Manappuram Finance MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 22 Jan 2026, 30 fund houses

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

• 1 - Approval to borrow in excess of the aggregate of paid-up share capital and free reserves and securities premium of the Company under Section 180(1)(c) of the Companies Act, 2013.

  26 for0 against
• 3 - Revision in terms of remuneration payable to Dr Sumitha Nandan (DIN: 03625120), Whole-me Director of the Company.

  ›Against ICICI Prudential Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund

  • ICICI Prudential Mutual FundThe revision in remuneration is with respect to restructuring of the salary with respect to contribution to EPF. Dr. Sumitha Nandan, is the daughter of promoter, and was appointed on the board on 1 January 2023. Her remuneration is high in comparison to remuneration paid to the Senior Management Personnel in the company with more relevant experience. She is also entitled to a commission component, which is open ended at 1% of profits. The company must cap the overall commission/variable pay. Further, she is entitled to travel expenses for self and family thrice in a year. The AMC believe such expenses are personal in nature and must be borne by the employee. Hence, the AMC has voted against the resolution
  • Invesco Mutual FundAs per the revised terms, we estimate Dr. Sumitha Nandan’s FY26 remuneration at Rs. 43.5 mn which could go as high as Rs. 167.4 mn if commission is paid at similar range as to CMD V.P. Nandakumar. Although, the estimated minimum remuneration is not high in comparison size and scale of business, she is eligible to receive commission, open ended at 1% of profits. Given a lack of a track record, commission though nominal at 0.05% in FY25, could be much higher than estimated. The company must consider setting a cap to commission to ensure remuneration is reasonable and in alignment with industry peers. We also note, remuneration is not commensurate with remuneration paid to Senior Management Personnel in the company with more relevant experience. We raise further concern that she is entitled to travel expenses for self and family thrice in a year and all medical expenses for self and family. We believe such expenses are personal in nature and must be borne by the employee herself, and not by the company. Lastly her remuneration was revised in the AGM of 2025 and the reason for another revision in less than 6 months remains unclear. We do not support this resolution
  • Jio BlackRock Mutual FundAs per the revised terms, we estimate Dr. Sumitha Nandan’s FY26 remuneration at Rs 43.5 mn which could go as high as Rs. 167.4 mn if commission is paid at similar range as to CMD V.P. Nandakumar. Although, the estimated minimum remuneration is not high in comparison size and scale of business, she is eligible to receive commission, open ended at 1% of profits. Given a lack of a track record, commission though nominal at 0.05% in FY25, could be much higher than estimated. The company must consider setting a cap to commission to ensure remuneration is reasonable and in alignment with industry peers. We also note, remuneration is not commensurate with remuneration paid to Senior Management Personnel in the company with more relevant experience. We raise further concern that she is entitled to travel expenses for self and family thrice in a year and all medical expenses for self and family. We believe such expenses are personal in nature and must be borne by the employee herself, and not by the company. Lastly her remuneration was revised in the AGM of 2025 and the reason for another revision in less than 6 months remains unclear. We do not support this resolution.
  • Kotak Mahindra Mutual FundMs. Sumitha Nandan, 45, Executive Director at Manappuram Finance Ltd. Dr. Sumitha Nandan has held various executive positions at Manappuram Finance Limited, including Chief Executive Officer of Online Gold Loan (OGL), where she demonstrated strong business acumen and managerial skills. With her experience in healthcare, which emphasizes intense consumer focus and regulatory oversight, combined with her experience in financial services, Dr. Nandan is well-attuned to consumer expectations - a critical area of regulatory focus and concern. As per the revised terms, we estimate Dr. Sumitha Nandan s FY26 remuneration at Rs 43.5 mn which could go as high as Rs. 167.4 mn. Considering the Company s past remuneration practices for Ms. Sumitha Nandan, the proposed remuneration appears fair and reasonable. We raise concern that she is entitled to travel expenses for self and family thrice in a year and all medical expenses for self and family. We believe such expenses are personal in nature and must be borne by the employee herself, and not by the company. Hence, we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance & Transparency Concern: Inadequate clarity on remuneration. No absolute cap on variable pay.
  • UTI Mutual FundAs per the revised terms, we estimate Dr. Sumitha Nandan’s FY26 remuneration at Rs 43.5 mn which could go as high as Rs. 167.4 mn if commission is paid at similar range as to CMD V.P. Nandakumar. Given a lack of a track record, commission though nominal at 0.05% in FY25, could be much higher than estimated. The company must consider setting a cap to commission to ensure remuneration is reasonable and in alignment with industry peers. We also note, remuneration is not commensurate with remuneration paid to Senior Management Personnel in the company with more relevant experience. Lastly her remuneration was revised in the AGM of 2025 and the reason for another revision in less than 6 months remains unclear. We do not support this resolution.
  • WhiteOak Capital Mutual FundDr. Sumitha Nandan, 45, is daughter of the promoter and Managing Director, V P Nandakumar and she was appointed as Whole-Time Director in 2023. As per the revised terms, Dr. Sumitha Nandan’s FY26 remuneration could rise significantly due to an open-ended commission of up to 1% of profits. Historically she has been paid commission of 0.05% in 2025. On account of this, we recommend voting against.

  22 for8 against

Mutual fund votes, meeting of 14 Aug 2025, 26 fund houses

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

• To consider and adopt the audited Standalone as well as Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, together with Reports of the Board of Directors and Auditors thereon.MoreLess

  ›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 FundFinancial statements of subsidiaries not disclosed on website
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundUnqualified Financial Statements. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiaries for FY 2022-23 on website.
  • Nippon India Mutual FundNon-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiaries for FY 2022-23 on website.

  20 for6 against
• Appointment of Dr. Sumitha Nandan (DIN: 03625120) as a director, liable to retire by rotation.

  ›Against Franklin Templeton Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Sumitha Jayasankar is an executive director serving on the audit committee.

  24 for1 against
• Appointment of KSR and Co Company Secretaries LLP, as Secretarial Auditor of the Company.

  26 for0 against
• Re-appointment of Mr. Harshan Kollara Sankarakutty (DIN: 01519810) as an Independent Director of the Company.

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

  • Angel One Mutual FundGovernance Concern: Proposed term will lead to prolonged association with the Group.
  • Bajaj Finserv Mutual FundCompliant with law. Governance Concern: Proposed term will lead to Prolonged Association with the Group. "The company is seeking shareholders' approval for the reappointment of Mr. Harshan Kollara Sankarakutty as an Independent Director of the Company. This resolution is significant as it pertains to the governance and oversight of the company by ensuring that the board comprises individuals with the necessary expertise and independence. However, there is a governance concern regarding the proposed term of Mr. Harshan Kollara Sankarakutty. If the proposed reappointment is approved, Mr. Sankarakutty would complete a total association of 10 years on January 28, 2030. This prolonged association with the company raises concerns about his independence. According to best governance practices, an independent director should not have an association exceeding 10 years with the company, as it may compromise their ability to provide unbiased and independent judgment. In addition to this, we reached out to the company regarding this matter but did not receive any response. This lack of communication from the company further exacerbates our concerns about the transparency and responsiveness of the board. In view of the above, we are raising a governance concern with respect to the reappointment under resolution 4. Therefore, we are voting against this resolution."
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Proposed term will lead to Prolonged Association with the Group.
  • Nippon India Mutual FundGovernance Concern: Proposed term will lead to Prolonged Association with the Group.

  19 for7 against
• Revision in remuneration payable to Dr. Sumitha Nandan (DIN: 03625120), Whole-time Director of the Company.

  ›Against Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, ICICI Prudential Mutual Fund, UTI Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Axis Mutual FundDr. Sumitha Nandan, 45, daughter of promoter, Managing Director, V.P. Nandakumar was appointed on the board on 1 January 2023. For FY25, she was paid a remuneration of Rs. 25.5 mn. Her remuneration post revision is estimated at Rs 37.1, which is high in comparison to remuneration paid to the Senior Management Personnel in the company with more relevant experience. Her remuneration structure has a minimum annual increase of 10% in fixed pay: the company must disclose if such minimum increases in fixed pay are committed to all other employees as well. Dr. Sumitha Nandan is also entitled to a commission component, which is open ended at 1% of profits. The company must cap the overall commission/variable pay and disclose the performance parameters considered to determine the variable pay. Further, we raise a concern that she is entitled to travel expenses for self and family thrice in a year and also reimbursement of medical expenses for self and family. We believe such expenses are personal in nature and must be borne by the employee herself, and not by the company. Hence, we do not support the resolution.
  • ICICI Prudential Mutual FundDr. Sumitha Nandan, is the daughter of promoter, and was appointed on the board on 1 January 2023. Her remuneration is high in comparison to remuneration paid to the Senior Management Personnel in the company with more relevant experience. She is also entitled to a commission component, which is open ended at 1% of profits. The company must cap the overall commission/variable pay. Further, she is entitled to travel expenses for self and family thrice in a year. The AMC believe such expenses are personal in nature and must be borne by the employee. Hence, the AMC has voted against the resolution.
  • UTI Mutual FundDr. Sumitha Nandan, 45, daughter of promoter, Managing Director, V.P. Nandakumar was appointed on the board on 1 January 2023. For FY25, she was paid a remuneration of Rs. 25.5 mn. Her remuneration post revision is estimated at Rs 37.1, which is high in comparison to remuneration paid to the Senior Management Personnel in the company with more relevant experience. We do not support the resolution.

  22 for4 against
• To consider and approve ‘Manappuram Finance Limited - Employee Stock Option Scheme 2025’.

  ›Against Franklin Templeton Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The stock options may be issued with an exercise price at a discount to the market price on the date of grant. • The company has not disclosed the weightage, performance targets and thresholds for vesting, thus making it difficult to ascertain if the performance targets will be sufficiently stretching.
  • HDFC Mutual FundLack of clarity on the pricing of the ESOPS. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted because:• The stock options may be issued with an exercise price at a discount to the market price on the date ofgrant.• The company has not disclosed the weightage, performance targets and thresholds for vesting, thusmaking it difficult to ascertain if the performance targets will be sufficiently stretching.

  22 for3 against
• To consider and approve grant of employee stock options to the employees of subsidiary company (ies) of the Company under ‘Manappuram Finance Limited - Employee Stock Option Scheme 2025’.

  ›Against Franklin Templeton Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The stock options may be issued with an exercise price at a discount to the market price on the date of grant. • The company has not disclosed the weightage, performance targets and thresholds for vesting, thus making it difficult to ascertain if the performance targets will be sufficiently stretching.
  • HDFC Mutual FundLack of clarity on the pricing of the ESOPS. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted because:• The stock options may be issued with an exercise price at a discount to the market price on the date ofgrant.• The company has not disclosed the weightage, performance targets and thresholds for vesting, thusmaking it difficult to ascertain if the performance targets will be sufficiently stretching.

  23 for3 against

Mutual fund votes, meeting of 16 Apr 2025, 30 fund houses

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

• Increase in the Authorised Share Capital of the Company and Alteration in the Capital Clause of the Memorandum of the Company.

  30 for0 against
• Amendment to the Articles of Association of the Company.

  29 for0 against
• Issuance of Equity Shares and Warrants by way of Preferential Issue on a Private Placement Basis.

  ›Against Angel One Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Warrants priced exactly at par with Equity Shares through ICDR Pricing Mechanism.
  • Groww Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Warrants priced exactly at par with Equity Shares through ICDR Pricing Mechanism.
  • HSBC Mutual FundBy its inherent nature, warrants are at-risk instruments which provide no guarantee of full conversionand final capital infusion.

  25 for4 against
• To Consider and approve the (I) Adoption of the Amended and Restated Articles of Association of the Company; and (II) Grant of Special Rights to Identified Shareholders of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, SBI Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund

  • Angel One Mutual FundGovernance Concern: Nomination Rights provided to the Acquirer Promoters as well as Existing Promoters, which may limit the role of NRC, Provision to appoint Alternate Directors included in the proposed Articles of Association, Provision to combine the position of Chairperson & Executive Director / Managing Director. Combining the position of Chairman with executive positions blurs the demarcation between Board and Management
  • Axis Mutual Fund, NJ Mutual Fund, SBI Mutual Fund, Unifi Mutual FundThe company proposes to amend its Articles of Association (AoA) to incorporate special rights from shareholder agreements between Bain Capital and the existing promoters. The amendments grant Bain and the promoters the right to nominate directors to the board and its committees as long as they hold at least 5% of the share capital. They also have mutual quorum rights in board and general meetings, committee nomination rights, and affirmative voting rights on reserved matters while holding at least 10% equity. Additionally, if V.P. Nandakumar is appointed as a promoter nominee director in any group company, he will serve as its Chairperson. The company has disclosed the draft articles in the notice to the shareholders as well as on their website. Bain Capital (through its affiliates) can appoint a nominee director on the board as long as they hold 5% of the equity share capital: which is low. The proposed articles include committee nomination rights and quorum rights to both sets of promoters – both of which we do not support. Further, as per the articles Bain Capital and the existing promoters have affirmative voting rights - we believe that such rights compromise the independence and functioning of the board. We do not support the resolution.
  • Bandhan Mutual Fund, Invesco Mutual FundThe company proposes to amend its Articles of Association (AoA) to incorporate special rights from shareholder agreements between Bain Capital and the existing promoters. The amendments grant Bain and the promoters the right to nominate directors to the board and its committees as long as they hold at least 5% of the share capital. They also have mutual quorum rights in board and general meetings, committee nomination rights, and affirmative voting rights on reserved matters while holding at least 10% equity. Additionally, if V.P. Nandakumar is appointed as a promoter nominee director in any group company, he will serve as its Chairperson. The company has disclosed the draft articles in the notice to the shareholders as well as on their website. Bain Capital (through its affiliates) can appoint a nominee director on the board as long as they hold 5% of the equity share capital: which is low. The proposed articles include committee nomination rights and quorum rights to both sets of promoters – both of which we do not support. Further, as per the articles Bain Capital and the existing promoters have affirmative voting rights - we believe that such rights compromise the independence and functioning of the board. We do not support the resolution
  • Groww Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Nomination Rights provided to the Acquirer Promoters as well as Existing Promoters, which may limit the role of NRC, Provision to appoint Alternate Directors included in the proposed AoA, Provision to combine the position of Chairperson & ED / MD.
  • HDFC Mutual FundBain Capital can appoint a nominee director on the board as long as they hold 5% of the equity share capital: which is low. We do not support the resolution.
  • ICICI Prudential Mutual FundThe company proposes to amend its Articles of Association (AoA) to incorporate special rights from shareholder agreements between Bain Capital and the existing promoters. The amendments grant Bain and the promoters the right to nominate directors to the board and its committees as long as they hold at least 5% of the share capital. Bain Capital (through its affiliates) can appoint a nominee director on the board as long as they hold 5% of the equity share capital: which is low. The AMC has voted against the resolution as the shareholding threshold for these rights is low.
  • Kotak Mahindra Mutual FundThe company has proposed to amend its Articles of Association (AoA) to incorporate special rights from shareholder agreements between Bain Capital and the existing promoters. The amendments grant Bain and the promoters the right to nominate directors to the board and its committees as long as they hold at least 5% of the share capital. They also have mutual quorum rights in board and general meetings, committee nomination rights, and affirmative voting rights on reserved matters while holding at least 10% equity. Additionally, if V.P. Nandakumar is appointed as a promoter nominee director in any group company, he will serve as its Chairperson. Bain Capital (through its affiliates) can appoint a nominee director on the board as long as they hold 5% of the equity share capital: which we believe is low. The proposed articles also include committee nomination rights and quorum rights to both sets of promoters. Further, as per the articles Bain Capital and the existing promoters have affirmative voting rights - we believe that such rights compromise the independence and functioning of the board. Hence we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Nomination Rights provided to the Acquirer Promoters as well as Existing Promoters, which may limit the role of NRC,
  • UTI Mutual FundBain Capital (through its affiliates) can appoint a nominee director on the board as long as they hold 5% of the equity share capital: which is low. The proposed articles include committee nomination rights and quorum rights to both sets of promoters – both of which we do not support. Further, as per the articles Bain Capital and the existing promoters have affirmative voting rights - we believe that such rights compromise the independence and functioning of the board. We do not support the resolution.

  12 for15 against

Mutual fund votes, meeting of 14 Aug 2024, 22 fund houses

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

• 1 - To receive, consider and adopt the audited Standalone as well as Consolidated Financial Statements of the Company for the financial year ended March 31, 2024, together with Reports of the Board of Directors and Auditors thereon.MoreLess

  21 for0 against
• 2 - To appoint a director in place of Dr. Sumitha Nandan (DIN: 03625120), Executive Director of the Company who retires by rotation, and being eligible, offers herself for re-appointment.

  ›Against Edelweiss Mutual Fund

  • Edelweiss Mutual FundNo relevant experience

  21 for1 against
• 3 - Appointment of M/s. KKC & Associates LLP (ICAI Firm Registration No. 105146W/ W100621) as Joint Statutory Auditor of the Company and to fix their remuneration.

  22 for0 against
• 4 - Appointment of M/s. Chokshi & Chokshi LLP (ICAI Firm Registration No. 101872W/W100045) as Joint Statutory Auditor of the Company and to fix their remuneration

  22 for0 against
• 5 - Re-appointment of Mr. Abhijit Sen (DIN: 00002593) as Independent Director.

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNo concern on the merit of proposed appointee. Governance Concern: Proposed term may lead to Prolonged Association

  19 for3 against
• 6 - Revision in remuneration payable to Mr. V P Nandakumar (DIN: 00044512), Managing Director & Chief Executive Officer of the Company.

  ›Against Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, DSP Mutual Fund, Sundaram Mutual FundHis proposed remuneration is estimated at Rs 257.7 mn, 50% being variable. His remuneration is also not commensurate with industry peers with commission being open ended at 1% of profits. The company must set a cap to commission so as to ensure remuneration is reasonable and in alignment with industry peers. We also note, the remuneration structure allows for reimbursement of expenses incurred by his spouse/one other person for travelling with him during business trips citing health/security reasons. We are of the opinion that attendant / family expenses as companion should be borne by the employee and not the company.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual FundCompliant with law. Governance concern: No absolute cap on the Commission.
  • Edelweiss Mutual FundRevision cannot be done on retrospecive basis.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • The pay lacks an absolute cap on the commission element or on the overall remuneration. • The company has not disclosed the targets which would be used to determine the outcome under the commission element. • There are concerns on the historic alignment of pay with the performance of the company. • His estimated remuneration is aggressively positioned when compared to peers with similar size and scale of business operations.
  • ICICI Prudential Mutual FundThere is no issue with the overall remuneration, but the remuneration structure allows for reimbursement of expenses incurred by his spouse/one other person for travelling with him during business trips citing health/security reasons. The AMS is of the opinion that attendant / family expenses as companion should be borne by the employee and not the company. Hence, the AMC has voted against the resolution.
  • Invesco Mutual FundHis proposed remuneration is estimated at Rs. 257.7 mn, 50% being variable. His remuneration is also not commensurate with industry peers with commission being open ended at 1% of profits. The company must set a cap to commission so as to ensure remuneration is reasonable and in alignment with industry peers. We also note, the remuneration structure allows for reimbursement of expenses incurred by his spouse/one other person for travelling with him during business trips citing health/security reasons. We are of the opinion that attendant / family expenses as companion should be borne by the employee and not the company.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  8 for14 against
• 7 - Revision in remuneration payable to Dr. Sumitha Nandan (DIN: 03625120), Whole-time Director of the Company.

  ›Against Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, DSP Mutual Fund, Sundaram Mutual FundDr. Sumitha Nandan, 44, daughter of promoter and Managing Director, V.P. Nandakumar was appointed on 1 January 2023. For FY24, her remuneration was Rs. 15.5 mn. Her remuneration post revision is estimated at Rs 22.7 which is high in comparison to remuneration paid to Senior Management Personnel in the company with more relevant experience. Her remuneration structure has a minimum annual increase of 10% in fixed pay: the company just disclose if such minimum increases in fixed pay are committed to all other employees as well. Dr. Sumitha Nandan is entitled to commission, which is open ended at 1% of profits which could result in a remuneration higher that estimated. The company must cap the overall commission/variable pay and disclose the performance parameters considered to determine the variable pay.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual FundCompliant with law. Governance concern: No absolute cap on the Commission.
  • Edelweiss Mutual FundRevision cannot be done on retrospecive basis.She has no relevant experience too
  • ICICI Prudential Mutual FundDr. Sumitha Nandan’s (daughter of promoter and Managing Director, V.P. Nandakumar) remuneration is high in comparison to remuneration paid to Senior Management Personnel in the company with more relevant experience. Hence, the AMC has voted against the resolution.
  • Invesco Mutual FundDr. Sumitha Nandan, 44, daughter of promoter and Managing Director, V.P. Nandakumar was appointed on 1 January 2023. For FY24, her remuneration was Rs. 15.5 mn. Her remuneration post revision is estimated at Rs. 22.7 which is high in comparison to remuneration paid to Senior Management Personnel in the company with more relevant experience. Her remuneration structure has a minimum annual increase of 10% in fixed pay: the company just disclose if such minimum increases in fixed pay are committed to all other employees as well. Dr. Sumitha Nandan is entitled to commission, which is open ended at 1% of profits which could result in a remuneration higher that estimated. The company must cap the overall commission/variable pay and disclose the performance parameters considered to determine the variable pay.
  • Mahindra Manulife Mutual FundDr. Sumitha Nandan, 44, daughter of promoter and Managing Director, V.P. Nandakumar was appointed on 1 January 2023. For FY24, her remuneration was Rs. 15.5 mn. Her remuneration post revision is estimated at Rs 22.7 which is high in comparison to remuneration paid to Senior Management Personnel in the company with more relevant experience. Her remuneration structure has a minimum annual increase of 10% in fixed pay: the company just disclose if such minimum increases in fixed pay are committed to all other employees as well. Dr. Sumitha Nandan is entitled to commission, which is open ended at 1% of profits which could result in a remuneration higher that estimated. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  8 for14 against

Mutual fund votes, meeting of 11 May 2024, 22 fund houses

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

• Approval to borrow in excess of the aggregate of paid-up share capital and free reserves and securities premium of the Company under Section 180(1)(c) of the Companies Act, 2013.

  17 for0 against
• Approval to create charge/ mortgage over the properties of the Company for the purpose of borrowing in terms of Section 180(1)(a) of the Companies Act, 2013.

  21 for0 against

Mutual fund votes, meeting of 3 Apr 2024, 20 fund houses

• Appointment of Mr. Edodiyil Kunhiraman Bharat Bhushan (DIN: 01124966) as Non-Executive Independent Director of the Compan

  20 for0 against