Pine Labs CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 16 Sep 2026, 11 fund houses so far (houses' deadline to file 15 Oct 2026)

• To consider and adopt the audited standalone and consolidated financial statements of the Company for the financial year ended March 31, 2026, together with the reports of the board of directors and auditors’ thereonMoreLess

  11 for0 against
• To consider and re-appoint Mr. Kush Mehra (DIN: 08154941), who retires by rotation and being eligible, offers himself for re-appointment

  11 for0 against
• To consider and re-appoint M/s B S R & Co. LLP, Chartered Accountants as the Statutory Auditors and to fix their remuneration

  11 for0 against
• To consider and approve revision in remuneration payable to Mr. Kush Mehra, Whole-Time Director of the Company

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundAbsence of disclosure of the potential ESOP benefit that may accrue to proposed appointee.
  • DSP Mutual Fund, Jio BlackRock Mutual FundKush Mehra, 45, is Executive Director, President and Chief Business Officer – Digital Infrastructure and Transaction Platform. In FY26, he received remuneration of Rs. 129.3 mn (including fair value of stock options) and Rs. 22.98 mn in FY25. We estimate his FY27 remuneration at Rs. 391.3 mn (including fair value of stock options), which is high compared to the size of the business and not commensurate with peers. We expect the company to disclose the quantum of stock options that will be granted to him during his tenure. The company also states that he will be entitled to an increment of upto 20% every financial year. Given these concerns, we do not support this resolution.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merits of the appointee. Transparency concern: No absolute cap on the potential ESOP benefits. Lack of clarity regarding overall remuneration payable to the proposed director.
  • HSBC Mutual FundA vote AGAINST the executive remuneration is warranted because: The Executive will be paid the proposed remuneration irrespective of the company's financial performance during his tenure. There are no disclosures on the performance metrics and (threshold and target) performance that Executive needs to achieve based on which payouts under variable pay element will be made. The company has not provided information on the quantum of stock options to be granted during the term or overall fair value of such grants for each year. Nominee's pay can be considered to be open-ended and may lead to discretionary payouts. The proposed salary increment of 20% per annum is deemed to be high as compared to market practices.
  • ICICI Prudential Mutual FundThe AMC has voted against the resolution, due to absence of disclosure of the potential ESOP benefit that may accrue to proposed appointee

  2 for9 against
• To consider and approve revision in remuneration payable to Ms. Amrita Gangotra, Non-Executive Independent Director of the Company

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Excessive time-commitment and Pre-fixed or Pre-determined remuneration to an Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern has been identified regarding profile and attendance. Governance Concern: Excessive timecommitment and Pre-fixed or Pre-determined remuneration to an ID.

  7 for4 against
• To consider and approve revision in remuneration payable to Mr. Maninder Singh Juneja, Non-Executive Independent Director of the Company

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Pre-fixed or Pre-determined remuneration to an Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern has been identified regarding profile, time commitment and attendance. Governance Concern: Pre-fixed or Pre-determined remuneration to an ID.

  7 for4 against
• To consider and approve revision in remuneration payable to Ms. Smita Chandramani Kumar, Non-Executive Independent Director of the Company

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Pre-fixed or Pre-determined remuneration to an Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern has been identified regarding profile, time commitment and attendance. Governance Concern: Pre-fixed or Pre-determined remuneration to an ID.

  7 for4 against

Mutual fund votes, meeting of 13 Feb 2026, 12 fund houses

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

• Ratification and Amendment of the Pine Labs Employee Stock Option Plan 2025 (“ESOP Scheme”) of the Company

  ›Against Aditya Birla Sun Life Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • Aditya Birla Sun Life Mutual FundESOP 2025 has a pool size of 102.1 mn options, of which 15.8 mn options are available for further grants. Once these options are granted, it will lead to a dilution of 1.3% on the current expanded capital base. The proposed amendments cover changes relating to definitions, employee eligibility, grant and acceptance processes, vesting and exercise provisions, extension of exercise periods for certain employees, and alignment with the company’s clawback policy.The scheme does not specify the vesting conditions, which will be specified in the grant letter. The maximum vesting period of ten years appears longer than typical market practice and may increase the likelihood of options being in the money. Further, the exercise price is not defined and will be set in the grant letter. Thus, the options could be granted at a significant discount to the market price. Where the exercise price is at a significant discount to the market price, we expect companies to provide granular clarity on performance criteria along with the associated targets, or, at a minimum, a commitment to disclose such targets in the annual report after vesting. In the current case, there is no clarity on whether the vesting is linked to performance criteria. In the absence of clarity and disclosures, we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNon-Compliant under SEBI SBEB Regulations: Absolute Discretion to NRC to determine Exercise Price. Governance Concern: Potential maximum benefit that may be granted to a single employee appears to be excessive.
  • Baroda BNP Paribas Mutual FundThe proposed resolution is related to approval of company's Employee Stock Option Plan 2025 (ESOP Scheme). The scheme seeks absolute discretion to the Board/ NRC to modify, alter, vary the ESOP scheme's exercise price, which is not viewed as a good governance practice. It is expected that the Company makes objective disclosure on the ESOP scheme, as required by SEBI regulations.

  6 for6 against
• Ratification of the extension of the benefits of Pine Labs Employee Stock Option Plan 2025 (ESOP Scheme) to the employees of subsidiary companies of the Company

  ›Against Aditya Birla Sun Life Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • Aditya Birla Sun Life Mutual FundThrough resolution #2, the company seeks shareholder approval to extend the benefits of ESOP 2025 to employees of subsidiary companies. Our view is linked to resolution #1. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations 2021: Interlinked with Resolution #1.
  • Baroda BNP Paribas Mutual FundThis resolution is linked to the other resolution from the company on Employee Stock Option Plan 2025 (ESOP Scheme). As we do not support the scheme, this resolution is also not supported.

  6 for6 against
• Appointment of Secretarial Auditor

  12 for0 against
• Creation of charges, mortgages, hypothecation on the immovable and movable properties of the Company under Section 180(1)(a) of the Companies Act, 2013

  8 for0 against

• Unlisted stake boughtShopflo Technologies Private LimitedSince 10 Jun 2026

  100.00% bought in the quarter; holding 100.00%, from 0.00%

• Tax disputeThe Joint Commissioner of Commercial Taxes (Appeals)-4, BengaluruSince 8 Nov 2022
  Appeal has been filed with GSTAT on 29.06.2026. Matter is not listed yet
  At the filing before: The Joint Commissioner of Commercial Taxes (Appeals)-4, Bengaluru has passed an order dated 28.01.2026 providing the partial relief and confirming the balance issues with demand of INR 37,33,38,297/- (incl interest and penalty). Below is the summary: Tax - INR 14,89,36,336/- Interest - INR 20,95,08,327/- Penalty - INR 1,48,93,634/- We are in the process to file the appeal before GSTAT against the order. Due date to file the appeal is 30.06.2026.MoreLess
• Tax disputeThe Goods & Services State Tax Officer, MaharashtraSince 27 Feb 2025
  There is no change from the last quarter.
  At the filing before: Office of the State Tax Officer, Mumbai has passed an order dated 20/08/2025 confirming the balance demand of INR 49,33,847/- (incl interest and penalty). Below is the summary: Tax - INR 28,99,427/- Interest - INR 17,39,656/- Penalty - INR 2,94,764/- The company has filed an appeal to Appellate Authority (GST Appeal) on 15.01.2026. The matter is not listed yet. There is no material impact on financials, operations or other activities of the Company on account of the said order.MoreLess

In the company's own words, from its latest governance filing.

The board is made up as the listing rules require

Yes

The board has a regular chairperson

Yes

The company has a risk management committee

Yes

The chair is related to the managing director

Yes

The filing has a part on fines and penalties

No

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.