Bank of Maharashtra CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 30 Jun 2025, 21 fund houses

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

• To discuss, approve and adopt the Audited Balance Sheet of the Bank as at 31st March, 2025, and the Profit and Loss Account for the year ended on that date, the report of the Board of Directors on the working and activities of the Bank for the period covered by the accounts and the Auditor’s report on the Balance sheet and accounts.MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee & board. Accounts not vetted by duly compliant audit committee.
  • Axis Mutual FundWe have relied upon the auditor’s report, which has raised emphasis of matter regarding the absence of a sufficient number of Independent Directors on the Board. This resulted in the Audit Committee of the Board (ACB) lacking the required quorum at the time of approving the financial statements, leading to the financial statements being placed directly before the Board for approval. Also, the bank continues to hold Rs 12.0 bn of COVID-19 provisioning. Except for these issues, the auditors are of the opinion that the financial statements are in accordance with generally accepted accounting policies. Typical of public sector banks, Bank of Maharashtra has four joint auditors. Given the complexities of auditing banks, not having a fully constituted audit committee is a concern. Therefore, in line with our voting guidelines, we do not support the resolution.
  • Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Governance concern: Non-Compliant Audit Committee & board. Accounts not vetted by duly compliant audit committee.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Complian with law

  10 for11 against
• To declare dividend on the Equity Shares of the Bank for the FY 2024-25

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

  • Angel One Mutual FundGovernance Concern is raised in adoption of financial statements of the Bank under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundSufficient funds available for payment of dividend. Governance Concern is raised in adoption of financial statements of the Bank under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Complian with law

  8 for10 against
• To consider raising of Equity Capital aggregating upto Rs.7,500/- crore through various modes as mentioned in the Notice.

  17 for0 against
• To approve appointment of M/s Joshi & Joshi as Secretarial Auditor for a consecutive term of 5 years from FY 2025-26 to 2029-30

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundTransparency concern: The Bank has not disclosed the audit fee paid to outgoing auditors and any material change in the proposed audit fee and justification behind material change if any.
  • Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundTransparency concern: The Bank has not disclosed the audit fee paid to outgoing and any material change in the proposed audit fee and justification behind material change if any.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-disclosure

  10 for11 against
• Election of Mr. Mrutyunjay Mahapatra as Shareholder Director of the Bank

  16 for0 against

Mutual fund votes, meeting of 12 Jun 2024, 18 fund houses

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

• To discuss, approve and adopt the Balance Sheet of the Bank as on 31st March, 2024, and the Profit and Loss Account for the year ended on that date, the report of the Board of Directors on the working and activities of the Bank for the period covered by the accounts and the Auditor’s report thereon.MoreLess

  ›Against Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundUnqualified Financial Statements. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: The Company has not disclosed financials of subsidiary for FY 2023-24 on its website.
  • Nippon India Mutual Fund, Zerodha Mutual FundNon-disclosure of financial statement of subsidiary on website.

  12 for5 against
• To declare dividend on the Equity Shares of the Bank for the FY 2023-24.

  16 for0 against
• To approve appointment of Shri Sanjeev Prakash as RBI Nominee Director on the board of the bank w.e.f. 14.07.2023

  ›Against Groww Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of minimum number of IDs and woman director & Delayed Shareholders’ approval.
  • JM Financial Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of minimum number of Independent Directors and woman director & delayed shareholders’ approval.
  • LIC Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of minimum number of IDs and woman director & Delayed Shareholders approval.
  • Nippon India Mutual FundDelayed Shareholder approval
  • Zerodha Mutual FundNon-compliant board with requisite number of Independent Directors & woman director, Delayed in Shareholders’ approval.

  12 for6 against
• To approve appointment of Shri Abhijit Phukon as Government Nominee Director on the board of the Bank w.e.f. 25.10.2023

  ›Against Bank of India Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Bank of India Mutual Fund, DSP Mutual Fund, Navi Mutual FundAbhijit Phukon, 48, is Indian Economic Service officer (IES 2004 Batch) and presently serving as Economic Adviser and Chief Information Security Officer (CISO) in the Department of Financial Services (DFS), Ministry of Finance, GOI. He also served in Department of Commerce, Department of Economics Affairs, Ministry of Power, Ministry of Corporate Affairs at various capacities including Secretary, NFRA. He holds a PhD in finance, master’s in economics and postgraduate in HRD & Marketing. The bank proposes to appoint him as government nominee director from 25 October 2023, until further orders. It is unclear whether he will be liable to retire by rotation. However, recent SEBI LODR amendments build in sufficient guardrails and will need the company to seek reappointment for his nomination to the board after a five-year interval. Shareholders' approval should have been sought within three months from the date of appointment. Bank of Maharashtra’s board composition does not meet the regulatory requirements – the board does not have a woman independent director. We believe the government must first address the concerns over board composition before appointing a nominee on Bank of Maharashtra’s board. We further raise concern that the average tenure of the bank’s board is one year, with several directors being on the board for less than a year; the board must articulate how it preserves and maintains institutional memory.
  • Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of minimum number of IDs and woman director & Delayed Shareholders’ approval.
  • JM Financial Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of minimum number of Independent Directors and woman director & delayed shareholders’ approval.
  • LIC Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of minimum number of IDs and woman director & Delayed Shareholders approval.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundDelayed Shareholder approval
  • Zerodha Mutual FundNon-compliant board with requisite number of Independent Directors & woman director, Delayed in Shareholders’ approval.

  8 for10 against
• To approve appointment of Shri Rohit Rishi as Executive Director on the board of the Bank w.e.f. 01.11.2023

  ›Against Groww Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of minimum number of IDs and woman director & Delayed Shareholders’ approval.
  • JM Financial Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of minimum number of Independent Directors and woman director & delayed shareholders’ approval.
  • LIC Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of minimum number of IDs and woman director & Delayed Shareholders approval.
  • Nippon India Mutual FundDelayed Shareholder approval
  • Zerodha Mutual FundNon-compliant board with requisite number of Independent Directors & woman director, Delayed in Shareholders’ approval.

  12 for6 against
• To approve appointment of Shri Nidhu Saxena as Managing Director And Chief Executive Officer (MD& CEO) of the Bank w.e.f. 27.03.2024

  ›Against Groww Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of minimum number of IDs, woman director & Combined Position of Chairman & MD.
  • JM Financial Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of minimum number of Independent Directors, woman director & combined position of Chairman & Managing Director.
  • Nippon India Mutual FundDelayed Shareholder approval
  • Zerodha Mutual FundNon-compliant board with requisite number of Independent Directors & woman director & dual position of chariman & MD. Delayed in Shareholders’ approval.

  12 for6 against
• To consider raising of Equity Capital aggregating upto Rs.7,500/- crore through various modes as mentioned in the Notice.

  3 for0 against

Mutual fund votes, meeting of 9 Jun 2023, 9 fund houses

• To discuss, approve and adopt the Balance Sheet of the Bank as at 31st March, 2023, and the Profit and Loss Account for the year ended on that date, the report of the Board of Directors on the working and activities of the Bank for the period covered by the accounts and the Auditor’s report on the Balance sheet and accounts.MoreLess

  9 for0 against
• To declare dividend on Equity Shares for the financial year 2022-23.

  9 for0 against
• To Consider and pass The appointment of Shri Parshant Kumar Goyal as the Non-Executive Director.

  ›Against Axis Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual FundParshant Kumar Goyal, 43, is an Indian Administrative Service (IAS) officer (Batch 2007). At present he is Director, Department of Financial Services, Ministry of Finance. Prior to this, he was Secretary to Chief Minister, Tripura with additional charge of Secretary. The resolution is unclear if Parshant Kumar will be liable to retire by rotation. We do not support the appointment of directors who are not liable to retire by rotation as it creates board permanency. We believe that shareholders should get to vote on the appointment and reappointment of non-executive directors on a periodic basis. SEBI in its board meeting dated 29 March 2023 has decided to amend LODR to do away with the practice of permanent board seats by mandating periodic shareholders’ approval for any director serving on the board of a listed entity
  • Kotak Mahindra Mutual FundParshant Kumar Goyal, 43 is currently on Central deputation and is working as Director in Department of Financial Services, Ministry of Finance. He has worked with several government bodies in the areas of administration. We are voting against as the Board is non-compliant with requisite number of IDs and also does not have a Women Independent Director.
  • Nippon India Mutual FundProposed appointment of director may not be liable to retire by rotation

  6 for3 against
• To raise Capital through FPO/Rights issue/QIP issue/ etc.

  9 for0 against

Mutual fund votes, meeting of 28 Jun 2022, 5 fund houses

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

• To discuss, approve and adopt the Balance Sheet of the Bank as at 31st March 2022, Profit and Loss Account for the year ended on that date, the report of the Board of Directors on the working and activities of the Bank for the period covered by the accounts and the Auditor’s Report on the Balance Sheet and Accounts.MoreLess

  5 for0 against
• To declare dividend on Equity Shares for the financial year 2021-22.

  5 for0 against
• To raise Equity Capital through FPO/Rights issue/QIP issue etc.

  4 for0 against

Mutual fund votes, meeting of 24 Jun 2021, 4 fund houses

• To discuss, approve and adopt the Balance Sheet of the Bank as at 31st March 2021, Profit and Loss Account for the year ended on that date, the report of the Board of Directors on the working and activities of the Bank for the period covered by the accounts and the Auditor’s Report on the Balance Sheet and Accounts.MoreLess

  3 for0 against

  1 abstained

• To raise Equity Capital of Rs.5,000/- crore through FPO/Rights issue/QIP/ Preferential issue etc.,

  3 for0 against

  1 abstained

Mutual fund votes, meeting of 11 Aug 2020, 3 fund houses

• To discuss, approve and adopt the Balance Sheet of the Bank as at 31st March 2020, Profit and Loss Account for the year ended on that date, the report of the Board of Directors on the working and activities of the Bank for the period covered by the accounts and the Auditor’s Report on the Balance Sheet and Accounts.MoreLess

  0 for0 against

  3 abstained

• Issue of Equity shares of Rs.10/- each of the Bank to Government of India on preferential basis

  0 for0 against

  3 abstained

• To raise Equity Capital of Rs.2000 /- crore through FPO/Rights issue/QIP/ Preferential issue etc.,

  0 for0 against

  3 abstained

• To set off the accumulated losses of the Bank as of 31.03.2020 by utilizing the balance standing to the credit of Share Premium Account and Special Reserve Account of Bank as on the date of set off

  0 for0 against

  3 abstained