National Aluminium Company CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 31 Aug 2026, 9 fund houses so far (houses' deadline to file 15 Oct 2026)

• To consider and adopt the audited financial statements (including audited consolidated financial statements) of the Company for the financial year ended 31st March, 2026, the reports of the Board of Directors and Auditors thereon.MoreLess

  ›Against Angel One Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee at the time of approval of financials. Accounts not vetted by duly compliant audit committee.
  • Navi Mutual FundUnqualified financial statements (except certain non-material CARO observations). Governance concern: Non-Compliant Audit Committee at the time of approval of financials. Accounts not vetted by duly compliant audit committee.

  7 for2 against
• To confirm payment of 1st, 2nd and 3rd Interim dividends and declare final dividend on equity shares for the financial year ended 31st March, 2026.

  ›Against Angel One 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.
  • Navi Mutual FundCompliant with law. Sufficient fund to pay final 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.

  7 for2 against
• To appoint a Director in place of Shri Jagdish Arora, Director (Projects & Technical) (DIN:10347268), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.
  • Navi Mutual Fund, PGIM India 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 and Woman Independent Director

  6 for3 against
• To appoint Shri Anil Kumar Singh (DIN:11466071) as Director (Commercial) of the Company.

  ›Against Angel One Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.
  • Navi Mutual Fund, PGIM India 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 and Woman Independent Director.

  6 for3 against
• To appoint Dr. Veena Kumari Dermal [DIN:08890469] as Part-time Official Director of the Company.

  ›Against Angel One Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director on the Board.
  • Navi Mutual Fund, PGIM India 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 and Woman Independent Director on the Board.

  6 for3 against
• To ratify the remuneration of Cost Auditors for the financial year ending 31st March, 2027.

  ›Against Angel One 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.
  • 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.

  7 for2 against
• To appoint Shri Neeraj (DIN:11893986) as Part-time Non-official (Independent) Director of the Company.

  ›Against Angel One Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Term of appointment is ambiguous and against spirit of the law. The proposed director has already been appointed on the Board and the Company has given notice under section 160 of the Companies Act, 2013.
  • Navi Mutual Fund, PGIM India Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Term of appointment is ambiguous and against spirit of the law. The proposed director has already been appointed on the Board and the Company has given notice under section 160 of the Companies Act, 2013.

  6 for3 against

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

• To consider and adopt the audited financial statements (including audited consolidated financial statements) of the Company for the financial year ended 31st March, 2025, the reports of the Board of Directors and Auditors thereon.MoreLess

  26 for0 against
• To confirm payment of 1st and 2nd interim dividends and declare final dividend on equity shares for the financial year ended 31st March, 2025.

  26 for0 against
• To appoint a Director in place of Shri Pankaj Kumar Sharma, Director (Production) (DIN: 10041341), who retires by rotation and being eligible, offers himself for re-appointment.

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Baroda BNP Paribas Mutual FundNo concern on the merits of the proposed appointee. Board has not fallen just short but is majorly short of ID's which needs to be addressed
  • Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: • Pankaj Kumar Sharma is an executive director serving on the audit committee. • The board is chaired by an executive director and the board is not at least one-half independent and Pankaj Kumar Sharma is a non-independent director nominee.
  • 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

  15 for11 against
• To appoint Shri Vivek Kumar Bajpai (DIN: 10717439) as Part-time Official Director of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco 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

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors. Delayed shareholders’ approval.
  • Axis Mutual FundVivek Kumar Bajpai, 49, is Joint Secretary in the Ministry of Mines, Government of India and Managing Director, Bharat Gold Mines Limited. He is an Indian Railway Service Mechanical Engineers Cadre Officer (IRSME) of 1999 Batch. Prior to joining the Ministry of Mines, he worked as Additional Development Commissioner (Handlooms) in the Ministry of Textiles. He has been associated with the company since 28 November 2024 and has attended the one (100%) board meeting held in FY25 during his tenure. He is liable to retire by rotation. 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors. Delayed shareholders’ approval.
  • Baroda BNP Paribas Mutual FundNo concern on the merits of the proposed appointee. Board has not fallen just short but is majorly short of ID's which needs to be addressed
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by an executive director and the board is not at least one-half independent and Vivek Kumar Bajpai is a non-independent director nominee.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • Invesco Mutual FundVivek Kumar Bajpai, 49, is Joint Secretary in the Ministry of Mines, Government of India and Managing Director, Bharat Gold Mines Limited. He is an Indian Railway Service Mechanical Engineers Cadre Officer (IRSME) of 1999 Batch. Prior to joining the Ministry of Mines, he worked as Additional Development Commissioner (Handlooms) in the Ministry of Textiles. He has been associated with the company since 28 November 2024 and has attended the one (100%) board meeting held in FY25 during his tenure. He is liable to retire by rotation. 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
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors. Delayed shareholders approval.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs, Delayed shareholders’ approval
  • UTI Mutual FundVivek Kumar Bajpai, 49, is Joint Secretary in the Ministry of Mines, Government of India and Managing Director, Bharat Gold Mines Limited. He is an Indian Railway Service Mechanical Engineers Cadre Officer (IRSME) of 1999 Batch. 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.
  • WhiteOak Capital Mutual FundVivek Kumar Bajpai, 49, is Joint Secretary in the Ministry of Mines, Government of India and Managing Director, Bharat Gold Mines Limited. 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 do not support the resolution.

  8 for18 against
• To appoint Dr. Tapas Kumar Pattanayak (DIN: 10893970) as Director (HR) of the Company.

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders’ approval.
  • Baroda BNP Paribas Mutual FundNo concern on the merits of the proposed appointee. Board has not fallen just short but is majorly short of ID's which needs to be addressed
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by an executive director and the board is not at least one-half independent and Tapas Kumar Pattanayak is a non-independent director nominee.
  • 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 shareholders approval.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs, Delayed shareholders’ approval

  15 for11 against
• To appoint Shri Brijendra Pratap Singh (DIN: 08665585) as Chairman-cum-Managing Director of the Company.

  ›Against Angel One 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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Holds combined position of Chairman and Managing Director. Delayed shareholders’approval.
  • Baroda BNP Paribas Mutual FundNo concern on the merits of the proposed appointee. Board has not fallen just short but is majorly short of ID's which needs to be addressed
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Holds combined position of Chairman and Managing Director. Delayed shareholders’ approval.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Holds combined position of Chairman and Managing Director. Delayed shareholders approval.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs, Holding combinedposition of Chairman and MD, Delayed shareholders’ approval.

  17 for9 against
• To appoint Shri Abhay Kumar Behuria (DIN: 09694123) as Director (Finance) of the Company.

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders’ approval.
  • Baroda BNP Paribas Mutual FundNo concern on the merits of the proposed appointee. Board has not fallen just short but is majorly short of ID's which needs to be addressed
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by an executive director and the board is not at least one-half independent and Abhay Kumar Behuria is a non-independent director nominee.
  • 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 shareholders approval.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs, Delayed shareholders’ approval

  15 for11 against
• To re-appoint Dr. Ajay Narang (DIN: 00368054), as Part-time Non-official (Independent) Director of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco 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

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Axis Mutual FundDr. Ajay Narang, 58, is Trustee & the President of Vishwa Samvaad Kendra Trust, Bhopal. Govt. of Madhya Pradesh. He is an allopathic General Physician. He has over three decades of experience in industry and business in Indian and United States. He has been associated with the company from 16 November 2021 till 9 November 2024. Public sources suggest that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Baroda BNP Paribas Mutual FundNo concern on the merits of the proposed appointee. Board has not fallen just short but is majorly short of ID's which needs to be addressed
  • Invesco Mutual FundDr. Ajay Narang, 58, is Trustee & the President of Vishwa Samvaad Kendra Trust, Bhopal. Govt. of Madhya Pradesh. He is an allopathic General Physician. He has over three decades of experience in industry and business in Indian and United States. He has been associated with the company from 16 November 2021 till 9 November 2024. Public sources suggest that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. 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
  • LIC Mutual FundConcerns over No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders approval, Term of appointment is ambiguous and against spirit of the law.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law
  • UTI Mutual FundPublic sources suggest that he has political affiliations.
  • WhiteOak Capital Mutual FundDr. Ajay Narang, 58, is Trustee & the President of Vishwa Samvaad Kendra Trust, Bhopal. Govt. of Madhya Pradesh. Given his professional experience, as an allopathic General Physician, it is not clear if the director's experience would help strengthen the board. We do not support the resolution. We do not support the resolution.

  10 for16 against
• To re-appoint Shri Patel Sanjaykumar (DIN: 09545270), as Part-time Non-official (Independent) Director of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco 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

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Axis Mutual Fund, Invesco Mutual FundSanjaykumar Patel, 55, is the Chairperson of Agriculture Produce Market Committee (APMC), Khambhat, Gujarat since 2018. He is also the President of Ralej Kedavni Mandal Ralej and Syndicate member of Sardar Patel University, V. V Nagar since 2018. Public sources suggest that he was a former Bharatiya Janta Party (BJP) MLA from Khambhat, Gujarat. We do not support his appointment as an Independent Director, as we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Baroda BNP Paribas Mutual FundNo concern on the merits of the proposed appointee. Board has not fallen just short but is majorly short of ID's which needs to be addressed
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: * The board is chaired by an executive director and the board is not at least one-half independent and Patel Sanjaykumar is a non-independent director nominee. * He is associated with a political party and the presence of director with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • HSBC Mutual FundPatel Sanjaykumar 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.
  • LIC Mutual FundConcerns over No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders approval, Term of appointment is ambiguous and against spirit of the law.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law
  • UTI Mutual FundPublic sources suggest that he has political affiliations.
  • WhiteOak Capital Mutual FundSanjaykumar Patel, 55, is the Chairperson of Agriculture Produce Market Committee (APMC), Khambhat, Gujarat since 2018. Considering his lack of relevant experience and required qualifications, we do not support his reappointment. We do not support the resolution.

  8 for18 against
• To appoint Ms. Trupti Kamlesh Patel (DIN: 09392198), as Part-time Non-official (Independent) Director of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco 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

  • 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 FundMs. Trupti Kamlesh Patel, 52, is former Joint Treasurer, State Mahila Morcha, Secretary in DAMINI Women’s Foundation (NGO). She is Paralegal Volunteer of State Legal Services Authority Daman. We expect the company to provide detailed disclosures regarding her past work experience in the shareholders notice, for shareholders to make an informed decision. Given the lack of clarity and her limited work experience of three years, we are unable to determine her suitability to be on the board. Further, public sources suggest that she has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. 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.
  • Baroda BNP Paribas Mutual FundNo concern on the merits of the proposed appointee. Board has not fallen just short but is majorly short of ID's which needs to be addressed
  • Invesco Mutual FundMs. Trupti Kamlesh Patel, 52, is former Joint Treasurer, State Mahila Morcha, Secretary in DAMINI Women’s Foundation (NGO). She is Paralegal Volunteer of State Legal Services Authority Daman. We expect the company to provide detailed disclosures regarding her past work experience in the shareholders notice, for shareholders to make an informed decision. Given the lack of clarity and her limited work experience of three years, we are unable to determine her suitability to be on the board. Further, public sources suggest that she has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. 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
  • 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 FundAs per advisory recommendation (Passive holding)
  • 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 that she has political affiliations.
  • WhiteOak Capital Mutual FundMs. Trupti Kamlesh Patel, 52, is former Joint Treasurer, State Mahila Morcha, Secretary in DAMINI Women’s Foundation (NGO). She is Paralegal Volunteer of State Legal Services Authority Daman. Considering her lack of relevant experience and required qualifications, we do not support his reappointment. We do not support the resolution.

  10 for16 against
• To ratify the remuneration of Cost Auditors for the financial year ending 31st March, 2026.

  26 for0 against
• To appoint M/s. Saroj Ray & Associates as the Secretarial Auditors of the Company.

  ›Against Angel One 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

  • Angel One Mutual FundTransparency Concern: Previous auditors’ remuneration not available; it cannot be ascertained as to whether there is any material change in the proposed Audit fee.
  • Baroda BNP Paribas Mutual FundLong tenure of association a concern.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed Auditors. Transparency Concern: Previous auditors’ remuneration not available; it cannot be ascertained as to whether there is any material change in the proposed Audit fee.
  • LIC Mutual FundTransparency Concern: Previous auditors remuneration not available; it cannot be ascertained as to whether there is any material change in the proposed Audit fee.
  • PPFAS Mutual FundAudit fee paid to outgoing auditors and Material change in the proposed audit fees not disclosed.

  18 for8 against

• Fine or penaltyBSESince 27 May 2026

  Imposition of fine of Rs.5,31,000/- by BSE for non compliance with the provisions of SEBI LODR Regulations 2015 during the quarter ended 31.03.2026.

  Non-compliance with the provisions of Regulations 17(1) of the SEBI (LODR) Regulations, 2015
• Fine or penaltyNSESince 27 May 2026

  Imposition of fine of Rs.5,31,000/- by NSE for non compliance with the provisions of SEBI LODR Regulations 2015 during the quarter ended 31.03.2026.

  Non-compliance with the provisions of Regulations 17(1) of the SEBI (LODR) Regulations, 2015

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.