Steel Authority of India MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 24 Sep 2026, 14 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 and adopt: (i) the Audited Standalone Financial Statements of the Company for the Financial Year ended 31st March, 2026, together with the Reports of the Board of Directors and Auditors thereon. (ii) the Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2026 with the Report of the Auditors 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 statements of Subsidiaries for FY 2025-26 on website. Governance concern: Non-Compliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • DSP Mutual FundWe have relied upon the auditors’ report, which does not raise concerns regarding the financial statements, but highlights certain issues relating to the audit trail. Based on the unqualified auditors’ report, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (Ind AS). However, we raise concern that, when the accounts were finalized, the company had not constituted an audit committee in line with regulatory requirements and did not have the requisite number of independent directors on the board. In the absence of the critical oversight provided by a duly constituted audit committee, we are unable to support the resolution.We further note that the auditors have drawn attention to three matters without qualifying their opinion. First, FY26 revenue of Rs. 97.2 bn from sales to government agencies has been recognized on the basis of provisional prices, pending final settlement. Second, the company has recognized an exceptional expense of Rs. 4.5 bn towards the higher gratuity liability following the DA-linked increase in the statutory ceiling, and exceptional income of Rs. 2.2 bn arising from the settlement of the long-standing DVC electricity tariff dispute. Third, the suspension of certain officers and employees in January 2024, pursuant to a Ministry of Steel-directed inquiry into policy and pricing decisions, was revoked in June 2024. Management does not expect the ongoing investigation to have a material impact on the financial statements.Further, SAIL has four statutory auditors. The board must clarify how audit responsibilities are allocated among them, how accountability is established, and how it ensures that issues do not fall through the cracks.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundUnqualified Financial Statements (except certain non-material remarks identified in CARO report). Non-Compliant with Companies Act, 2013 and SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiaries for FY 2025-26 on website. Governance concern: Non-Compliant Audit Committee at the time of approval of financial statements. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • Jio BlackRock Mutual FundWe have relied upon the auditors’ report, which does not raise concerns regarding the financial statements, but highlights certain issues relating to the audit trail. Based on the unqualified auditors’ report, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (Ind AS). However, we raise concern that, when the accounts were finalized, the company had not constituted an audit committee in line with regulatory requirements and did not have the requisite number of independent directors on the board. In the absence of the critical oversight provided by a duly constituted audit committee, we are unable to support the resolution. We further note that the auditors have drawn attention to three matters without qualifying their opinion. First, FY26 revenue of Rs. 97.2 bn from sales to government agencies has been recognized on the basis of provisional prices, pending final settlement. Second, the company has recognized an exceptional expense of Rs. 4.5 bn towards the higher gratuity liability following the DA-linked increase in the statutory ceiling, and exceptional income of Rs. 2.2 bn arising from the settlement of the long-standing DVC electricity tariff dispute. Third, the suspension of certain officers and employees in January 2024, pursuant to a Ministry of Steel-directed inquiry into policy and pricing decisions, was revoked in June 2024. Management does not expect the ongoing investigation to have a material impact on the financial statements. Further, SAIL has four statutory auditors. The board must clarify how audit responsibilities are allocated among them, how accountability is established, and how it ensures that issues do not fall through the cracks.

  7 for6 against
• To appoint a director in place of Shri Manish Raj Gupta (DIN:10905637), who retires by rotation at this Annual General Meeting and is eligible for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, HSBC 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 Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted because the board independence is less than adequate

  9 for5 against
• To appoint a director in place of Shri Alok Verma (DIN:10905643), who retires by rotation at this Annual General Meeting and is eligible 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 Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  10 for4 against
• To authorise the Board of Directors of the Company to fix the remuneration of the Statutory Auditors of the Company appointed by the Comptroller and Auditor General of India for the Financial Year 2026-27.MoreLess

  14 for0 against
• To declare Final Dividend for the Financial Year 2025-26 @ Rs.2.35 per Equity Share of face value of Rs.10 each.

  ›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, final 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 funds available for payment of final dividend. Governance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  10 for4 against
• To appoint Shri Priya Ranjan (DIN:11450035) as a Whole Time 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 Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  10 for4 against
• To appoint Shri T.N. Natarajan (DIN:11589908) as a Whole Time 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 Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, LIC Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  10 for4 against
• To ratify the remuneration of the Cost Auditors of the Company 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.

  10 for4 against

Mutual fund votes, meeting of 16 Sep 2025, 31 fund houses

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

• To receive, consider and adopt: (i)the Audited Standalone Financial Statements of the Company for the Financial Year ended 31st March, 2025, together with the Reports of the Board of Directors and Auditors thereon. (ii)the Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2025 with the Report of the Auditors thereon.MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww 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, Sundaram Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundThe Company has not disclosed financials of its subsidiaries for FY 2024-25 on its website.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundWe have relied on the auditors’ report, which has qualified the accounts for non-provisioning of entry tax of Rs. 1.1 bn and disputed advances of Rs. 5.9 bn to Damodar Valley Corporation as on 31 March 2025. The consolidated audit report is similarly qualified. The auditors have also highlighted: (i) a Rs. 19.1 bn contingent liability towards revised water charges, now under appeal though payments have commenced at revised rates; (ii) Rs. 95.0 bn of revenue from government agencies booked on provisional pricing; (iii) Rs. 38.7 bn of sub-grade iron ore fines, including Rs. 12.0 bn lying at Topailore lease without dispatch permission; (iv) ongoing investigations into policy and pricing decisions; and (v) irregular transactions of Rs. 360.0 mn, of which Rs. 31.5 mn remains unrecovered but has been provided for. We note that the auditors have highlighted certain issues with the audit trail. The company must disclose the reason for having undisputed payables overdue by more than two years. Given the qualified opinion, we do not support the resolution. SAIL has four joint auditors. The audit committee must provide clarity on how it establishes accountability of these auditors and ensures that the issues do not fall through the cracks, while allocating audit responsibilities.
  • Bandhan Mutual Fund"We have relied on the auditors’ report, which has qualified the accounts for non-provisioning of entry tax of Rs. 1.1 bn and disputed advances of Rs. 5.9 bn to Damodar Valley Corporation as on 31 March 2025. The consolidated audit report is similarly qualified. The auditors have also highlighted: (i) a Rs. 19.1 bn contingent liability towards revised water charges, now under appeal though payments have commenced at revised rates; (ii) Rs. 95.0 bn of revenue from government agencies booked on provisional pricing; (iii) Rs. 38.7 bn of sub-grade iron ore fines, including Rs. 12.0 bn lying at Topailore lease without dispatch permission; (iv) ongoing investigations into policy and pricing decisions; and (v) irregular transactions of Rs. 360.0 mn, of which Rs. 31.5 mn remains unrecovered but has been provided for. We note that the auditors have highlighted certain issues with the audit trail. The company must disclose the reason for having undisputed payables overdue by more than two years. Given the qualified opinion, we do not support the resolution. SAIL has four joint auditors. The audit committee must provide clarity on how it establishes accountability of these auditors and ensures that the issues do not fall through the cracks, while allocating audit responsibilities."
  • Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundQualified opinion by the Auditors on Standalone and Consolidated financial statements, however management has given adequate explanation. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: The Company has not disclosed financials of its subsidiaries for FY 2024-25 on its website.
  • Invesco Mutual FundWe have relied on the auditors’ report, which has qualified the accounts for non-provisioning of entry tax of Rs. 1.1 bn and disputed advances of Rs. 5.9 bn to Damodar Valley Corporation as on 31 March 2025. The consolidated audit report is similarly qualified. The auditors have also highlighted: (i) a Rs. 19.1 bn contingent liability towards revised water charges, now under appeal though payments have commenced at revised rates; (ii) Rs. 95.0 bn of revenue from government agencies booked on provisional pricing; (iii) Rs. 38.7 bn of sub-grade iron ore fines, including Rs. 12.0 bn lying at Topailore lease without dispatch permission; (iv) ongoing investigations into policy and pricing decisions; and (v) irregular transactions of Rs. 360.0 mn, of which Rs. 31.5 mn remains unrecovered but has been provided for. We note that the auditors have highlighted certain issues with the audit trail. The company must disclose the reason for having undisputed payables overdue by more than two years. Given the qualified opinion, we do not support the resolution.SAIL has four joint auditors. The audit committee must provide clarity on how it establishes accountability of these auditors and ensures that the issues do not fall through the cracks, while allocating audit responsibilities
  • Nippon India Mutual FundNon-Compliant with Companies Act, 2013 & SEBI LODR Regulations: The Company has not disclosed financials of a few subsidiaries for FY 2024-25 on its website.
  • PPFAS Mutual FundNot disclosed financials of subsidiaries on website
  • UTI Mutual FundWe have relied on the auditors’ report, which has raised a qualified opinion on the accounts. We note that the auditors have highlighted certain issues with the audit trail. The company must disclose the reason for having undisputed payables overdue by more than two years. Given the qualified opinion, we do not support the resolution.
  • WhiteOak Capital Mutual FundWe have relied on the auditors’ report, which has qualified the accounts for non-provisioning of entry tax of Rs. 1.1 bn and disputed advances of Rs. 5.9 bn to Damodar Valley Corporation as on 31 March 2025. The consolidated audit report is similarly qualified. We do not support the resolution.

  12 for16 against
• To appoint a director in place of Shri K. K. Singh (DIN: 09310667), who retires by rotation at this Annual General Meeting and is eligible for re-appointment

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

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • 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 appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • PPFAS Mutual FundBoard is non-compliant with the requirement of requisite number of IDs

  21 for9 against
• To authorise the Board of Directors of the Company to fix the remuneration of the Statutory Auditors of the Company appointed by the Comptroller & Auditor General of India for the Financial Year 2025-26.MoreLess

  31 for0 against
• To declare Final Dividend for the Financial Year 2024-25 @ Rs.1.60 per Equity Share of the face value of Rs.10/- each.

  30 for0 against
• To appoint Shri Manish Raj Gupta (DIN:10905637) as a Whole Time Director of the Company

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • 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 appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder s approval.
  • PPFAS Mutual FundBoard is non-compliant with the requirement of requisite number of IDs; Delayed shareholder’s approval

  21 for9 against
• To appoint Shri Alok Verma (DIN:10905643) as a Whole Time Director of the Company

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • 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 appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder s approval.
  • PPFAS Mutual FundBoard is non-compliant with the requirement of requisite number of IDs; Delayed shareholder’s approval

  21 for9 against
• To re-appoint Dr. Gopal Singh Bhati (DIN:09406763) as an Independent Director of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed shareholder’s approval; Term of appointment is ambiguous.
  • Axis Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundDr Gopal Singh Bhati, 59, is a Radiologist at Government Medical College, Kota, Rajasthan. He served in the medical and health department of Rajasthan state government between 1993 to 2008. He has been on the board of the company since 18 November 2021. He attended all eleven board meetings held in FY25. His reappointment is in line with statutory requirements. Public sources suggest that he has political affiliations. We do not support his reappointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution. Further, although not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed shareholder’s approval; Term of appointment is ambiguous and against spirit of the law.
  • Bank of India Mutual Fund, Jio BlackRock Mutual FundDr Gopal Singh Bhati, 59, is a Radiologist at Government Medical College, Kota, Rajasthan. He served in the medical and health department of Rajasthan state government between 1993 to 2008. He has been on the board of the company since 18 November 2021. He attended all eleven board meetings held in FY25. His reappointment is in line with statutory requirements. Public sources suggest that he has political affiliations. We do not support his reappointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution.Further, although not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Gopal Singh Bhati's limited leadership/board experience raises concerns on his potential contribution to the board.
  • HSBC Mutual FundGopal Singh Bhati's limited leadership/board experience raises concerns on his potential contribution to the board. We are voting against this member of the Audit Committee as the company has been assessed as non-compliant with the UN Global Compact.
  • Invesco Mutual FundDr Gopal Singh Bhati, 59, is a Radiologist at Government Medical College, Kota, Rajasthan. He served in the medical and health department of Rajasthan state government between 1993 to 2008. He has been on the board of the company since 18 November 2021. He attended all eleven board meetings held in FY25. His reappointment is in line with statutory requirements. Public sources suggest that he has political affiliations. We do not support his reappointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution.Further, although not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment
  • LIC Mutual FundConcerns over No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed shareholder s 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 directorship, 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. Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law
  • UTI Mutual FundPublic sources suggest that he has political affiliations.
  • WhiteOak Capital Mutual FundDr Gopal Singh Bhati, 59, is a Radiologist at Government Medical College, Kota, Rajasthan. He served in the medical and health department of Rajasthan state government between 1993 to 2008. Given, his lack of relevant experience, we are not able to support this resolution.

  11 for20 against
• To appoint Dr. Anju Bajpai (DIN:09478503) as an Independent Director of the Company

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

  • Angel One Mutual FundGovernance concern: Delayed shareholder’s approval; Term of appointment is ambiguous; appointment as Independent Director for a period of only one year.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Directors. Governance concern: Delayed shareholder’s approval; Term of appointment is ambiguous and against spirit of the law; appointment as ID for a period of only one year.
  • LIC Mutual FundGovernance concern: Delayed shareholder s approval; Term of appointment is ambiguous and against spirit of the law; appointment as ID for a period of only one year.
  • PPFAS Mutual FundDelayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law; Appointment as ID for 1 year

  23 for8 against
• To appoint Shri Manjeet Kumar Razdan (DIN:09413663) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Delayed shareholder’s approval; Term of appointment is ambiguous; appointment as Independent Director for a period of only one year.
  • Axis Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundManjeet Kumar Razdan, 58, has been a Practising Advocate for more than 25 years. He has been the Standing Counsel to the National Insurance Company, Jammu & Kashmir. Public sources suggest that he has political affiliations. We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution. Further, although not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Directors. Governance concern: Delayed shareholder’s approval; Term of appointment is ambiguous and against spirit of the law; appointment as ID for a period of only one year.
  • Bank of India Mutual Fund, Jio BlackRock Mutual FundManjeet Kumar Razdan, 58, has been a Practising Advocate for more than 25 years. He has been the Standing Counsel to the National Insurance Company, Jammu & Kashmir. Public sources suggest that he has political affiliations. We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution.Further, although not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Manjeet Kumar Razdan is associated with a political party 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 FundManjeet Kumar Razdan and Pranoy Roy are associated with a political party and the presence of directors with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • Invesco Mutual FundManjeet Kumar Razdan, 58, has been a Practising Advocate for more than 25 years. He has been the Standing Counsel to the National Insurance Company, Jammu & Kashmir. Public sources suggest that he has political affiliations. We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicise the decisions of the company and distract the management from its core focus. We do not support the resolution.Further, although not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment
  • LIC Mutual FundGovernance concern: Delayed shareholder s approval; Term of appointment is ambiguous and against spirit of the law; appointment as ID for a period of only one year.
  • Nippon India Mutual FundGovernance concern: Delayed shareholder’s approval; Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundDelayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law; Appointment as ID for 1 year
  • UTI Mutual FundPublic sources suggest that he has political affiliations.
  • WhiteOak Capital Mutual FundManjeet Kumar Razdan, 58, has been a Practising Advocate for more than 25 years. He has been the Standing Counsel to the National Insurance Company, Jammu & Kashmir. Given, his lack of relevant experience, we are not able to support this resolution.

  11 for20 against
• To appoint Dr. Ashok Kumar Panda (DIN:08532039) as a Whole Time Director of the Company

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

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • 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 appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder s approval.
  • PPFAS Mutual FundBoard is non-compliant with the requirement of requisite number of IDs; Delayed shareholder’s approval

  21 for9 against
• To appoint Shri Ashish Chatterjee (DIN:07688473) as a Government Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder’s approval.
  • Axis Mutual Fund, Sundaram Mutual FundAshish Chatterjee, 52, is an IAS Officer of 1999 batch, Tamil Nadu Cadre. Currently he is Additional Secretary & Financial Advisor in the Ministry of Steel, Government of India, where he oversees financial administration and advises on fiscal matters relating to the steel sector. He has over 25 years of extensive administrative experience, spanning both State and Central Government roles. He will represent Government of India on the board. He is liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director’s representation. We expect the Government of India to first address the board composition, before reappointing its nominees to the board. We do not support the resolution. Further, although not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment.
  • Bandhan 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 requisite number of Independent Directors; Delayed shareholder’s approval.
  • Bank of India Mutual Fund, Jio BlackRock Mutual FundAshish Chatterjee, 52, is an IAS Officer of 1999 batch, Tamil Nadu Cadre. Currently he is Additional Secretary & Financial Advisor in the Ministry of Steel, Government of India, where he oversees financial administration and advises on fiscal matters relating to the steel sector. He has over 25 years of extensive administrative experience, spanning both State and Central Government roles. He will represent Government of India on the board. He is liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director’s representation. We expect the Government of India to first address the board composition, before reappointing its nominees to the board. We do not support the resolution.Further, although not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: • The board is chaired by an executive director and the board is not at least one-half independent and Ashish Chatterjee is a non-independent director nominee. • He is getting a permanent board seat which could reduce his accountability by disallowing shareholder review for his continued service.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation. Ashish Chatterjee is getting a permanent board seat which could reduce his accountability by disallowing shareholder review for his continued service.
  • Invesco Mutual FundAshish Chatterjee, 52, is an IAS Officer of 1999 batch, Tamil Nadu Cadre. Currently he is Additional Secretary & Financial Advisor in the Ministry of Steel, Government of India, where he oversees financial administration and advises on fiscal matters relating to the steel sector. He has over 25 years of extensive administrative experience, spanning both State and Central Government roles. He will represent Government of India on the board. He is liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director’s representation. We expect the Government of India to first address the board composition, before reappointing its nominees to the board. We do not support the resolution.Further, although not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholder s approval.
  • PPFAS Mutual FundBoard is non-compliant with the requirement of requisite number of IDs; Delayed shareholder’s approval
  • WhiteOak Capital Mutual FundAshish Chatterjee, 52, is an IAS Officer of 1999 batch, Tamil Nadu Cadre. We are unable to support the resolution because the board composition is not compliant with regulations on independent director’s representation. We do not support the resolution.

  12 for18 against
• To appoint Shri Pranoy Roy (DIN:10123502) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Term of appointment is ambiguous.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merits of Director. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Pranoy Roy is associated with a political party 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 FundManjeet Kumar Razdan and Pranoy Roy are associated with a political party and the presence of directors with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • LIC Mutual FundGovernance concern: Term of appointment is ambiguous and against spirit of the law.
  • PPFAS Mutual FundTerm of appointment is ambiguous and against spirit of the law

  21 for10 against
• To appoint Shri Surajit Mishra (DIN:11166409) as a Whole Time Director of the Company

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

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • 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 appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • PPFAS Mutual FundBoard is non-compliant with the requirement of requisite number of IDs

  21 for9 against
• To appoint Shri Chitta Ranjan Mohapatra (DIN:11051608) as a Whole Time Director of the Company

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

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • 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 appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • PPFAS Mutual FundBoard is non-compliant with the requirement of requisite number of IDs

  21 for9 against
• To appoint M/s. Agarwal S. & Associates as Secretarial Auditor of the Company for a period of five years from the Financial Year 2025-26 till the Financial Year 2029-30.

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

  • Angel One Mutual FundCredentials of the proposed Secretarial Auditors not disclosed.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Credentials of the proposed Secretarial Auditors not disclosed.
  • LIC Mutual FundConcerns over Credentials of the proposed Secretarial Auditors not disclosed.
  • PPFAS Mutual FundNon-Disclosure of Credentials of Proposed Auditor

  23 for8 against
• To authorise the Board to carry out the Material Related Party Transactions with NTPC-SAIL Power Company Limited for an aggregate value of up to Rs.6,000 crore from the date of Annual General Meeting to be held in FY 2025-26 till the Annual General Meeting to be held in FY 2026-27 at arm’s length and in ordinary course of business of the CompanyMoreLess

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

  • Angel One Mutual FundGovernance & Transparency Concern: Inadequate justification and inadequate disclosure with regards to basis of arm’s length pricing.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate justification and inadequate disclosure w.r.t. basis of arm’s length pricing.
  • LIC Mutual FundGovernance & Transparency Concern: Inadequate justification and inadequate disclosure w.r.t. basis of arm s length pricing.
  • PPFAS Mutual FundInadequate justification and inadequate disclosure w.r.t. basis of arm’s length pricing.

  21 for8 against
• To authorise the Board to carry out the Material Related Party Transactions with Bokaro Power Supply Company Private Limited for an aggregate value of up to Rs.3,000 crore from the date of Annual General Meeting to be held in FY 2025-26 till the Annual General Meeting to be held in FY 2026-27 at arm’s length and in ordinary course of business of the Company.MoreLess

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

  • Angel One Mutual FundGovernance & Transparency Concern: Inadequate justification and inadequate disclosure with regards to basis of arm’s length pricing.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate justification and inadequate disclosure w.r.t. basis of arm’s length pricing.
  • LIC Mutual FundGovernance & Transparency Concern: Inadequate justification and inadequate disclosure w.r.t. basis of arm s length pricing.
  • PPFAS Mutual FundInadequate justification and inadequate disclosure w.r.t. basis of arm’s length pricing.

  21 for8 against
• To authorise the Board to carry out the Material Related Party Transactions with Minas De Banga Limitada (Mozambique) for an aggregate value of up to Rs.1,500 crore from the date of Annual General Meeting to be held in FY 2025-26 till the Annual General Meeting to be held in FY 2026-27 at arm’s length and in ordinary course of business of the CompanyMoreLess

  31 for0 against
• To ratify the remuneration of the Cost Auditors of the Company for the Financial Year 2025-26.

  7 for0 against

• Fine or penaltyBSESince 27 May 2026₹0.00 Cr

  FINE IMPOSED

  REG 17(1)
• Tax disputeState of ChattisgarhSince 14 Aug 2019
  HIGH COURT OF JUDICATURE
• Tax disputeState of Jharkhand MADASince 24 Nov 2015
  Ho,ble High Court, Ranchi
• Tax disputeIncome Tax DepartmentSince 31 Mar 2014
  (National Faceless appeal Centre)
• Tax disputeCentral Excise Deptt.(OGM)Since 3 Sep 2018
  SCN/CESTAT/H'ble Supreme Court
• Tax disputeGST AUTHORITY CHENNAISince 10 Jan 2025
  PENDING IN GST APPEAL
• Tax disputeIncome Tax DepartmentSince 19 Sep 2022
  Appeal has been decided/Allowed in SAIL favour by CIT(A) vide order dated 14.05.2025. Order for Appeal effect to CIT (A) by AO is yet to be passed.
• Tax disputeCommissioner (Appeals), CGST & CE, Siliguri CommissionerateSince 25 Mar 2026
  Appeal filled before Commisioner (Appeals), CGST & CE, Siliguri commissionerate. Personal hearing not yet held.

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

Yes

There was a cyber security incident in the quarter

Yes

The company's own answers in its filing.