NMDC Steel MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 28 Sep 2026, 7 fund houses so far (houses' deadline to file 15 Oct 2026)

• To receive, consider and adopt the Audited 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 and Auditor General of India thereon.MoreLess

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

  • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee at the time of approval of financial statements. 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 has raised concerns on non-provisioning of interest on delayed payments to NMDC Limited under a long-term supply agreement, based on management's view that the clause is not enforceable in substance. Concerns is also raised on delayed compliance with the demerger scheme, as employees of the demerged company have not yet been identified for transfer to NMDC Steel and continue on NMDC Limited's rolls. Auditors have highlighted certain issues related to the audit trail feature in the accounting software. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). However, we raise concern that the company has not constituted an audit committee in line with regulations and does not have any independent directors on the board while the accounts were finalized. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual FundUnqualified Financial Statements (except certain non-material remarks identified in CARO report). Governance concern: NonCompliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  2 for5 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, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is noncompliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  4 for3 against
• To appoint a Director in place of Shri Joydeep Dasgupta (DIN: 10837095), who retires by rotation and being eligible, offers herself for re-appointment.

  ›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 Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is noncompliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  4 for3 against
• To authorize the Board of Directors for fixing the remuneration of Statutory Auditors for the financial year 2026-27.

  7 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, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is noncompliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  4 for3 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, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is noncompliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  4 for3 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, Navi Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Board is noncompliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  4 for3 against
• To ratify the remuneration of the Cost Auditors of the Company for the financial year 2026-27.

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

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

  4 for3 against

Mutual fund votes, meeting of 28 Aug 2025, 14 fund houses

• 1) Adoption of Audited Financial Statements for the year ended 31st March, 2025 and the Reports of the Directors and Auditors s and Comptroller and Auditor General of India thereon.

  1 for0 against
• 10) Appoint B R Agrawal & Co as secretarial auditors for five years from FY26 to FY30 and fix their remuneration.

  1 for0 against
• 2) Reappoint Abhijit Narendra (DIN: 07851224) as Non-Executive Non-Director, liable to retire by rotation.

  1 for0 against
• 3) Reappoint Vishwanath Suresh (DIN:10059734) as Director, liable to retire by rotations.

  1 for0 against
• 4) Authorize the board to fix remuneration of statutory auditors appointed by the Comptroller and Auditor General of India for FY26.

  1 for0 against
• 5) Appoint Joydeep Dasgupta (DIN: 10837095) as Director (Production) from 15 November 2024 till his superannuation on 30 April 2028, or until further orders, whichever is earlier.

  1 for0 against
• 6) Appoint Ms. Priyadarshini Gaddam (DIN: 10977645) as Director (Personnel) from 28 February 2025 till her superannuation on 31 January 2026, or until further orders, whichever is earlier.

  1 for0 against
• 7) Appoint Amitava Mukherjee (DIN: 08265207) as Chairperson & Managing Director (CMD) from 6 March 2025 till his superannuation 28 March or until further orders, whichever is earlier.

  1 for0 against
• 8) Appoint Ashish Chatterjee (DIN: 07688473) as Government Director from 11 June 2025 till further orders, liable to retire by rotation.

  1 for0 against
• 9) Ratify remuneration of Rs. 125,000 to B. Mukhopadhyay & Co. as cost auditors for FY26.

  1 for0 against
• Adoption of standalone financial statements for the year ended 31 March 2025

  1 for0 against
• Appoint Amitava Mukherjee (DIN: 08265207) as Chairperson & Managing Director (CMD) from 6 March 2025 till his superannuation 28 March or until further orders, whichever is earlier

  1 for0 against
• Appoint Ashish Chatterjee (DIN: 07688473) as Government Director from 11 June 2025 till further orders, liable to retire by rotation

  ›Against Jio BlackRock Mutual Fund

  • Jio BlackRock 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.

  0 for1 against
• Appoint B R Agrawal & Co as secretarial auditors for five years from FY26 to FY30 and fix their remuneration

  1 for0 against
• Appoint Joydeep Dasgupta (DIN: 10837095) as Director (Production) from 15 November 2024 till his superannuation on 30 April 2028, or until further orders, whichever is earlier

  1 for0 against
• Appoint Ms. Priyadarshini Gaddam (DIN: 10977645) as Director (Personnel) from 28 February 2025 till her superannuation on 31 January 2026, or until further orders, whichever is earlier

  1 for0 against
• Authorize the board to fix remuneration of statutory auditors appointed by the Comptroller and Auditor General of India for FY26

  1 for0 against
• Ratification of remuneration of Rs. 1.25 lakh (excluding travelling, out-of-pocket expenses and GST) payable to M/s B. Mukhopadhyay and Co., Cost Accountants, appointed as the Cost Auditors by the Board of Directors of the Company for conducting the audit of the cost records of the Company and providing Cost Audit Report, and all such reports, annexures, records, documents etc., for the financial year 2025-26.MoreLess

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

  • Angel One Mutual FundGovernance Concern: Non-Compliant Board & Audit Committee.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Audit committee & Board is non-compliant with SEBI LODR Regulations.
  • Nippon India Mutual FundGovernance Concern: Audit committee & Board is non-compliant with SEBI LODR Regulations.

  5 for7 against
• Ratify remuneration of Rs. 125,000 to B. Mukhopadhyay & Co. as cost auditors for FY26

  1 for0 against
• Reappoint Abhijit Narendra (DIN: 07851224) as Non-Executive Non-Director, liable to retire by rotation

  ›Against Jio BlackRock Mutual Fund

  • Jio BlackRock Mutual FundAbhijit Narendra, 58, Joint Secretary - Ministry of Steel, Government of India, has been on the board since March 2023. He attended all eight board meetings held in FY25 and retires 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 of Steel to first address the board composition, before (re)appointing their nominees on the board. We do not support the resolution.

  0 for1 against
• Reappoint Vishwanath Suresh (DIN:10059734) as Director, liable to retire by rotation

  1 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, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India 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 FundAbhijit Narendra, 58, Joint Secretary - Ministry of Steel, Government of India, has been on the board since March 2023. He attended all eight board meetings held in FY25 and retires 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 of Steel to first address the board composition, before (re)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 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.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  3 for9 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, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India 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.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi 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 Independent Director.

  5 for7 against
• To appoint M/s. B R Agrawal and Associates, Practising Company Secretaries (Firm Registration Number - S2017CG528500) as Secretarial Auditor of the Company for a term of 5 (Five) consecutive years, i.e. from financial years 2025-26 to 2029-30, at a remuneration to be fixed by the Board of Directors of the Company or any Committee of the Board of Directors (the Board).MoreLess

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual FundProposed fee payable to Secretarial Auditors and credentials of the Auditors not disclosed.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi 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 and credentials of the Auditors not disclosed.
  • Kotak Mahindra Mutual FundThe company proposes to appoint B R Agrawal & Co as secretarial auditors for five years from FY26. The company has not disclosed the profile and proposed remuneration for B R Agrawal & Co as secretarial auditors, which is a regulatory requirement. Hence, we do not support the resolution.
  • Nippon India Mutual FundNon disclosure of Proposed fee payable to Secretarial Auditors.

  4 for8 against
• To appoint Shri Amitava Mukherjee (DIN: 08265207) as the Chairman and Managing Director on the Board of the Company and is liable to retire by rotation.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India 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. Holding combined position of Chairman and Managing Director, may lead to concentration of power in the hands of single person.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi 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 Independent Director. Holding combined position of Chairman and Managing Director, may lead to concentration of power in the hands of single person.

  5 for7 against
• To appoint Shri Ashish Chatterjee (DIN: 07688473) as Government Director on the Board of the Company and is liable to retire by rotation.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India 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 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 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.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  3 for9 against
• To appoint Shri Joydeep Dasgupta (DIN: 10837095) as Director (Production) on the Board of the Company and is liable to retire by rotation.

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors & woman Independent Director. Delayed approval of shareholders.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi 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. Delayed approval of shareholders.
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors

  5 for7 against
• To appoint Smt. Priyadarshini Gaddam (DIN: 10977645) as Director (Personnel) on the Board of the Company and is liable to retire by rotation.

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed approval of shareholders.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi 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.
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders’ approval.

  5 for7 against
• To authorize the Board of Directors for fixing the remuneration of Statutory Auditors for the financial year 2025-26.

  12 for0 against
• To receive, consider and adopt the Audited 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, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Non-Compliant Audit Committee. Accounts not vetted by duly compliant audit committee.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Governance concern: Non-Compliant Audit Committee. Accounts not vetted by duly compliant audit committee.

  5 for7 against

• Fine or penaltyBSE LimitedSince 27 May 2026

  Imposition of fine by BSE amounting to Rs. 1404200/- (Including GST) for the quarter ended 31st March 2026 for non-compliance with the provisions of Regulations 17,18,19,20,21 of SEBI (LODR) Regulations, 2015.

  The composition of Board of Directors was not in compliance with the provisions of SEBI (LODR) Regulations, 2015 during the quarter ended 31st March 2026. Further due to absence of Independent Directors on the Board, the Board level committees were not constituted.MoreLess
• Fine or penaltyNSE LimitedSince 27 May 2026

  Imposition of fine by NSE amounting to Rs. 1404200/- (Including GST) for the quarter ended 31st March 2026 for non-compliance with the provisions of Regulations 17,18,19,20,21 of SEBI (LODR) Regulations, 2015.

  The composition of Board of Directors was not in compliance with the provisions of SEBI (LODR) Regulations, 2015 during the quarter ended 31st March 2026. Further due to absence of Independent Directors on the Board, the Board level committees were not constituted.MoreLess
• Fine or penaltyChhattisgarh Environment Conservation Board (CECB)Since 19 May 2026

  Notice was issued by Chhattisgarh Environment Conservation Board (CECB) to NSL on 19-05-2026 under the Water (Prevention and Control of Pollution) Act, 1974, for payment of compensation of Rs. 1,50,000/-

  Discharge of effluents from the Steel Plant leading to violation of provisions of Water (Prevention and Control of Pollution) Act, 1974.

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

No

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.