Pidilite Industries MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 11 Sep 2025, 32 fund houses

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

• APPOINTMENT OF SHRI SANDEEP KATARIA (DIN: 05183714) AS AN INDEPENDENT DIRECTOR OF THE COMPANY.

  31 for0 against
• INCREASE IN THE AUTHORISED SHARE CAPITAL AND CONSEQUENT ALTERATION TO THE CAPITAL CLAUSE OF THE MEMORANDUM OF ASSOCIATION

  32 for0 against
• APPROVAL FOR ISSUE OF BONUS EQUITY SHARES TO THE MEMBERS OF THE COMPANY

  32 for0 against

Mutual fund votes, meeting of 6 Aug 2025, 32 fund houses

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

• Ordinary Resolution for Adoption of Audited Standalone Financial Statements of the Company together with the reports of Board of Directors and Auditors’ thereon and the Audited Consolidated Financial Statements of the Company with Auditor’s Report for the year ended 31st March, 2025.MoreLess

  31 for0 against
• Ordinary Resolution for declaration of dividend on Equity Shares

  31 for0 against
• Ordinary Resolution for re-appointment of Shri A N Parekh (DIN: 00111366) as a Director, who retires by rotation.

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the board independence norms are not met and AN Parekh is a non-independent director nominee.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.

  29 for2 against
• Ordinary Resolution for re-appointment of Shri Sandeep Batra (DIN: 00871843) as a Director, who retires by rotation.

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the board independence norms are not met and Sandeep Batra is a non-independent director nominee.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.

  30 for2 against
• Ordinary resolution for approval for re-appointment of Shri A N Parekh (DIN: 00111366) as a Whole Time Director designated as Executive Vice Chairman for a further period of 5 (Five) years.

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund

  • Axis Mutual Fund, Bank of India Mutual FundA N Parekh, 53, is part of the promoter family and a Whole-time Director designated as Executive Vice Chairperson. He has been on the board since 1 July 2005. A N Parekh received Rs. 100.3 mn in FY25 (including commission of Rs. 83.2 mn), we estimate his annual remuneration at Rs. 116.7 mn (including commission of Rs. 98.2 mn). We expect the company to disclose the performance metrics that determine such variable pay and cap his remuneration in absolute terms. We note that his remuneration terms include reimbursement of travel expenses and medical expenses for him and his family. We believe such expenses are personal in nature and should be borne by directors themselves. We support his reappointment on the board. However, given that his remuneration structure includes personal expenses as part of his remuneration, we do not support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the board independence norms are not met and AN Parekh is a non-independent director nominee.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • Invesco Mutual FundN Parekh, 53, is part of the promoter family and a Whole-time Director designated as Executive Vice Chairperson. He has been on the board since 1 July 2005. A N Parekh received Rs. 100.3 mn in FY25 (including commission of Rs. 83.2 mn), we estimate his annual remuneration at Rs. 116.7 mn (including commission of Rs. 98.2 mn). We expect the company to disclose the performance metrics that determine such variable pay and cap his remuneration in absolute terms. We note that his remuneration terms include reimbursement of travel expenses and medical expenses for him and his family. We believe such expenses are personal in nature and should be borne by directors themselves. We support his reappointment on the board. However, given that his remuneration structure includes personal expenses as part of his remuneration, we do not support the resolution

  26 for5 against
• Special Resolution for approval for re-appointment of Shri Rajeev Vasudeva (DIN: 02066480) as an Independent Director of the Company.

  32 for0 against
• Ordinary Resolution for approval for appointment of Shri Swaminathan K (DIN: 08958758) as a Director of the Company.

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the board independence norms are not met and Swaminathan K is a non-independent director nominee.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.

  29 for2 against
• Ordinary resolution for approval for appointment of Shri Swaminathan K (DIN: 08958758) as a Whole Time Director designated as Director - Operations for a period of 5 (Five) years.

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, SBI Mutual Fund, Taurus Mutual Fund

  • Axis Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Taurus Mutual FundSwaminathan K, 60, is President – Manufacturing Operations. He has been associated with the company since 2010. He has over 39 years of experience in the area of manufacturing operations. We estimate his annual remuneration at Rs. 27.5 mn (excluding ESOPs). We are unable to estimate Swaminathan K’s total compensation as he is entitled to receive stock options / RSUs, for which there is no guidance provided, nor is there an absolute cap. Given the company’s past track record on stock option grants to Executives, stock options/RSUs will likely form the majority of his remuneration structure. The remuneration terms, therefore, are open ended: the company must cap overall remuneration in absolute amounts and disclose the quantum of stock options that he is eligible to receive, including the performance metrics which determine his variable pay and stock options. While we support his appointment as Whole – time Director, due to lack of adequate disclosures, we are unable to estimate his overall remuneration. Hence, we are unable to support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the board independence norms are not met and Swaminathan K is a non-independent director nominee.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • Invesco Mutual FundSwaminathan K, 60, is President – Manufacturing Operations. He has been associated with the company since 2010. He has over 39 years of experience in the area of manufacturing operations.We estimate his annual remuneration at Rs. 27.5 mn (excluding ESOPs). We are unable to estimate Swaminathan K’s total compensation as he is entitled to receive stock options / RSUs, for which there is no guidance provided, nor is there an absolute cap. Given the company’s past track record on stock option grants to Executives, stock options/RSUs will likely form the majority of his remuneration structure. The remuneration terms, therefore, are open ended: the company must cap overall remuneration in absolute amounts and disclose the quantum of stock options that he is eligible to receive, including the performance metrics which determine his variable pay and stock options. While we support his appointment as Whole – time Director, due to lack of adequate disclosures, we are unable to estimate his overall remuneration. Hence, we are unable to support the resolution
  • SBI Mutual FundSwaminathan K, 60, is President – Manufacturing Operations. He has been associated with the company since 2010. He has over 39 years of experience in the area of manufacturing operations. We estimate his annual remuneration at Rs. 27.5 mn (excluding ESOPs). We are unable to estimate Swaminathan K’s total compensation as he is entitled to receive stock options/RSUs, for which there is no guidance provided, nor is there an absolute cap. Given the company’s past track record on stock option grants to Executives, stock options/RSUs likely form the majority of his remuneration structure. The remuneration terms, therefore, are open ended: the company must cap overall remuneration in absolute amounts and disclose the quantum of stock options that he is eligible to receive, including the performance metrics which determine his variable pay and stock options. While we support his appointment as Whole – time Director, due to lack of adequate disclosures, we are unable to estimate his overall remuneration. Hence, we are unable to support the resolution.

  24 for8 against
• Ordinary Resolution for approval for appointment of M/s. Parikh and Associates, Practising Company Secretaries as Secretarial Auditors of the Company for a period of 5 (Five) years.

  32 for0 against
• Ordinary Resolution for approval for ratification of payment of remuneration to M/s. V J Talati and Co., Cost Auditors for the financial year ending 31st March 2026.

  31 for0 against

Mutual fund votes, meeting of 21 May 2025, 32 fund houses

• Approval for appointment of Shri Bharat Puri (DIN:02173566) as a Non-Executive and Non-Independent Director of the Company

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the board independence norms are not met and Bharat Puri is a non-independent director nominee.
  • HSBC Mutual FundA vote AGAINST the nominee is warranted because: • The board independence norms are not met (after our reclassification), and Bharat Puri is a non-independent director nominee.

  30 for2 against
• Approval for Change in designation of Shri Sudhanshu Vats (DIN:05234702) from Managing Director Designate to Managing Director.

  32 for0 against
• Approval for Change in designation of Shri Kavinder Singh (DIN:06994031) from Joint Managing Director Designate to Joint Managing Director.

  32 for0 against
• Approval for appointment of Ms. Jessica Apurva Parekh to the Office or Place of Profit

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Basis of arriving at remuneration not disclosed; no clarity on whether proposed remuneration is comparable with similar grade employees.
  • Axis Mutual Fund, Bank of India Mutual Fund, Invesco Mutual FundMs. Jessica Apurva Parekh is the daughter of Apurva N Parekh, Executive Vice Chairperson, based on public sources. The company proposes to appoint her as Lead – Special Projects, with responsibilities in Digital Marketing and E-commerce and fix her remuneration at Rs. 4.5 mn per annum, subject to periodic increments, as per company policy. There is no clarity on her age and work experience. The Nomination and Remuneration Committee must provide details on the criteria for her selection, how her remuneration is determined and benchmarked, as well as a comprehensive disclosure of her qualifications, experience and suitability to the role. We note that the Board or its Committee are authorised to approve changes in designation and salary revisions, as per the Company’s policies and applicable laws. We raise concern that the resolution is enabling and is valid in perpetuity, therefore, given the uncapped nature of remuneration, future pay levels may be high, without requiring subsequent shareholder approval. Hence, we are unable to support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Basis of arriving at remuneration not disclosed; no clarity on whether proposed remuneration is comparable with similar grade employees.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted as the executive's remuneration the proposed mandate may limit shareholders' right to review and vote on a periodic basis.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration:• The proposed mandate may limit shareholders' right to review and vote on a periodic basis.
  • Kotak Mahindra Mutual FundThe company proposes to appoint Ms. Jessica Apurva Parekh as Lead Special Projects and fix her remuneration at Rs. 4.5 mn per annum, subject to periodic increments, as per company policy. There is no clarity on her age and work experience. Moreover, the company must provide details on the criteria for her selection, how her remuneration is determined and benchmarked, as well as a comprehensive disclosure of her qualifications, experience and suitability to the role. Based on the lack of clarity on the disclosures, voting against.
  • Nippon India Mutual FundGovernance Concern and Inadequate disclosure
  • NJ Mutual Fund, Sundaram Mutual FundMs. Jessica Apurva Parekh is the daughter of Apurva N Parekh, Executive Vice Chairperson, based on public sources. The company proposes to appoint her as Lead – Special Projects and fix her remuneration at Rs. 4.5 mn per annum, subject to periodic increments, as per company policy. There is no clarity on her age and work experience. The Nomination and Remuneration Committee must provide details on the criteria for her selection, how her remuneration is determined and benchmarked, as well as a comprehensive disclosure of her qualifications, experience and suitability to the role. There is no clarity on her exact roles and responsibilities as Lead – Special Projects. We note that the Board or its Committee are authorised to approve changes in designation and salary revisions, as per the Company’s policies and applicable laws. We raise concern that the resolution is enabling and is valid in perpetuity, therefore, given the uncapped nature of remuneration, future pay levels may be high, without requiring subsequent shareholder approval. Hence, we are unable to support the resolution.
  • PPFAS Mutual FundInadequate disclosures.
  • SBI Mutual FundMs. Jessica Apurva Parekh is the daughter of Apurva N Parekh, Executive Vice Chairperson, based on public sources. The company proposes to appoint her as Lead – Special Projects, with responsibilities in Digital Marketing and E-commerce and fix her remuneration at Rs. 4.5 mn per annum, subject to periodic increments, as per company policy. Though we have no problem with the compensation being offered to Ms. Jessica, we observe that the compensation is uncapped and the resolution is enabling and is valid in perpetuity therefore making it unapplicable for subsequent shareholder approvals. In the absence of clarity, we do not support the resolution.

  13 for19 against

Mutual fund votes, meeting of 19 Mar 2025, 31 fund houses

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

• Appointment of Smt. Meena Ganesh (DIN: 00528252) as an Independent Director of the Company

  31 for0 against
• Appointment of Dr. Vivek Raghavan (DIN: 02672829) as an Independent Director of the Company

  30 for0 against

Mutual fund votes, meeting of 7 Aug 2024, 23 fund houses

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

• Ordinary Resolution for Adoption of Audited Standalone Financial Statements of the Company together with the reports of Board of Directors and Auditors’ thereon and the Audited Consolidated Financial Statements of the Company with Auditor’s Report for the year ended 31st March, 2024MoreLess

  22 for0 against
• Ordinary Resolution for declaration of dividend on Equity Shares

  22 for0 against
• Ordinary Resolution for re-appointment of Shri A B Parekh (DIN: 00035317) as a Director, who retires by rotation

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: • The board independence norms are not met (after our reclassification), and Ajay Balvantray Parekh, Joseph Varghese and Kavinder Singh are non-independent director nominees.

  21 for1 against
• Ordinary Resolution for re-appointment of Shri Joseph Varghese (DIN: 09770335) as a Director, who retires by rotation

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: • The board independence norms are not met (after our reclassification), and Ajay Balvantray Parekh, Joseph Varghese and Kavinder Singh are non-independent director nominees.

  21 for1 against
• Ordinary Resolution for appointment of Shri Kavinder Singh (DIN: 06994031) as a Director of the Company

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: • The board independence norms are not met (after our reclassification), and Ajay Balvantray Parekh, Joseph Varghese and Kavinder Singh are non-independent director nominees.

  20 for1 against
• Ordinary Resolution for appointment of Shri Kavinder Singh (DIN: 06994031) as Whole Time Director designated as Joint Managing Director Designate of the Company for a period of 5 (five) years, with effect from May 20, 2024MoreLess

  ›Against DSP Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Sundaram Mutual Fund

  • DSP Mutual FundKavinder Singh, 59, is former Managing Director, Mahindra Holidays & Resorts India Limited. He has over 38 years of experience in FMCG and Hospitality sector. The company seeks to appoint him as Whole – Time Director designated as Joint Managing Director for five years from 20 May 2024. We are unable to estimate Kavinder Singh’s total compensation as he is entitled to receive stock options / RSUs, for which there is no guidance provided, nor is there an absolute cap. Given the company’s past track record on stock option grants to Executives, stock options/RSUs will likely form the majority of his remuneration structure. The remuneration terms, therefore, are open ended: the company must cap overall remuneration in absolute amounts and disclose the quantum of stock options that he is eligible to receive, including the performance metrics which determine his variable pay and stock options. While we support his appointment as Joint Managing Director, due to lack of adequate disclosures, we are unable to estimate his overall remuneration. Hence, we are unable to support the resolution.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concern: • The board independence norms are not met after our re-classification, and Kavinder Singh is a non-independent nominee.
  • Invesco Mutual FundKavinder Singh, 59, is former Managing Director, Mahindra Holidays & Resorts India Limited. He has over 38 years of experience in FMCG and Hospitality sector. The company seeks to appoint him as Whole – Time Director designated as Joint Managing Director for five years from 20 May 2024. We are unable to estimate Kavinder Singh’s total compensation as he is entitled to receive stock options / RSUs, for which there is no guidance provided, nor is there an absolute cap. Given the company’s past track record on stock option grants to Executives, stock options/RSUs will likely form the majority of his remuneration structure. The remuneration terms, therefore, are open ended: the company must cap overall remuneration in absolute amounts and disclose the quantum of stock options that he is eligible to receive, including the performance metrics which determine his variable pay and stock options. While we support his appointment as Joint Managing Director, due to lack of adequate disclosures, we are unable to estimate his overall remuneration. Hence, we are unable to support the resolution
  • Sundaram Mutual Fund"Kavinder Singh, 59, is former Managing Director, Mahindra Holidays & Resorts India Limited. He has over 38 years of experience in FMCG and Hospitality sector. The company seeks to appoint him as Whole – Time Director designated as Joint Managing Director for five years from 20 May 2024. We are unable to estimate Kavinder Singh’s total compensation as he is entitled to receive stock options / RSUs, for which there is no guidance provided, nor is there an absolute cap. Given the company’s past track record on stock option grants to Executives, stock options/RSUs will likely form the majority of his remuneration structure. The remuneration terms, therefore, are open ended: the company must cap overall remuneration in absolute amounts and disclose the quantum of stock options that he is eligible to receive, including the performance metrics which determine his variable pay and stock options. While we support his appointment as Joint Managing Director, due to lack of adequate disclosures, we are unable to estimate his overall remuneration. Hence, we are unable to support the resolution."

  18 for4 against
• Ordinary Resolution for approval for modification in terms of remuneration of Shri Sudhanshu Vats (DIN: 05234702) consequent upon change in his designation from Deputy Managing Director to Managing Director Designate effective from April 01, 2024MoreLess

  ›Against DSP Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Sundaram Mutual Fund

  • DSP Mutual FundSudhanshu Vats was appointed as Deputy Managing Director for five years on 10 August 2022. The company seeks to redesignate him as Managing Director w.e.f. 1 April 2024 for his remaining term which ends on 17 May 2027.Sudhanshu Vats received Rs. 514.7 mn as remuneration in FY24, including fair value of ESOPs and RSUs granted to him, higher than peers. We are unable to estimate his total compensation over his tenure, as he is entitled to receive stock options / RSUs, for which there is no guidance provided, nor is there an absolute cap. Given the company’s past track record on stock option grants to Executives, stock options/RSUs will likely form the majority of his remuneration structure. The remuneration terms, therefore, are open ended: the company must cap overall remuneration in absolute amounts and disclose the quantum of stock options that he is eligible to receive, including the performance metrics which determine his variable pay and stock options. While we support his redesignation as Managing Director, due to lack of adequate disclosures, we are unable to estimate his overall remuneration. Hence, we are unable to support the resolution.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns: • The company has failed to specify the quantum of stock options that he is entitled to receive each year. • The performance targets and thresholds for determining variable pay including stock options have not been disclosed. • After including fair value of stock options, his pay is competitively positioned.
  • Invesco Mutual FundSudhanshu Vats was appointed as Deputy Managing Director for five years on 10 August 2022. The company seeks to redesignate him as Managing Director w.e.f. 1 April 2024 for his remaining term which ends on 17 May 2027. Sudhanshu Vats received Rs. 514.7 mn as remuneration in FY24, including fair value of ESOPs and RSUs granted to him, higher than peers. We are unable to estimate his total compensation over his tenure, as he is entitled to receive stock options / RSUs, for which there is no guidance provided, nor is there an absolute cap. Given the company’s past track record on stock option grants to Executives, stock options/RSUs will likely form the majority of his remuneration structure. The remuneration terms, therefore, are open ended: the company must cap overall remuneration in absolute amounts and disclose the quantum of stock options that he is eligible to receive, including the performance metrics which determine his variable pay and stock options. While we support his redesignation as Managing Director, due to lack of adequate disclosures, we are unable to estimate his overall remuneration. Hence, we are unable to support the resolution.
  • Sundaram Mutual Fund"Sudhanshu Vats was appointed as Deputy Managing Director for five years on 10 August 2022. The company seeks to redesignate him as Managing Director w.e.f. 1 April 2024 for his remaining term which ends on 17 May 2027. Sudhanshu Vats received Rs. 514.7 mn as remuneration in FY24, including fair value of ESOPs and RSUs granted to him, higher than peers. We are unable to estimate his total compensation over his tenure, as he is entitled to receive stock options / RSUs, for which there is no guidance provided, nor is there an absolute cap. Given the company’s past track record on stock option grants to Executives, stock options/RSUs will likely form the majority of his remuneration structure. The remuneration terms, therefore, are open ended: the company must cap overall remuneration in absolute amounts and disclose the quantum of stock options that he is eligible to receive, including the performance metrics which determine his variable pay and stock options. While we support his redesignation as Managing Director, due to lack of adequate disclosures, we are unable to estimate his overall remuneration. Hence, we are unable to support the resolution."

  17 for4 against
• Special Resolution for appointment of Shri Rajeev Gupta (DIN: 00241501) as an Independent Director for a first term of 5 (five) consecutive years upto 6th May, 2029.

  ›Against DSP Mutual Fund, Invesco Mutual Fund, Sundaram Mutual Fund

  • DSP Mutual Fund, Invesco Mutual FundRajeev Gupta, 66, is founding Partner of Arpwood Capital, a boutique investment banking and advisory firm. He was Managing Director of Carlyle Asia and Head of India buyout team from 2005 to 2010. Rajeev Gupta serves as an Independent Director on the board of five listed companies (including Pidilite Industries Limited). Given their full-time responsibilities, regulations allow whole time directors of listed companies to be independent directors in a maximum of three listed companies. We believe that his responsibilities as the founding partner of Arpwood Capital are equivalent to a whole-time directorship. Therefore, the high number of directorships on listed companies is not in keeping with the spirit of the regulation. We do not support his appointment
  • Sundaram Mutual Fund"Rajeev Gupta, 66, is founding Partner of Arpwood Capital, a boutique investment banking and advisory firm. He was Managing Director of Carlyle Asia and Head of India buyout team from 2005 to 2010. Rajeev Gupta serves as an Independent Director on the board of five listed companies (including Pidilite Industries Limited). Given their full-time responsibilities, regulations allow whole time directors of listed companies to be independent directors in a maximum of three listed companies. We believe that his responsibilities as the founding partner of Arpwood Capital are equivalent to a whole-time directorship. Therefore, the high number of directorships on listed companies is not in keeping with the spirit of the regulation. We do not support his appointment"

  19 for3 against
• Special Resolution for appointment of Shri J S Deepak (DIN: 02194470) as an Independent Director for a first term of 5 (five) consecutive years upto 30th June, 2029.

  22 for0 against
• Ordinary Resolution for ratification of payment of remuneration to M/s. V J Talati & Co., Cost Auditors for the financial year ending March 31, 2025

  21 for0 against

Mutual fund votes, meeting of 13 Mar 2024, 22 fund houses

• Appointment of Mr. Murali Sivaraman (DIN: 01461231) as an IndependentnDirector of the Company

  22 for0 against