Prudent Corporate Advisory Services CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 11 Dec 2025, 24 fund houses

• Approval for Payment of Remuneration to Mr. Chirag Ashwinkumar Shah (DIN: 01480310), Non-Executive, Non-Independent Director of the Company for the financial year 2025-26

  ›Against Angel One Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, The Wealth Company Mutual Fund, Trust Mutual Fund

  • Angel One Mutual FundGovernance concern: Proposed commission appears to be excessive for Non- Executive Director as compared to other directors on the Board and the Company has not provided adequate justification for such higher commission.
  • Groww Mutual Fund, Motilal Oswal Mutual Fund, The Wealth Company Mutual FundCompliant with law. Governance concern: Proposed commission appears to be excessive for NED as compared to other directors on the Board and the Company has not provided adequate justification for such higher commission.
  • LIC Mutual FundGovernance concern: Proposed commission appears to be excessive for NED as compared to other directors on the Board and the Company has not provided adequate justification for such higher commission.
  • Trust Mutual FundCompliant with law.

  18 for6 against

Mutual fund votes, meeting of 31 Jul 2025, 21 fund houses

• To receive, consider and adopt: a. the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2025 with the Reports of Board of Directors and Auditors thereon; and b. the Audited Consolidated Financial Statement of the Company for the Financial Year ended March 31, 2025 together with the Report of Auditors thereon.MoreLess

  21 for0 against
• To declare a Final Dividend of Rs. 2.50 per Equity Share of face value of Rs. 5/- each for the Financial Year ended 31st March, 2025.

  21 for0 against
• To re-appoint Mr. Sanjay Shah (DIN: 00239810) as Director liable to retire by rotation

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance Concern: Holding Combined position of Chairman and Managing Director, which may lead to concentration of powers in the hands of single person.
  • Bank of India Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merit of appointee. Governance Concern: Holding Combined position of Chairman and Managing Director, which may lead to concentration of powers in the hands of single person.
  • LIC Mutual FundConcerns over Holding Combined position of Chairman and Managing Director, which may lead to concentration of powers in the hands of single person.

  16 for5 against
• Appointment of Secretarial Auditor

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund

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

  18 for3 against
• Change in Designation of Mr. Chirag Shah (DIN: 01480310) From Whole-Time Director to Non-Executive Director

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundTransparency Concern: It is not clear as to whether the proposed approval requires shareholders' approval under Regulation.
  • Bank of India Mutual Fund, Groww Mutual FundNo concern on merit of proposed appointee. Transparency Concern: The Company is seeking shareholders' approval beyond 3 months from the date of change in designation. It is not clear as to whether the proposed appointment requires shareholders' approval under regulation 17(1C) of SEBI LODR Regulations i.e. within 3 months of next general meeting or not. In case, the original approval covered approval for appointment as NED and proposed approval is sought merely as a good governance measure, then, SES has no concerns. However, if the original terms of appointment did not cover for position as a Director or was co-terminus with the position as WTD, then, the proposed approval is delayed and consequently, non-compliant with regulation 17(1C).
  • LIC Mutual FundTransparency Concern: The Company is seeking shareholders' approval beyond 3 months from the date of change in designation. It is not clear as to whether the proposed appointment requires shareholders' approval under regulation 17(1C) of SEBI LODR Regulations i.e. within 3 months of next general meeting or not. In case, the original approval covered approval for appointment as NED and proposed approval is sought merely as a good governance measure, then, SES has no concerns. However, if the original terms of appointment did not cover for position as a Director or was co-terminus with the position as WTD, then, the proposed approval is delayed and consequently, non-compliant with regulation 17(1C).
  • Motilal Oswal Mutual FundNo concern on merit of proposed appointee. Approval is not in accordance with the Regulation 17(1C) of SEBI LODR: Delayed shareholders' approval under Regulation 17(1C).

  16 for5 against
• Increase in remuneration of Mr. Shirish Govindbhai Patel (DIN: 00239732), Whole-time Director and CEO of the Company

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

  • Axis Mutual FundShirish Patel, 47, has been associated with the company since December 2005. He has been serving as Whole-time Director & CEO since 31 July 2018. He was paid a remuneration of Rs. 103.3 mn in FY25 (up 40.7% from Rs. 73.4 mn paid in FY24), which was 365.1x the median employee remuneration. Based on his revised terms, we estimate his annual pay at Rs. 155.0 mn, excluding stock options. The company has not provided clarity on any proposed quantum or value of the grants,. The company must cap overall remuneration in absolute amounts and quantify/disclose the stock options that he is eligible to receive, particularly since a stock option scheme is just being introduced. Further, the company must disclose the granular performance metrics which determine such variable pay. Due to lack of adequate disclosures, we are unable to ascertain his aggregate remuneration. Thus, we do not support the resolution.
  • Invesco Mutual FundShirish Patel, 47, has been associated with the company since December 2005. He has been serving as Whole-time Director & CEO since 31 July 2018. He was paid a remuneration of Rs. 103.3 mn in FY25 (up 40.7% from Rs. 73.4 mn paid in FY24), which was 365.1x the median employee remuneration. Based on his revised terms, we estimate his annual pay at Rs. 155.0 mn, excluding stock options. The company has not provided clarity on any proposed quantum or value of the grants,. The company must cap overall remuneration in absolute amounts and quantify/disclose the stock options that he is eligible to receive, particularly since a stock option scheme is just being introduced. Further, the company must disclose the granular performance metrics which determine such variable pay. Due to lack of adequate disclosures, we are unable to ascertain his aggregate remuneration. Thus, we do not support the resolution
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  18 for3 against
• To approve and adopt Employee Stock Option Scheme called Prudent – Employee Stock Option Scheme 2025

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund

  • Angel One Mutual FundInadequate disclosures regarding the Exercise Price or Pricing Formula under the Scheme; Maximum options per employee not disclosed.
  • Axis Mutual Fund, Invesco Mutual Fund, Sundaram Mutual Fund, UTI Mutual FundThe scheme involves fresh issue of equity shares, and the dilution will be 3.8% on the expanded capital base. The exercise price will be decided the Nomination and Remuneration Committee – there is no clarity on the final exercise price of options. We do not favour schemes where options are granted at a discount of more than 20% to the market price or where there is no clarity on the performance metrics for vesting. 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 the market price. We believe such schemes do not align the interests of investors and employees. We do not support this scheme given the lack of clarity on the exercise price and hence do not support this resolution.
  • Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations: Inadequate disclosures regarding the Exercise Price or Pricing Formula under the Scheme; Maximum options per employee not disclosed.
  • HDFC Mutual FundLack of clarity on the pricing of the ESOPS. We do not support the resolution.
  • Kotak Mahindra Mutual FundThe scheme involves fresh issue of equity shares, and the dilution will be 3.8% on the expanded capital base. The exercise price will be decided the Nomination and Remuneration Committee there is no clarity on the final exercise price of options. Per, management clarification, the exercise price will "Not be lower than the Face Value of the Shares of the Company, and can be different for different sets of employees for options granted on the same/different dates". There is lack of disclosure on maximum number of options to be granted to any individual employee. Moreover, the Committee shall have absolute discretion to select employees to whom Options may be granted under this Scheme and to determine the quantum of Options and terms thereof. We believe such schemes do not align the interests of investors and employees. Given the lack of clarity on the exercise price and eligibility criteria, we are voting against.
  • LIC Mutual FundConcerns over Inadequate disclosures regarding the Exercise Price or Pricing Formula under the Scheme; Maximum options per employee not disclosed.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundTransparency concern: No adequate disclosure

  6 for15 against
• To extend the approval of Employee Stock Option Scheme called Prudent – Employee Stock Option Scheme 2025 to the employees of subsidiary, holding and associate companies of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund

  • Angel One Mutual FundScheme proposed to be extended to Holding/ Associate Companies without compelling reasons and no affirmation on cost re-imbursement.
  • Axis Mutual Fund, Sundaram Mutual Fund, UTI Mutual FundThrough resolution #8, the company seeks approval to extend the benefits of the scheme to the employees of current and future subsidiary, associate and holding companies. We do not support the extension of ESOP schemes to employees of associate and holding companies including future associate companies. Further, our view on resolution #8 is linked to our view on resolution #7. We do not support the resolution.
  • Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundInterlinked with Resolution #7. Governance Concern: Scheme proposed to be extended to Holding/ Associate Companies without compelling reasons and no affirmation on cost re-imbursement.
  • Baroda BNP Paribas Mutual FundGovernance Concern: Scheme proposed to be extended to Holding/ Associate Companies without compelling reasons and no affirmation on cost re-imbursement
  • HDFC Mutual FundLack of clarity on the pricing of the ESOPS. We do not support the resolution.
  • Invesco Mutual FundThe company seeks approval to extend the benefits of the scheme to the employees of current and future subsidiary, associate and holding companies. We do not support the extension of ESOP schemes to employees of associate and holding companies including future associate companies. We do not support the resolution.
  • Kotak Mahindra Mutual FundThrough resolution #8, the company seeks approval to extend the benefits of the scheme to the employees of current and future subsidiary, associate and holding companies. Since, our view on resolution #8 is linked to our view on resolution #7; we are voting against.
  • LIC Mutual FundConcerns over Scheme proposed to be extended to Holding/ Associate Companies without compelling reasons and no affirmation on cost re-imbursement.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundGovernance Concern: Scheme proposed to be extended to Holding/ Associate Companies without compelling reasons and no affirmation on cost re-imbursement.

  6 for15 against

Mutual fund votes, meeting of 26 Sep 2024, 15 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 31st March, 2024 and the Report of the Board of Directors and Auditors thereon and the Audited Consolidated Financial Statement of the Company for the Financial Year ended 31st March, 2024 and Report of Auditors thereon.nMoreLess

  14 for0 against
• To declare final dividend of Rs. 2.00 (Two Rupee) per Equity Share of Rs. 5/- each for the Financial Year ended on 31st March, 2024.

  14 for0 against
• To appoint a Director in place of Mr. Chirag Ashwinkumar Shah (DIN: 01480310), who retires by rotation and, being eligible, offers himself for re-appointment.

  15 for0 against
• To consider and if thought fit, to approve reappointment ofnM/s. Deloitte Haskins & sells, Chartered Accountants as the Statutory Auditors of the Company for a Second Term of 4 (Four) years from F/Y 01.04.2024 to 31.03.2028.nMoreLess

  ›Against Groww Mutual Fund, Nippon India Mutual Fund, Taurus Mutual Fund, WhiteOak Capital Mutual Fund

  • Groww Mutual Fund, Nippon India Mutual FundNo concerns on merit & eligibility of proposed Auditors. Non-Compliant with Section 139 of Companies Act: Proposed re-appointment for period of 4 years. Non-Compliant with Regulation 36(5) of SEBI LODR: Credentials & Proposed audit fee payable to Statutory Auditors not disclosed.
  • Taurus Mutual Fund, WhiteOak Capital Mutual FundDeloitte Haskins & sells, were appointed as statutory auditors in AGM 2019 for five years. Their first term of five years ends at the conclusion of the 2024 AGM. The company proposes to reappoint them for a second tenure of four years from the conclusion of 2024 AGM to 2028 AGM. Deloitte Haskins & Sells were paid Rs. 4.2 mn as audit fee (excluding applicable taxes). The company has not made any disclosures on the proposed audit fees, which is a mandatory requirement under SEBI’s LODR 2015. We expect audit fees to be in the same range. Notwithstanding, the proposed reappointment for four years is not in line with Section 139(1) of the Companies Act 2013, which states that auditors must be appointed for a period of five years. Therefore, we do not support their reappointment.

  11 for4 against

Mutual fund votes, meeting of 28 Jun 2024, 13 fund houses

• Approval of the Scheme of Amalgamation between Prudent Broking Services Private Limited (Transferor Company & Wholly Owned Subsidiary of Transferee Company) and Prudent Corporate Advisory Services Limited (Transferee Company) through Fast Track Route of Amalgamation as provided under Section 233 of the Companies Act 2013MoreLess

  13 for0 against

Mutual fund votes, meeting of 29 Aug 2023, 7 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 31st March, 2023 and the Report of the Board of Directors and Auditors thereon and the Audited Consolidated Financial Statement of the Company for the Financial Year ended 31st March, 2023 and Report of Auditors thereon.MoreLess

  ›Against Nippon India Mutual Fund

  • Nippon India Mutual FundInadequate disclosure

  6 for1 against
• To declare final dividend of ₹1.50 (Rupee One and Fifty Paisa) per Equity Share of ₹5/- each for the Financial Year ended on 31st March, 2023.

  7 for0 against
• To appoint a Director in place of Mr. Shirish Govindbhai Patel (DIN: 00239732), who retires by rotation and, being eligible, offers himself for re-appointment.

  6 for0 against
• To approve increase in remuneration of Mr. Shirish Govindbhai Patel (DIN: 00239732), Whole-time Director and CEO of the Company

  ›Against Axis Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund

  • Axis Mutual FundShirish Patel, 46, is Whole-time director and CEO of the company. He was paid a remuneration of Rs. 72.5 mn in FY23 (up 11% from Rs 65.3 mn paid in FY22), which was 271.2x the median employee remuneration. The fixed pay for FY24 is proposed at Rs 61.2 mn, performance linked incentive can be upto 100% of the annual salary. FY24 remuneration estimate is high for the size of business and not in line with peers. The board must disclose performance metrics that determine variable pay, and disclose how it has benchmarked Shirish Patel’s proposed remuneration
  • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted in view of the following concerns:- Shirish Patel's remuneration quantum, particularly fixed pay, is not in line with market standards.- There is no clarity on the metrics and parameters that will guide his variable pay outcomes under the proposed framework.- He will be paid the proposed remuneration (coupled with increments) notwithstanding the relevant regulatory limits, for the rest of his tenure.- There is lack of information on how his pay is benchmarked against the overall employee salary level (median) in the company.
  • Nippon India Mutual FundRemuneration is high
  • Sundaram Mutual FundShirish Patel, 46, is Whole-time director and CEO of the company. He was paid a remuneration of Rs. 72.5 mn in FY23 (up 11% from Rs 65.3 mn paid in FY22), which was 271.2x the median employee remuneration. The fixed pay for FY24 is proposed at Rs 61.2 mn, performance linked incentive can be upto 100% of the annual salary. We estimate his FY24 remuneration upto Rs. 122.4 mn, which is high for the size of business and not in line with peers. The board must disclose performance metrics that determine variable pay, and disclose how it has benchmarked Shirish Patel’s proposed remuneration.

  2 for5 against
• To re-appoint Mr. Shirish Govindbhai Patel (DIN: 00239732) as Whole-time Director and CEO of the Company for another term of Three Years

  ›Against Axis Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund

  • Axis Mutual FundShirish Patel, 46, joined the company in 2005. He is a professional. The overall executive remuneration for FY23 was 7.1% of consolidated PBT, which is high for the size of business. For FY25, his proposed remuneration terms include fixed compensation of Rs. 75.0 mn and performance pay upto 100% of salary. While we support his reappointment, we raise concerns regarding his proposed remuneration. FY25 remuneration estimate is high for the size of business and not in line with peers.
  • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
  • Nippon India Mutual FundRemuneration is high
  • Sundaram Mutual FundShirish Patel, 46, joined the company in 2005. He is a professional. The overall executive remuneration for FY23 was 7.1% of consolidated PBT, which is high for the size of business. For FY25, his proposed remuneration terms include fixed compensation of Rs. 75.0 mn and performance pay upto 100% of salary. While we support his reappointment, we raise concerns regarding his proposed remuneration. We estimate Shirish Patel’s FY25 remuneration at Rs. 150.0 mn, which is high for the size of business and not in line with peers. The board must disclose performance metrics that determine variable pay, and disclose how it has benchmarked Shirish Patel’s proposed remuneration.

  2 for4 against
• To approve increase in remuneration of Mr. Sanjay Rameshchandra Shah (DIN: 00239810), Chairman and Managing Director of the Company

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with law. Governance concern: Combined position of CMD

  6 for1 against
• To re-appoint Mr. Sanjay Rameshchandra Shah (DIN: 00239810) as Chairman and Managing Director of the Company for another term of Three Years

  ›Against Motilal Oswal Mutual Fund

  • Motilal Oswal Mutual FundCompliant with law. Governance concern: Combined position of CMD

  6 for1 against
• To re-appoint Mr. Deepak Sood (DIN: 01642332) as an Independent Director of the Company

  7 for0 against
• To re-appoint Mr. Karan Kailash Datta (DIN: 08413809) as an Independent Director of the Company

  7 for0 against

Mutual fund votes, meeting of 1 Aug 2023, 1 fund house

• 1. To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended 31st March, 2023 and the Report of the Board of Directors and Auditors thereon and the Audited Consolidated Financial Statement of the Company for the Financial Year ended 31st March, 2023 and Report of Auditors thereon. 2. To declare final dividend of Rs. 1.50 (Rupee One and Fifty Paisa) per Equity Share of Rs. 5/- each for the Financial Year ended on 31st March, 2023. 3. To appoint a Director in place of Mr. Shirish Govindbhai Patel (DIN: 00239732), who retires by rotation and, being eligible, offers himself for re-appointment. 4. To approve increase in remuneration of Mr. Shirish Govindbhai Patel (DIN: 00239732), Whole-time Director and CEO of the Company. 5. To re-appoint Mr. Shirish Govindbhai Patel (DIN: 00239732) as Whole-time Director and CEO of the Company for another term of Three Years. 6. To approve increase in remuneration of Mr. Sanjay Rameshchandra Shah (DIN: 00239810), Chairman and Managing Director of the Company. 7. To re-appoint Mr. Sanjay Rameshchandra Shah (DIN: 00239810) as Chairman and Managing Director of the Company for another term of Three Years 8. To re-appoint Mr. Deepak Sood (DIN: 01642332) as an Independent Director of the Company. 9. To re-appoint Mr. Karan Kailash Datta (DIN: 08413809) as an Independent Director of the Company.MoreLess

  1 for0 against