Paras Defence and Space Technologies MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 21 Aug 2025, 7 fund houses

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

• Adoption of Annual Audited Financial Statements

  7 for0 against
• To declare a dividend on Equity Shares for the financial year ended March 31, 2025

  7 for0 against
• Re-appointment of Director who retires by rotation

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundThe director’s re-appointment beyond 75 years of age is being proposed through an ordinary resolution, instead of the special resolution. Governance Concern: Chairman related to Managing Director and this may lead to concentration of power in the hands of single family. Low attendance in AGMs as Board Chairman.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of the Director. Non-Compliance under SEBI (LODR) Regulations: The director’s re-appointment beyond 75 years of age is being proposed through an ordinary resolution, instead of the special resolution which is required by law. Governance Concern: Chairman related to Managing Director and this may lead to concentration of power in the hands of single family. Did not attend any of the AGMs held in last 3 FYs, as a Board Chairperson.

  2 for4 against
• Appointment of M/s. DM & Associates, Company Secretaries LLP as Secretarial Auditors of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundProposed fee payable to Secretarial Auditors not disclosed.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed fee payable to Secretarial Auditors not disclosed.

  3 for4 against
• Ratification of remuneration of Cost Auditors For FY 2025-26

  7 for0 against
• Approval of Material Related Party Transaction(s) with Controp-Paras Technologies Private Limited (“Associate Company”)

  7 for0 against

Mutual fund votes, meeting of 7 Jun 2025, 7 fund houses

• Approval for Sub-division/ Split of existing 1 (one) Equity Share of face value of Rs. 10/- (Rupees Ten Only) each fully paid up into 2 (two) Equity Shares of face value of Rs. 5/- (Rupees Five Only) each fully paid up.MoreLess

  7 for0 against
• Approval for alteration of Capital Clause of the Memorandum of Association of the Company.

  7 for0 against

Mutual fund votes, meeting of 17 Mar 2025, 6 fund houses

• To approve re-appointment of Dr. Hina Amol Gokhale (DIN:08712659) as Non-Executive Woman Independent Director of the Company

  6 for0 against

Mutual fund votes, meeting of 20 Sep 2024, 4 fund houses

• Adoption of Annual Audited Financial Statements

  4 for0 against
• Re-appointment of Mr. Munjal Sharad Shah (DIN:01080863) who retires by rotation

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of proposed appointee. Technical Non-Compliance under Regulation 36(3) of SEBI LODR: The Company has not disclosed the information as required under said regulation including Profile in the Notice.

  1 for3 against
• Ratification of remuneration of Cost Auditors

  4 for0 against
• Approval for authorization to Board of Directors of the Company to advance any loan, give any guarantee or to provide any security to all such person specified under section 185 of the Companies Act, 2013 upto an aggregate limit of Rs. 60,00,00,000/- (Rupees Sixty Crores Only)MoreLess

  ›Against Aditya Birla Sun Life Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Aditya Birla Sun Life Mutual FundThe company seeks shareholder approval to increase the limit to grant loans/guarantees/ provide securities to any company in which directors are interested to Rs. 600.0 mn from Rs. 250.0 mn. We raise concern that this is an enabling approval, and it could allow the company to provide financial support to promoter entities as well. We believe the company must disclose granular details including names of these companies, the nature and size of their operations and terms of support, to justify the increase in transaction limit sought and to enable shareholders to make an informed decision. In the absence of these disclosures, we are unable to support this resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliance u/s 185 of the Act: Full particulars of the loans/ guarantees/ securities not disclosed in the Notice.

  0 for4 against
• Approval for extension of limits to give loan(s)/ provide guarantee(s) or security(ies)/ make investment(s) under section 186 of the Companies Act, 2013

  ›Against Aditya Birla Sun Life Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Aditya Birla Sun Life Mutual FundAt the 2019 AGM, the shareholders had approved a limit of Rs. 2.0 bn under Section 186 of the Companies Act, 2013. As per audited standalone financials, the company has an automatic limit of ~Rs. 3.7 bn. The company has made investments/loans and provided guarantees to the tune of ~Rs. 857.8 mn which equates to utilization of 43% of the previously approved limits and 23% of the automatic limits. The company now proposes to increase these limits to Rs. 5.0 bn. We believe such investments decisions carry risks and may allow the company to extend support to promoter-controlled companies. The company must provide sufficient clarity with respect to where it proposed to invest its surplus funds and the terms and conditions of these investment decisions. Moreover, we believe that the company already has significant available headroom under its automatic limit of Rs. 3.7 bn – therefore, the rationale to increase the limit to Rs. 5.0 bn is unclear. We do not support the resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: Blanket approval proposed without adequate disclosures.

  0 for4 against
• Approval of Material Related Party Transaction(s) with Controp-Paras Technologies Private Limited (“Associate Company”)

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance and Transparency Concern: Significant amount of RPTs, no adequate justification provided. Ultimate beneficiaries of the transactions are not disclosed.

  1 for3 against
• Remuneration of Mr. Amit Navin Mahajan, a Related Party, holding an office or place of profit in the Company

  ›Against Aditya Birla Sun Life Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Aditya Birla Sun Life Mutual FundAmit Mahajan is the Director – Technical and R&D for the company. He has over 21 years of work experience in defence electronics and systems. He has completed a bachelor’s degree in instrumentation engineering from the University of Mumbai. He was appointed as Director – Business Sales in October 2018 and was re-designated as Director – Technical and R&D with effect from October 2020. Prior to joining the company, he was associated with Concept Shapers and Electronics Private Limited. As per his revised terms, we estimate his annual remuneration to be Rs. 6.0 mn and at the upper end expect it to be capped at Rs. 7.2 mn. The company must clarify how they have benchmarked his compensation to the remuneration of the current whole-time directors on the board. His remuneration is higher than Shilpa Mahajan, a professional whole-time director and comparable to Munjal Shah, the Managing Director. We do not support this resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern has been identified in the proposed approvals per-se. Governance & Transparency Concern: Lack of clarity as to why prior approval of shareholders is not obtained for a Promoter KMP holding office of profit with higher remuneration than proposed KMPs.

  0 for4 against
• Remuneration of Mr. Anish Hemant Mehta, a Related Party, holding an office or place of profit in the Company

  ›Against Aditya Birla Sun Life Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Aditya Birla Sun Life Mutual FundAnish Mehta is part of the promoter family. He holds 3.64% equity stake in the company (as on 30 June 2024). He is the Chairperson of the Defence and Aerospace Committee of Indian Chamber of International Business (ICIB) and is a member of the Maharashtra Chamber of Commerce, Industry and Agriculture. He has completed his education up to a higher secondary certificate level. He has over 23 years of experience in business operations and logistics. He joined the company in October 2009 as General Manager and was re-designated as Director – Business Development in October 2018. Prior to joining the company, he was associated with Paras Engineering Company as an Assistant Manager – Sales and Marketing. As per his revised terms, we estimate his annual remuneration to be Rs. 6.0 mn and at the upper end expect it to be capped at Rs. 7.2 mn. While we recognize that Anish Mehta has been associated with the company for the last 15 years, we expect the company to clarify how they have benchmarked his compensation to the current whole-time directors on the board. His remuneration is higher than Shilpa Mahajan, a professional whole-time director and comparable to Munjal Shah, the Managing Director. We do not support this resolution. We do not support this resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern has been identified in the proposed approvals per-se. Governance & Transparency Concern: Lack of clarity as to why prior approval of shareholders is not obtained for a Promoter KMP holding office of profit with higher remuneration than proposed KMPs.

  0 for4 against
• Remuneration of Mr. Harsh Dhirendra Bhansali, Chief Financial Officer and a Related Party, holding an office or place of profit in the Company

  ›Against Aditya Birla Sun Life Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Aditya Birla Sun Life Mutual FundHarsh Bhansali is the Chief Financial Officer of the company. He has over 18 years of work experience in finance and accounts. He has completed his education up to a higher secondary certificate level. He has been associated with the company since inception and has held various responsibilities before being appointed as the CFO. Prior to joining the company, he was associated with Paras Engineering Company as the finance manager. As per his revised terms, we estimate his annual remuneration to be Rs. 6.0 mn and at the upper end expect it to be capped at Rs. 7.2 mn. While we recognize that Harsh Bhansali has been associated with the company since inception, we expect the company to clarify how they have benchmarked his compensation to the current whole-time directors on the board. His remuneration is higher than Shilpa Mahajan, a professional whole-time director and comparable to Munjal Shah, the Managing Director. We do not support this resolution. We do not support this resolution. Additionally, the company must also detail the suitability of Harsh Bhansali to be the CFO of the company.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern has been identified in the proposed approvals per-se. Governance & Transparency Concern: Lack of clarity as to why prior approval of shareholders is not obtained for a Promoter KMP holding office of profit with higher remuneration than proposed KMPs.

  0 for4 against
• To raise capital by way of a Qualified Institution Placement (“QIP”) to eligible investors through issuance of Equity Shares and/or other Eligible Securities

  4 for0 against
• (A) To approve ‘Paras Defence and Space Technologies Limited - Employee Stock Option Plan 2024’ (“Paras Defence ESOP 2024”)nn(B) To extend approval of ‘Paras Defence and Space Technologies Limited - Employee Stock Option Plan 2024’ to the employees of Company, its Subsidiary Company (ies) and/ or Associate Company(ies), Group company(ies) [present and future]MoreLess

  ›Against Aditya Birla Sun Life Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Aditya Birla Sun Life Mutual FundThe implementation of ESOP Plan 2024 will lead to a dilution of 2.0% on the expanded capital base. There is no clarity on the exercise price under the ESOP Plan 2024 – the notice states that exercise price will be decided at the discretion of the NRC/Board. Stock options may be granted at the face value of Rs. 10.0, which will represent a discount of 99.2% to the current market price of Rs. 1,243.1 (as on 30 June 2024). We do not favor ESOP schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to pre-defined performance parameters and the company has disclosed the targets for such parameters. In the current case, the company has not disclosed such criteria/ targets and thus, we are unable to support the resolution. Through the same resolution, the company proposes to extend the ESOP Plan 2024 to the employees of their subsidiaries, associates and group companies. Since we do not support this resolution, we do not the support extension of this scheme. Further, we do not support extension of ESOP/ RSU schemes to employees of associate companies. We do not support the resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliances: Exercise price not disclosed as per SEBI SBEB & SE Regulations. Clubbed Resolution for Approval of Scheme and Extension of Scheme to group companies. Governance Concerns: Unfettered power to the Board / NRC to determine Exercise Price which can be different for different set of employees. Theoretical possibility of Potential excessive benefits to single employee. Vesting Conditions are Detrimental to the Employees. Power to the Board / NRC to Accelerated Vesting period. Extension of scheme to employees of group / associate companies without compelling reasons / cost not being reimbursed to the Company.

  0 for4 against

Mutual fund votes, meeting of 20 Nov 2023, 2 fund houses

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

• TO APPROVE RE-APPOINTMENT OF MR. MUNJAL SHARAD SHAH (DIN: 01080863)nAS MANAGING DIRECTOR OF THE COMPANY

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with Law. No concerns on profile of Director. Governance Concern: No absolute cap on variable pay.

  1 for1 against
• TO APPROVE RE-APPOINTMENT OF MR. MANMOHAN HANDA (DIN:06942720) ASnNON-EXECUTIVE INDEPENDENT DIRECTOR OF THE COMPANY

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with Law. No concerns on profile of appointee. Governance Concern: Chairperson of the Audit Committee and Nomination & Remuneration Committee.

  1 for1 against
• TO APPROVE CREATION OF MORTGAGE/ HYPOTHECATION/ PLEDGE AND / ORnCHARGE ON THE PROPERTIES / ASSETS OF THE COMPANY UNDER SECTION 180(1)(A) OF THEnCOMPANIES ACT, 2013

  2 for0 against

Mutual fund votes, meeting of 29 Sep 2023, 2 fund houses

• To Receive, Consider and Adopt the Audited Financial Statements

  ›Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Motilal Oswal Mutual FundUnqualified opinion financial statements. Compliant with Indian Accounting Standards. Non-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

  0 for2 against
• To Consider the Re-Appointment of Mrs. Shilpa Amit Mahajan (DIN: 01087912), who retires by rotation

  2 for0 against
• To Re-Appoint Statutory Auditors

  ›Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Motilal Oswal Mutual FundNon-Compliant with Regulation 36(5) of SEBI LODR: Proposed audit fee and credential of auditors not disclosed.
  • Nippon India Mutual FundInadequate disclosure

  0 for2 against
• Re-Appointment of Mrs. Shilpa Amit Mahajan (DIN: 01087912) as Whole-Time Director of the Company

  2 for0 against
• Re-Appointment of Mr. Munjal Shard Shah (DIN: 01080863) as Managing Director of the Company

  ›Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Motilal Oswal Mutual FundCompliant with law. Governance concern: No absolute cap on the variable pay / total pay of promoter director.
  • Nippon India Mutual FundNo absolute cap on variable pay

  0 for2 against
• Ratification of Remuneration Payable to M/s. Dinesh Jain & Co., Cost Accountants

  2 for0 against
• Alteration in the Object Clause of the Memorandum of Association of the Company

  2 for0 against