LIC Housing Finance MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 8 Jan 2026, 38 fund houses

• Appointment of Shri Doraiswamy Ramachandran (DIN: 10358884) as Non-Executive (LIC Nominee) Director and Chairman of the Company.

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: • The board is chaired by a promoter director and the board is not at least one-half independent and Doraiswamy Ramchandran is a non-independent director nominee. • He is getting a permanent board seat which could reduce his accountability by disallowing shareholder review for his continued service.
  • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: The board is chaired by a promoter director and the board is not at least one-half independent (after our re-classification) and Doraiswamy Ramchandran is a non-independent director nominee. He is getting a permanent board seat which could reduce his accountability by disallowing shareholder review for his continued service

  36 for2 against

Mutual fund votes, meeting of 29 Aug 2025, 34 fund houses

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

• To receive, consider and adopt The audited (standalone & Consolidated) financial statements of the Company for the Financial Year ended March 31, 2025 and the Report of the Auditors thereon

  33 for0 against
• To declare final dividend of Rs. 10 /- (Rupees Ten Only) per Equity Share for the financial year ended March 31, 2025.

  34 for0 against
• To appoint a Director in place of Shri Akshay Rout (DIN:08858134), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the board independence norms are not met and the nominee is a non-independent director nominee.
  • HSBC Mutual FundA vote AGAINST the nominees is warranted because:• The board independence norms are not met (after our reclassification) and the nominees are nonindependent director nominees.

  32 for2 against
• To consider and approve Appointment of M/s. Shah Gupta & Co., (Chartered Accountants) and M/s. Batliboi & Purohit (Chartered Accountants) as Joint Statutory Auditors of the Company

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

  • Angel One Mutual Fund, LIC Mutual FundTransparency concern: Rationale for material change in audit fee not disclosed.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual FundNo concern on merit of auditors. Transparency concern: Rationale for material change in audit fee not disclosed.
  • PPFAS Mutual FundJustification for the material change in audit fee not disclosed

  25 for9 against
• To Consider and approve limits for material related party transactions with Life Insurance Corporation of India (LIC of India).

  34 for0 against
• To consider and approve Appointment of Shri P. Masil Jeya Mohan (DIN:08502007) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Tata Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance concern: The proposed appointee is former employee of the promoter Company & has been associated with the promoter Company for long time.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Mahindra Manulife Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual FundP. Masil Jeya Mohan, 64, is former Executive Director (Investment) for LIC of India until 2021. Post retirement, he served as Operational Advisor to LIC on IPO matters for a year. He began his career with LIC in 1986 as an Administrative Officer. He has held diverse leadership roles in LIC and LIC Housing Finance, including Assistant Branch Manager (IT), Deputy Manager (LIC HFL), Manager (NB & Actuarial), Regional Manager (HR/Estates), and Senior Divisional Manager. He holds a B.Sc. in Mathematics and an MBA from Madurai Kamaraj University. We note that P. Masil Jeya Mohan has been associated with LIC throughout his career until 2021 and was LIC of India’s nominee on the board of Central Depository Services (India) Limited from 2019 till 14 August 2025. Given the lack of cooling off period between his employment at LIC and LIC related board nominee appointments, we do not support his appointment as Independent Director in LICHFL, which is a subsidiary of LIC. The board must consider appointing him as a non-independent non-executive director.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: The proposed appointee is former employee of the promoter Company & has been associated with the promoter Company for long time.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because Jeya Mohan Masil is considered as non-independent on account of not serving adequate cooling off period and are proposed to be appointed as independent director.
  • HDFC Mutual FundMr. P. Masil Jeya Mohan, 64, is former Executive Director (Investment) for LIC of India until 2021. Post retirement, he served as Operational Advisor to LIC on IPO matters for a year. He began his career with LIC in 1986 as an Administrative Officer. We note that Mr. P. Masil Jeya Mohan has been associated with LIC throughout his career until 2021. Given the lack of cooling off period between his employment, we do not support his appointment.
  • HSBC Mutual FundA vote AGAINST the nominees is warranted because:• Jeya Mohan Masil and T C Suseel Kumar are considered as non-independent on account of not servingadequate cooling off period and are proposed to be appointed as independent directors.
  • ICICI Prudential Mutual FundP. Masil Jeya Mohan, has held diverse leadership roles in LIC and LIC Housing Finance, has been associated with LIC throughout his career until 2021 and was LIC of India’s nominee on the board of a few investee companies from 2019 till 14 August 2025. Given the continued association, we do not support his appointment as Independent Director in LICHFL, which is a subsidiary of LIC.Hence, the AMC has voted against the resolution
  • Invesco Mutual FundP. Masil Jeya Mohan, 64, is former Executive Director (Investment) for LIC of India until 2021. Post retirement, he served as Operational Advisor to LIC on IPO matters for a year. He began his career with LIC in 1986 as an Administrative Officer. He has held diverse leadership roles in LIC and LIC Housing Finance, including Assistant Branch Manager (IT), Deputy Manager (LIC HFL), Manager (NB & Actuarial), Regional Manager (HR/Estates), and Senior Divisional Manager. He holds a B.Sc. in Mathematics and an MBA from Madurai Kamaraj University.We note that P. Masil Jeya Mohan has been associated with LIC throughout his career until 2021 and was LIC of India’s nominee on the board of Central Depository Services (India) Limited from 2019 till 14 August 2025. Given the lack of cooling off period between his employment at LIC and LIC related board nominee appointments, we do not support his appointment as Independent Director in LICHFL, which is a subsidiary of LIC. The board must consider appointing him as a non-independent non-executive director We do not support the resolution.
  • PPFAS Mutual FundEx-employee of the promoter company
  • quant Mutual FundCompliant with the law. Governance concern: The proposed appointee is former employee of the promoter company & has been associated with the promoter Company for long time.
  • Quantum Mutual FundWe take note that Mr. P. Masil Jeya Mohan has been associated with LIC throughout his career until 2021 and was LIC of India’s nominee on the board of Central Depository Services (India) Limited from 2019 till 14 August 2025. Given the lack of cooling off period between his employment at LIC and LIC related board nominee appointments, we do not favour his appointment as Independent Director in LICHFL, which is a subsidiary of LIC.
  • Tata Mutual FundHe has held diverse leadership roles in LIC and LIC Housing Finance, including Assistant Branch Manager (IT), Deputy Manager (LIC HFL), Manager (NB & Actuarial), Regional Manager (HR/Estates), and Senior Divisional Manager. Given the lack of cooling off period between his employment at LIC and LIC related board nominee appointments, we do not support his appointment as Independent Director in LICHFL, which is a subsidiary of LIC. The board must consider appointing him as a non-independent non-executive director.
  • WhiteOak Capital Mutual FundP. Masil Jeya Mohan, 64, is former Executive Director (Investment) for LIC of India until 2021. We note that P. Masil Jeya Mohan has been associated with LIC throughout his career until 2021 and was LIC of India’s nominee on the board of Central Depository Services (India) Limited from 2019 till 14 August 2025. Given the lack of cooling off period between his employment at LIC and LIC related board nominee appointments, we do not support his appointment as Independent Director in LICHFL, which is a subsidiary of LIC.

  8 for26 against
• To consider and approve Appointment of Shri T. C. Suseel Kumar (DIN: 06453310) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance concern: The proposed appointee is former employee of the promoter Company & has been associated with the promoter Company for long time.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Mahindra Manulife Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual FundT. C. Suseel Kumar, 64, is retired as Managing Director of Life Insurance Corporation of India in January 2021. He has over four decades of experience in Marketing, CRM, HR, Finance, Audit, Corporate Governance and Investments. He has also headed the foreign operations of LIC. We note that T. C. Suseel Kumar has been associated with LIC throughout his career until 2021 and was LIC of India’s nominee on the board of Laxmi Machine Works till January 2024 and Axis Bank till July 2023. Given the lack of cooling off period between his employment at LIC and LIC related board nominee appointments, we do not support his appointment as Independent Director in LICHFL, which is a subsidiary of LIC. The board must consider appointing him as a non-independent non-executive director.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: The proposed appointee is former employee of the promoter Company & has been associated with the promoter Company for long time.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because Suseel Kumar is considered as non-independent on account of not serving adequate cooling off period and are proposed to be appointed as independent director.
  • HDFC Mutual FundMr. T. C. Suseel Kumar, 64, is retired as Managing Director of Life Insurance Corporation of India in January 2021. He has over four decades of experience in Marketing, CRM, HR, Finance, Audit, Corporate Governance and Investments. We note that Mr. T. C. Suseel Kumar has been associated with LIC throughout his career until 2021. Given the lack of cooling off period between his employment, we do not support his appointment.
  • HSBC Mutual FundA vote AGAINST the nominees is warranted because:• Jeya Mohan Masil and T C Suseel Kumar are considered as non-independent on account of not servingadequate cooling off period and are proposed to be appointed as independent directors.
  • Invesco Mutual FundT. C. Suseel Kumar, 64, is retired as Managing Director of Life Insurance Corporation of India in January 2021. He has over four decades of experience in Marketing, CRM, HR, Finance, Audit, Corporate Governance and Investments. He has also headed the foreign operations of LIC. We note that T. C. Suseel Kumar has been associated with LIC throughout his career until 2021 and was LIC of India’s nominee on the board of Laxmi Machine Works till January 2024 and Axis Bank till July 2023. Given the lack of cooling off period between his employment at LIC and LIC related board nominee appointments, we do not support his appointment as Independent Director in LICHFL, which is a subsidiary of LIC. The board must consider appointing him as a non-independent non-executive director We do not support the resolution.
  • PPFAS Mutual FundEx-employee of the promoter company
  • quant Mutual FundCompliant with the law. Governance concern: The proposed appointee is former employee of the promoter company & has been associated with the promoter Company for long time.
  • Quantum Mutual FundWe take note that Mr. T. C. Suseel Kumar has been associated with LIC throughout his career until 2021 and was LIC of India’s nominee on the board of Laxmi Machine Works till January 2024 and Axis Bank till July 2023. Given the lack of cooling off period between his employment at LIC and LIC related board nominee appointments, we do not support his appointment as Independent Director in LICHFL, which is a subsidiary of LIC
  • WhiteOak Capital Mutual FundT. C. Suseel Kumar, 64, is retired as Managing Director of Life Insurance Corporation of India in January 2021. We note that T. C. Suseel Kumar has been associated with LIC throughout his career until 2021 and was LIC of India’s nominee on the board of Laxmi Machine Works till January 2024 and Axis Bank till July 2023. Given the lack of cooling off period between his employment at LIC and LIC related board nominee appointments, we do not support his appointment as Independent Director in LICHFL, which is a subsidiary of LIC.

  10 for24 against
• To consider and approve the Appointment of Shri Ratnakar Patnaik (DIN: 10283908) as a Non-Executive Director in the capacity of being a Nominee of the LIC of India

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the board independence norms are not met and the nominee is a non-independent director nominee.
  • HSBC Mutual FundA vote AGAINST the nominees is warranted because:• The board independence norms are not met (after our reclassification) and the nominees are nonindependent director nominees.

  32 for2 against
• To consider and approve continuation of special rights conferred to Life Insurance Corporation of India, Promoter of the Company, pursuant to Regulation 31B of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance concern: The special rights consists of provision for appointment of alternate director.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual FundThe company seeks shareholder approval under Regulation 31B of SEBI LODR for the continuation of special rights granted to Life Insurance Corporation of India (LIC), the Promoter holding 45.24% of the paid-up equity share capital, under its Articles of Association. These rights include: the power to appoint up to one-third of the directors if LIC holds at least 33% (Article 138); exemption of one LIC-nominated director from retirement by rotation with automatic reappointment (Article 139); the right to appoint alternate directors for LIC nominees absent for at least three months, subject to LIC’s approval (Article 140); the exclusive authority to appoint and remove the Managing Director (Article 161); mandatory nomination of the Chairman from among LIC’s directors (Article 176); and compulsory inclusion of LIC directors in Board committees (Article 179). These provisions entrench promoter influence, compromise board and committee independence, and limit shareholder oversight. While we raise concerns on one LIC nominee directors exempt from retirement by rotation, we draw comfort from SEBI’s new amendments effective 1 April 2024 which require shareholder approval for all directors at least once in five years. We do not favour provisions that allow committee nomination rights as we believe board committee composition is a prerogative of the board and must be decided by the board independently. Therefore, we do not support the resolution.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: The special rights consists of provision for appointment of alternate director.
  • Invesco Mutual FundThe company seeks shareholder approval under Regulation 31B of SEBI LODR for the continuation of special rights granted to Life Insurance Corporation of India (LIC), the Promoter holding 45.24% of the paid-up equity share capital, under its Articles of Association. These rights include: the power to appoint up to one-third of the directors if LIC holds at least 33% (Article 138); exemption of one LIC-nominated director from retirement by rotation with automatic reappointment (Article 139); the right to appoint alternate directors for LIC nominees absent for at least three months, subject to LIC’s approval (Article 140); the exclusive authority to appoint and remove the Managing Director (Article 161); mandatory nomination of the Chairman from among LIC’s directors (Article 176); and compulsory inclusion of LIC directors in Board committees (Article 179). These provisions entrench promoter influence, compromise board and committee independence, and limit shareholder oversight. While we raise concerns on one LIC nominee directors exempt from retirement by rotation, we draw comfort from SEBI’s new amendments effective 1 April 2024 which require shareholder approval for all directors at least once in five years. We do not favour provisions that allow committee nomination rights as we believe board committee composition is a prerogative of the board and must be decided by the board independently. Therefore, we do not support the resolution
  • PPFAS Mutual FundOne of the provisions contains power to appoint alternate director
  • Quantum Mutual FundThe proposed special rights conferred to LIC under AoA include power to appoint up to one-third of the directors if LIC holds at least 33%, exclusive authority to appoint and remove the Managing Director, mandatory nomination of the Chairman from among LIC’s directors and compulsory inclusion of LIC directors in Board committees. We believe that these powers hinder the role of NRC and also affect the independence of committees. Therefore, we do not favour the resolution.

  16 for18 against
• To consider and authorize to the Board of Directors for approval and issuance of Redeemable Non-Convertible debentures (“NCDs”) / or any other instruments on a private placement basis for an amount not exceeding ` 54,000 crore (Rupees Fifty-Four Thousand Crores Only).MoreLess

  30 for0 against
• To consider and approve Appointment of BNP & Associates, Practicing Company Secretaries as the Secretarial Auditors of the Company for a consecutive period of five years

  34 for0 against

Mutual fund votes, meeting of 30 Aug 2024, 28 fund houses

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

• To receive, consider and adopt the Standalone and Consolidated Financial Statements of the Company as mentioned belowna. The Audited (Standalone) Financial Statements of the Company for the Financial Year ended March 31, 2024 and the Reports of the Board of Directors and Auditors thereon. nnb. The Audited (Consolidated) Financial Statements of the Company for the Financial Year ended March 31, 2024 and the Report of the Auditors thereon.MoreLess

  26 for0 against
• To declare Final Dividend of Rs.9 /- (Rupees Nine Only) per Equity Share for the financial year ended March 31, 2024.

  27 for0 against
• 3 - To appoint a Director in place of Shri P Koteswara Rao (DIN: 06389741), who retires by rotation and, being eligible, offers himself for re-appointment.

  27 for0 against
• 4 - Approval of limits material related party transactions with Life Insurance Corporation of India (LIC of India).

  28 for0 against
• 5 - Re-appointment of Shri Kashi Prasad Khandelwal (DIN: 00748523) as an Independent Director of the Company

  ›Against Bajaj Finserv Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Bajaj Finserv Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Zerodha 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
  • Mirae Asset Mutual FundSanjay Kumar Khemani was appointed as Non-Executive Non-Independent Director from 1 July 2019 and was thereafter redesignated as Independent Director on 6 February 2023. The company has not clarified as to why Sanjay Kumar Khemani was appointed as Non-Executive Director in 2019 and how he meets the criteria for independence now.
  • PGIM 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
  • PPFAS Mutual FundNo prior shareholders’ approval for re-appointment as ID

  19 for9 against
• 6 - Re-appointment of Shri Sanjay Kumar Khemani (DIN:00072812) as an Independent Director of the Company

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Taurus Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual FundSanjay Kumar Khemani, 56, is a practicing Chartered Accountant. He is senior partner of M. M. Nissin & Co. He is former Chairman of the Executive Committee of the ARCIL. He attended all seven (100%) board meetings held in FY24. He was appointed as Non_x0002_Executive Non-Independent Director from 1 July 2019 and was thereafter redesignated as Independent Director on 6 February 2023. The company has not clarified as to why Sanjay Kumar Khemani was appointed as Non-Executive Director in 2019 and how he meets the criteria for independence now. We do not support his reappointment as Independent Director
  • Axis Mutual Fund, DSP Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Taurus Mutual FundSanjay Kumar Khemani, 56, is a practicing Chartered Accountant. He is senior partner of M. M. Nissin & Co. He is former Chairman of the Executive Committee of the ARCIL. He attended all seven (100%) board meetings held in FY24. He was appointed as Non-Executive Non-Independent Director from 1 July 2019 and was thereafter redesignated as Independent Director on 6 February 2023. The company has not clarified as to why Sanjay Kumar Khemani was appointed as Non-Executive Director in 2019 and how he meets the criteria for independence now. We do not support his reappointment as Independent Director.
  • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha 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. Governance concern: Appointed as ID without serving cooling off period of 3 years & appointee holds a directorship position in an entity that is engaged in Housing/Home Loan business.
  • Baroda BNP Paribas 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.
  • HDFC Mutual FundLack of clarity for the reasons a non-excutive director is being redesignated as an independent director
  • HSBC Mutual FundSanjay Kumar Khemani is considered non-independent as per our reclassification due to lack of sufficient information justifying his redesignation from non-independent to independent by the company.
  • Kotak Mahindra Mutual FundMr Sanjay Kumar Khemani, 56, is a practicing Chartered Accountant. He is senior partner of M. M. Nissin & Co. He is former Chairman of the Executive Committee of the ARCIL. He attended all seven (100%) board meetings held in FY24. However, he was appointed as Non-Executive Non-Independent Director from 1 July 2019 and was thereafter re-designated as Independent Director on 6 February 2023. The company has not clarified as to why Sanjay Kumar Khemani was appointed as Non-Executive Director in 2019 and how he meets the criteria for independence now. Moreover, Appointee holds directorship in an entity that is engaged in Housing/Home Loan business. We do not support his reappointment as Independent Director.
  • PGIM 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. Governance concern: Appointed as ID without serving cooling off period of 3 years & appointee holds a directorship position in an entity that is engaged in Housing/Home Loan business.
  • PPFAS Mutual FundNo prior shareholders’ approval for re-appointment as ID; Appointed as ID without serving cooling off period of 3 years. Appointee holds directorship in an entity that is engaged in Housing/Home Loan business
  • Quantum Mutual FundWe take note that Mr. Sanjay Kumar Khemani was first appointed on the board as Non-Executive Director on 1 July 2019 followed by a re-designation as Independent Director on 6 February 2023. In this case, a cooling off period was not served between his two roles. The company has clarified that he met all the criteria of independence as required by relevant laws when he first joined the board as non-executive. Later, the company redesignated him to independent director, to meet the board independence as required by SEBI LODR. However, it remains unanswered that why was Mr. Khemani not appointed as independent director when he was well-qualified in the first place. Due to lack of clarity, we do not favour his reappointment.

  7 for21 against
• 7 - Authority to the Board of Directors for approval and Issuance of Redeemable Non-Convertible debentures (“NCDs”)/ or any other instruments on a private placement basis to the tune of Rs.53,000 crore (Rupees FiftyThree Thousand Crores Only).MoreLess

  27 for0 against

Mutual fund votes, meeting of 12 Jul 2024, 29 fund houses

• Appointment of Shri Anil Kaul (DIN 00644761) as an Independent Director of the Company

  29 for0 against

Mutual fund votes, meeting of 27 Oct 2023, 22 fund houses

• Appointment of Shri Ramesh Lakshman Adige (DIN 00101276) as an Independent Director of the Company

  22 for0 against

Mutual fund votes, meeting of 28 Aug 2023, 19 fund houses

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

• To consider and adopt audited Standalone and Consolidated Financials of the Company for 31st March, 2023

  ›Against JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • JM Financial Mutual Fund, Motilal Oswal Mutual FundUnqualified financial statements. Non-Compliant with S. 136(1) of the Companies Act: Non-disclosure of the audited financial statements of the subsidiaries on the website of the Company.
  • Nippon India Mutual FundInadequate disclosure

  13 for3 against
• To declare final dividend of Rs.8.50 /- (Rupees Eight and Fifty Paisa Only) per Equity Share for the financial year ended March 31, 2023

  18 for0 against
• To appoint a Director in place of Shri Akshay Kumar Rout (DIN: 08858134), who retires by rotation and, being eligible, offers himself for re-appointment

  18 for0 against
• To consider, and if thought fit, to pass, the following resolution as an Ordinary Resolution, to approve and amend material related party transaction limits with Life Insurance Corporation of India (LICI)MoreLess

  6 for0 against
• To consider and, if thought fit, pass the following resolution as an Ordinary Resolution for appointment of Shri T Adhikari (DIN 10229197) as the Managing Director & CEO of the Company

  18 for0 against