REC MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 25 Aug 2026, 15 fund houses so far (houses' deadline to file 15 Oct 2026)

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

• To receive, consider, approve and adopt the audited standalone & consolidated financial statements of the Company for the financial year ended March 31, 2026, along with the reports of the Board of Directors, Auditors and the comments of the Comptroller & Auditor General of India thereon.MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee at the time of approval of financial. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundWe have relied upon the auditors’ report, which has not raised concerns on the financial statements. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). However, we raise concern that the company has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board while the accounts were finalized. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundUnqualified Financial Statements (except certain non-material remarks in CARO Report). Governance concern: Non-Compliant Audit Committee at the time of approval of financial. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.

  7 for7 against
• To take note of the payment of 1st, 2nd, 3rd and 4th interim dividends and declare final dividend on equity shares of the Company for the financial year 2025-26.

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

  • Angel One Mutual FundGovernance concern is raised in adoption of financial statements of the Company under resolution #1, final dividend payment being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Sufficient fund to pay Dividend. Governance concern is raised in adoption of financial statements of the Company under resolution #1, final dividend payment being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  10 for5 against
• To appoint a Director in place of Shri Shashank Misra (DIN: 08364288), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundShashank Misra, 43, Joint Secretary Ministry of Power, represents the Government of India on the board. He attended ten out of fourteen (71.4%) held in FY26, thirteen out of fifteen (86.7%) held in FY25 and five out of nine (55.6%) held in FY24 during his tenure. His aggregate attendance over the last three financial years was (73.7%), which is below our minimum threshold of 75%. We expect directors to attend all board meetings or, at a minimum, maintain 75% attendance over a rolling three-year period. Further, board composition is not compliant with regulations on independent director representation. We expect the Ministry of Power to first address the board composition, before (re)appointing their nominees on the board. Given these concerns, we are unable to support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • HSBC Mutual FundA vote AGAINST the nominee is warranted because: Shashank Misra is a non-independent director nominee, and the board independence is less than adequate. Shashank Misra has failed to attend at least 75 percent of board meetings in the most recent fiscal year, without a satisfactory explanation.

  6 for9 against
• To fix the remuneration of Statutory Auditors for the financial year 2026-27.

  15 for0 against
• Appointment of Shri Thangarajan Subash Chandira Bosh (DIN: 02772316) as Director (Projects)

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  10 for5 against
• Appointment of Shri Rajesh Kumar (DIN:06941428) as Director (Finance).

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  10 for5 against
• To approve the appointment of Shri Rajesh Kumar Agarwal (DIN: 09699001) as Director (“Nominee Director of Power Finance Corporation Limited”).

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • DSP Mutual FundRajesh Kumar Agarwal, 54, is Whole Time Director (Finance) at Power Finance Corporation Limited (PFC). He holds a bachelor’s degree in commerce (Honours) and is a Member of the Institute of Cost Accountants of India and has more than three decades of experience in the Power and Financial sectors.While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Power to first address the board composition, before (re)appointing their nominees on the board. Given this concern, we are unable to support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • HSBC Mutual FundA vote AGAINST the nominees is warranted because: Rajesh Kumar Agarwal is non-independent director nominee, and the board independence is less than adequate.
  • Jio BlackRock Mutual Fund, Sundaram Mutual FundRajesh Kumar Agarwal, 54, is Whole Time Director (Finance) at Power Finance Corporation Limited (PFC). He holds a bachelor’s degree in commerce (Honours) and is a Member of the Institute of Cost Accountants of India and has more than three decades of experience in the Power and Financial sectors. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Power to first address the board composition, before (re)appointing their nominees on the board. Given this concern, we are unable to support the resolution.

  6 for9 against
• Appointment of Dr. Anil Kumar Gupta (DIN: 00442146) as Part-time Non-official Independent Director.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law, Appointment as Independent Director for a period of only three months.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundDr. Anil Kumar Gupta, 59, is Chairperson, Jhilmil CETP Society. He also serves on the boards of the Central Pollution Control Board and Delhi Pollution Control Committee. He is an environmentalist, philanthropist, and works in India’s MSME sector. He holds an M.Sc. in Environmental Science and holds an M.B.A. and M.A., LL.B., and Ph. D degrees. He has also undertaken specialized courses from IIT Roorkee and IISc Bangalore. As per public sources, he is associated with BJP. While his appointment meets statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed his political affiliation as part of the notice. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merit of Directors. Governance concern: Term of appointment is ambiguous and against spirit of the law, Appointment as ID for a period of only three months.
  • HSBC Mutual FundA vote AGAINST the nominees is warranted because: Anil Kumar Gupta and Kanchiappan Ghayathri Devi are non-independent director nominees (after our reclassification due to political affiliation), and the board independence is less than adequate.

  6 for9 against
• Appointment of Dr. Kanchiappan Ghayathri Devi (DIN: 07584524) as Part-time Non-official Independent Director.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law, Appointment as Independent Director for a period of only three months.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundDr. Kanchiappan Ghayathri Devi, 55, is a Medical Practitioner at Suryaa Diagnostics since 1997. She is also involved in Social Service. She currently serves as Secretary & Correspondent at Sri Santhoshi Group of Educational Institutions and Director in Suriyaa Diagnostics and SSNT College, Chennai. She holds an MBBS from The Tamil Nadu Dr. M.G.R. Medical University, Diploma in Medical Cosmetology from Annamalai University & MBA in Hospital management & health administration from Anna University. As per public sources, she is associated with BJP. While her appointment meets statutory requirements, we believe her political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed her political affiliation as part of the notice. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merit of Directors. Governance concern: Term of appointment is ambiguous and against spirit of the law, Appointment as ID for a period of only three months.
  • HSBC Mutual FundA vote AGAINST the nominees is warranted because: Anil Kumar Gupta and Kanchiappan Ghayathri Devi are non-independent director nominees (after our reclassification due to political affiliation), and the board independence is less than adequate.

  6 for9 against
• Appointment of Smt. Poonam Chauhan (DIN: 11842802) as Part-time Non-official Independent Director.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundMs. Poonam Chauhan, 47, served as a district president for North-East Delhi from 2023 to 2025. She is also involved in Social Service. She has been actively engaged in initiatives focused on healthcare, women's empowerment, child development and environmental conservation. She holds bachelor’s degree in education (B.Ed.) from Chaudhary Charan Singh University, Meerut and a Master of Arts (M.A.) in English from Kurukshetra University, Kurukshetra. As per public sources, she is associated with BJP. While her appointment meets statutory requirements, we believe her political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed her political affiliation as part of the notice. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merit of Directors. Governance concern: Term of appointment is ambiguous and against spirit of the law.

  7 for8 against
• Approval for private placement of securities.

  5 for0 against

Mutual fund votes, meeting of 27 Aug 2025, 35 fund houses

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

• To receive, consider, approve and adopt the audited standalone & consolidated financial statements of the Company for the financial year ended March 31, 2025, along with the reports of the Board of Directors, Auditors and the comments of the Comptroller & Auditor General of India thereon.MoreLess

  32 for0 against
• To take note of the payment of 1st , 2nd , 3rd and 4th interim dividends and declare final dividend on equity shares of the Company for the financial year 2024-25.

  34 for0 against
• To appoint a Director in place of Shri Shashank Misra (DIN: 08364288), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against 360 One Mutual Fund, Aditya Birla Sun Life Mutual Fund, 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, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundShashank Misra, 42, Joint Secretary Ministry of Power, represents the Government of India on the board. He attended thirteen out of fifteen (86.7%) board meetings held in FY25. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Power to first address the board composition, before (re)appointing their nominees on the board.
  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the board independence norms are not met and Shashank Misra is a non-independent director nominee.
  • HSBC Mutual FundA vote AGAINST the nominee is warranted because the board independence norms are not met and ShashankMisra is a non-independent director nominee
  • Invesco Mutual FundShashank Misra, 42, Joint Secretary Ministry of Power, represents the Government of India on the board. He attended thirteen out of fifteen (86.7%) board meetings held in FY25. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Power to first address the board composition, before (re)appointing their nominees on the board. We do not support the resolution
  • PPFAS Mutual FundAlthough there is no concern identified on merits of the proposed appointee, the board is non-compliant with the requirement of requisite number of Independent Directors
  • quant Mutual FundRegarding various appointments to the Board of the company. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors. Related to the appointments of DrGambheer Singh and Dr Durgesh Nandini, non-compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Hence, we are voting against these resolutions.
  • WhiteOak Capital Mutual FundShashank Misra, 42, Joint Secretary Ministry of Power, represents the Government of India on the board. He attended thirteen out of fifteen (86.7%) board meetings held in FY25. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation.

  13 for21 against
• To fix the remuneration of Statutory Auditors for the financial year 2025-26.

  34 for0 against
• Appointment of Shri Jitendra Srivastava (DIN: 06817799) as Chairman and Managing Director.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Holding combined position of Chairman and Managing Director. Delayed shareholders’ approval.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Holding combined position of Chairman and Managing Director. Delayed shareholders’ approval.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Holding combined position of Chairman and Managing Director. Delayed shareholders approval.
  • PPFAS Mutual FundAlthough there is no concern identified on merits of the proposed appointee, the board is non-compliant with the requirement of requisite number of Independent Directors
  • quant Mutual FundRegarding various appointments to the Board of the company. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors. Related to the appointments of DrGambheer Singh and Dr Durgesh Nandini, non-compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Hence, we are voting against these resolutions.

  25 for9 against
• Appointment of Dr. Gambheer Singh (DIN: 02003319) as Part-time Non-official Independent Director.

  ›Against 360 One Mutual Fund, Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Aditya Birla Sun Life Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundDr. Gambheer Singh, 57, Dean of Raipur Institute of Medical Sciences – Chhattisgarh, has over two decades of teaching experience. He has been running a hospital in Raipur since 2008. He served as an Independent Director of the company from 15 November 2021 to 15 November 2024 and attended all eight board meetings he was eligible to attend in FY25. As per public sources, he is associated with BJP. While his appointment meets statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed his political affiliation as part of the notice. We do not support the resolution.
  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Gambheer Singh is politically associated, and the presence of director with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• Gambheer Singh and Durgesh Nandini Tiwari are politically associated, and the presence of directorswith political background or affiliation with a political party can act as an impediment for independentand objective thinking of the board
  • Invesco Mutual FundDr. Gambheer Singh, 57, Dean of Raipur Institute of Medical Sciences – Chhattisgarh, has over two decades of teaching experience. He has been running a hospital in Raipur since 2008. He served as an Independent Director of the company from 15 November 2021 to 15 November 2024 and attended all eight board meetings he was eligible to attend in FY25.As per public sources, he is associated with BJP. While his appointment meets statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed his political affiliation as part of the notice. We do not support the resolution
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval, Term of appointment is ambiguous and against spirit of the law.
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval,
  • PPFAS Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments
  • quant Mutual FundRegarding various appointments to the Board of the company. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors. Related to the appointments of DrGambheer Singh and Dr Durgesh Nandini, non-compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Hence, we are voting against these resolutions.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundDr. Gambheer Singh, 57, Dean of Raipur Institute of Medical Sciences – Chhattisgarh, has over two decades of teaching experience. Considering the lack of relevant experience and financial background and considering the current board profile, we recommend voting against. We do not support the resolution.

  12 for22 against
• Appointment of Dr. Durgesh Nandini (DIN: 09398540) as Part-time Non-official Independent Director.

  ›Against 360 One Mutual Fund, Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • Aditya Birla Sun Life Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundDr. (Ms.) Durgesh Nandini, 54, social worker in the fields of health, women empowerment, child development and environment preservation, served as an Independent Director of the Company from 30 December 2021 to 27 December 2024. She attended all eleven board meetings she was eligible to attend in FY25. As per public sources, she is associated with BJP. While her appointment meets statutory requirements, we believe her political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed her political affiliation as part of the notice.
  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval,Term of appointment is ambiguous.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Durgesh Nandini is politically associated, and the presence of director with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• Gambheer Singh and Durgesh Nandini Tiwari are politically associated, and the presence of directorswith political background or affiliation with a political party can act as an impediment for independentand objective thinking of the board
  • Invesco Mutual FundDr. (Ms.) Durgesh Nandini, 54, social worker in the fields of health, women empowerment, child development and environment preservation, served as an Independent Director of the Company from 30 December 2021 to 27 December 2024. She attended all eleven board meetings she was eligible to attend in FY25.As per public sources, she is associated with BJP. While her appointment meets statutory requirements, we believe her political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed her political affiliation as part of the notice. We do not support the resolution.
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval, Term of appointment is ambiguous and against spirit of the law.
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments
  • PPFAS Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments
  • quant Mutual FundRegarding various appointments to the Board of the company. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors. Related to the appointments of DrGambheer Singh and Dr Durgesh Nandini, non-compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments. Hence, we are voting against these resolutions.
  • UTI Mutual FundPublic sources suggest she is politically affiliated.
  • WhiteOak Capital Mutual FundDr. (Ms.) Durgesh Nandini, 54, social worker in the fields of health, women empowerment, child development and environment preservation. Considering the lack of relevant experience and financial background and considering the current board profile, we recommend voting against. We do not support the resolution.

  12 for22 against
• Approval for private placement of securities.

  8 for0 against
• Appointment of Secretarial Auditor.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundProposed audit fee payable to Secretarial Auditors not disclosed in the Notice.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo issues on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR, 2015: Proposed audit fee payable to Secretarial Auditors not disclosed in the Notice.
  • Kotak Mahindra Mutual FundThe company proposes to appoint Agarwal S. & Associates as secretarial auditors for five years from FY26. The company has not disclosed the proposed remuneration for Agarwal S. & Associates as secretarial auditors, as it is a regulatory requirement. We do not support the resolution.
  • Nippon India Mutual FundNon-Compliant with Regulation 36(5) of SEBI LODR, 2015: Proposed audit fee payable to Secretarial Auditors not disclosed in the Notice.
  • PPFAS Mutual FundNo issues on merit of the proposed Secretarial Auditors. Proposed audit fee payable to Secretarial Auditors not disclosed in the Notice

  24 for11 against

• Fine or penaltyBSE LimitedSince 25 Aug 2026

  Imposition of fine by BSE amounting to Rs. 10,77,340/- (including GST) for the quarter ended June 30, 2026 for non compliance with the provisions of Regulation 17(1), 17(2A), 18(1), 19(1)/19(2) and 20(2)/(2A) of SEBI (LODR) Regulations, 2015.

  During the quarter ended June 30, 2026, the composition of Board, Audit Committee, Nomination & Remuneration Committee and Stakeholders Relationship Committee was not in line with the provisions of SEBI (LODR) Regulations, 2015.MoreLess
• Fine or penaltyNational Stock Exchange of India LimitedSince 25 Aug 2026

  Imposition of fine by NSE amounting to Rs. 10,77,340/- (including GST) for the quarter ended June 30, 2026 for non compliance with the provisions of Regulation 17(1), 17(2A), 18(1), 19(1)/19(2) and 20(2)/(2A) of SEBI (LODR) Regulations, 2015.

  During the quarter ended June 30, 2026, the composition of Board, Audit Committee, Nomination & Remuneration Committee and Stakeholders Relationship Committee was not in line with the provisions of SEBI (LODR) Regulations, 2015.MoreLess

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

The board is made up as the listing rules require

No

The board has a regular chairperson

Yes

The company has a risk management committee

Yes

The chair is related to the managing director

No

The filing has a part on fines and penalties

Yes

The filing has a part on tax disputes

No

There was a cyber security incident in the quarter

No

The company's own answers in its filing.