NTPC CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 23 Jul 2025, 39 fund houses

• Raising of funds up to Rs.18,000 crore through issue of Non-Convertible Debentures (NCDs/Bonds) on Private Placement basis, as a Special Resolution.

  39 for0 against

Mutual fund votes, meeting of 29 Aug 2024, 36 fund houses

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

• To consider and adopt Audited Standalone & Consolidated Financial Statements of the Company for the financial year ended 31st March 2024, the reports of the Board of Directors and Auditors thereon

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Sundaram Mutual Fund

  • Axis Mutual Fund, Mirae Asset Mutual FundWe have relied upon the auditors’ report, which has raised an emphasis of matter with respect to the following issues: 1) A Hydro Electric Project in the State of Uttarakhand which is under execution by the company. All construction in the area have been banned by the Additional District Magistrate in Chamoli and the matter is sub-judice in the High Court of Uttarakhand, 2) Certain transactions entered into with M/S Powertech Ltd. (a 50% JV) which were not on arm’s length basis. These transactions for FY24 were placed before the Audit Committee for approval but were not approved in FY24. However, these were approved by the Board in FY25. 3) There is an appeal filed by the company with the High Court of Delhi in the matter of an Arbitral award pronounced against the company and the related provision made/disclosure of contingent liability, 3) Execution of the Business Transfer Agreement (BTA) with NTPC Mining Limited, a wholly owned subsidiary, for hiving off its coal mining business at book value. This is pending regulatory approvals. 4) With respect to an order of the Supreme Court of India regarding recovery of capacity charges along with interest from MSEDCL by Ratnagiri Gas and Power Private Limited, a subsidiary. We do not support the practice of companies undertaking related party transactions without approval of the audit committee. The company must highlight why these transactions were undertaken without prior audit committee approval. Given this, we do not support the resolution. Typical of public sector companies, NTPC has six joint auditors. The audit committee must provide clarity on how it establishes accountability of these auditors and ensures that issues do not fall through the cracks, while allocating audit responsibilities.
  • Bank of India Mutual Fund, DSP Mutual FundWe have relied upon the auditors’ report, which has raised an emphasis of matter with respect to the following issues: 1) A Hydro Electric Project in the State of Uttarakhand which is under execution by the company. All construction in the area have been banned by the Additional District Magistrate in Chamoli and the matter is sub-judice in the High Court of Uttarakhand, 2) Certain transactions entered into with M/S Powertech Ltd. (a 50% JV) which were not on arm’s length basis. These transactions for FY24 were placed before the Audit Committee for approval but were not approved in FY24. However, these were approved by the Board in FY25. 3) There is an appeal filed by the company with the High Court of Delhi in the matter of an Arbitral award pronounced against the company and the related provision made/disclosure of contingent liability, 3) Execution of the Business Transfer Agreement (BTA) with NTPC Mining Limited, a wholly owned subsidiary, for hiving off its coal mining business at book value. This is pending regulatory approvals. 4) With respect to an order of the Supreme Court of India regarding recovery of capacity charges along with interest from MSEDCL by Ratnagiri Gas and Power Private Limited, a subsidiary. We do not support the practice of companies undertaking related party transactions without approval of the audit committee. The company must highlight why these transactions were undertaken without prior audit committee approval. Given this, we do not support the resolution.Typical of public sector companies, NTPC has six joint auditors. The audit committee must provide clarity on how it establishes accountability of these auditors and ensures that issues do not fall through the cracks, while allocating audit responsibilities.
  • Invesco Mutual FundWe have relied upon the auditors’ report, which has raised an emphasis of matter with respect to the following issues: 1) A Hydro Electric Project in the State of Uttarakhand which is under execution by the company. All construction in the area have been banned by the Additional District Magistrate in Chamoli and the matter is sub-judice in the High Court of Uttarakhand, 2) Certain transactions entered into with M/S Powertech Ltd. (a 50% JV) which were not on arm’s length basis. These transactions for FY24 were placed before the Audit Committee for approval but were not approved in FY24. However, these were approved by the Board in FY25. 3) There is an appeal filed by the company with the High Court of Delhi in the matter of an Arbitral award pronounced against the company and the related provision made/disclosure of contingent liability, 3) Execution of the Business Transfer Agreement (BTA) with NTPC Mining Limited, a wholly owned subsidiary, for hiving off its coal mining business at book value. This is pending regulatory approvals. 4) With respect to an order of the Supreme Court of India regarding recovery of capacity charges along with interest from MSEDCL by Ratnagiri Gas and Power Private Limited, a subsidiary. We do not support the practice of companies undertaking related party transactions without approval of the audit committee. The company must highlight why these transactions were undertaken without prior audit committee approval. Given this, we do not support the resolution. Typical of public sector companies, NTPC has six joint auditors. The audit committee must provide clarity on how it establishes accountability of these auditors and ensures that issues do not fall through the cracks, while allocating audit responsibilities
  • Sundaram Mutual Fund"We have relied upon the auditors’ report, which has raised an emphasis of matter with respect to the following issues: 1) A Hydro Electric Project in the State of Uttarakhand which is under execution by the company. All construction in the area have been banned by the Additional District Magistrate in Chamoli and the matter is sub-judice in the High Court of Uttarakhand, 2) Certain transactions entered into with M/S Powertech Ltd. (a 50% JV) which were not on arm’s length basis. These transactions for FY24 were placed before the Audit Committee for approval but were not approved in FY24. However, these were approved by the Board in FY25. 3) There is an appeal filed by the company with the High Court of Delhi in the matter of an Arbitral award pronounced against the company and the related provision made/disclosure of contingent liability, 3) Execution of the Business Transfer Agreement (BTA) with NTPC Mining Limited, a wholly owned subsidiary, for hiving off its coal mining business at book value. This is pending regulatory approvals. 4) With respect to an order of the Supreme Court of India regarding recovery of capacity charges along with interest from MSEDCL by Ratnagiri Gas and Power Private Limited, a subsidiary. We do not support the practice of companies undertaking related party transactions without approval of the audit committee. The company must highlight why these transactions were undertaken without prior audit committee approval. Given this, we do not support the resolution.Typical of public sector companies, NTPC has six joint auditors. The audit committee must provide clarity on how it establishes accountability of these auditors and ensures that issues do not fall through the cracks, while allocating audit responsibilities."

  29 for6 against
• To confirm payment of interim dividend and declare final dividend for the financial year 2023-24

  35 for0 against
• To appoint Shri Piyush Surendrapal Singh (DIN: 07492389) Government Nominee Director, who retires by rotation as a Director

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Axis Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Sundaram Mutual FundPiyush Surendrapal Singh, 47, is Joint Secretary (Thermal & Coal) at the Ministry of Power. He has been a Non-Executive Non-Independent Director on the board since 31 May 2022. He represents the Government of India’s 51.1% equity stake in the company (as on 30 June 2024). He has attended 14 out 15 board meetings in FY24 (93%). He retires by rotation. While his reappointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the ministry to first address the board composition, before appointing/reappointing their nominees on the board.
  • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, PGIM India Mutual Fund, Trust Mutual FundRe-appointment Compliant with law. No concern on the merit of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of IDs.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by an executive director and the board is not at least one-half independent and Piyush Surendrapal Singh is a non-independent director nominee.
  • Helios Mutual FundRe-appointment Compliant with law. No concern on the merit of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of IDs. 4 out of 10 board of directors are independent, which is below the ~50% benchmark.
  • HSBC Mutual FundWe are voting against this longest serving non-executive director as the company's business is significantly exposed to thermal coal and has limited disclosure on capacity to address and manage climate-related risks. We are voting against this longest serving non-executive director as we have concerns about the company's management of workforce-related risks. We have concerns about insufficient independence on the board.
  • JM Financial Mutual FundRe-appointment Compliant with law. No concern on the merit of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Nippon India Mutual FundBoard is non-compliant with the requirement of requisite number of IDs.
  • PPFAS Mutual FundNon-compliant Board with requisite number of ID’s
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of IDs.

  16 for19 against
• To fix the remuneration of the Statutory Auditors for the financial year 2024-25

  35 for0 against
• To appoint Shri K. Shanmugha Sundaram (DIN: 10347322), as Director (Projects) of the Company

  ›Against Bajaj Finserv Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, Trust Mutual FundAppointment compliant with law. No concern on the merit of proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of IDs. Delayed shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by an executive director and the board is not at least one-half independent and Shanmugha Sundaram is a non-independent director nominee.
  • Helios Mutual FundAppointment compliant with law. No concern on the merit of proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of IDs. Delayed shareholders’ approval.4 out of 10 board of directors are independent, which is below the ~50% benchmark.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • JM Financial Mutual FundAppointment compliant with law. No concern on the merit of proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders’ approval.
  • PGIM India Mutual FundAppointment compliant with law. No concern on the merit of proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of IDs. Delayed shareholders approval.
  • PPFAS Mutual FundNon-compliant Board with requisite number of ID’s. Delayed Shareholders’ approval
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of IDs. Delayed shareholders’ approval.

  25 for10 against
• To appoint Shri Ravindra Kumar (DIN: 10523088), as Director (Operations) of the Company

  ›Against Bajaj Finserv Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, Trust Mutual FundAppointment compliant with law. No concern on the merit of proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of IDs. Delayed shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by an executive director and the board is not at least one-half independent and Ravindra Kumar is a non-independent director nominee.
  • Helios Mutual FundAppointment compliant with law. No concern on the merit of proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of IDs. Delayed shareholders’ approval.4 out of 10 board of directors are independent, which is below the ~50% benchmark.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • JM Financial Mutual FundAppointment compliant with law. No concern on the merit of proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders’ approval.
  • PGIM India Mutual FundAppointment compliant with law. No concern on the merit of proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of IDs. Delayed shareholders approval.
  • PPFAS Mutual FundNon-compliant Board with requisite number of ID’s. Delayed Shareholders’ approval
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of IDs. Delayed shareholders’ approval.

  25 for10 against
• To ratify the remuneration of the Cost Auditors for the financial year 2024-25

  34 for0 against
• To raise funds up to Rs. 12,000 Crore through issue of Non-Convertible Debentures (NCDs/Bonds) on Private Placement basis

  35 for0 against
• To appoint Shri Mahabir Prasad (DIN: 07094229), as Government Nominee Director of the Company

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Mirae Asset Mutual FundMahabir Prasad, 52, is Joint Secretary and Financial Advisor, Ministry of Power. He is a 1998 batch officer of Indian Railway Accounts Service. He has held various positions such as Financial Advisor and Senior Divisional Accounts Officer in the Ministry of Railways, Director in the Ministry of Steel and Chief Accounts Officer in the Delhi Development Authority (DDA). He has experience in project management, financial evaluation of large projects, budgeting, policy formulation, etc. He has done his M.Sc. (Statistics) from University of Delhi and is a law graduate. The company proposes to appoint him as a NonExecutive Non-Independent Government Nominee Director from 2 August 2024, liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the ministry to first address the board composition, before appointing/reappointing their nominees on the board.
  • Axis Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Sundaram Mutual FundMahabir Prasad, 52, is Joint Secretary and Financial Advisor, Ministry of Power. He is a 1998 batch officer of Indian Railway Accounts Service. He has held various positions such as Financial Advisor and Senior Divisional Accounts Officer in the Ministry of Railways, Director in the Ministry of Steel and Chief Accounts Officer in the Delhi Development Authority (DDA). He has experience in project management, financial evaluation of large projects, budgeting, policy formulation, etc. He has done his M.Sc. (Statistics) from University of Delhi and is a law graduate. The company proposes to appoint him as a Non-Executive Non-Independent Government Nominee Director from 2 August 2024, liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the ministry to first address the board composition, before appointing/reappointing their nominees on the board.
  • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, PGIM India Mutual Fund, Trust Mutual FundAppointment Compliant with law. No concern on the merit of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of IDs.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the board independence norms are not met, and Mahabir Prasad is a non-independent director nominee.
  • Helios Mutual FundAppointment Compliant with law. No concern on the merit of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of IDs. 4 out of 10 board of directors are independent, which is below the ~50% benchmark.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • Invesco Mutual FundMahabir Prasad, 52, is Joint Secretary and Financial Advisor, Ministry of Power. He is a 1998 batch officer of Indian Railway Accounts Service. He has held various positions such as Financial Advisor and Senior Divisional Accounts Officer in the Ministry of Railways, Director in the Ministry of Steel and Chief Accounts Officer in the Delhi Development Authority (DDA). He has experience in project management, financial evaluation of large projects, budgeting, policy formulation, etc. He has done his M.Sc. (Statistics) from University of Delhi and is a law graduate. The company proposes to appoint him as a Non-Executive Non-Independent Government Nominee Director from 2 August 2024, liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the ministry to first address the board composition, before appointing/reappointing their nominees on the board
  • JM Financial Mutual FundAppointment Compliant with law. No concern on the merit of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Nippon India Mutual FundBoard is non-compliant with the requirement of requisite number of IDs.
  • PPFAS Mutual FundNon-compliant Board.
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of IDs.

  16 for19 against

Mutual fund votes, meeting of 30 Aug 2023, 28 fund houses

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

• To consider and adopt Audited Standalone & Consolidated Financial Statements of the Company for the financial year ended 31st March 2023, the reports of the Board of Directors and Auditors thereon.

  ›Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiary for FY 2022-23 on website.
  • Nippon India Mutual FundInadequate disclosure
  • NJ Mutual FundNon-disclosure of financial statements of Subsidiaries.
  • PGIM India Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards.
  • Sundaram Mutual FundWe have relied upon the auditors’ report, which has placed emphasis of matter regarding a project under construction in Uttarakhand, where construction activities have been banned according to a High Court of Uttarakhand order. Further, the auditors drew attention to an appeal filed by the company with High Court of Delhi in the matter of arbitral award pronounced against the company and the related provision made. There is also an emphasis of matter pertaining to absence of audit committee approval on certain related party transactions during the year. The statutory auditors’ view on the Internal financial controls is qualified due to the inability of the company to take prior approval for related party transactions. Typical of public sector companies, NTPC has six joint auditors. The audit committee must provide clarity on how it establishes accountability of these auditors and ensures that issues do not fall through the cracks, while allocating audit responsibilities.

  19 for8 against
• To confirm payment of interim dividend and declare final dividend for the financial year 2022-23.

  27 for0 against
• To appoint Shri Ujjwal Kanti Bhattacharya (DIN: 08734219) Director (Projects), who retires by rotation as a Director.

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because: • The board is chaired by an executive director and the board is not at least one-half independent and Ujjwal Kanti Bhattacharya is a non independent director nominee. • Given that board chair, who shoulders the greatest responsibility amongst the board members for failing to effectively supervise the management of risks to the company and its shareholders is not up for election at this year's annual meeting, all board members, with the exception of new nominee Shivam Srivastav, should be held accountable for poor board and management oversight of ESG risk exposures at the firm.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNo concern on the merits of the proposed appointee. Governance concern as Board is non-compliant with the requisite number of Independent Directors.

  23 for5 against
• To appoint Shri Dillip Kumar Patel, (DIN: 08695490) Director (HR), who retires by rotation as a Director.

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because: • The board is chaired by an executive director and the board is not at least one-half independent and Dillip Kumar Patel is a non independent director nominee. • As the incumbent chair of the committee responsible for climate risk oversight, Dillip Kumar Patel, is warranted because the company is not aligned with investor expectations on Net Zero by 2050 targets and commitments. Significant risks to shareholders stemming from severe ESG controversies have been identified at the company, which reflects a failure by the board to proficiently guard against and manage material environmental, social and governance risks. • Given that board chair, who shoulders the greatest responsibility amongst the board members for failing to effectively supervise the management of risks to the company and its shareholders is not up for election at this year's annual meeting, all board members, with the exception of new nominee Shivam Srivastav, should be held accountable for poor board and management oversight of ESG risk exposures at the firm.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNo concern on the merits of the proposed appointee. Governance concern as Board is non-compliant with the requisite number of Independent Directors.

  23 for5 against
• To fix the remuneration of the Statutory Auditors for the financial year 2023-24.

  27 for0 against
• To appoint Shri Shivam Srivastav (DIN: 10141887), as Director (Fuel) of the Company.

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the board is chaired by an executive director and the board is not at least one-half independent and Shivam Srivastav is a non independent director nominee.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNo concern on the merits of the proposed appointee. Governance concern as Board is non-compliant with the requisite number of Independent Directors. Delayed approval of shareholders.

  23 for5 against
• To ratify the remuneration of the Cost Auditors for the financial year 2023-24.

  27 for0 against
• To raise funds up to Rs. 12,000 Crore through issue of Bonds/Debentures on Private Placement basis.

  27 for0 against

Mutual fund votes, meeting of 30 Aug 2022, 27 fund houses

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

• To consider and adopt Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2022, the reports of the Board of Directors and Auditors thereon.

  ›Against JM Financial Mutual Fund, Nippon India Mutual Fund

  • JM Financial Mutual FundUnqualified financial statements (except certain unfavorable remarks identified in CARO report). Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiaries on the website of the Company.
  • Nippon India Mutual FundNon-disclosure of latest financial statements of Subsidiaries on the website

  24 for2 against
• To confirm payment of interim dividend and declare final dividend for the financial year 2021-22.

  26 for0 against
• To appoint Shri Ramesh Babu V. (DIN:08736805) Director (Operations), who retires by rotation as a Director.

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST Ramesh Babu Veeravalli is warranted because the board independence norms are not met and he is non-independent director nominee.
  • HSBC Mutual FundA vote against this resolution is warranted as this is against appointing non-independent candidates if board is less than 50% independent and where board chair is an executive or the promoter
  • JM Financial Mutual Fund, LIC Mutual FundNo concern on merit of appointees. Governance Concern: Board is non-compliant with the requirement of Independent Directors.

  22 for4 against
• To fix the remuneration of the Statutory Auditors for the financial year 2022-23

  26 for0 against
• To appoint Shri Vivek Gupta (DIN:08794502), as an Independent Director of the Company

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund

  • 360 One Mutual Fund, Axis Mutual Fund, Bank of India Mutual FundVivek Gupta, 49, is an entrepreneur and founder CEO at Jaipur Scientific Instrument and Jaipur Scientific Agriculture Research Solutions Private Limited. He is a Management graduate with a degree in Law. He has attended all six board meetings since his induction into the board. 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. Therefore, we do not support his appointment. The company should have disclosed his political affiliations as a part of his profile.
  • Edelweiss Mutual FundReappointment of independent director is against the spirit of independence.
  • Invesco Mutual FundVivek Gupta, 49, is an entrepreneur and founder CEO at Jaipur Scientific Instrument and Jaipur Scientific Agriculture Research Solutions Private Limited. He is a Management graduate with a degree in Law. He has attended all six board meetings since his induction into the board. 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. Therefore, we do not support his appointment. The company should have disclosed his political affiliations as a part of his profile
  • JM Financial Mutual Fund, LIC Mutual FundNo concern on merit of appointees. Governance concern: Term of appointment is ambiguous.

  19 for7 against
• To appoint Shri Jitendra Jayantilal Tanna (DIN: 09403346), as an Independent Director of the Company

  ›Against JM Financial Mutual Fund, LIC Mutual Fund

  • JM Financial Mutual Fund, LIC Mutual FundNo concern on merit of appointees. Governance concern: Term of appointment is ambiguous.

  24 for2 against
• To appoint Shri Vidyadhar Vaishampayan (DIN:02667949), as an Independent Director of the Company

  ›Against JM Financial Mutual Fund, LIC Mutual Fund

  • JM Financial Mutual Fund, LIC Mutual FundNo concern on merit of appointees. Governance concern: Term of appointment is ambiguous.

  24 for2 against
• To appoint Ms. Sangitha Varier (DIN:09402812), as a Woman Independent Director of the Company

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, Quantum Mutual Fund

  • 360 One Mutual Fund, JM Financial Mutual Fund, LIC Mutual FundNo concern on merit of appointees. Governance concern: Term of appointment is ambiguous.
  • Axis Mutual FundMs. Sangitha Varier, 58, is State General Secretary in Seva Bharathi, Tamil Nadu. She was also a Director of The Arya Vaidya Pharmacy Ayurveda Hospital & Training Academy - a wing of The Arya Vaidya Pharmacy (Coimbatore) Limited. She has also headed the Administration and Academics of four Chinmaya Vidyalaya Schools as a Correspondent. She is a Graduate in Commerce and bachelor's in education (B.Ed.). 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. Therefore, we do not support his appointment. The company should have disclosed his political affiliations as a part of his profile.
  • Bank of India Mutual FundMs. Sangitha Varier, 58, is State General Secretary in Seva Bharathi, Tamil Nadu. She was also a Director of The Arya Vaidya Pharmacy Ayurveda Hospital & Training Academy – a wing of The Arya Vaidya Pharmacy (Coimbatore) Limited. She has also headed the Administration and Academics of four Chinmaya Vidyalaya Schools as a Correspondent. She is a Graduate in Commerce and bachelor’s in education (B.Ed.). 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. Therefore, we do not support his appointment. The company should have disclosed his political affiliations as a part of his profile.
  • Edelweiss Mutual FundNo Value add
  • Franklin Templeton Mutual FundA vote AGAINST Sangitha Varier is warranted because questions could be raised with regard to her potential contribution to the board, in view of the lack of clarity on the relevance of her skills and experience.
  • HSBC Mutual FundA vote against this resolution is warranted because questions could be raised with regard to Sangitha Varier's potential contribution to the board, in view of the lack of clarity on the relevance of her skills and experience.
  • Invesco Mutual FundMs. Sangitha Varier, 58, is State General Secretary in Seva Bharathi, Tamil Nadu. She was also a Director of The Arya Vaidya Pharmacy Ayurveda Hospital & Training Academy – a wing of The Arya Vaidya Pharmacy (Coimbatore) Limited. She has also headed the Administration and Academics of four Chinmaya Vidyalaya Schools as a Correspondent. She is a Graduate in Commerce and bachelor’s in education (B.Ed.). 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. Therefore, we do not support his appointment. The company should have disclosed his political affiliations as a part of his profile
  • Quantum Mutual FundWe do not reccomend appointment of politically affiliated person as independent director.

  16 for10 against
• To appoint Shri Piyush Surendrapal Singh (DIN: 07492389), as Government Nominee Director on the Board of the Company

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund

  • 360 One Mutual Fund, JM Financial Mutual Fund, LIC Mutual FundNo concern on merit of appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors.
  • Axis Mutual Fund, Bank of India Mutual FundPiyush Surendrapal Singh, 45, is an IAS Officer from the Maharashtra Cadre. He is currently the Joint Secretary (Thermal and Coal, Coordination) at the Ministry of Power. 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 company to first address the board composition, before appointing their nominees on the board.
  • Franklin Templeton Mutual FundA vote AGAINST Piyush Surendrapal Singh is warranted because the board independence norms are not met and he is non-independent director nominee.
  • HSBC Mutual FundA vote against this resolution is warranted as this is against appointing non-independent candidates if board is less than 50% independent and where board chair is an executive or the promoter
  • Invesco Mutual FundPiyush Surendrapal Singh, 45, is an IAS Officer from the Maharashtra Cadre. He is currently the Joint Secretary (Thermal and Coal, Coordination) at the Ministry of Power. 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 company to first address the board composition, before appointing their nominees on the board
  • Mirae Asset Mutual FundThe board composition is not compliant with regulations on independent director.
  • Nippon India Mutual FundHalf of the board of directors are not Independent

  16 for10 against
• To appoint Shri Jaikumar Srinivasan (DIN: 01220828), as Director (Finance) of the Company

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST Jaikumar Srinivasan is warranted because the board independence norms are not met and he is non-independent director nominee.
  • HSBC Mutual FundA vote against this resolution is warranted as this is against appointing non-independent candidates if board is less than 50% independent and where board chair is an executive or the promoter
  • JM Financial Mutual Fund, LIC Mutual FundNo concern on merit of appointees. Governance Concern: Board is non-compliant with the requirement of Independent Directors.

  22 for4 against
• To ratify the remuneration of the Cost Auditors for the financial year 2022-23

  26 for0 against
• To raise funds up to Rs.12,000 Crore through issue of Bonds/Debentures on Private Placement basis

  26 for0 against

Mutual fund votes, meeting of 18 Apr 2022, 25 fund houses

• To consider, and if thought fit, approve the Scheme of Amalgamation of Nabinagar Power Generating Co. Ltd. and Kanti Bijlee Utpadan Nigam Limited with NTPC Limited and their respective shareholders and creditors, pursuant to the provisions of Sections 230 to 232 and other applicable provisions of the Companies Act, 2013MoreLess

  25 for0 against

Mutual fund votes, meeting of 28 Sep 2021, 24 fund houses

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

• To consider and adopt (a) the Audited Standalone Financial Statements of the Company for the financial year ended 31st march 2021, the reports of the Board of Directors and Auditors thereon; and (b) the Audited Consolidated finacial Statements of the Company for the financial year ended on 31st March 2021 and the report of the Auditors thereonMoreLess

  22 for0 against
• To confirm payment of interim dividend and declare a final dividend for the year 2020-21

  23 for0 against
• To appoint Shri Anil Kumar Gautam (DIN: 08293632) Director (Finance), who retires by rotation as a Director and being eligible offer himself for re-appointment.

  ›Against Bandhan Mutual Fund, Franklin Templeton Mutual Fund

  • Bandhan Mutual FundGovernance Concern: Although no concern on the merit of both directors. However, the Board is non-compliant with requisite number of IDs, therefore, concerns raised against appointment of NID.
  • Franklin Templeton Mutual FundA vote AGAINST the resolution is warranted because the board independence norms are not met and Anil Kumar Gautam is non-independent director nominee.

  22 for2 against
• To appoint Shri Dillip Kumar Patel (DIN: 08695490) Director (HR), who retires by rotation as a Director and being eligible offers himself for re- appoinment.

  ›Against Bandhan Mutual Fund, Franklin Templeton Mutual Fund

  • Bandhan Mutual FundGovernance Concern: Although no concern on the merit of both directors. However, the Board is non-compliant with requisite number of IDs, therefore, concerns raised against appointment of NID.
  • Franklin Templeton Mutual FundA vote AGAINST the resolution is warranted because the board independence norms are not met and Dillip Kumar Patel is non-independent director nominee.

  21 for2 against
• To fix the remuneration of the Statutory Auditors for the year 2021-22

  24 for0 against
• To re-appoint Shri Gurdeep Singh (DIN: 00307037), as Chairman & Managing Director of the Company.

  ›Against Bandhan Mutual Fund

  • Bandhan Mutual FundGovernance concern: Combined position of Chairman and MD. Board is non-compliant with requisite number of IDs, therefore, concerns raised against appointment of NID

  22 for1 against
• To increase borrowing power of the Company from Rs. 2,00,000 Crore to Rs. 2,25,000 Crore

  23 for0 against
• To mortgage or create charge over the movable and immovable properties of the Company in favour of lenders in connection with the borrowings of the company

  22 for0 against
• To ratify the remuneration of the Cost Auditors for the financial year 2021-22

  ›Against Bandhan Mutual Fund

  • Bandhan Mutual FundName of cost auditor not disclosed. Non-Compliant Audit Committee

  22 for1 against
• To raise funds upto Rs. 18,000 Crore through issue of Bonds/Debentures on Private Placement Basis.

  23 for0 against