBI LODR Regulations: Delayed approval of shareholders as the appointment of proposed appointees were not approved at the general meeting (i.e. Postal Ballot dated 15th April, 2026) held post appointment.
  • Kotak Mahindra Mutual FundTahir Toloy Tanridagli, 49, is President Middle East, Turkey and South Asia (METSA) at The Magnum Ice Cream Company. He has more than 25 years of experience in the food and beverage sector across multiple international markets. Mr. Tahir Toloy Tanridagli was appointed on 30th March 2026 as an additional Non-Executive Director. Regulatory requirement is, The listed entity shall ensure that approval of shareholders for appointment or re-appointment of a person on the board of directors or as a manager is taken at the next general meeting or within a time period of three months from the date of appointment, whichever is earlier. The company had conducted Postal Ballot dated 15th April, 2026, having voting deadline of 15th May, 2026, where they have not asked for the shareholders approval for Mr. Tahir Toloy Tanridagli s appointment. Therefore, we would not favour the resolution.

  12 for4 against

Mutual fund votes, meeting of 15 May 2026, 20 fund houses

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

• Appointment of Mr. Chitrank Goel (DIN: 11388422) as an Executive Director designated as Deputy Managing Director of the Company

  ›Against 360 One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund

  • 360 One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual FundCompliant with law. No concerns identified wr.t. the merits, profile and time commitments of the proposed appointees. Governance & Transparency concern: The Company has not placed an absolute cap on the number of options to be granted (If any) or on the total monetary benefit arising out of ESOPs, nor has it placed an absolute cap on the total remuneration payable to the proposed appointee.
  • Bank of India Mutual FundChitrank Goel, 46, is the former Executive Vice President of Jubilant FoodWorks Ltd. and has over two decades of experience across the impulse and snacking foods (consumer packaged goods), quick-service restaurant (QSR), retail, and ice-cream sectors. The company proposes to appoint him as Executive Director and Deputy Managing Director for a period of three years from 1 December 2025 and to fix his remuneration as minimum remuneration.As per the proposed terms, we estimate his FY27 remuneration to be in the range of Rs. 28.5 mn to Rs. 95.2 mn, excluding any ESOPs. While the company currently does not have an active ESOP scheme, it has not disclosed the quantum of stock-option grants he may be eligible to receive during his tenure. At the upper end of the estimated remuneration range, the payout to Chitrank Goel appears high and not aligned with the size of the company’s operations or peer benchmarks. Given the lack of clarity around the remuneration structure, we do not support the resolution. Further, the role and designation of Deputy Managing Director remain unclear, given that the company currently does not have a Managing Director.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is further warranted in view of the following concerns: • At the upper limit the nominees' respective pay quantum is aggressively positioned against market standards. This is particularly concerning given the non-disclosure of performance parameters, weightages and targets based on which the executives' bonus, vesting of share awards and increments would be determined. • The company has not specified the level of increment that the executives will be entitled to, each year. • The executives will be paid remuneration notwithstanding the company's financials and the regulatory limits, for the next three years.
  • Sundaram Mutual FundChitrank Goel, 46, is the former Executive Vice President of Jubilant FoodWorks Ltd. and has over two decades of experience across the impulse and snacking foods (consumer packaged goods), quick‑service restaurant (QSR), retail, and ice‑cream sectors. The company proposes to appoint him as Executive Director and Deputy Managing Director for a period of three years from 1 December 2025 and to fix his remuneration as minimum remuneration. As per the proposed terms, we estimate his FY27 remuneration to be in the range of Rs. 28.5 mn to Rs. 95.2 mn, excluding any ESOPs. While the company currently does not have an active ESOP scheme, it has not disclosed the quantum of stock‑option grants he may be eligible to receive during his tenure. At the upper end of the estimated remuneration range, the payout to Chitrank Goel appears high and not aligned with the size of the company’s operations or peer benchmarks. Given the lack of clarity around the remuneration structure, we do not support the resolution. Further, the role and designation of Deputy Managing Director remain unclear, given that the company currently does not have a Managing Director.
  • Taurus Mutual FundChitrank Goel, 46, is the former Executive Vice President of Jubilant FoodWorks Ltd. and has over two decades of experience across the impulse and snacking foods (consumer packaged goods), quick‑service restaurant (QSR), retail, and ice‑cream sectors. The company proposes to appoint him as Executive Director and Deputy Managing Director for a period of three years from 1 December 2025 and to fix his remuneration as minimum remuneration.As per the proposed terms, we estimate his FY27 remuneration to be in the range of Rs. 28.5 mn to Rs. 95.2 mn, excluding any ESOPs. While the company currently does not have an active ESOP scheme, it has not disclosed the quantum of stock‑option grants he may be eligible to receive during his tenure. At the upper end of the estimated remuneration range, the payout to Chitrank Goel appears high and not aligned with the size of the company’s operations or peer benchmarks. Given the lack of clarity around the remuneration structure, we do not support the resolution. Further, the role and designation of Deputy Managing Director remain unclear, given that the company currently does not have a Managing Director.

  13 for7 against
• Appointment of Mr. Prashant Premrajka (DIN: 11065666), as an Executive Director & Chief Financial Officer of the Company

  ›Against 360 One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund

  • 360 One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual FundCompliant with law. No concerns identified wr.t. the merits, profile and time commitments of the proposed appointees. Governance & Transparency concern: The Company has not placed an absolute cap on the number of options to be granted (If any) or on the total monetary benefit arising out of ESOPs, nor has it placed an absolute cap on the total remuneration payable to the proposed appointee.
  • Bank of India Mutual FundPrashant Premrajka, 47, is the former Vice President of Hindustan Unilever Limited and has over two decades of experience in the consumer goods sector. The company proposes to appoint him as Executive Director and CFO for a period of three years from 1 December 2025 and fix his remuneration as minimum remuneration.As per the proposed terms, we estimate his FY27 remuneration to be in the range of Rs. 28.5 mn to Rs. 95.2 mn, excluding any ESOPs. While the company currently does not have an active ESOP scheme, it has not disclosed the quantum of stock-option grants he may be eligible to receive during his tenure. At the upper end of the estimated remuneration range, the payout to Prashant Premrajka appears high and not aligned with the size of the company’s operations or peer benchmarks. Given the lack of clarity around the remuneration structure, we do not support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is further warranted in view of the following concerns: • At the upper limit the nominees' respective pay quantum is aggressively positioned against market standards. This is particularly concerning given the non-disclosure of performance parameters, weightages and targets based on which the executives' bonus, vesting of share awards and increments would be determined. • The company has not specified the level of increment that the executives will be entitled to, each year. • The executives will be paid remuneration notwithstanding the company's financials and the regulatory limits, for the next three years.
  • Sundaram Mutual FundPrashant Premrajka, 47, is the former Vice President of Hindustan Unilever Limited and has over two decades of experience in the consumer goods sector. The company proposes to appoint him as Executive Director and CFO for a period of three years from 1 December 2025 and fix his remuneration as minimum remuneration. As per the proposed terms, we estimate his FY27 remuneration to be in the range of Rs. 28.5 mn to Rs. 95.2 mn, excluding any ESOPs. While the company currently does not have an active ESOP scheme, it has not disclosed the quantum of stock‑option grants he may be eligible to receive during his tenure. At the upper end of the estimated remuneration range, the payout to Prashant Premrajka appears high and not aligned with the size of the company’s operations or peer benchmarks. Given the lack of clarity around the remuneration structure, we do not support the resolution.
  • Taurus Mutual FundPrashant Premrajka, 47, is the former Vice President of Hindustan Unilever Limited and has over two decades of experience in the consumer goods sector. The company proposes to appoint him as Executive Director and CFO for a period of three years from 1 December 2025 and fix his remuneration as minimum remuneration.As per the proposed terms, we estimate his FY27 remuneration to be in the range of Rs. 28.5 mn to Rs. 95.2 mn, excluding any ESOPs. While the company currently does not have an active ESOP scheme, it has not disclosed the quantum of stock‑option grants he may be eligible to receive during his tenure. At the upper end of the estimated remuneration range, the payout to Prashant Premrajka appears high and not aligned with the size of the company’s operations or peer benchmarks. Given the lack of clarity around the remuneration structure, we do not support the resolution.

  13 for7 against
• Appointment of Mr. Madhavan Hariharan (DIN: 07217072) as a Non-Executive Independent Director of the Company:

  20 for0 against
• Appointment of Mr. Ravindra Pisharody (DIN: 01875848) as a Non-Executive Independent Director of the Company

  20 for0 against
• Appointment of Ms. Shukla Wassan (DIN: 02770898) as a Non-Executive Independent Director of the Company

  20 for0 against
• Appointment of Mr. JV Raman (DIN: 08760114) as a Non-Executive Independent Director of the Company

  19 for0 against
• Approval of remuneration payable to Non-Executive Independent Directors

  16 for0 against
• Appointment of M/s. S.N. Ananthasubramanian & Co. Company Secretaries (ICSI Unique Code: P1991MH040400) as Secretarial Auditors of the Company

  19 for0 against

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

No

The chair is related to the managing director

No

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.