NBCC (India) MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 11 Sep 2026, 15 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 consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026 and the Reports of the Board of Directors, the Statutory Auditors and the Comments of the Comptroller and Auditor General of India thereon.MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance concern: Non-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 FundWe have relied upon the auditors’ report, which have drawn attention to multiple matters regarding the holding company, HSCL (a subsidiary) and HSCC (a wholly owned subsidiary). The auditors’ opinion is not modified in respect of these matters. The auditors have also highlighted certain issues with the audit trail. The auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). Notwithstanding, we raise concern that the company has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board while the accounts were finalized. In the absence of criticaloversight provided by the audit committee, we are unable to support the resolution. We do not support the resolution.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundUnqualified Financial Statements (except certain non-material remarks in CARO report). Governance concern: Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  8 for7 against
• To take note of the payment of 1st Interim dividend of Rs. 0.21/-(i.e. 21%) per fully paid-up Equity Share of Rs. 1/- each for the financial year 2025-26.

  11 for0 against
• To take note of the payment of 2nd Interim dividend of Rs.0.21/-(i.e. 21%) per fully paid-up Equity Share of Rs. 1/- each for the financial year 2025-26.

  11 for0 against
• To take note of the payment of 3rd Interim dividend of Rs. 0.12/-(i.e. 12%) per fully paid-up Equity Share of Rs. 1/- each for the financial year 2025-26.

  11 for0 against
• To declare final dividend of Rs. 0.46/- (i.e. 46%) per fully paid-up Equity Share of Rs. 1/- each for the Financial Year ended March 31, 2026.

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

  • Angel One Mutual FundGovernance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Sufficient funds available for payment of final dividend. Governance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  10 for5 against
• To appoint a Director in place of Shri Anjeev Kumar Jain (DIN: 09233328), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Helios 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 Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, PGIM India 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.

  10 for5 against
• To appoint a Director in place of Shri Ravi Kumar Arora (DIN: 09217881), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Jio BlackRock 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 Director/ Woman Independent Director.
  • DSP Mutual Fund, Jio BlackRock Mutual FundRavi Kumar Arora, 53, is an IAS officer and Joint Secretary in Ministry of Housing and Urban Affairs (MoHUA) GoI. He has been on the board since 23 November 2022. He attended fourteen out of seventeen (82.4%) board meeting held in FY26. He retires by rotation and although his reappointment meets all statutory requirements, we note that the board composition is not compliant with regulations on independent director representation. We expect MoHUA to first address the board composition, before (re)appointing its nominees to the board. We do not support the resolution.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, PGIM India 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.
  • HSBC Mutual FundWe are voting against this Nomination Committee member as we have concerns about insufficient gender diversity of the board. We have concerns about insufficient independence on the Remuneration and Nomination committees.

  7 for8 against
• To authorize Board of Directors to fix the remuneration of Statutory Auditor(s) of the Company for the FY 2026-27 as appointed by the Comptroller and Auditor General of India.

  15 for0 against
• To ratify the remuneration of the Cost Auditor for FY 2026-27

  4 for0 against

Mutual fund votes, meeting of 24 Sep 2025, 28 fund houses

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

• To consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025, and the Reports of the Board of Directors, the Statutory Auditors and the Comments of the Comptroller and Auditor General of India thereon.MoreLess

  28 for0 against
• To take note of the payment of interim dividend of Rs. 0.53/- (i.e. 53%) per fully paid-up Equity Share of Rs. 1/- each for the Financial Year 2024-25.

  28 for0 against
• To declare final dividend of Rs. 0.14/-(i.e.14%) per fully paid-up Equity Share of Rs. 1/- each for the Financial Year ended March 31, 2025

  28 for0 against
• To appoint a Director in place of Dr. Suman Kumar (DIN: 06945624), who retires by rotation and being eligible, offers himself for re-appointment

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director
  • 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 & Woman Director/ Woman Independent Director.
  • 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 & woman director/ woman ID
  • quant Mutual FundCompliant with the 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 & Woman Director/ Woman Independent Director.

  18 for10 against
• To appoint a Director in place of Shri Sanjeet (DIN:09833776), who retires by rotation and being eligible, offers himself for re-appointment

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director
  • Axis Mutual Fund, Jio BlackRock Mutual FundSanjeet, 54, Joint Secretary & Financial Advisor in the Ministry of Housing and Urban Affairs, Government of India, has been on the board since December 2022. He attended all fifteen board meetings held in FY25. He retires by rotation and his reappointment is in line with statutory requirements. However, we note that the board composition is not compliant with regulations on independent director representation. We expect MoHUA to first address the board composition, before (re)appointing its nominees to the board. We do not support the resolution.
  • 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 & Woman Director/ Woman Independent Director.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • Invesco Mutual FundSanjeet, 54, Joint Secretary & Financial Advisor in the Ministry of Housing and Urban Affairs, Government of India, has been on the board since December 2022. He attended all fifteen board meetings held in FY25. He retires by rotation and his reappointment is in line with statutory requirements. However, we note that the board composition is not compliant with regulations on independent director representation. We expect MoHUA to first address the board composition, before (re)appointing its nominees to the board. We do not support the resolution
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors and Woman Director/ Woman Independent Director.
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs & woman director/ woman ID
  • quant Mutual FundCompliant with the 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 & Woman Director/ Woman Independent Director.
  • WhiteOak Capital Mutual FundSanjeet, 54, Joint Secretary & Financial Advisor in the Ministry of Housing and Urban Affairs, Government of India. While we are in favour of his appointment, we note that the board composition is not compliant with regulations on independent director representation and hence we do not support the resolution.

  12 for16 against
• To authorize Board of Directors to fix the remuneration of Statutory Auditor(s) of the Company for the FY 2025-26 as appointed by the Comptroller and Auditors General of India

  28 for0 against
• To ratify the remuneration of the Cost Auditor for FY 2025-26

  6 for0 against
• Appointment of Secretarial Auditor of the Company for a period of 5 (Five) consecutive years, from FY 2025-26 to FY 2029-30

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundProposed fee payable to Secretarial Auditors not disclosed.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed fee payable to Secretarial Auditors not disclosed.
  • PPFAS Mutual FundProposed audit fee not disclosed
  • quant Mutual FundNo concern on merit of the proposed secretarial auditors. Non-compliant with Regulation 36(5) of SEBI LODR: Proposed fee payable to Secretarial Auditors not disclosed.

  17 for10 against
• Appointment of Shri Anjeev Kumar Jain (DIN: 09233328) as Director (Finance) of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors & Woman Director/ Woman Independent Director; Delayed shareholder’s approval.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios 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 & Woman Director/ Woman Independent Director; Delayed shareholder’s approval.
  • 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 & woman director/ woman ID; Delayed shareholder’s approval
  • quant Mutual FundCompliant with the 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 & Woman Director/ Woman Independent Director; Delayed shareholder’s approval.

  17 for11 against
• Appointment of Dr. Deepak Singh (DIN: 08568480) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundDelayed Shareholders’ approval; Term of appointment is ambiguous; Appointment for a period of 1 year only
  • Axis Mutual Fund, Jio BlackRock Mutual FundDr. Deepak Singh, 59, MBBS and MD, has completed a PG course in Health and Family Welfare Management and courses in G.I.S. in Health and Epidemiological and Biomedical Data Analysis. He has over three decades of experience. Public sources suggest he has political linkages. We believe this affiliation may unnecessarily politicize decisions that the company will make and therefore distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. Further, 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 within three months. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios 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 for a period of 1 year only.
  • Invesco Mutual FundDr. Deepak Singh, 59, MBBS and MD, has completed a PG course in Health and Family Welfare Management and courses in G.I.S. in Health and Epidemiological and Biomedical Data Analysis. He has over three decades of experience. Public sources suggest he has political linkages. We believe this affiliation may unnecessarily politicize decisions that the company will make and therefore distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. Further, 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 within three months. We do not support the resolution
  • 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 FundTerm of appointment is ambiguous and against spirit of the law; Delayed shareholder’s approval; Appointment for a period of 1 year only
  • quant Mutual Fund: No concern on the merits of director. Governance concern: Delayed shareholders’ approval. Term of appointment is ambiguous and against spirit of the law; Appointment for a period of 1 year only.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundDr. Deepak Singh, 59, MBBS and MD, has completed a PG course in Health and Family Welfare Management and courses in G.I.S. in Health and Epidemiological and Biomedical Data Analysis. While Dr Deepak seems to be very well-qualified in the medical field, considering the lack of financial background or directorship experience, we recommend voting against.

  11 for17 against
• Re-appointment of Prof. Bhimrao Panda Bhosale (DIN: 09422731) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Directors. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, 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
  • quant Mutual FundNo concern on the merits of directors. Non-compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.

  18 for10 against
• Re-Appointment of Shri Rajeev Kumar (DIN- 01610012) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, quant 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 directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous.
  • Axis Mutual Fund, Jio BlackRock Mutual FundRajeev Kumar, 61, Chartered Accountant and partner in Rajeev Birendra & Co., was on the board of NBCC from 24 December 2021 to 22 November 2024. During FY25, he attended all ten board meetings he was eligible to attend. Public sources suggest he has political linkages. We believe this affiliation may unnecessarily politicize decisions that the company will make and therefore distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. Further, 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 within three months. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Directors. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law.
  • HSBC Mutual FundWe are voting against this Nomination Committee Chair as we have concerns about insufficient gender diversity of the board.
  • Invesco Mutual FundRajeev Kumar, 61, Chartered Accountant and partner in Rajeev Birendra & Co., was on the board of NBCC from 24 December 2021 to 22 November 2024. During FY25, he attended all ten board meetings he was eligible to attend. Public sources suggest he has political linkages. We believe this affiliation may unnecessarily politicize decisions that the company will make and therefore distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. Further, 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 within three months. We do not support the resolution
  • 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 directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval.
  • 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
  • quant Mutual FundNo concern on the merits of directors. Non-compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundRajeev Kumar, 61, Chartered Accountant and partner in Rajeev Birendra & Co., was on the board of NBCC from 24 December 2021 to 22 November 2024. Considering the current board composition in terms of financial background and directorship experience and the fact that Mr Kumar has not been associated as a director in any major listed company prior to NBCC, we recommend voting against.

  10 for18 against
• Appointment of Shri Vishal Puri (DIN: 11121276) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundDelayed Shareholders’ approval; Term of appointment is ambiguous.
  • Axis Mutual Fund, Jio BlackRock Mutual FundVishal Puri, 45, Chartered Accountant and former Chairperson of the Chandigarh branch of ICAI, has over ten years of experience. He holds bachelor's degrees in commerce and law from Panjab University. Public sources suggest he has political linkages. We believe this affiliation may unnecessarily politicize decisions that the company will make and therefore distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. Further, 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 within three months. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios 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.
  • Invesco Mutual FundVishal Puri, 45, Chartered Accountant and former Chairperson of the Chandigarh branch of ICAI, has over ten years of experience. He holds bachelor's degrees in commerce and law from Panjab University. Public sources suggest he has political linkages. We believe this affiliation may unnecessarily politicize decisions that the company will make and therefore distract the management from its core focus. We expect the company to disclose any political affiliations of its directors in the meeting notice. Further, 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 within three months. We do not support the resolution
  • 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.
  • PPFAS Mutual FundTerm of appointment is ambiguous and against spirit of the law; Delayed shareholder’s approval
  • quant Mutual FundNo concern on the merits of director. Governance concern: Delayed shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundVishal Puri, 45, Chartered Accountant and former Chairperson of the Chandigarh branch of ICAI, has over ten years of experience. Considering the current board composition in terms of financial background and directorship experience and the fact that Mr Puri has not been associated as a director in any major listed company prior to NBCC, we recommend voting against.

  11 for17 against

• Fine or penaltyBSE LimitedSince 27 May 2026₹0.00 Cr

  Notice of Fine

  Non-compliance with the requirements pertaining to the Regulation 17(1) composition of the Board including failure to appoint woman director.
• Fine or penaltyNSE LimitedSince 27 May 2026₹0.00 Cr

  Notice of Fine

  Non-compliance with the requirements pertaining to the Regulation 17(1) composition of the Board including failure to appoint woman director.
• Tax disputeHon'ble Delhi High CourtSince 5 Apr 2019
  Pending, Next Date of hearing is 09.10.2026
  At the filing before: Pending, Next Date of hearing is 20.04.2026
• Tax disputeCIT (A), Income TaxSince 8 Apr 2022
  Order of CIT(A) is awaited.
• Tax disputeCIT (A), Income TaxSince 15 Oct 2022
  Order of CIT(A) has received on 13.11.2025 against which appeal before ITAT is filed on 12.01.2026. Last Date of hearing was 15.07.2026. Order is awaited.
  At the filing before: Order of CIT(A) has received on 13.11.2025 against which appeal before ITAT is filed on 12.01.2026. Date of hearing is 23.04.2026.
• Tax disputeCIT (A), Income TaxSince 28 Apr 2016
  Order of CIT(A) is awaited.
• Tax disputeCIT (A), Income TaxSince 24 Jan 2019
  Order of CIT(A) has received on 13.11.2025 which is partly allowed. NBCC has filed appeal before ITAT on 12.01.2026 against order of CIT(A). Next Date of hearing is 06.08.2026
  At the filing before: Order of CIT(A) has received on 13.11.2025 which is partly allowed. NBCC has filed appeal before ITAT on 12.01.2026 against order of CIT(A). Date of hearing is 23.04.2026.
• Tax disputeCIT (A), Income TaxSince 24 Jul 2020
  Order of CIT(A) is awaited.

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

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.