Olectra Greentech MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 27 Sep 2025, 14 fund houses

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

• ADOPTION OF ANNUAL FINANCIAL STATEMENTS

  14 for0 against
• DECLARATION OF DIVIDEND

  2 for0 against
• APPOINTMENT OF MR. PEKETI RAJESH REDDY (DIN: 02758291), LIABLE TO RETIRE BY ROTATION

  14 for0 against
• APPOINTMENT OF SECRETARIAL AUDITORS OF THE COMPANY

  14 for0 against
• RATIFICATION OF REMUNERATION PAYABLE TO M/S. EVS & ASSOCIATES, COST AUDITORS

  14 for0 against
• REGULARISATION OF MR. PURITIPATI VENKATA KRISHNA REDDY (MR. P V KRISHNA REDDY DIN: 01815061) AS DIRECTOR OF THE COMPANY

  14 for0 against
• TO APPOINT MR. P. RAJESH REDDY (DIN: 02758291), NON- EXECUTIVE DIRECTOR OF THE COMPANY AS A WHOLE-TIME DIRECTOR OF THE COMPANY

  14 for0 against
• APPROVAL FOR ENTERING INTO AND / OR CONTINUING THE RELATED PARTY TRANSACTIONS FOR THE CONTRACTS WITH EVEY TRANS PRIVATE LIMITED AND ITS SUBSIDIARIES/SPV’S

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

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Inadequate disclosure regarding the basis of arm’s length pricing.
  • Axis Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundEVEY is a wholly owned subsidiary of promoter company, Megha Engineering and Infrastructure Limited. EVEY acts as a bidder in State Transport Undertaking contracts and procures buses and technical services from Olectra to fulfill its concession agreements. The SPVs of EVEY (Evey Trans MUM, MSR, TEL, and MAH) are project entities created to execute large-scale bus contracts with state authorities. The company also holds a strategic stake in three SPVs (MSR – 1%, TEL – 26%, MAH – 26%). The company must provide details of the remaining shareholding in the SPVs. The proposed transactions with EVEY and its SPVs are for a duration of 24 months and include sale/supply of electric buses, rendering of related maintenance services, and investments as mandated by tender conditions. The proposed investment in SPVs (Evey TEL and MAH) will be made on an arm’s length basis, with pricing determined through a valuation process. As per the tender conditions, this is a requirement for the company to maintain its stake in these SPVs. The company must provide the valuation report for these investments and the terms of such tenders which mandate the company to make such investments. Further, the company must disclose the reason for reducing its holding in one of the SPVs (MSR) from 26% to 1% during FY25. The company should have sought separate approvals for each entity/ group of entities to enable shareholders to vote on them separately. Further, while the notice states that the company may make material modifications of upto 20% of the approved limit without seeking fresh approval from the shareholders, the RPT policy on the company’s website allows the company to make material modifications of upto 50%. The company must clarify this discrepancy. We do not support the resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Inadequate disclosure regarding the basis of arm’s length pricing.
  • Edelweiss Mutual FundInadequate disclosure regarding the basis of arm’s length pricing.
  • HDFC Mutual FundEVEY is a wholly owned subsidiary of promoter company, Megha Engineering and Infrastructure Limited. EVEY acts as a bidder in State Transport Undertaking contracts and procures buses and technical services from Olectra to fulfill its concession agreements. The proposed transactions with EVEY and its SPVs are for a duration of 24 months and include sale/supply of electric buses, rendering of related maintenance services, and investments as mandated by tender conditions. The company must provide the valuation report for these investments and the terms of such tenders which mandate the company to make such investments. Further, the company must disclose the reason for reducing its holding in one of the SPVs (MSR) from 26% to 1% during FY25. Further, while the notice states that the company may make material modifications of upto 20% of the approved limit without seeking fresh approval from the shareholders, the RPT policy on the company’s website allows the company to make material modifications of upto 50%. We do not support the resolution.
  • Kotak Mahindra Mutual FundEVEY is a wholly owned subsidiary of promoter company, Megha Engineering and Infrastructure Limited. EVEY acts as a bidder in State Transport Undertaking contracts and procures buses and technical services from Olectra to fulfill its concession agreements. The SPVs of EVEY (Evey Trans MUM, MSR, TEL, and MAH) are project entities created to execute large-scale bus contracts with state authorities. The company also holds a strategic stake in three SPVs (MSR 1%, TEL 26%, MAH 26%). The company must provide details of the remaining shareholding in the SPVs. The proposed transactions with EVEY and its SPVs are for a duration of 24 months and include sale/supply of electric buses, rendering of related maintenance services, and investments as mandated by tender conditions. The proposed investment in SPVs (Evey TEL and MAH) will be made on an arm s length basis, with pricing determined through a valuation process. As per the tender conditions, this is a requirement for the company to maintain its stake in these SPVs. The company must provide the valuation report for these investments and the terms of such tenders which mandate the company to make such investments. Further, the company must disclose the reason for reducing its holding in one of the SPVs (MSR) from 26% to 1% during FY25. The company should have sought separate approvals for each entity/ group of entities to enable shareholders to vote on them separately. Further, while the notice states that the company may make material modifications of upto 20% of the approved limit without seeking fresh approval from the shareholders, the RPT policy on the company s website allows the company to make material modifications of upto 50%. The company must clarify this discrepancy. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  1 for13 against
• APPROVAL FOR ENTERING INTO AND /OR CONTINUING THE RELATED PARTY TRANSACTIONS WITH MEGHA ENGINEERING & INFRASTRUCTURES LIMITED (MEIL)

  ›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

  • Angel One Mutual FundGovernance concern: Inadequate disclosure regarding the basis of arm’s length pricing.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Inadequate disclosure regarding the basis of arm’s length pricing.
  • Edelweiss Mutual FundInadequate disclosure regarding the basis of arm’s length pricing.
  • Kotak Mahindra Mutual FundMegha Engineering & Infrastructure Ltd is the ultimate holding company of Olectra. The proposed transactions are in ordinary course of business and at arm s length. The transactions are for a duration of 24 months and include sale / supply of electric vehicles, insulators and GFRP rods, purchase of goods, rendering of services, and receipt of unsecured loans. The company supplies electric buses, electric tippers and insulators to MEIL and procures HDPE pipes from MEIL. The proposed transactions also include receipt of an unsecured loan of Rs. 1.5 bn from MEIL as part of promoter contribution towards the Rs. 7.46 bn Greenfield EV manufacturing facility at Seetharampur. The company has not provided adequate disclosure regarding the basis of arriving at the pricing of the transactions. Hence, we do not support the resolution.

  7 for7 against

Mutual fund votes, meeting of 26 Sep 2024, 10 fund houses

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

• Adoption of Annual FinancialnStatements

  9 for0 against
• Declaration of Dividend

  9 for0 against
• APPOINTMENT OF MR. PEKETI RAJESH REDDY (DIN: 02758291), LIABLE TO RETIRE BY ROTATION

  ›Against Axis Mutual Fund, Mirae Asset Mutual Fund, SBI Mutual Fund

  • Axis Mutual Fund, SBI Mutual FundPeketi Rajesh Reddy, 48, has over twenty-three years of experience in fields of business development, execution and management of various projects. He is on board of various MEIL group companies, the earliest association being from 29 September 2011. He attended four out of seven board meetings (57%) in FY24 and thirteen out of twenty-two (59%) meetings over the past three years. We expect directors to attend all board meetings, and at the very least, 75% of meetings over a three-year period. Given his low attendance, we are unable to support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  7 for3 against
• RATIFICATION OF REMUNERATION PAYABLE TO M/S. EVS & ASSOCIATES, COST AUDITORS

  10 for0 against
• RE-APPOINTMENT OF MR. VENKATESWARA PRADEEP KARUMURU (DIN: 02331853) AS MANAGING DIRECTOR OF THE COMPANY

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund

  • Axis Mutual Fund, SBI Mutual FundK.V. Pradeep, 61, has been on the board of the company since March 2019. He attended all seven (100%) board meetings held in FY24. He was paid remuneration of Rs. 34.4 mn in FY24. We estimate his FY25 remuneration at Rs. 120.0 mn (entirely fixed), which is 11.3% of FY24 PBT. Further, the remuneration structure does not include a variable pay component. We believe that remuneration structures for professionals must contain a variable component, with well-defined performance metrics, linked to the company's financial performance. The proposed remuneration is not commensurate with the size and profitability of the company and not in line with peers. Hence, we do not support the resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Nippon India Mutual FundCompliant with law. No concern on merit of the proposed appointee. Governance Concern: Holding position of Chairman and MD. Proposed remuneration is almost 4 times the current remuneration, thus increase is excessive.
  • Edelweiss Mutual FundProposed remuneration is almost 4 times the current remuneration, thus increase is excessive.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Motilal Oswal Mutual FundHolding CMD Position, Excessive increase in proposed remuneration.

  2 for8 against
• APPROVAL FOR ENTERING INTO AND / OR CONTINUING THE RELATED PARTY TRANSACTIONS FOR THE CONTRACTS WHICH ARE ALREADY AWARDED

  ›Against Edelweiss Mutual Fund

  • Edelweiss Mutual FundClubbed Resolution. Basis of Pricing not disclosed. Significant amount of RPTs, no adequate justification provided.

  0 for1 against
• APPROVAL FOR ENTERING INTO PROSPECTIVE RELATED PARTY TRANSACTIONS

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual FundThe company has stated that the proposed transactions will be on arms’ length basis. However, the company has sought an enabling approval for transactions with existing entities as well as entities that may be incorporated in future (till the 2025 AGM). The company has not stated the value of transactions for which approval is sought from each entity. We do not support such enabling nature of transactions with entities that may come into existence in the future. Companies must seek shareholder approval only after these companies are incorporated and disclose the ownership of these entities and the nature and value of transactions. Further, the proposed transactions are very enabling in nature – they include transfer of resources of any kind. In several cases, the company seeks shareholder approval for financial support to the related parties – there is no clarity on whether the support will be provided to the extent of the company’s shareholding in the respective entities. The resolution and the RPT policy allows the company to make material modifications of upto 50% of the approved limit without seeking fresh approval from the shareholders. We believe a limit of 50% is very enabling and shareholders must engage with the corporation to cap the approved material modifications at reasonable levels. Given this, we do not support the resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Nippon India Mutual FundCompliant with law. Governance Concern: The resolution has been proposed to be entered into with prospective entities and prospective related parties. Clubbed Resolution. No disclosures on basis of pricing. Inadequate disclosures. Blank approval proposed.
  • Edelweiss Mutual FundClubbed Resolution. No disclosures on basis of pricing. Inadequate disclosures. Blank approval proposed.
  • HDFC Mutual FundThe resolution and the RPT policy allows the company to make material modifications of upto 50% of the approved limit without seeking fresh approval from the shareholders
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Motilal Oswal Mutual FundBlank approval sought, RPTs with prospective entities, Clubbed resolution, basis of pricing not disclosed.

  1 for8 against
• APPOINTMENT OF MR. SUBRAMANIAMSUNDAR RAJAN VANGAL (DIN: 10732384) AS AN INDEPENDENT DIRECTOR OF THE COMPANY

  10 for0 against
• APPOINTMENT OF MR. PANDU RANGA VITTAL ELAPAVULURI (DIN: 10732225) AS AN INDEPENDENT DIRECTOR OF THE COMPANY

  10 for0 against

Mutual fund votes, meeting of 28 Sep 2023, 6 fund houses

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

• Adoption of Annual FinancialnStatements

  5 for0 against
• Declaration of Dividend

  5 for0 against
• Appointment of Mr. ChilappagarinLaxmi Rajam (DIN: 00029156),nliable to retire by rotation:

  ›Against ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund

  • ICICI Prudential Mutual FundMr. Chilappagari Laxmi Rajam holds two full time positions; WTD on the Board of Intercontinental Infrastructure Ltd and the Managing Director of West Bengal Sew Prasad Infrastructure Ltd. which is in contravention of the provisions of the Companies Act, 2013. Hence the AMC has voted against the resolution.
  • Motilal Oswal Mutual FundRe-appointment is compliant with law. Governance Concern: Director holds 2 full-time positions and has recorded low attendance in Board meetings and AGMs.
  • Nippon India Mutual FundLow Attendance
  • SBI Mutual FundChilappagari Laxmi Rajam, 72, has been on the board since August 2020. He holds a B.E. in Civil Engineering from REC Warangal has over forty-eight years in the field of advising, developing and execution of various infrastructure projects He attended three out of seven (43%) of the board meetings held in FY23 and five out of twenty (25%) of the board meetings since his appointment in the last three years. We expect directors to take their responsibilities seriously and attend all the board meetings. We have a threshold of 75% attendance of board meetings in the three years prior to re-appointment. This is why we do not support the resolution.

  2 for4 against
• Ratification of remunerationnpayable to M/s. EVS & Associates,nCost Auditors:

  6 for0 against
• Approval for entering into and /nor continuing the Related PartynTransactions for the contracts whichnare already awarded

  ›Against HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • HDFC Mutual FundThe resolution is enabling without being specific about the transaction
  • ICICI Prudential Mutual FundThe company has stated that the proposed transactions will be on arms length basis. However, the proposed transactions are enabling in nature, including transfer of resources of any kind. Companies must seek shareholder approval for specific transactions, especially when these are carried out with promoter-controlled entities. In case of transactions with Evey Trans Private Limited and its subsidiaries/SPVs, the company seeks shareholder approval for financial support to the related parties – there is no clarity on whether the support will be provided to the extent of the company’s shareholding in the respective entities. The company should have sought separate approvals for each entity/ group of entities to enable shareholders to vote on them separately. Further, the resolution and the RPT policy of the company allows the company to make material modifications of upto 50% of the approved limit without seeking fresh approval from the shareholders. We believe a limit of 50% is very enabling. Hence, the AMC has voted against the resolution.
  • Motilal Oswal Mutual FundNon-Compliant with SEBI LODR Regulations: Omnibus approval sought for more than 1 year. Governance concern: Clubbed Resolution.
  • Nippon India Mutual FundOmnibus approval for more than one year

  1 for4 against
• Approval for Entering into Prospective Related Party Transactions

  ›Against HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund

  • HDFC Mutual FundThe resolution is enabling and the company has not stated the value of transactions for which approval is sought
  • ICICI Prudential Mutual FundThe company has stated that the proposed transactions will be on arms’ length basis. However, the company has sought an enabling approval for transactions with existing entities as well as entities that may be incorporated in future (till the 2024 AGM). The company has not stated the value of transactions for which approval is sought from each entity. We do not support such enabling nature of transactions with entities that may come into existence in the future. Companies must seek shareholder approval only after these companies are incorporated and disclose the ownership of these entities and the nature and value of transactions. Further, the proposed transactions are very enabling in nature – they include transfer of resources of any kind. The resolution and the RPT policy of the company allows the company to make material modifications of upto 50% of the approved limit without seeking fresh approval from the shareholders. We believe a limit of 50% is very enabling. Hence, the AMC has voted against the resolution.
  • Motilal Oswal Mutual FundCompliant with law. Governance Concern: The resolution has been proposed to be entered into with prospective Subsidiaries and Associate Companies.
  • Nippon India Mutual FundProposed resolution to allow company to make material modifications of upto 50% of the approved limit without seeking fresh approval from the shareholders.
  • SBI Mutual FundThe company has stated that the proposed transactions will be on arms’ length basis. However, the company has sought an enabling approval for transactions with existing entities as well as entities that may be incorporated in future (till the 2024 AGM). The company has not stated the value of transactions for which approval is sought from each entity. We do not support such enabling nature of transactions with entities that may come into existence in the future. Companies must seek shareholder approval only after these companies are incorporated and disclose the ownership of these entities and the nature and value of transactions. Further, the proposed transactions are very enabling in nature – they include transfer of resources of any kind. In several cases, the company seeks shareholder approval for financial support to the related parties – there is no clarity on whether the support will be provided to the extent of the company’s shareholding in the respective entities. The resolution and the RPT policy of the company allows the company to make material modifications of upto 50% of the approved limit without seeking fresh approval from the shareholders. We believe a limit of 50% is very enabling and shareholders must engage with the corporation to cap the approved material modifications at reasonable levels. This is why we do not support the resolution.

  1 for5 against
• To enhance the Borrowing Limits ofnthe Board or a Committee thereofnfrom Rs.1,000 crores to Rs.5,000ncrores

  ›Against HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund

  • HDFC Mutual FundThe proposed limit increase is high
  • ICICI Prudential Mutual FundThe company seeks approval to increase the borrowing limit to Rs 50.0 billion to accommodate bulk orders in hand, stringent delivery timelines, expansion of business segments and tenders in pipeline. We recognize that Olectra Greentech is in the process of setting up a greenfield EV manufacturing facility and the company has an order book of 3,394 electric buses as on March 31, 2023. Further, in July 2023, the company and its associate, Evey Trans Private Limited, received a Letter of Intent from Maharashtra State Road Transport Corporation for supply, operation and maintenance of 5,150 electric buses, for which it will need to raise capital. Olectra Greentech’s debt is currently rated ICRA A-/Stable/ICRA A2+. As on March 31, 2023, the company had outstanding borrowings of Rs. 0.7 billion with a debt to equity ratio of 0.5x. The company has stated that the Rs 50.0 billion limit includes non-fund based borrowings, however, there is no clarity regarding the bifurcation between the non-fund based borrowing and the fund based borrowing requirement. Also, it is unclear whether the non-fund based borrowing will include corporate guarantees given by Olectra on behalf of its promoter group entities. If the company raises the entire debt, considering the current standalone net worth, the debt-to-equity ratio would stand at 5.9x: which is very high. Hence, the AMC has voted against the resolution.
  • Motilal Oswal Mutual FundCompliant with law. Governance Concern: ~94% of the existing borrowing limits remains unutilized and the proposed increase in the borrowing limits is ~3.32x of Company’s total assets.
  • Nippon India Mutual FundExisting borrowing limits remains unutilized
  • SBI Mutual FundThe company seeks approval to increase the borrowing limit to Rs 50.0 bn to accommodate bulk orders in hand, stringent delivery timelines, expansion of business segments and tenders in pipeline. We recognize that Olectra Greentech is in the process of setting up a greenfield EV manufacturing facility and the company has an order book of 3,394 electric buses as on 31 March 2023. Further, in July 2023, the company and its associate, Evey Trans Private Limited, received a Letter of Intent from Maharashtra State Road Transport Corporation for supply, operation and maintenance of 5,150 electric buses, for which it will need to raise capital. Olectra Greentech’s debt is currently rated ICRA A-/Stable/ICRA A2+. As on 31 March 2023, the company had outstanding borrowings of Rs. 0.7 bn with a debt to equity ratio of 0.5x. The company has stated that the Rs 50.0 bn limit includes non-fund based borrowings, however, there is no clarity regarding the bifurcation between the non-fund based borrowing and the fund based borrowing requirement. Also, it is unclear whether the non-fund based borrowing will include corporate guarantees given by Olectra on behalf of its promoter group entities. If the company raises the entire debt, considering the current standalone net worth, the debt-to-equity ratio would stand at 5.9x: which is very high. This is why we do not support the resolution.

  1 for5 against
• To authorize the Board or anCommittee thereof to Sell, Lease,nMortgage or otherwise Disposenof the Whole or Substantially thenWhole of the Undertaking(S) of thenCompany, both present and future

  ›Against HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • HDFC Mutual FundThe proposed limit increase is high
  • ICICI Prudential Mutual FundThe charge may be created for borrowings availed by holding, subsidiary, affiliate and associate companies. AMC doesnot support creation of charge on company’s assets for borrowings of holding, affiliate and associate companies and thus the AMC has voted against the resolution.
  • Motilal Oswal Mutual FundCompliant with law. Governance Concern: ~94% of the existing borrowing limits remains unutilized and the proposed increase in the borrowing limits is ~3.32x of Company’s total assets.
  • Nippon India Mutual FundExisting borrowing limits remains unutilized

  1 for4 against
• To make investments, give loans,nguarantees and security in excess ofnlimits specified under Section 186 ofnthe Companies Act, 2013

  ›Against HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • HDFC Mutual FundThere is a lack of clarity on the entities to whom the support may be provided
  • ICICI Prudential Mutual FundAs on March 31, 2023 the available limit under section 186 is Rs. 18.15 billion (which includes the limit approved in the 2020 AGM) and the current utilized limit is Rs. 541.77 mn. The company has an order book of 3,394 electric buses as on March 31, 2023. Further, in July 2023, the company and its associate, Evey Trans Private Limited (EVEY), received a Letter of Intent from Maharashtra State Road Transport Corporation for supply, operation and maintenance of 5,150 electric buses. Olectra manufactures and sells EV Buses to EVEY and its SPVs (promoter group entities). EVEY leases the buses to the final customer. Given that majority of the sales are to associates/group entities, it appears that the promoter group entities have delayed payments to Olectra Greentech since the receivable days as on March 31, 2023 were ~211 days. Further, the company extends financial support to group entities that have been awarded tenders for the supply of electric buses. The company has not specified the specific entities and the amount of loans/guarantees to be extended to them. Also, the company has not stated whether financial assistance will be provided to the extent of the company’s shareholding (if any). Hence, the AMC has voted against the resolution.
  • Motilal Oswal Mutual FundCompliant with law. Governance Concern: Omnibus approval; Inadequate disclosure.
  • Nippon India Mutual FundInadequate disclosure

  1 for4 against
• Approval for giving Loan ornGuarantee or Providing Security innconnection with loan availed by anynof the Company’s Subsidiary (ies)/nAssociates/ Joint Ventures or anynother person specified under Sectionn185 of the Companies Act, 2013MoreLess

  ›Against HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund

  • HDFC Mutual FundThere is a lack of clarity on the entities to whom the support may be provided
  • ICICI Prudential Mutual FundThe proposed limit of Rs. 50.0 billion is around 5.88x the company’s standalone networth as on March 31, 2023. The approval sought is very enabling, given that it includes all entities covered under Section 185 of companies Act, 2013 – this also includes entities in which the company’s directors are interested. The company has not specified the specific entities and the amount of loans/guarantees to be extended to them. Further, the company has not stated whether financial assistance will be provided to the extent of the company’s shareholding (if any). Given the lack of clarity,the AMC has voted against the resolution.
  • Motilal Oswal Mutual FundNon-compliant: Non-disclosure of full particulars as required under Section 185 of Companies Act, 2013
  • Nippon India Mutual FundInadequate disclosure
  • SBI Mutual FundThe proposed limit of Rs. 50.0 bn is around 5.88x the company’s standalone networth as on 31 March 2023. We understand that the company has an order book of 3,394 electric buses as on 31 March 2023. Further, in July 2023, the company and its associate, Evey Trans Private Limited (EVEY), received a Letter of Intent from Maharashtra State Road Transport Corporation for supply, operation and maintenance of 5,150 electric buses. Even so, the approval sought is very enabling, given that it includes all entities covered under Section 185 of companies Act, 2013 – this also includes entities in which the company’s directors are interested. The company has not specified the specific entities and the amount of loans/guarantees to be extended to them. Further, the company has not stated whether financial assistance will be provided to the extent of the company’s shareholding (if any). Given the lack of clarity, we do not support the resolution.

  1 for5 against

Mutual fund votes, meeting of 19 Jul 2023, 6 fund houses

• RE-APPOINTMENT OF JUSTICE MRS. GYAN SUDHA MISRA (Retd.) (DIN: 07577265) AS AN INDEPENDENT DIRECTOR FOR A FURTHER PERIOD OF 5 YEARS

  ›Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Motilal Oswal Mutual FundRe-appointment non-compliant with law: Prior approval of shareholders not sought for re-appointment as ID.
  • Nippon India Mutual FundShareholder's approval not obtained on time for appointment of director

  4 for2 against
• TO APPROVE AWARDING OF CONTRACT TO MEGHA ENGINEERING & INFRASTRUCTURES LIMITED (MEIL) FOR CONSTRUCTION OF THE “GREENFIELD EV MANUFACTURING FACILITY” (RELATED PARTY TRANSACTION)

  ›Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Motilal Oswal Mutual FundCompliant with the law. Governance Concern: Valuation Report not disclosed, lack of disclosures and transparency around the bidding process.
  • Nippon India Mutual FundInadequate disclosure

  4 for2 against