NMDC MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 28 Sep 2026, 17 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: (a) the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2026 together with the reports of the Board of Directors, Statutory Auditors and Comptroller & Auditor General of India thereon; and (b) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2026 together with the reports of Statutory Auditors and Comptroller and Auditor General of India thereon.MoreLess

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

  • Angel One Mutual FundNon-disclosure of the audited financial statements of Subsidiaries for FY 2025-26 on the website of the Company.
  • DSP Mutual Fund, Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has been prepared on a qualified opinion basis due to certain lapses relating to movement and dispatch of iron ore through trucks at one of the iron ore mines of the company and the deficiencies in safeguarding and monitoring controls operating in that mine indicating that there could be a reasonable possibility of the material misstatement. Further, the auditors have raised certain emphasis of matters including a proposed retrospective tax levy of Rs. 154.8 bn under the Karnataka Mineral Tax Bill, pending Presidential assent; significant receivables including Rs. 48.4 bn from NMDC Steel Limited and Rs. 45.9 bn from RINL. An advance of Rs. 6.4 bn to KIADB remains unresolved. Additionally, demands of Rs. 16.2 bn (based on the Common Cause judgment) and Rs. 16.2 bn (for alleged RTP violations) are sub-judice. The financial position of Legacy Iron Ore Ltd, a foreign subsidiary, is also under review. The impact on the Consolidated Financial Statements depends on the outcomes of the matters noted. The auditors’ opinion is not modified in respect of the above matters. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software.Given that the auditors have a qualified opinion on the financial statements with, we do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundUnqualified financial statements. Non-Compliant with S. 136(1) of the Companies Act & Regulation 46(2)(s) of SEBI LODR: Nondisclosure of the audited financial statements of Subsidiaries for FY 2025-26 on the website of the Company.
  • Sundaram Mutual FundWe have relied upon the auditors’ report, which has been prepared on a qualified opinion basis due to certain lapses relating to movement and dispatch of iron ore through trucks at one of the iron ore mines of the company and the deficiencies in safeguarding and monitoring controls operating in that mine indicating that there could be a reasonable possibility of the material misstatement. Further, the auditors have raised certain emphasis of matters including a proposed retrospective tax levy of Rs. 154.8 bn under the Karnataka Mineral Tax Bill, pending Presidential assent; significant receivables including Rs. 48.4 bn from NMDC Steel Limited and Rs. 45.9 bn from RINL. An advance of Rs. 6.4 bn to KIADB remains unresolved. Additionally, demands of Rs. 16.2 bn (based on the Common Cause judgment) and Rs. 16.2 bn (for alleged RTP violations) are sub-judice. The financial position of Legacy Iron Ore Ltd, a foreign subsidiary, is also under review. The impact on the Consolidated Financial Statements depends on the outcomes of the matters noted. The auditors’ opinion is not modified in respect of the above matters. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. Given that the auditors have a qualified opinion on the financial statements with, we do not support the resolution.

  9 for8 against
• To take note of the payment of Interim Dividend of ₹2.50 per equity share of face value of ₹1.00 each already paid and approve the payment of final dividend of ₹1.00 per equity share of face value of ₹1.00 each for the financial year 2025-26.MoreLess

  17 for0 against
• To appoint a Director in place of Shri Abhijit Narendra (DIN: 07851224), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, PGIM India 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.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundAbhijeet Narendra, 59, is Joint Secretary, Ministry of Steel, Government of India. He has been a nominee director on the board since 9 February 2023. He attended ten of twelve board meetings (83%) held in FY26. He retires by rotation. While his reappointment as a Nominee Director is in line with statutory requirements, we are unable to support his reappointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Steel to first address the board composition, before appointing their nominees on the board. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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 longest serving non-executive male director as we have concerns about insufficient gender diversity of the board.

  7 for10 against
• To appoint a Director in place of Shri Joydeep Dasgupta (DIN: 10837095), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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.

  11 for6 against
• To authorize the Board of Directors for fixing the remuneration of Statutory Auditors for the financial year 2026-27.

  17 for0 against
• To appoint Shri Krishna Kumar Thakur (DIN: 10172666) as Director (Personnel) on the Board of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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.

  11 for6 against
• To appoint Shri Anurag Kapil (DIN: 06640383) as Director (Finance) on the Board of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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.

  11 for6 against
• To appoint Shri Vivek Nishant Nath (DIN: 11832511) as Director (Commercial) on the Board of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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, LIC Mutual Fund, Navi Mutual Fund, Old Bridge 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.

  11 for6 against
• To ratify the remuneration of the Cost Auditors of the Company for the financial year 2026-27.

  1 for0 against

Mutual fund votes, meeting of 28 Aug 2025, 31 fund houses

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

• To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2025 together with the reports of the Board of Directors, Statutory Auditors and Comptroller and Auditor General of India thereon.MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNon-disclosure of financial statements of one subsidiary for FY 2024-25 on website.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundWe have relied upon the auditors’ report, which has raised certain emphasis of matters including a proposed retrospective tax levy of Rs. 139.8 bn under the Karnataka Mineral Tax Bill, pending Presidential assent; significant receivables including Rs. 59.4 bn from NMDC Steel Limited and Rs. 40.5 bn from RINL. An advance of Rs. 6.4 bn to KIADB remains unresolved. Additionally, demands of Rs. 16.2 bn (based on the Common Cause judgment) and Rs. 16.2 bn (for alleged RTP violations) are sub-judice. The financial position of Legacy Iron Ore Ltd, a foreign subsidiary, is also under review. The impact on the Consolidated Financial Statements depends on the outcomes of the matters noted. The auditors’ opinion is not modified in respect of the above matters. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. The company must disclose the reason for having payables overdue for over three years. Due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute the Audit Committee and the Nomination and Remuneration Committee. 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. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual FundUnqualified Financial Statements (except certain non-material remarks identified in CARO report). Non-Compliant with Companies Act, 2013 and SEBI LODR Regulations. Non-disclosure of financial statements of one subsidiary for FY 2024-25 on website.
  • Invesco Mutual FundWe have relied upon the auditors’ report, which has raised certain emphasis of matters including a proposed retrospective tax levy of Rs. 139.8 bn under the Karnataka Mineral Tax Bill, pending Presidential assent; significant receivables including Rs. 59.4 bn from NMDC Steel Limited and Rs. 40.5 bn from RINL. An advance of Rs. 6.4 bn to KIADB remains unresolved. Additionally, demands of Rs. 16.2 bn (based on the Common Cause judgment) and Rs. 16.2 bn (for alleged RTP violations) are sub-judice. The financial position of Legacy Iron Ore Ltd, a foreign subsidiary, is also under review. The impact on the Consolidated Financial Statements depends on the outcomes of the matters noted. The auditors’ opinion is not modified in respect of the above matters.We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. The company must disclose the reason for having payables overdue for over three years.Due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute the Audit Committee and the Nomination and Remuneration Committee. 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. We do not support the resolution
  • Nippon India Mutual FundNon-Compliant with Companies Act, 2013 and SEBI LODR Regulations. Non-disclosure of financial statements of one subsidiary for FY 2024-25 on website.
  • PPFAS Mutual FundNon-disclosure of financial of one subsidiary

  16 for15 against
• To take note of the payment of interim Dividend of Rs.2.30 per equity share of face value of Rs.1.00 each already paid and approve the payment of final dividend of Rs.1.00 per equity share of face value of Rs.1.00 each for the financial year 2024-25MoreLess

  31 for0 against
• To appoint a Director in place of Shri Vishwanath Suresh (DIN : 10059734) who retires by rotation and being eligible offers himself for re-appointment.

  ›Against Angel One 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 FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.
  • 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 and 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 ID
  • 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 and woman Independent Director.

  22 for9 against
• To appoint a Director in place of Shri Vinay Kumar (DIN: 10172521) who retires by rotation and being eligible offers himself for re-appointment.

  ›Against Angel One 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 FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director.
  • 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 and 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 ID
  • 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 and woman Independent Director.

  22 for9 against
• To authorize the Board of Directors for fixing the remuneration of Statutory Auditors for the financial year 2025-26.

  31 for0 against
• To appoint Smt. Priyadarshini Gaddam (DIN: 10977645) as Director (Personnel) on the Board of the Company

  ›Against Angel One 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 FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed approval of shareholders.
  • 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 approval of shareholders.
  • 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. 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. Delayed approval of shareholders.

  22 for9 against
• To appoint Shri Amitava Mukherjee (DIN: 08265207) as the Chairman and Managing Director of the Company

  ›Against Angel One 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 FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and woman Independent Director. Holding combined position of Chairman and Managing Director, may lead to concentration of power in the hand of single person.
  • 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 and woman Independent Director. Holding combined position of Chairman and Managing Director, may lead to concentration of power in the hand of single person.
  • 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 ID. Combined position of Chairman & MD
  • 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 and woman Independent Director. Holding combined position of Chairman and Managing Director, may lead to concentration of power in the hand of single person.

  22 for9 against
• To re-appoint Shri Sanjay Tandon (DIN: 00484699) as Non-Official Independent Director on the Board of the Co

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram 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: Term of appointment is ambiguous.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundSanjay Tandon, 61, is Managing Partner, S. Tandon & Associates LLP, and a Nominated Member to the Advisory Committee of Home Minister, Chandigarh. He is a Chartered Accountant and Cost Accountant. He has over three decades of experience in Finance. He was associated with the company as an Independent Director from 1 November 2021 till 15 April 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India 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 directorship, no consecutive terms between the two appointments. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Sanjay Tandon 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 FundSanjay Tandon and Achal Kumar Sinha are 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 FundSanjay Tandon, 61, is Managing Partner, S. Tandon & Associates LLP, and a Nominated Member to the Advisory Committee of Home Minister, Chandigarh. He is a Chartered Accountant and Cost Accountant. He has over three decades of experience in Finance He was associated with the company as an Independent Director from 1 November 2021 till 15 April 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
  • 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: Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundNo cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments.Term of appointment is ambiguous and against spirit of the law
  • quant 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 directorship, no consecutive terms between the two appointments. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundSanjay Tandon, 61, is Managing Partner, S. Tandon & Associates LLP, and a Nominated Member to the Advisory Committee of Home Minister, Chandigarh. The nominee’s background may not have sufficient directly relevant industry/operational experience for effective oversight of the company’s strategy and key risks. We do not support the resolution.

  11 for20 against
• To appoint Shri Mahendra Singh Rao (DIN: 11112103) as Non-Official Independent Director on the Board of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram 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.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundMahendra Singh Rao, 59 has over 25 years of experience in the mining industry. He holds Bachelors of Arts degree. 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual FundNo concern on merit of Directors. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • Invesco Mutual FundMahendra Singh Rao, 59 has over 25 years of experience in the mining industry. He holds Bachelors of Arts degree. 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
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • PGIM India Mutual FundNo concern on merit of Directors. Governance 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 that he is politically affiliated.
  • WhiteOak Capital Mutual FundMahendra Singh Rao, 59 has over 25 years of experience in the mining industry. He holds Bachelors of Arts degree. The nominee’s background may not have sufficient directly relevant industry/operational experience for effective oversight of the company’s strategy and key risks. We do not support the resolution.

  13 for18 against
• To appoint Shri Bharat Baburao Patil (DIN: 01709981) as Non-Official Independent Director on the Board of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram 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.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundBharat Baburao Patil, 60 has over 25 years of experience in education, infrastructure development, public administration and social service. He holds a B.A. in Political Science and a BSL LLB. 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual FundNo concern on merit of Directors. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • Invesco Mutual FundBharat Baburao Patil, 60 has over 25 years of experience in education, infrastructure development, public administration and social service. He holds a B.A. in Political Science and a BSL LLB. 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
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • PGIM India Mutual FundNo concern on merit of Directors. Governance 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 that he is politically affiliated.
  • WhiteOak Capital Mutual FundBharat Baburao Patil, 60 has over 25 years of experience in education, infrastructure development, public administration and social service. He holds a B.A. in Political Science and a BSL LLB. Considering the lack of relevant experience and financial background and considering the current board profile, we recommend voting against. We do not support the resolution.

  13 for18 against
• To appoint Shri Ashish Chatterjee (DIN: 07688473) as Government Director on the Board of the Company

  ›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, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & woman Independent Director.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundAshish Chatterjee, 52, an Indian Administrative Service Officer, is Additional Secretary & Financial Advisor in the Ministry of Steel, Government of India. He has over two decades of experience across state and central government roles. While his appointment as a Nominee Director 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 of Steel to first address the board composition, before appointing their nominees on 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 appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & woman Independent Director.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • Invesco Mutual FundAshish Chatterjee, 52, an Indian Administrative Service Officer, is Additional Secretary & Financial Advisor in the Ministry of Steel, Government of India. He has over two decades of experience across state and central government roles. While his appointment as a Nominee Director 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 of Steel to first address the board composition, before appointing their nominees on the board. We do not support the resolution
  • PPFAS Mutual FundBoard is non-compliant with requisite number of IDs & woman ID
  • quant 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 Independent Director.

  15 for16 against
• To appoint Shri Achal Kumar Sinha (DIN: 11186445) as Non-Official Independent Director on the Board of the Com

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundAchal Kumar Sinha, 60, has over 35 years of experience in the fields of agriculture and social service. He holds an undergraduate degree in Botany from Patliputra University. 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual FundNo concern on merit of Directors. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Achal Kumar Sinha 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 FundSanjay Tandon and Achal Kumar Sinha are 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 FundAchal Kumar Sinha, 60, has over 35 years of experience in the fields of agriculture and social service. He holds an undergraduate degree in Botany from Patliputra University. 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
  • Nippon India Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundTerm of appointment is ambiguous and against spirit of the law
  • UTI Mutual FundPublic sources suggest that he is politically affiliated.
  • WhiteOak Capital Mutual FundAchal Kumar Sinha, 60, has over 35 years of experience in the fields of agriculture and social service. He holds an undergraduate degree in Botany from Patliputra University. Considering the lack of relevant experience and financial background and considering the current board profile, we recommend voting against. We do not support the resolution.

  12 for19 against
• To ratify the remuneration of the Cost Auditors of the Company for the financial year 2025-26.

  2 for0 against
• To appoint Secretarial Auditors of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra 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. Transparency Concern: Remuneration of outgoing auditor not disclosed, thus, material change, if any, with proposed audit fee cannot be ascertained.
  • Edelweiss Mutual Fund, Groww 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. Transparency Concern: Remuneration of outgoing auditor not disclosed, thus, material change, if any, with proposed audit fee cannot be ascertained.
  • Kotak Mahindra Mutual FundThe Company is seeking shareholders approval for appointment of M/s. D. Hanumanta Raju & Co as Secretarial Auditors for a 1st term of 5 consecutive years from FY 2025-26 to FY 2029-30. The company has not disclosed the proposed remuneration for D Hanumanta Raju & Co., as secretarial auditors, which is a regulatory requirement. Hence, we do not support the resolution.
  • PPFAS Mutual FundNon-disclosure of Audit Fee payable; Material change in auditor remuneration is 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. Transparency concern: Remuneration of outgoing auditor not disclosed, thus, material change, if any, with proposed audit fee cannot be ascertained.

  22 for9 against

• Fine or penaltyBSE LimitedSince 27 May 2026

  Imposition of Fine by BSE amounting to Rs. 5,31,000/- (Including GST) for the quarter ended 31st March 2026 for non compliance with the provision of Regulations 17 (1) of SEBI (LODR) Regulations, 2015.

  Non-compliance with the requirements pertaining to the composition of the Board including failure to appoint woman independent director - REGULATION 17(1) of SEBI (LODR) Regulations 2015.
• Fine or penaltyNational Stock Exchange of India LimitedSince 27 May 2026

  Imposition of Fine by NSE amounting to Rs. 5,31,000/- (Including GST) for the quarter ended 31st March 2026 for non compliance with the provision of Regulations 17 (1) of SEBI (LODR) Regulations, 2015.

  Non-compliance with the requirements pertaining to the composition of the Board including failure to appoint woman independent director. REGULATION 17(1) of 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.