The New India Assurance Company MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 27 Jul 2026, 8 fund houses so far (houses' deadline to file 15 Oct 2026)

• Adoption of Financial Statements

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

  • Angel One Mutual FundGovernance Concern: Statutory Auditors have given Qualified opinion on Standalone and Consolidated financial statements of the Company and has identified material weakness in internal financial controls; however, the management has not adequately addressed the same. 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 FundAuditors have qualified their opinion of the standalone and consolidated financial statements because balances relating to various accounts including inter office accounts, unadjusted banking transactions, dues from / to reinsurers, certain indirect tax related accounts and certain other accounts are subject to confirmation and reconciliation. Consequential adjustments, effect of which, if any, is not ascertainable, and cannot be commented upon. The auditors have qualified their opinion on the internal financial controls due to material weaknesses that have been identified. The auditors have also issued various emphasis of matters. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with the Indian Accounting Standards. Governance Concern: Statutory Auditors have given Qualified opinion on Standalone and Consolidated financial statements of the Company and has identified material weakness in internal financial controls; however, the management has not adequately addressed the same. Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity / accuracy of the financial statements.

  3 for5 against
• Declaration of final Dividend

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

  • Angel One Mutual FundGovernance Concern(s) 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, Navi Mutual FundSufficient funds available for payment of dividend. Governance Concern(s) 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.

  5 for3 against
• To authorize the Board of Directors to fix the remuneration of the Joint Statutory Auditors appointed by the Comptroller & Auditor General of India (C&AG) for the Financial Year 2026-27

  8 for0 against
• To appoint a director in place of Ms. Girija Subramanian, CMD (DIN: 09196957), who retires by rotation and being eligible, offers herself for re- appointment in this regard to consider and if thought fit, to pass the following Resolution, as an Ordinary ResolutionMoreLess

  ›Against Angel One Mutual Fund, Edelweiss 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 Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. No issue on merit/eligibility or competence of appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.

  5 for3 against
• Appointment of Mr. S. Sivasankar, as Executive Director on the Board of The New India Assurance Co. Ltd.

  ›Against Angel One Mutual Fund, Edelweiss 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 Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with Law. No issue on merit/eligibility or competence of appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.

  5 for3 against
• Appointment of Mr. Hari Har Mishra, as Government Nominee Director on the Board of The New IndiaAssurance Co. Ltd.

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

  • Angel One Mutual FundAppointed as Chairman of the Audit Committee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.
  • DSP Mutual FundHari Har Mishra, 54, is Additional Secretary in the Department of Financial Services, Ministry of Finance, Government of India. He is an Indian Defence Accounts Service (IDAS) officer from the 1998 batch. The notice is unclear as to whether he retires by rotation. However, we draw comfort from SEBI’s new amendments effective 1 April 2024 which require shareholder approval for all directors at least once in five years. While the appointment is in line with statutory requirements are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect the Government of India and Ministry of Finance to first address the board composition, before appointing its nominees to the board. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundNo concerns on the merit/eligibility or competence of the appointee. Non-compliant with Regulation 18 of SEBI LODR: Appointed as Chairman of the Audit Committee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.
  • Jio BlackRock Mutual FundHar Har Misra, 54, is Additional Secretary in the Department of Financial Services, Ministry of Finance, Government of India. He is an Indian Defence Accounts Service (IDAS) officer from the 1998 batch. The notice is unclear as to whether he retires by rotation. However, we draw comfort from SEBI’s new amendments effective 1 April 2024 which require shareholder approval for all directors at least once in five years. While the appointment is in line with statutory requirements are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect the Government of India and Ministry of Finance to first address the board composition, before appointing its nominees to the board. We do not support the resolution.

  3 for5 against

Mutual fund votes, meeting of 24 Sep 2025, 19 fund houses

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

• Adoption of Financial Statements

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundStatutory Auditors have given Qualified opinion on Standalone and Consolidated financial statements of the Company and has identified material weakness in internal financial controls; however, the management has not adequately addressed the same.
  • Axis Mutual Fund, Jio BlackRock Mutual FundAuditors have qualified their opinion of the standalone and consolidated financial statements because balances relating to various accounts including inter office accounts, unadjusted banking transactions, dues from / to reinsurers, certain indirect tax related accounts and certain other accounts are subject to confirmation and reconciliation. Consequential adjustments, effect of which, if any, is not ascertainable, and cannot be commented upon. The auditors have qualified their opinion on the internal financial controls due to material weaknesses that have been identified. The auditors have also issued various emphasis of matters. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. 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 Applicable Accounting Standards. Governance Concern: Statutory Auditors have given Qualified opinion on Standalone and Consolidated financial statements of the Company and has identified material weakness in internal financial controls; however, the management has not adequately addressed the same.
  • Kotak Mahindra Mutual FundStatutory Auditors have given Qualified opinion on Standalone and Consolidated financial statements of the Company and has identified material weakness in internal financial controls; however, the management has not adequately addressed the same. The auditors have also issued various emphasis of matters. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Statutory Auditors have given Qualified opinion on Standalone and Consolidated financial statements of the Company and has identified material weakness in internal financial controls; however, the management has not adequately addressed the same.
  • UTI Mutual FundAuditors have qualified their opinion of the standalone and consolidated financial statements because balances relating to various accounts including inter office accounts, unadjusted banking transactions, dues from / to reinsurers, certain indirect tax related accounts and certain other accounts are subject to confirmation and reconciliation. Consequential adjustments, effect of which, if any, is not ascertainable, and cannot be commented upon. The auditors have qualified their opinion on the internal financial controls due to material weaknesses that have been identified. The auditors have also issued various emphasis of matters. We do not support the resolution.

  6 for13 against
• Declaration of Final Dividend

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

  • Angel One Mutual FundGovernance Concern(s) 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundSufficient funds available for payment of dividend. Governance Concern(s) 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.

  12 for7 against
• To authorize the Board of Directors to fix the remuneration of the Joint Statutory Auditors appointed by the Comptroller & Auditor General of India (C&AG) for the Financial Year 2025-26

  19 for0 against
• To appoint a Director in place of Ms. Smita Srivastava, Executive Director (DIN: 09250237), who retires by rotation and being eligible, offers herself for reappointment in this regard to consider and if thought fit, to pass the following as an Ordinary Resolution.MoreLess

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

  • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with Law. No issue on merit/eligibility or competence of appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  12 for7 against
• Appointment of Mr. Nidhu Saxena, (DIN: 09691292) as a Non-Executive Director on the Board of The New Assurance Co. Ltd.

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

  • Angel One Mutual FundTerms and Conditions of appointment of proposed Independent Director not disclosed on the website of the Company; Delayed shareholders’ approval; Term of appointment is ambiguous; Low attendance at Board meetings and no justification for leave of absence.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, UTI Mutual FundNidhu Saxena, 57, is Managing Director and Chief Executive Officer of Bank of Maharashtra. He has more than 26 years of experience in banking. He attended 50% (three out of six) board meetings held in FY25 during his tenure. The notice of his appointment does not clearly state the category of directorship in the company; however as per the annual report, he is classified as an Independent Director. Since Bank of Maharashtra and The New India Assurance Company Limited are both Government owned entities, we do not consider Nidhu Saxena to be an Independent Director. The board must consider appointing him as a non-executive non-independent director. We do not support the resolution.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo issue on merit/eligibility or competence of appointee. Non-Compliant: Directorship has ceased in terms of Section 161 of the Companies Act, 2013, since approval not sought in AGM 2024; Terms and Conditions of appointment of proposed IDs not disclosed on the website of the Company; Delayed shareholders’ approval under SEBI LODR 2015. Governance concern: Term of appointment is ambiguous and against spirit of the law; Low attendance at Board meetings and no justification for leave of absence.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliant: Directorship has ceased in terms of Section 161 of the Companies Act, 2013, since approval not sought in AGM 2024; Terms and Conditions of appointment of proposed IDs not disclosed on the website of the Company; Delayed shareholders’ approval under SEBI LODR 2015.

  6 for13 against
• Appointment of Ms. Kasturi Sengupta, (DIN: 11017873) as an Executive Director on the Board of the New India Assurance Co. Ltd.

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

  • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors; Delayed Shareholders’ approval.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with Law. No issue on merit/eligibility or competence of appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed Shareholders’ approval.

  12 for7 against
• Appointment of Ms. Shwetha Rao B, (DIN: 11248361) as Nominee Director on the Board of The New India Assurance Co. Ltd.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors.
  • Axis Mutual Fund, Jio BlackRock Mutual FundMs. Shwetha Rao B, 40, is Director in the Department of Financial Services, Ministry of Finance, Government of India, in charge of the IT and Economic Analysis cells in the Department. The notice is unclear as to whether she retires by rotation. However, we draw comfort from SEBI’s new amendments effective 1 April 2024 which require shareholder approval for all directors at least once in five years. While the appointment is in line with statutory requirements are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect the Government of India and Ministry of Finance to first address the board composition, before 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 issue on merit/eligibility or competence of appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  8 for11 against
• Appointment of Secretarial Auditor from FY 2025-26 till FY 2029-2030

  ›Against Angel 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 Fund

  • Angel One Mutual FundCredentials of proposed Secretarial Auditors not disclosed in the Notice; Failure to highlight previous non_x0002_compliance by the Company in the Secretarial Audit Report or Annual secretarial Compliance Report.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern identified on profile and merit of proposed Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR 2015: Credentials of proposed Secretarial Auditors not disclosed in the Notice, as required by law. Governance concern: Failure to highlight previous noncompliance by the Company in the Secretarial Audit Report or Annual secretarial Compliance Report.
  • Baroda BNP Paribas Mutual FundNo concern identified on profile and merit of proposed Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR 2015: Credentials of proposed Secretarial Auditors not disclosed in the Notice, as required by law.

  7 for8 against

• Fine or penaltyIncome Tax DepartmentSince 8 Jun 2026

  Penalty under section 271(1)(c) of Income Tax Act,1961 for AY 2014-15

  Penalty under section 271(1)(c) of Income Tax Act,1961 for concealment and furnishing of inaccurate information.
• Fine or penaltyIncome Tax DepartmentSince 11 Jun 2026

  Penalty under section 270A of Income Tax Act,1961 for AY 2017-18

  Penalty under section 270A of Income Tax Act,1961 for under-reporting of income.
• Fine or penaltyIncome Tax DepartmentSince 19 Jun 2026

  Penalty under section 270A of Income Tax Act,1961 for AY 2018-19

  Penalty under section 270A of Income Tax Act,1961 for under-reporting of income.
• Tax disputeAdditional commisisonerSince 24 Jun 2025
  The company has filed appeal before First Appellate Authority. The pending for hearing.
  At the filing before: The company has submitted a letter and attended hearing _MH_SCN. Thereafter, on 29.12.2025, the Additional commissioner issued order in form GST DRC-07 wherein demand raised Rs 110,11,78,305/-, the same has been reported in SEBI disclosure on 30.12.2025MoreLess
• Tax disputeADDITIONAL COMMISSIONER, CGST & CX, PALGHARSince 28 Jan 2025
  On 26.03.2026, Hon'ble Bombay High Court was pleased to pronounce the order wherein Hon'ble Court has granted stay pursuant to order of adjudicating authority till final disposal of writ petition.
  At the filing before: Pending before Hon'ble Bombay High Court_Health SEZ matter
• Tax disputeAdditional Commissioner, CGST & Central Excise PalgharCommissionerateSince 24 Jan 2025
  Pending for hearing before Hon'ble Bombay High Court
  At the filing before: Pending before Hon'ble Bombay High Court_salvage matter
• Tax disputeAssistant Commissioner, Ward 206, Zone 11, DelhiSince 21 Aug 2025
  The company has filed appeal before First Appellate Authority. The pending for hearing.
  At the filing before: The company has submitted a letter dated 13.10.2025. Thereafter, on 29.12.2025, the Assistant Commissioner issued order in form GST DRC-07 wherein demand raised Rs 69,17,05,747/-. The same has been reported in SEBI disclosure on 30.12.2025MoreLess
• Tax disputeAdditional Commissioner, CGST & Central Excise PalgharCommissionerateSince 29 Sep 2025
  On 16.03.2026, Hon'ble Bombay High Court was pleased to pronounce the order wherein the Hon'ble Court has granted stay pursuant to order of adjudicating authority.
  At the filing before: On 19.12.2025, the company has filed writ petition before Hon'ble Bombay High Court vide WP No. 40790 of 2025

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.