Rail Vikas Nigam MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 25 Aug 2026, 11 fund houses so far (houses' deadline to file 15 Oct 2026)

• To receive, consider, approve and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the Financial Year ended 31st March, 2026 along with the Board’s Report, the Auditor’s Report and comments of the Comptroller and Auditor General of India (C&AG) and Management replies, if any, thereon.MoreLess

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

  • Angel One Mutual FundNon-disclosure of financial of subsidiaries on website. Governance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
  • DSP Mutual FundWe have relied upon the auditors’ report, which has emphasis on a matter regarding i) non-receipt of payment from joint venture - Krishnapatnam Railway Company Limited (KRCL) aggregating to Rs. 11.2 bn (including Rs. 8.9 bn interest with change in methodology from compound to simple interest), ii) pending balance confirmations for certain advances, iii) C&AG comments on provisioning for replacement obligations, including resurfacing costs and Complete Track Renewal (CTR) works, and capitalisation of certain expenditure as intangible assets. We note that the auditors have also highlighted certain issues related to the audit trail feature in the accounting software.The secretarial auditors have stated that the board is not in compliance with regulatory norms on board independence. Further, due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute the Audit Committee at the time of finalising and signing the accounts. While the auditor’s view on the financial statements is not modified, we believe that financial statements approved under such circumstances should not be supported until the governance framework is regularized and statutory compliance is ensured. Therefore, we do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundUnqualified financial statements. Non-compliant with Companies Act & Listing Regulations: Non-disclosure of financial of subsidiaries on website. Governance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
  • Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has emphasis on a matter regarding i) non-receipt of payment from joint venture - Krishnapatnam Railway Company Limited (KRCL) aggregating to Rs. 11.2 bn (including Rs. 8.9 bn interest with change in methodology from compound to simple interest), ii) pending balance confirmations for certain advances, iii) C&AG comments on provisioning for replacement obligations, including resurfacing costs and Complete Track Renewal (CTR) works, and capitalisation of certain expenditure as intangible assets. We note that the auditors have also highlighted certain issues related to the audit trail feature in the accounting software. The secretarial auditors have stated that the board is not in compliance with regulatory norms on board independence. Further, due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute the Audit Committee at the time of finalising and signing the accounts. While the auditor’s view on the financial statements is not modified, we believe that financial statements approved under such circumstances should not be supported until the governance framework is regularized and statutory compliance is ensured. Therefore, we do not support the resolution.

  5 for6 against
• To declare final dividend of Rs. 0.71 per fully paid-up equity share for the Financial Year 2025-26.

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

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

  7 for4 against
• To appoint a Director in place of Mrs. Anupam Ban, Director (Personnel) (DIN: 07797026) who retires by rotation and being eligible, offers herself for re- appointment

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

  7 for4 against
• To appoint a director in place of Mr. Mritunjay Pratap Singh, Director (Operations) (DIN: 08165734), who retires by rotation and being eligible, offers himself for re- appointment

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi 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 and Woman Independent Director.

  7 for4 against
• To authorize the Board of Directors of the Company to fix the remuneration of the Statutory Auditors for the Financial Year 2026-27

  11 for0 against
• To appoint Mr. Saleem Ahmed (DIN: 10119432), as Chairman & Managing Director of the Company

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi 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 and Woman Independent Director.

  7 for4 against
• To appoint Mr. Amit Tandon (DIN: 10167354), as Director (Projects) of the Company

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi 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 and Woman Independent Director.

  7 for4 against
• To appoint Mr. Bhartesh Kumar Jain (DIN: 11508692), as Government Nominee Director/ Part-Time (Official) Director of the Company

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.
  • DSP Mutual Fund, Jio BlackRock Mutual FundBhartesh Kumar Jain, 55, is Principal Executive Director, Track, Land & Amenities of the Railway Board. He has over three decades of experience in railway track construction, maintenance and administration. He attended one (100%) board meeting held in FY26 since his induction onto the board. While he retires by rotation and his appointment as Government Nominee Director is in line with the statutory requirements, we are unable to support his appointment to the board as the board composition is not compliant with the regulations on independent director representation. The board comprises seven directors of which one is an Independent Director. Given that only 12.5% of the board comprises independent directors as against the regulatory threshold of 50%: The Ministry of Railways must first address the board composition before appointing its nominees to the board. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months. We do not support the resolution.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Independent Director.

  5 for6 against
• Ratification of remuneration of the Cost Auditors for the Financial Year 2026-27

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

  • Angel One Mutual FundGovernance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.

  7 for4 against

Mutual fund votes, meeting of 28 Aug 2025, 20 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 Financial Statements (Standalone and Consolidated) of the Company for the Financial Year ended 31st March, 2025 along with the Board’s Report, the Auditor’s Report and comments of the Comptroller and Auditor General of India (C&AG) and Management replies, if any, thereonMoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNon-disclosure of financial of subsidiaries on website. Governance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
  • Axis Mutual Fund, Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which has emphasis on a matter regarding i) non-receipt of payment from joint venture - Krishnapatnam Railway Company Limited (KRCL) aggregating to Rs. 13.6 bn (including Rs. 8.9 bn interest with change in methodology from compound to simple interest), ii) waiver of claim for department charges @5% of completion cost has not been raised on KRCL and iii) pending balance confirmations for certain advances. Additionally, the company should clarify the reason for showing payables overdue for over two years. The comments of the C&AG on the Annual Accounts of the Company for the year ended 31 March 2025 are yet to be received. The auditors have also stated that the board is not in compliance with regulatory norms on board independence. Further, due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute the Audit Committee and the Nomination and Remuneration Committee. While the auditor’s view on the financial statements is not modified, we believe that financial statements approved under such circumstances should not be supported until the governance framework is regularized and statutory compliance is ensured. Therefore, we do not support the resolution.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified financial statements. Non-compliant with Companies Act & Listing Regulations: Non-disclosure of financial of subsidiaries on website. Governance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
  • LIC Mutual FundGovernance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-compliant with Companies Act & Listing Regulations: Non-disclosure of financial of subsidiaries on website. Governance concern: Non-Compliant Audit Committee at time of approval of financials. Accounts not vetted by duly compliant audit committee.

  7 for13 against
• To declare final dividend @ Rs. 1.72 per equity share for the Financial Year 2024-25.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance Concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundSufficient funds available for payment of dividend. Governance Concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  10 for10 against
• To appoint a director in place of Mr. Pradeep Gaur, Chairman & Managing Director (DIN: 07243986) who retires by rotation and being eligible, offers himself for re- appointment.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board; Combined position as Chairman and Managing Director may lead to concentration of power.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board; Combined position as Chairman and Managing Director may lead to concentration of power.

  10 for10 against
• To appoint a director in place of Mr. N.C. Karmali, Part-time (Official) Director (DIN: 09103211) who retires by rotation and being eligible, offers himself for re- appointment

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board.
  • Axis Mutual Fund, Jio BlackRock Mutual FundN.C. Karmali, 58, is the Executive Director (Coordination) at the Railway Board, New Delhi. Further, he has assumed additional charge as Director (Works) at IRCON International Limited. He has been on the board since 20 May 2024. He attended two out of five (40%) board meetings held in FY25 since his induction onto the board. We expect directors to attend all board meetings and, at a minimum, 75% board meetings in a year. While he retires by rotation and his reappointment as Government Nominee Director is in line with the statutory requirements, we are unable to support his reappointment to the board as the board composition is not compliant with the regulations on independent director representation. The board comprises seven directors of which one is an Independent Director. Given that only 15% of the board comprises independent directors as against the regulatory threshold of 50%: we expect the Ministry of Railways to first address the board composition at the earliest. We do not support the resolution.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • UTI Mutual FundN.C. Karmali, 58, is the Executive Director (Coordination) at the Railway Board, New Delhi. Further, he has assumed additional charge as Director (Works) at IRCON International Limited. He has been on the board since 20 May 2024. He attended two out of five (40%) board meetings held in FY25 since his induction onto the board. We expect directors to attend all board meetings and, at a minimum, 75% board meetings in a year.

  6 for14 against
• To authorize the Board of Directors of the Company to fix the remuneration of the Statutory Auditors for the Financial Year 2025-26

  20 for0 against
• To appoint Mr. Mritunjay Pratap Singh (DIN: 08165734), as Director (Operations) of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board; Delayed shareholders’ approval.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board; Delayed shareholders’ approval.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board; Delayed shareholders approval.

  10 for10 against
• To appoint Mr. Sandeep Jain (DIN: 09435375), as Director (Projects) of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board; Delayed shareholders’ approval.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board; Delayed shareholders’ approval.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board; Delayed shareholders approval.

  10 for10 against
• To appoint Mr. Abhishek Kumar (DIN: 10644411), as Director (Finance) of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board.

  10 for10 against
• To appoint Mr. Prem Sagar Gupta (DIN: 09329458) Principal Executive Director/CE(P), Railway Board, as Part-time (Official) Government Nominee Director on the Board of Rail Vikas Nigam Limited (RVNL).

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board. Delayed Shareholders’ approval.
  • Axis Mutual Fund, Jio BlackRock Mutual FundPrem Sagar Gupta, 57, is the Principal Executive Director and Chief Engineer (Planning) of the Railway Board. He has experience in railway track construction and maintenance, works contracts, vigilance, bridge design and administration. He attended two out of three (67%) board meetings held in FY25 since his induction onto the board on 6 November 2024. We expect directors to attend all board meetings and, at a minimum, 75% board meetings in a year. While he retires by rotation and his appointment as Government Nominee Director is in line with the statutory requirements, we are unable to support his appointment to the board as the board composition is not compliant with the regulations on independent director representation. The board comprises seven directors of which one is an Independent Director. Given that only 15% of the board comprises independent directors as against the regulatory threshold of 50%: The Ministry of Railways must first address the board composition before appointing its nominees to the board. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months. We do not support the resolution.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board.
  • LIC Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors & woman Independent Director on the Board.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  7 for13 against
• To appoint Mr. Surendra Singh (DIN: 11108145), Independent Director on the Board of Rail Vikas Nigam Limited (RVNL).

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundShareholders’ approval has been sought by way of Ordinary resolution. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous.
  • Axis Mutual FundSurender Singh, 58, has experience in providing consultancy on Income Tax, Goods and Services Tax (GST), and other legal and regulatory matters. The company should have provided specific details about the extent and depth of Surender Singh’s work experience in the shareholder notice. Further, the company should have sought shareholder approval by way of a special resolution, in accordance with amendments to SEBI’s LODR. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as good practice, the company should have sought approval within three months. We do not support the resolution.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Non-Compliance with SEBI LODR: Shareholders’ approval has been sought by way of Ordinary resolution. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval, Term of appointment is ambiguous and against spirit of the law.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliance with SEBI LODR: Shareholders’ approval has been sought by way of Ordinary resolution. Governance concern: Delayed Shareholders’ approval, Term of appointment is ambiguous and against spirit of the law.
  • UTI Mutual FundSurender Singh, 58, has experience in providing consultancy on Income Tax, Goods and Services Tax (GST), and other legal and regulatory matters. The company should have sought shareholder approval by way of a special resolution, in accordance with amendments to SEBI’s LODR. We do not support the resolution.

  5 for13 against
• Appointment of Secretarial Auditor

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundProposed fee payable to Secretarial Auditors not disclosed.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed fee payable to Secretarial Auditors not disclosed.
  • Kotak Mahindra Mutual FundThe company now proposes to appoint Sinha & Srivastava LLP as secretarial auditors for five years from FY26. The company has not disclosed the brief profile of the secretarial auditor in the shareholder notice. Further, as per regulatory requirements, the company has not disclosed the remuneration payable to Sinha & Srivastava LLP in the shareholder notice. Hence, we do not support the resolution.
  • Nippon India Mutual FundNon disclosure of Proposed fee payable to Secretarial Auditors.

  9 for11 against
• Ratification of remuneration of the Cost Auditors for the Financial Year 2025-26

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance Concern: Audit committee that recommended the Cost Audit fee is non-compliant.
  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Audit committee that recommended the Cost Audit fee is non-compliant.

  8 for10 against

• Fine or penaltyNational Stock Exchange of India LimitedSince 27 May 2026

  Fine

  NSE letter no. NSE/LISTSOP/ COMB/FINES/0611 dated 27th May, 2026 have levied Fine of Rs. 9,55,800/- (inclusive of GST) on the Company for the non-compliance with Regulation 17(1), 18(1) & 19(1)/(2)- Non-compliance for the composition of the Board and its committees for the quarter ended 31st March, 2026.MoreLess
• Fine or penaltyBombay Stock Exchange LimitedSince 27 May 2026

  Fine

  BSE Email w.r.t. Fines as per SEBI Master Circular No. HO/49/14/14(7)2025-CFD POD2/I/3762/2026 issued on July 11, 2023 and last updated on January 30, 2026 on 27th May, 2026 have levied Fine of Rs. 9,55,800/- (inclusive of GST) on the Company for the non- compliance with Regulation 17(1), 18(1) & 19(1)/(2)- Non-compliance for the composition of the Board and its committees for the quarter ended 31st March, 2026.MoreLess
• Tax disputeGoods and Services Tax Appellate TribunalSince 9 Apr 2026
  The appeal is proposed to be filed by 31.07.2026
  At the filing before: Pending at GSTAT
• Tax disputeGoods and Services Tax Appellate TribunalSince 24 Apr 2026
  The appeal is proposed to be filed by 31.07.2026
  At the filing before: Pending at GSTAT
• Tax disputeAdjudicating AuthoritySince 6 May 2026
  No Demand in dispute
  At the filing before: Entire Demand Dropped in DRC 07

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

Yes

The filing has a part on fines and penalties

Yes

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.