Mazagon Dock Shipbuilders MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 27 Aug 2026, 14 fund houses so far (houses' deadline to file 15 Oct 2026)

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

• To receive, consider and adopt Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31 March 2026 and the Reports of the Board of Directors and Auditors thereon including comments of the Comptroller & Auditor General of India, if any.MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundWe have relied upon the auditors’ report, which has raised an emphasis of matter regarding the following: registration formalities of certain leasehold deeds, vendor and creditor balances pending confirmation, balances due to/from the Indian Navy, reversal of provision for liquidated damages amounting to Rs. 2,624.7 mn, recognition of a provision for expected loss on onerous contracts amounting to Rs. 10,595.9 mn, and reversal of a provision for project-related non-moving inventories amounting to Rs. 904.6 mn. The secretarial auditors have stated that the board is not in compliance with regulatory norms on board independence. Further, due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute a valid Audit Committee at the time of finalising and signing the accounts. While the auditor’s view on the financial statements is not modified, we believe that financial statements approved under such circumstances should not be supported until the governance framework is regularized and statutory compliance is ensured. Therefore, we do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundUnqualified financial statements. Governance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  6 for7 against
• To declare final dividend of ₹4.62 per equity share of ₹5/- each (i.e. @ 92.4%) for the financial year ended 31 March 2026

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. Sufficient fund to pay Dividend. Governance concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  10 for4 against
• To appoint a Director in place of Shri Biju George (DIN - 09343562) who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and, being eligible, offers himself for re-appointment.MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Director/ Woman Independent Director on the Board.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Director/ Woman Independent Director on the Board.
  • HSBC Mutual FundWe have concerns about insufficient independence on the Audit committee.

  9 for5 against
• To authorize the Board of Directors to fix remuneration of the Statutory Auditors appointed by the Comptroller and Auditor General of India under Section 139(5) the Companies Act, 2013, and in accordance with Section 142 thereof, for the financial year 2026-2MoreLess

  14 for0 against
• To ratify the remuneration payable to the Cost Auditor appointed by the Board of Directors of the Company for the Financial Year 2026-27 pursuant to Section 148 and all other applicable provisions of the Companies Act, 2013.MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.

  10 for4 against
• To approve appointment of Shri Dinesh Mahur as Government Nominee Director of the Company on the terms and conditions as determined by the Government of India.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Director/ Woman Independent Director on the Board.
  • DSP Mutual Fund, Jio BlackRock Mutual FundDinesh Mahur, 56, is Additional Secretary in the Department of Defence Production, Ministry of Defence, Government of India. He previously served as Director in the Ministry of Home Affairs, Additional Director General in Prasar Bharati, and Joint Secretary in the Ministry of Mines. He is an engineering graduate from the NIT, Allahabad, holds M.A. from the International Institute of Social Studies, Erasmus University, The Hague, Netherlands, and a PGDM from the Management Development Institute, Gurugram. He is also an officer of the Indian Telecom Service (ITS). He attended none of the two board meetings held since his appointment to the board in FY27. We expect directors to attend at least 75% of the board meetings during the year. While Dinesh Mahur is not liable to retire by rotation, the current SEBI regulations provide sufficient guardrails for director reappointment every five years.While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the ministry to first address the board composition, before appointing/reappointing their nominees on the board. We do not support the resolution.Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Director/ Woman Independent Director on the Board.
  • HSBC Mutual FundDinesh Mahur is getting a permanent board seat which could reduce his accountability by disallowing shareholder review for his continued service.
  • Sundaram Mutual FundDinesh Mahur, 56, is Additional Secretary in the Department of Defence Production, Ministry of Defence, Government of India. He previously served as Director in the Ministry of Home Affairs, Additional Director General in Prasar Bharati, and Joint Secretary in the Ministry of Mines. He is an engineering graduate from the NIT, Allahabad, holds M.A. from the International Institute of Social Studies, Erasmus University, The Hague, Netherlands, and a PGDM from the Management Development Institute, Gurugram. He is also an officer of the Indian Telecom Service (ITS). He attended none of the two board meetings held since his appointment to the board in FY27. We expect directors to attend at least 75% of the board meetings during the year. While Dinesh Mahur is not liable to retire by rotation, the current SEBI regulations provide sufficient guardrails for director reappointment every five years. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the ministry to first address the board composition, before appointing/reappointing their nominees on the board. We do not support the resolution. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months.

  6 for8 against

Mutual fund votes, meeting of 26 Sep 2025, 29 fund houses

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

• To receive, consider and adopt Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025, together with the Reports of the Board of Directors and Auditors thereon and comments of the Comptroller & Auditor General of India.MoreLess

  28 for0 against
• To confirm payment of first Interim Dividend of ₹23.19 per equity share of ₹10/- each (i.e. @ 231.9%) paid in November 2024, second Interim Dividend of ₹3 per equity share of ₹5/- each (i.e. @ 60 %) paid in May 2025 and to declare Final Dividend of ₹2.71 per equity share of ₹5/- each (i.e. @ 54.2%) for the Financial Year ended March 31, 2025.MoreLess

  29 for0 against
• To appoint a Director in place of Cdr. Vasudev Puranik, IN (Retd.) (DIN- 09623387) who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and, being eligible, offers himself for re-appointment.MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Baroda BNP Paribas Mutual FundCompliant with law. No concern with respect to profile, time commitment and merit of the proposed appointees. However, there is governance concern since current Board has 11 Directors and there are only 5 Independent Directors (45%) on the Board as against the Compliance requirement of 50% and therefore, non-compliant Board raises question mark over board oversight mechanism and the independence of decision making on the board.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs

  17 for12 against
• To authorize the Board of Directors to fix remuneration of Statutory Auditors of the Company for the Financial Year 2025-26 in compliance with the orders and directions of appointment by the Comptroller and Auditor General of India and in terms of the provisions of Section 139(5) and Section 142 of the Companies Act, 2013.MoreLess

  29 for0 against
• To approve appointment of M/s SVJS Associates, Company Secretaries as Secretarial Auditors of the Company by passing the Ordinary Resolution.

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-Compliant with Regulation 36(5) of SEBI LODR: Credentials of the proposed Secretarial Auditors not disclosed. Transparency Concern: The Company has not disclosed the audit fee paid to the outgoing Secretarial Auditors; therefore, material change in the audit fee, if any, cannot be ascertained.
  • Angel One Mutual FundCredentials of the proposed Secretarial Auditors not disclosed. Transparency Concern: The Company has not disclosed the audit fee paid to the outgoing Secretarial Auditors; therefore, material change in the audit fee, if any, cannot be ascertained.
  • LIC Mutual FundConcerns over Credentials of the proposed Secretarial Auditors not disclosed. Transparency Concern: The Company has not disclosed the audit fee paid to the outgoing Secretarial Auditors; therefore, material change in the audit fee, if any, cannot be ascertained.
  • PPFAS Mutual FundNon-disclosure of credentials of proposed auditor. Neither disclosed the Audit Fee paid to Outgoing Auditors nor any material change in the proposed audit fee, if any

  18 for11 against
• To ratify the remuneration of Cost Auditors by passing the Ordinary Resolution.

  29 for0 against
• To approve appointment of Shri. Rajeev Prakash as Government Nominee Director of the Company and in this regard to consider and if thought fit, to pass with or without modification(s), the resolution as Ordinary Resolution.MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • Axis Mutual Fund, Jio BlackRock Mutual FundRajeev Prakash, 55, is currently serving as Joint Secretary (Naval System) in Department of Defence Production, Ministry of Defence. He is a 1995 batch Indian Post & Telecommunication Accounts and Finance Service Officer (IP & TAFS). He previously worked as Deputy Director General (Wireless Planning & Finance) in Department of Telecommunication, Ministry of Communication. He has completed B.A. Honors in English from St. Stephen's College, University of Delhi and M.A. in Development Studies from the Institute of Social Studies, Erasmus University. He attended none of the two board meetings held since his appointment to the board in FY25. We expect directors to attend all board meetings and we have a threshold of 75% attendance. Rajeev Prakash’s directorship is not liable to retire by rotation against which the current SEBI regulations provide sufficient guardrails. The board composition is not compliant with regulations – it does not comprise the requisite number of Independent Directors as prescribed under the SEBI Guidelines. We believe the government must first address the board independence before nominating a director on the board. We do not support the resolution.
  • Baroda BNP Paribas Mutual FundCompliant with law. No concern with respect to profile, time commitment and merit of the proposed appointees. However, there is governance concern since current Board has 11 Directors and there are only 5 Independent Directors (45%) on the Board as against the Compliance requirement of 50% and therefore, non-compliant Board raises question mark over board oversight mechanism and the independence of decision making on the board. Also, the shareholders’ approval for his appointment has only been proposed at the AGM dated 26th September, 2025 and the approval has been sought of more than three months post his appointment on the Board.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • Invesco Mutual FundRajeev Prakash, 55, is currently serving as Joint Secretary (Naval System) in Department of Defence Production, Ministry of Defence. He is a 1995 batch Indian Post & Telecommunication Accounts and Finance Service Officer (IP & TAFS). He previously worked as Deputy Director General (Wireless Planning & Finance) in Department of Telecommunication, Ministry of Communication. He has completed B.A. Honors in English from St. Stephen's College, University of Delhi and M.A. in Development Studies from the Institute of Social Studies, Erasmus University. He attended none of the two board meetings held since his appointment to the board in FY25. We expect directors to attend all board meetings and we have a threshold of 75% attendance. Rajeev Prakash’s directorship is not liable to retire by rotation against which the current SEBI regulations provide sufficient guardrails. The board composition is not compliant with regulations – it does not comprise the requisite number of Independent Directors as prescribed under the SEBI Guidelines. We believe the government must first address the board independence before nominating a director on the board. We do not support the resolution
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder s approval.
  • Mirae Asset Mutual FundThe board composition is not compliant with regulations – it does not comprise the requisite number of Independent Directors as prescribed under the SEBI Guidelines.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs; Delayed shareholder’s approval.
  • UTI Mutual FundRajeev Prakash, 55, is currently serving as Joint Secretary (Naval System) in Department of Defence Production, Ministry of Defence. He is a 1995 batch Indian Post & Telecommunication Accounts and Finance Service Officer (IP & TAFS). He previously worked as Deputy Director General (Wireless Planning & Finance) in Department of Telecommunication, Ministry of Communication. He has completed B.A. Honors in English from St. Stephen's College, University of Delhi and M.A. in Development Studies from the Institute of Social Studies, Erasmus University. He attended none of the two board meetings held since his appointment to the board in FY25. We expect directors to attend all board meetings and we have a threshold of 75% attendance. Rajeev Prakash’s directorship is not liable to retire by rotation is against the current SEBI regulations which provide sufficient guardrails.
  • WhiteOak Capital Mutual FundRajeev Prakash, 55, is currently serving as Joint Secretary (Naval System) in Department of Defence Production, Ministry of Defence. He attended none of the two board meetings held since his appointment to the board in FY25. Further, the board composition is not compliant with regulations for the requisite number of Independent Directors as prescribed under the SEBI Guidelines. We do not support the resolution.

  10 for19 against
• To approve appointment of Capt. Jagmohan (Retd.), as Chairman & Managing Director of the Company and in this regard to consider and if thought fit, to pass with or without modification(s), the resolution as Ordinary Resolution.MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Holding combined position of Chairman & Managing Director; Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • Angel One Mutual FundGovernance Concern: Holding combined position of Chairman & Managing Director; Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • Baroda BNP Paribas Mutual FundCompliant with law. No concern on the merits of the proposed appointee. No governance concern with respect to combined position of Chairman & Managing Director since there is adequate oversight from CAG and relevant ministries. However, there is governance concern since current Board has 11 Directors and there are only 5 Independent Directors (45%) on the Board as against the Compliance requirement of 50% and therefore, non-compliant Board raises question mark over board oversight mechanism and the independence of decision making on the board. Also, the shareholders’ approval for his appointment has only been proposed at the AGM dated 26th September, 2025 and the approval has been sought of more than three months post his appointment on the Board.
  • LIC Mutual FundGovernance Concern: Holding combined position of Chairman & Managing Director; Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder s approval.
  • PPFAS Mutual FundCombined position of Chairman & MD; Board is non-compliant with requisite number of IDs; Delayed shareholder’s approval

  18 for11 against
• To approve appointment of Shri. Ruchir Agrawal as Director (Finance) of the Company and in this regard to consider and if thought fit, to pass with or without modification(s), the resolution as Ordinary Resolution.MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • Baroda BNP Paribas Mutual FundCompliant with law. No concern with respect to profile, time commitment and merit of the proposed appointees. However, there is governance concern since current Board has 11 Directors and there are only 5 Independent Directors (45%) on the Board as against the Compliance requirement of 50% and therefore, non-compliant Board raises question mark over board oversight mechanism and the independence of decision making on the board. Also, the shareholders’ approval for his appointment has only been proposed at the AGM dated 26th September, 2025 and the approval has been sought of more than three months post his appointment on the Board.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder s approval.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs; Delayed shareholder’s approval.

  17 for12 against
• To approve appointment of Cmde. S B Jamgaonkar (Retd.), as Director (Submarine & Heavy Engineering) of the Company and in this regard to consider and if thought fit, to pass with or without modification(s), the resolution as Ordinary Resolution.MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • Baroda BNP Paribas Mutual FundCompliant with law. No concern with respect to profile, time commitment and merit of the proposed appointees. However, there is governance concern since current Board has 11 Directors and there are only 5 Independent Directors (45%) on the Board as against the Compliance requirement of 50% and therefore, non-compliant Board raises question mark over board oversight mechanism and the independence of decision making on the board. Also, the shareholders’ approval for his appointment has only been proposed at the AGM dated 26th September, 2025 and the approval has been sought of more than three months post his appointment on the Board.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder s approval.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs; Delayed shareholder’s approval.

  17 for12 against
• To approve appointment of Dr. Vivek Atul Bhuskute, as an Independent Director of the Company and in this regard to consider and if thought fit, to pass with or without modification(s), the resolution as Special Resolution.MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merit of Directors. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law; Appointment as ID for a period of only one year.
  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous; Appointment as Independent Director for a period of only one year.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual FundDr. Vivek Atul Bhuskute, 51, is a practicing Paediatrician & Neonatologist. He previously served as Registrar, Dept. of Paediatrics, Dr. Hedgewar Rugnalaya, Aurangabad. He is an alumnus of NSCB Medical College, Jabalpur, Madhya Pradesh. Given his professional experience as a Practicing Paediatrician & Neonatologist, we believe that the value he would add to board deliberations in unclear. Therefore, the rationale for the appointment of Dr. Vivek Atul Bhuskute as Independent Director on the board of Mazagon Dock Shipbuilders Limited is unclear. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. Given the lack of clarity surrounding his appointment, we are unable to support the resolution.
  • Baroda BNP Paribas Mutual FundNo concern on the merit of Directors. Governance concern identified since the exact term/ period for which it proposes to appoint the Independent director in the resolutions is ambiguous. Also, the shareholders’ approval for his appointment has only been proposed at the AGM dated 26th September, 2025 and the approval has been sought of more than three months post his appointment on the Board.
  • Invesco Mutual FundDr. Vivek Atul Bhuskute, 51, is a practicing Paediatrician & Neonatologist. He previously served as Registrar, Dept. of Paediatrics, Dr. Hedgewar Rugnalaya, Aurangabad. He is an alumnus of NSCB Medical College, Jabalpur, Madhya Pradesh. Given his professional experience as a Practicing Paediatrician & Neonatologist, we believe that the value he would add to board deliberations in unclear. Therefore, the rationale for the appointment of Dr. Vivek Atul Bhuskute as Independent Director on the board of Mazagon Dock Shipbuilders Limited is unclear. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. Given the lack of clarity surrounding his appointment, we are unable to support the resolution
  • LIC Mutual FundNo concern on the merit of Directors. Governance concern: Delayed Shareholders approval. Term of appointment is ambiguous and against spirit of the law; Appointment as ID for a period of only one year.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
  • PPFAS Mutual FundDelayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law; Appointment as ID for 1 year
  • UTI Mutual FundDr. Vivek Atul Bhuskute, 51, is a practicing Paediatrician & Neonatologist. He previously served as Registrar, Dept. of Paediatrics, Dr. Hedgewar Rugnalaya, Aurangabad. He is an alumnus of NSCB Medical College, Jabalpur, Madhya Pradesh. Given his professional experience as a Practicing Paediatrician & Neonatologist, we believe that the value he would add to board deliberations in unclear. Therefore, the rationale for the appointment of Dr. Vivek Atul Bhuskute as Independent Director on the board of Mazagon Dock Shipbuilders Limited is unclear. Given the lack of clarity surrounding his appointment, we are unable to support the resolution.
  • WhiteOak Capital Mutual FundDr. Vivek Atul Bhuskute, 51, is a practicing Paediatrician & Neonatologist. He previously served as Registrar, Dept. of Paediatrics, Dr. Hedgewar Rugnalaya, Aurangabad. Given his professional experience as a Practicing Paediatrician & Neonatologist, it is not clear if the director's experience would help strengthen the board. We do not support the resolution.

  11 for18 against
• To approve appointment of Smt. Veni Thapar, as an Independent Director of the Company and in this regard to consider and if thought fit, to pass with or without modification(s), the resolution as Special Resolution.MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merit of Directors. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law; Appointment as ID for a period of only one year.
  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous; Appointment as Independent Director for a period of only one year.
  • Axis Mutual Fund, Jio BlackRock Mutual FundMs. Veni Thapar, 54, is Senior Partner at V K Thapar and Co., Chartered Accountants. She has experience in the fields of statutory and internal audits, bank audits, government audits, information systems audit, consultancy in company law, indirect taxes, FEMA and RBI Matters. Public sources indicate that she has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed her political affiliation as a part of her profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for her appointment within three months. We do not support the resolution.
  • Baroda BNP Paribas Mutual FundNo concern on the merit of Directors. Governance concern identified since the exact term/ period for which it proposes to appoint the Independent director in the resolutions is ambiguous. Also, the shareholders’ approval for his appointment has only been proposed at the AGM dated 26th September, 2025 and the approval has been sought of more than three months post his appointment on the Board.
  • Invesco Mutual FundMs. Veni Thapar, 54, is Senior Partner at V K Thapar and Co., Chartered Accountants. She has experience in the fields of statutory and internal audits, bank audits, government audits, information systems audit, consultancy in company law, indirect taxes, FEMA and RBI Matters. Public sources indicate that she has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed her political affiliation as a part of her profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for her appointment within three months. We do not support the resolution
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval. Term of appointment is ambiguous and against spirit of the law; Appointment as ID for a period of only one year.
  • Mirae Asset Mutual FundMs. Veni Thapar, 54, is Senior Partner at V K Thapar and Co., Chartered Accountants. She has experience in the fields of statutory and internal audits, bank audits, government audits, information systems audit, consultancy in company law, indirect taxes, FEMA and RBI Matters.Public sources indicate that she has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed her political affiliation as a part of her profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for her appointment within three months. We do not support the resolution.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
  • PPFAS Mutual FundDelayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law; Appointment as ID for 1 year
  • UTI Mutual FundPublic sources suggest she is politically affiliated.

  12 for17 against
• To approve appointment of Shri. Kedarnath Gupta, as an Independent Director of the Company and in this regard to consider and if thought fit, to pass with or without modification(s), the resolution as Special Resolution.MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merit of Director. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous.
  • Axis Mutual Fund, Jio BlackRock Mutual FundKedarnath Gupta, 60, is the Former Vice Chairperson of Tourism Board (Chhattisgarh). He has been involved in public service since 1989. He is a graduate in Science and Law. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution.
  • Baroda BNP Paribas Mutual FundNo concern on the merit of Directors. Governance concern identified since the exact term/ period for which it proposes to appoint the Independent director in the resolutions is ambiguous. Also, the shareholders’ approval for his appointment has only been proposed at the AGM dated 26th September, 2025 and the approval has been sought of more than three months post his appointment on the Board.
  • HSBC Mutual FundKedarnath Gupta is associated with a political party and the presence of directors with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • Invesco Mutual FundKedarnath Gupta, 60, is the Former Vice Chairperson of Tourism Board (Chhattisgarh). He has been involved in public service since 1989. He is a graduate in Science and Law. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval. Term of appointment is ambiguous and against spirit of the law.
  • Mirae Asset Mutual FundKedarnath Gupta, 60, is the Former Vice Chairperson of Tourism Board (Chhattisgarh). He has been involved in public service since 1989. He is a graduate in Science and Law.Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundDelayed shareholders’ approval; Term of appointment is ambiguous and against spirit of the law
  • UTI Mutual FundPublic sources suggest she is politically affiliated.
  • WhiteOak Capital Mutual FundKedarnath Gupta, 60, is the Former Vice Chairperson of Tourism Board (Chhattisgarh). He has been involved in public service since 1989. He is a graduate in Science and Law. Considering his lack of relevant experience and required qualifications, we do not support his reappointment. We do not support the resolution.

  10 for19 against

• Fine or penaltyBombay Stock ExchangeSince 27 May 2026

  Non-Compliance with respect to the Regulations 17(1) of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 pertaining to the composition of Board of Directors for an amount of Rs. 5,31,000/-

  Board Composition - Failure to maintain 50% of the Board as Independent Directors
• Fine or penaltyNational Stock ExchangeSince 27 May 2026

  Non-Compliance with respect to the Regulations 17(1) of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 pertaining to the composition of Board of Directors for an amount of Rs. 5,31,000/-

  Board Composition - Failure to maintain 50% of the Board as Independent Directors

In the company's own words, from its latest governance filing.

The board is made up as the listing rules require

No

The board has a regular chairperson

Yes

The company has a risk management committee

Yes

The chair is related to the managing director

Yes

The filing has a part on fines and penalties

Yes

The filing has a part on tax disputes

No

There was a cyber security incident in the quarter

No

The company's own answers in its filing.