Mankind Pharma CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 7 Aug 2025, 29 fund houses

• 1. To receive, consider and adopt: - a. the Standalone Audited Financial Statements of the Company for the financial year ended March 31, 2025 and the Report of the Board of Directors and Auditors thereon. b. the Consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2025 and the Report of the Auditors thereon.MoreLess

  29 for0 against
• To appoint a Director in place of Mr. Sheetal Arora (DIN: 00704292), who retires by rotation and being eligible, offers himself for re-appointment.

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

  • Angel One Mutual FundGovernance concern: Skewed remuneration. Transparency concern: No Justification for differential treatment.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: Skewed remuneration. Transparency concern: No Justification for differential treatment.

  23 for6 against
• To appoint M/s. Amit Gupta & Associates, Company Secretaries as Secretarial Auditors of the Company.

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

  • Angel One Mutual FundTransparency Concern: The Company has not disclosed the audit fee paid to the outgoing Secretarial Auditor; therefore, it is not possible to determine whether there has been a material change in the audit fee.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of the proposed Secretarial Auditors. Transparency Concern: The Company has not disclosed the audit fee paid to the outgoing Secretarial Auditor; therefore, it is not possible to determine whether there has been a material change in the audit fee.

  23 for6 against
• To ratify Remuneration of Cost Auditors of the Company for the FY 2025-26

  29 for0 against

Mutual fund votes, meeting of 21 Dec 2024, 27 fund houses

• Approval for amendment in articles of association

  27 for0 against
• Approval for creation of mortgage and/or Charge on all or any of the tangible and/or Intangible assets of the company

  27 for0 against
• Approval for creation of pledge on the equity Shares of Bharat Serums And Vaccines Limited, Material wholly owned subsidiary of the Company

  27 for0 against

Mutual fund votes, meeting of 9 Aug 2024, 24 fund houses

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

• To receive consider and adopt a. The Standalone Audited Financial Statements for the financial year ended March 31, 2024 and the Reports of the Board of Directors and Auditors thereonnb. The Consolidated Audited Financial Statements for the financial year ended March 31, 2024 and the Reports of the Auditors thereonnMoreLess

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual FundUnqualified financial statements. Governance Concern: Undisputed Statutory Dues unpaid for more than 2 years and no explanation from management.
  • Zerodha Mutual FundGovernance Concern: Undisputed Statutory Dues unpaid for more than 2 years and no explanation from management.

  19 for3 against
• To appoint a Director in place of Mr. Satish Kumar Sharma (DIN: 07615602), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Axis Mutual Fund, Bank of India Mutual Fund, Sundaram Mutual FundSatish Kumar Sharma, 50, is a Whole time Director on the board. He has been associated with the company since September 2016 and has been on the board since 23 September 2016. He has over 17 years of experience in the pharmaceutical sector. He has attended only four out of eight board meetings in FY24 (50%) and six out of 22 board meetings (27%) in the last three financial years including the year of reappointment. We expect directors to attend all board meetings or at least 75% of the board meetings in the last three financial years. Given his poor attendance levels, we do not support his reappointment to the board.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual FundCompliant with Law. Governance concern: Poor Attendance
  • Edelweiss Mutual FundAttended on 50% of meetings
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Satish Kumar Sharma has failed to attend at least 75 percent of board and committee meetings in the most recent fiscal year, without a satisfactory explanation.
  • Invesco Mutual FundSatish Kumar Sharma, 50, is a Whole time Director on the board. He has been associated with the company since September 2016 and has been on the board since 23 September 2016. He has over 17 years of experience in the pharmaceutical sector. He has attended only four out of eight board meetings in FY24 (50%) and six out of 22 board meetings (27%) in the last three financial years including the year of reappointment. We expect directors to attend all board meetings or at least 75% of the board meetings in the last three financial years. Given his poor attendance levels, we do not support his reappointment to the board This is in line with our ESG framework
  • Kotak Mahindra Mutual FundNo concern is identified with respect to the profile and time commitments of the Director, however, Mr. Satish Kumar Sharma has attended only 4 out of 8 board meetings (50%) held during FY 2023-24. Being that no adequate justification for the same, voting against the resolution.
  • Mirae Asset Mutual FundWe expect directors to attend adequate number of meetings
  • SBI Mutual FundSatish Kumar Sharma, 50, is a Whole time Director on the board. He has been associated with the company since September 2016 and has been on the board since 23 September 2016. He has over 17 years of experience in the pharmaceutical sector. He has attended only four out of eight board meetings in FY24 (50%) and less than 75% meetings in the last three financial years including the year of reappointment. We expect directors to attend all board meetings or at least 75% of the board meetings in the last three financial years. Given his poor attendance levels, we do not support his reappointment to the board
  • Zerodha Mutual FundPoor Attendance.

  8 for16 against
• Re-appointment of M/s. S. R. Batliboi & Co. LLP, Chartered Accountants as joint statutory auditors of the Company

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Lack of clarity regarding the segregation of the audit fees paid to both the auditors and justification required for the difference, if any, between the remuneration payments made to them.
  • Zerodha Mutual FundGovernance Concern: Lack of clarity regarding the segregation of the audit fees paid to both the auditors and justification required for the difference, if any, between the remuneration payments made to them.

  21 for3 against
• Ratification of the remuneration of cost auditor for the Financial Year 2024-25

  23 for0 against

Mutual fund votes, meeting of 17 Jun 2024, 25 fund houses

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

• Approval for increase in the authorised share capital and consequent amendment to the Memorandum of Association

  25 for0 against
• Approval for raising of funds in one or more tranches through issuance of equity shares and/or other securities to eligible investors

  ›Against Groww Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund

  • Groww Mutual Fund, PGIM India Mutual FundCompliant with Law. Governance concern: Significant Dilution; No specific justification.
  • Zerodha Mutual FundIn view of significant dilution and absence of specific rationale, there is governance concern regarding the proposed resolution.

  22 for3 against
• Approval for enhancement of limit for the loan, guarantee and investment by the company under Section 186 of the Companies Act, 2013

  ›Against Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: Omnibus approval; Inadequate disclosure.
  • Bank of India Mutual Fund, Navi Mutual Fund, Sundaram Mutual FundThe company seeks an enabling approval to increase the limits under Section 186 to upto Rs 105.0 bn over and above the available limit. We believe the company must disclose granular details for the proposed increase in limits and the company must also disclose whether the current limit of Rs. 95.6 bn is completely exhausted. We do not favour rolling limits linked to net worth and recommend that companies seek approval for a fixed intercorporate transaction limit.
  • Edelweiss Mutual FundIncreases risk for minority shareholders
  • Franklin Templeton Mutual Fund, HSBC Mutual FundA vote AGAINST this resolution is warranted because: • The presence of a rolling limit, linked to the net worth of the company, instead of a monetary cap on the proposed inter-corporate transactions, is a market lagging practice. This prevents periodical shareholder review of such limits. • There is lack of sufficient information and relevant details, which makes it difficult for shareholders to make a fair assessment of the risks and benefits of the proposed provision of financial assistance.
  • HDFC Mutual FundGiven these are rolling limits linked to networth, shareholders will not get a chance to periodic review th e borrowing limits
  • Invesco Mutual FundThe company seeks an enabling approval to increase the limits under Section 186 to upto Rs. 105.0 bn over and above the available limit. We believe the company must disclose granular details for the proposed increase in limits and the company must also disclose whether the current limit of Rs. 95.6 bn is completely exhausted. We do not favour rolling limits linked to net worth and recommend that companies seek approval for a fixed intercorporate transaction limit. This viewpoint is in line with our ESG metrics framework.
  • Mirae Asset Mutual FundNeed adequate disclosures
  • Nippon India Mutual FundInadequate Disclosure
  • Zerodha Mutual FundThe Company has not provided any disclosure on specific plans of how the Company will utilise the increased limit.

  11 for14 against
• Approval for increase the borrowing limit under Section 180(1)(c) of the Companies Act, 2013

  ›Against Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: 100% of the existing borrowing limits remains unutilized.
  • Bank of India Mutual Fund, Navi Mutual Fund, Sundaram Mutual FundThe company’s current borrowing limit is Rs. 105.6 bn and the company did not have any outstanding standalone debt as on 31 March 2024. On 31 March 2024, its cash and bank balances (including fixed deposits) aggregated Rs. 7.6 bn on a standalone basis and almost Rs. 12 bn on a consolidated basis. We recognize that the increase in borrowing limits is being sought to create the flexibility to bid for pharma assets that are currently available for sale. Even so, the limits sought are high. In the absence of clarity and given the high limits, we do not support the resolution.
  • Edelweiss Mutual FundIncreases risk for minority shareholders
  • Invesco Mutual FundThe company’s current borrowing limit is Rs. 105.6 bn and the company did not have any outstanding standalone debt as on 31 March 2024. On 31 March 2024, its cash and bank balances (including fixed deposits aggregated Rs. 7.6 bn on a standalone basis and almost Rs. 12 bn on a consolidated basis. We recognize that the increase in borrowing limits is being sought to create the flexibility to bid for pharma assets that are currently available for sale. Even so, the limits sought are high. In the absence of clarity and given the high limits, we do not support the resolution. This viewpoint is in line with our ESG metrics framework.
  • Mirae Asset Mutual FundNeed adequate disclosures
  • Nippon India Mutual FundLack of clarity
  • Zerodha Mutual FundAt present the Company has unutilised borrowing limit of 100% of total limit available. As per policy, there is concern for increase in borrowing limit if the Company has more than 50% of the borrowing limit remaining unutilised, unless the company has disclosed specific reasons or strategic future plans for proposed increase of borrowing limit.

  14 for11 against
• Approval for creation of mortgage and/or charge on all or any of the movable and/or immovable properties of the Company

  ›Against Groww Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund

  • Groww Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: 100% of the existing borrowing limits remains unutilized.
  • Zerodha Mutual FundAt present the Company has unutilised borrowing limit of 100% of total limit available. As per policy, there is concern for increase in borrowing limit if the Company has more than 50% of the borrowing limit remaining unutilised, unless the company has disclosed specific reasons or strategic future plans for proposed increase of borrowing limit.

  20 for3 against

Mutual fund votes, meeting of 22 Sep 2023, 19 fund houses

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

• 1. To receive, consider and adopt: -na. The Standalone Audited Financial Statements for the financial year ended March 31, 2023 and the Reports of the Board of Directors and Auditors thereon.nb. The Consolidated Audited Financial Statements for the financial year ended March 31, 2023 and the Reports of the Auditors thereon.MoreLess

  ›Against Baroda BNP Paribas Mutual Fund

  • Baroda BNP Paribas Mutual FundUnqualified financial statements. Governance Concern: Undisputed Statutory Dues unpaid for more than 2 years and no explanation from management

  17 for1 against
• TO APPOINT A DIRECTOR IN PLACE OF MR. RAJEEV JUNEJA (DIN: 00283481), WHO RETIRES BY ROTATION AND BEING ELIGIBLE, OFFERS HIMSELF FOR RE-APPOINTMENT.

  ›Against PGIM India Mutual Fund

  • PGIM India Mutual FundCompliant with law. Governance concern: Skewed remuneration and no absolute cap on variable pay.

  17 for1 against
• RE-APPOINTMENT OF MR. RAMESH JUNEJA (DIN: 00283399) AS CHAIRMAN AND WHOLE-TIME DIRECTOR OF THE COMPANY

  ›Against Bandhan Mutual Fund, Bank of India Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund

  • Bandhan Mutual Fund, PGIM India Mutual FundCompliant with law. Governance concern: Low attendance, holds position of Chairman and Executive director, Skewed remuneration and no absolute cap on variable pay
  • Bank of India Mutual FundRamesh Juneja, 68, is part of the promoter group and Chairperson and Whole time Director. He has been associated with the company since its inception and on the board since July 1991. He has over 32 years of experience in the pharmaceutical industry. He was paid Rs. 259.3 mn in FY23. As per his terms of reappointment, we estimate his annual remuneration to be Rs. 264.7 mn. He attended only one out of eight board meetings in FY23 (13%). Over the last three financial years, he has attended seven out of nineteen board meetings (37%). We expect directors to take their responsibilities seriously and attend all board meetings. We do not support his reappointment to the board due to his lack of attendance at board meetings. Further, we also believe that his estimated remuneration is not in line with peers and not commensurate with the size of the operations. Further, promoter executive remuneration of Rs. 702.7 mn – 4.2% of Consolidated PBT – is high for the size of business.
  • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
  • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: The overall remuneration is deemed to be significantly higher than industry standards and market peers of commensurate scale and operations. There is no absolute cap on the commission element or his overall pay. There are no disclosures on the threshold and target performance that he needs to achieve to determine the commission element. Ramesh Juneja's FY23 remuneration median to multiple is considered to be high.
  • ICICI Prudential Mutual FundPromoter executive remuneration is high when compared to peers and not commensurate with the size and complexity of operations. Hence, the AMC has voted against the resolution
  • Kotak Mahindra Mutual FundMr. Ramesh Juneja, 68, is currently the Executive Chairman at Mankind Pharma Ltd. He has experience of over 32 years in the pharmaceutical industry. He has been with the company for the past 32 years. Even though Mr. Ramesh Juneja has helped the company take many strategic decisions that has led the company double their profits over the years, he has attended only 1 out of 8 board meetings in the last financial year. This raises an governance concern. Since the company has not disclosed the reason for low board attendance voting against .
  • Mirae Asset Mutual FundWe expect directors to attend adequate number of meeting
  • Nippon India Mutual FundLow Attendance

  10 for9 against
• RE-APPOINTMENT OF MR. RAJEEV JUNEJA (DIN: 00283481) AS VICE CHAIRMAN AND MANAGING DIRECTOR OF THE COMPANY

  ›Against Bandhan Mutual Fund, Bank of India Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund

  • Bandhan Mutual Fund, PGIM India Mutual FundCompliant with law. Governance concern: Skewed remuneration and no absolute cap on variable pay.
  • Bank of India Mutual FundRajeev Juneja, 58, is part of the promoter group and the Vice Chairperson and Managing Director. He has been on the board since December 1992. He has over 30 years of experience in the pharmaceutical industry. He was paid Rs. 288.8 mn in FY23. We estimate his annual remuneration to be Rs. 313.0 mn. While we support his reappointment as Vice Chairperson and Managing Director, his estimated remuneration is high when compared to peers and not commensurate with the size and complexity of the operations. Further, promoter executive remuneration of Rs. 702.7 mn – 4.2% of FY23 Consolidated PBT - is high for the size of business. The company must cap the commission payable to Rajeev Juneja in absolute amounts and also disclose performance parameters that will determine his commission payout.
  • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
  • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: The overall remuneration is deemed to be significantly higher than industry standards and market peers of commensurate scale and operations. There is no absolute cap on the commission element or his overall pay. There are no disclosures on the threshold and target performance that he needs to achieve to determine the commission element. Rajeev Juneja's FY23 remuneration median to multiple is considered to be high.
  • ICICI Prudential Mutual FundPromoter executive remuneration is high when compared to peers and not commensurate with the size and complexity of operations. Hence, the AMC has voted against the resolution
  • Nippon India Mutual FundSkewed Remuneration

  12 for7 against
• RE-APPOINTMENT OF MR. SHEETAL ARORA (DIN: 00704292) AS CHIEF EXECUTIVE OFFICER AND WHOLE-TIME DIRECTOR OF THE COMPANY

  ›Against HDFC Mutual Fund, HSBC Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund

  • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
  • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns: The board independence norms are not met (after ISS re-classification) and Sheetal Arora is a non-independent director nominee. Sheetal Arora, an executive director, serves as a member of audit committee. The overall remuneration is deemed to be significantly higher than industry standards and market peers of commensurate scale and operations.There is no absolute cap on the commission element or his overall pay. There are no disclosures on the threshold and target performance that he needs to achieve to determine the commission element. Sheetal Arora's FY23 remuneration median to multiple is considered to be high.
  • Nippon India Mutual FundSkewed Remuneration
  • PGIM India Mutual FundCompliant with law. Governance concern: Skewed remuneration and no absolute cap on variable pay.

  15 for4 against
• RATIFICATION OF THE ‘MANKIND EMPLOYEE STOCK OPTION PLAN 2022’ (“ESOP 2022”/ “PLAN”)

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund

  • Axis Mutual Fund, Bank of India Mutual FundUnder the scheme, options exercisable up to 8,175,274 equity shares will be issued to employees. Of these, 1,046,512 options have already been granted Pre-IPO and the balance 7,128,762 options are available for grant. The maximum dilution for the total scheme is ~2.0%, on the extended capital base. The annual cost of the scheme is ~ Rs. 2.5 bn, which is 15.0% of the consolidated FY23 PBT. The exercise price will be at the discretion of the NRC, with the exercise price not being lower than the face value of Re. 1.0 per share. This allows the company to grant these stock options at a deep discount. We do not favour ESOP schemes where the options are granted at a significant discount to the market price (greater than 20%). We believe that ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. In the absence of clarity on the exercise price, we cannot support this scheme.
  • Bandhan Mutual Fund, PGIM India Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Exercise Price to be determined as per NRC discretion; Governance Concern: Scheme proposed to be extended to Associate Company(ies) without compelling reason.
  • Edelweiss Mutual FundWill lead to dilution of shareholding
  • HDFC Mutual FundThere is lack of disclosure/clarity on the pricing formula/exercise price at which the ESOP will be granted
  • Invesco Mutual FundUnder the scheme, options exercisable up to 8,175,274 equity shares will be issued to employees. Of these, 1,046,512 options have already been granted Pre-IPO and the balance 7,128,762 options are available for grant. The maximum dilution for the total scheme is ~2.0%, on the extended capital base. The annual cost of the scheme is ~ Rs. 2.5 bn, which is 15.0% of the consolidated FY23 PBT. The exercise price will be at the discretion of the NRC, with the exercise price not being lower than the face value of Re. 1.0 per share. This allows the company to grant these stock options at a deep discount. We do not favour ESOP schemes where the options are granted at a significant discount to the market price (greater than 20%). We believe that ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. In the absence of clarity on the exercise price, we cannot support this scheme
  • Kotak Mahindra Mutual FundThe ratification of the Mankind Employee Stock Option Plan 2022 is non-compliant with SEBI (SBEB & SE) Regulations, 2021. Moreover the company has not disclosed the exercise price or at least a pricing formula for the same. Hence voting against.
  • Nippon India Mutual FundInadequate disclosure

  9 for9 against
• RATIFICATION OF GRANT OF EMPLOYEE STOCK OPTIONS TO THE EMPLOYEES OF GROUP COMPANY(IES) INCLUDING SUBSIDIARY COMPANY(IES) OR ASSOCIATE COMPANY(IES) UNDER ‘MANKIND EMPLOYEE STOCK OPTION PLAN 2022’

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund

  • Axis Mutual Fund, Bank of India Mutual FundOur views on this resolution are linked to our views on resolution #6. Further, we generally do not support extension of schemes to associate companies, as these associates may have their own ESOP schemes.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, PGIM India Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Exercise Price to be determined as per NRC discretion; Governance Concern: Scheme proposed to be extended to Associate Company(ies) without compelling reason.
  • Edelweiss Mutual FundWill lead to dilution of shareholding
  • HDFC Mutual FundThere is lack of disclosure/clarity on the pricing formula/exercise price at which the ESOP will be granted
  • HSBC Mutual FundA vote AGAINST the resolution is warranted because: The Scheme permits stock units to be issued with an exercise price at a discount to the market price, as on grant date. The proposals include grant of units to employees of associate companies without a compelling rationale. The exact performance conditions and targets for vesting have not been disclosed.
  • Invesco Mutual FundOur views on this resolution are linked to our views on resolution #6. Further, we generally do not support extension of schemes to associate companies, as these associates may have their own ESOP schemes
  • Kotak Mahindra Mutual FundThe ratification of the Mankind Employee Stock Option Plan 2022 is non-compliant with SEBI (SBEB & SE) Regulations, 2021. Therefore the scheme proposed to be extended to Associate Company(ies) holds no compelling reason.
  • Nippon India Mutual FundInadequate disclosure

  8 for11 against
• RATIFICATION OF THE REMUNERATION OF COST AUDITOR FOR THE FINANCIAL YEAR 2023-24

  19 for0 against