Oswal Pumps MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 17 Dec 2025, 14 fund houses

• Approval of variation in the terms of contract, within the objects of issue referred to in the Prospectus dated June 17, 2025.

  14 for0 against

Mutual fund votes, meeting of 30 Sep 2025, 12 fund houses

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

• To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended on March 31, 2025 and the Report of the Board of Directors and Auditors thereon.

  12 for0 against
• To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended on March 31, 2025 and the Report of the Auditors thereon.

  ›Against 360 One Mutual Fund

  • 360 One Mutual FundUnqualified Financial Statements. Non-Compliant with the Companies Act, 2013 & SEBI LODR Regulations: The Company has not disclosed financials of the subsidiaries for FY 2024-25 on its website.

  11 for1 against
• To appoint a Director in place of Mr. Shivam Gupta (DIN: 08500323), who retires by rotation and being eligible offers himself for re-appointment.

  ›Against Bank of India Mutual Fund

  • Bank of India Mutual FundShivam Gupta, 28, part of the promoter group, Whole-Time Director, has been on the board since December 2022. During FY25, he attended all fourteen board meetings and retires by rotation. He has a Bachelor’s degree in commerce and Master’s degree in Management. He has been associated with the company since February 2022 and has over three years of experience. Although his reappointment is in line with statutory requirements, with less than ten years of relevant post qualification work experience and at 28 years of age, Shivam Gupta’s reappointment is not in line with our voting guidelines. We do not support the resolution.

  11 for1 against
• Ratification of the remuneration payable to the Cost Auditors

  12 for0 against
• Appointment of the Secretarial Auditors of the Company

  12 for0 against
• Ratification of ‘Oswal Pumps-Employee Stock Option Plan 2024’ (“ESOP Plan”)

  ›Against 360 One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund

  • 360 One Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual FundNon-Compliant under SEBI (SBEB & SE) Regulations: Inadequate disclosure of Exercise Price / Pricing Formula, vesting & exercise period. Governance & Transparency Concern: Board discretion to determine vesting & exercise period of options; Excessive potential benefit to a single employee.
  • Bank of India Mutual Fund, Sundaram Mutual FundUpto 5,698,870 stock options can be granted under ESOP 2024. The vesting of options is time based and will be decided by the Board. The Board also has the discretion to decide the maximum vesting period. There is no clarity on the exercise price and options can be granted at face value or at a discount greater than 20% from the market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to market price. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. As a good practice, companies should grant stock options at market price, or the options should have a performance-based vesting with clearly defined performance metrics. We note proposed amendments to clause 4.1, 4.4 and 4.5 are operational. However, due to the absence of clarity on the exercise price, we are unable to support the scheme or the amendments.
  • Kotak Mahindra Mutual FundThere is no limit on the number of Stock Options which can be awarded to any employee. This can skew the potential benefit to any particular employee. Hence, we cannot favour the resolution.
  • quant Mutual FundNon-compliant under SEBI (SBEB & SE) regulations: Inadequate disclosure of exercise price/ pricing formula, vesting & exercise period. Governance & transparency concern: Board discretion to determine vesting & exercise period of options. Excessive benefit for a single employee is possible.

  5 for7 against
• Approval of the Material Related Party Transaction with Walso Solar Solution Private Limited, Associate Company

  ›Against 360 One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund, Sundaram Mutual Fund

  • 360 One Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed. Transparency Concern: Ambiguity regarding prior approval.
  • Bank of India Mutual FundWalso Solar Solutions Pvt Limited (Walso), an associate company, incorporated in April 2024, manufactures solar structures, balance of system kits (BOS) and essential components for Turnkey Solar Pumping Systems. Oswal Pumps, as on 31 March 2025, holds 38.5% in Walso and promoter holds 32.0%. As per rating reports, Walso has strong operational linkages with the Oswal Pumps and 90% of its FY25 sales were to Oswal Pumps and the trend is expected to continue, going forward.The proposed transactions are for purchase of BOS Kit, High Density Polyethylene (HDPB) Pipe, Unplasticized Polyvinyl Chloride (UPVC) Pipe and Solar mounting structure from Walso upto Rs. 3.0 bn in FY26. Although the transactions are operational, we do not support transactions with promoter companies with business adjacencies – over 90% of FY25 sales of Walso were to Oswal Pumps. The rationale for Walso being structured as an associate company versus a subsidiary is unclear. We do not support the resolution.
  • Edelweiss Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed.
  • Sundaram Mutual FundWalso Solar Solutions Pvt Limited (Walso), an associate company, incorporated in April 2024, manufactures solar structures, balance of system kits (BOS) and essential components for Turnkey Solar Pumping Systems. Oswal Pumps, as on 31 March 2025, holds 38.5% in Walso and promoter holds 32.0%. As per rating reports, Walso has strong operational linkages with the Oswal Pumps and 90% of its FY25 sales were to Oswal Pumps and the trend is expected to continue, going forward. The proposed transactions are for purchase of BOS Kit, High Density Polyethylene (HDPB) Pipe, Unplasticized Polyvinyl Chloride (UPVC) Pipe and Solar mounting structure from Walso upto Rs. 3.0 bn in FY26. Although the transactions are operational, we do not support transactions with promoter companies with business adjacencies – over 90% of FY25 sales of Walso were to Oswal Pumps. The rationale for Walso being structured as an associate company versus a subsidiary is unclear. We do not support the resolution.

  7 for5 against