Signatureglobal (India) MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 23 Sep 2025, 15 fund houses

• To receive, consider and adopt: a. the Audited Financial Statements of the Company for the financial year ended 31st March, 2025 and the Board of Directors’ and Auditors’ Reports thereon; b. the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025 and the Auditors’ Report thereon.MoreLess

  15 for0 against
• To consider and appoint a director in place of Mr. Ravi Aggarwal (DIN:00203856) who retires by rotation and being eligible, offers himself for re-appointment.

  15 for0 against
• To ratify the remuneration payable to M/s. Goyal, Goyal & Associates, Cost Accountants.

  15 for0 against
• To approve the appointment of Secretarial Auditor of the Company.

  15 for0 against
• To approve the re-appointment of Mr. Kundan Mal Agarwal (DIN: 00043115) as an Independent Director of the Company for the second term.

  15 for0 against
• To approve the revision in remuneration of Mr. Pradeep Kumar Aggarwal, Chairman and Whole Time Director of the Company.

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

  • Angel One Mutual FundHolds combined position of Chairman and Executive Director, which may result in concentration of power in the hands of single individual.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern identified on the merits of proposed director. Governance Concern: Holds combined position of Chairman and Executive Director, which may result in concentration of power in the hands of single individual.

  9 for6 against
• To approve the revision in remuneration of Mr. Lalit Kumar Aggarwal, Vice Chairman and Whole Time Director of the Company.

  ›Against Axis Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual FundLalit Kumar Aggarwal, 53, is promoter and Executive Vice Chairperson. He has over nine years of experience in real estate sector. He has been associated with the company since 15 February 2022. He has attended five out of six (83%) board meetings held in FY25 and 28 out of 31 board meetings over a period of three years. He received Rs. 19.6 mn in FY25. We estimate his annual compensation at Rs. 27.6 mn. We raise concern that there are four executive directors of the promoter family on the board, which is excessive for the size of the business. Further, the role differentiations are also unclear, given that they have designations of JMD, MD, Executive Vice-Chairperson, and Executive Chairperson, more so given they all have the same remuneration levels. The rationale for the mid-cycle increase in remuneration is unclear. The Nomination and Remuneration Committee must provide rationale for the proposed revision, adequate details on how his remuneration is determined and benchmarked. Given the lack of clarity and high number of promoter executive directors on the board, we are unable to support the resolution.
  • Jio BlackRock Mutual FundLalit Kumar Aggarwal, 53, is promoter and Executive Vice Chairperson. He has over nine years of experience in real estate sector. He has been associated with the company since 15 February 2022. He has attended five out of six (83%) board meetings held in FY25 and 28 out of 31 board meetings over a period of three years.He received Rs. 19.6 mn in FY25. We estimate his annual compensation at Rs. 27.6 mn.We raise concern that there are four executive directors of the promoter family on the board, which is excessive for the size of the business. Further, the role differentiations are also unclear, given that they have designations of JMD, MD, Executive Vice-Chairperson, and Executive Chairperson, more so given they all have the same remuneration levels.The rationale for the mid-cycle increase in remuneration is unclear. The Nomination and Remuneration Committee must provide rationale for the proposed revision, adequate details on how his remuneration is determined and benchmarked. Given the lack of clarity and high number of promoter executive directors on the board, we are unable to support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundProfile of the candidate

  11 for4 against
• To approve the revision in remuneration of Mr. Ravi Aggarwal, Managing Director of the Company.

  15 for0 against
• To approve the revision in remuneration of Mr. Devender Aggarwal, Joint Managing Director and Whole Time Director of the Company.

  ›Against Axis Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual FundDevender Aggarwal, 51, is promoter and Joint Managing Director. He has over 14 years of experience in the real estate sector. He has been associated with the company since 15 February 2022. He has attended four out of six (67%) board meetings held in FY25 and 26 out of 31 (83%) board meetings over a period of three years. He received Rs. 19.6 mn in FY25. We estimate his annual compensation at Rs. 27.6 mn. We raise concern that there are four executive directors of the promoter family on the board, which is excessive for the size of the business. Further, the role differentiations are also unclear, given that they have designations of JMD, MD, Executive Vice-Chairperson, and Executive Chairperson, more so, given they all have the same remuneration levels. The rationale for the mid-cycle increase in remuneration is unclear. The Nomination and Remuneration Committee must provide rationale for the proposed revision, adequate details on how his remuneration is determined and benchmarked. Given the lack of clarity and high number of promoter executive directors on the board, we are unable to support the resolution.
  • Jio BlackRock Mutual FundDevender Aggarwal, 51, is promoter and Joint Managing Director. He has over 14 years of experience in the real estate sector. He has been associated with the company since 15 February 2022. He has attended four out of six (67%) board meetings held in FY25 and 26 out of 31 (83%) board meetings over a period of three years.He received Rs. 19.6 mn in FY25. We estimate his annual compensation at Rs. 27.6 mn.We raise concern that there are four executive directors of the promoter family on the board, which is excessive for the size of the business. Further, the role differentiations are also unclear, given that they have designations of JMD, MD, Executive Vice-Chairperson, and Executive Chairperson, more so, given they all have the same remuneration levels.The rationale for the mid-cycle increase in remuneration is unclear. The Nomination and Remuneration Committee must provide rationale for the proposed revision, adequate details on how his remuneration is determined and benchmarked. Given the lack of clarity and high number of promoter executive directors on the board, we are unable to support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundProfile of the candidate

  11 for4 against

Mutual fund votes, meeting of 1 Aug 2025, 13 fund houses

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

• To approve increase in the borrowing limit of the Company under Section 180(1)(c) of the Companies Act, 2013

  ›Against SBI Mutual Fund

  • SBI Mutual FundShareholders had approved a borrowing limit of Rs. 30.0 bn in 2023, prior to the company’s listing. The company now seeks shareholder approval to increase this limit to Rs. 60.0 bn. It is unclear whether the proposed limit is an overall cap of Rs. 60.0 bn or a rolling limit over and above the statutory threshold.The proposed limit includes non-fund based debt as well, but the company has not disclosed the current utilization levels of these facilities. The company has clarified that borrowings may also be used to repay debt at wholly owned subsidiaries. As on 31 March 2025, consolidated gross debt (fund based) stood at Rs. 23.7 bn. In the absence of clarity on the nature of the proposed limit and without disclosures on current utilisation, the proposed limit of Rs. 60.0 bn appears to be high, relative to the company’s current net worth. We do not support the resolution.

  0 for1 against
• To approve the creation of charges on the movable and immovable properties of the Company, both present and future, in respect of borrowing under Section 180(1)(a) of the Companies Act, 2013

  13 for0 against
• To approve raising of funds by issuance of Secured Listed Redeemable Non-Convertible Debentures (NCDs)

  1 for0 against
• To alter the Articles of Association of the Company.

  13 for0 against

Mutual fund votes, meeting of 28 Sep 2024, 11 fund houses

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

• To receive, consider and adopt: a. the Audited Financial Statement of the Company for the financial year ended 31st March, 2024 along with the Board of Directors' and Auditors¿' Report thereon; b. the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024 and the Auditors'¿ Report thereonMoreLess

  11 for0 against
• To consider and appoint a director in place of Mr. Lalit Kumar Aggarwal (DIN: 00203664) who retires by rotation and being eligible, offers himself for re-appointment.

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

  • Axis Mutual Fund, Bandhan Mutual FundLalit Kumar Aggarwal, 52, is Vice-Chairperson and belongs to the promoter group. He has an experience of over eight years in the real estate sector. He attended fourteen out of sixteen board meetings held in FY24. He retires by rotation and his reappointment is in line with statutory requirements. Nevertheless, we raise concern that there are four executive directors of the promoter family on the board, which is excessive for the size of the business. This has resulted in the company seeking shareholder approval to enable payment of remuneration to all promoter directors in excess of 5% of profits (resolution #7). Further, the role differentiations are also unclear, given that they have designations of JMD, MD, Executive Vice-Chairperson, and Executive Chairperson, more so given they all have the same remuneration levels.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  8 for3 against
• To consider and appoint a director in place of Mr. Devender Aggarwal (DIN: 00161465) who retires by rotation and being eligible, offers himself for re-appointment.

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

  • Axis Mutual Fund, Bandhan Mutual FundDevender Aggarwal, 50, is Joint Managing Director and belongs to the promoter group. He has an experience of over 13 years in the real estate sector. He attended thirteen out of sixteen board meetings held in FY24. He retires by rotation and his reappointment is in line with statutory requirements. Nevertheless, we raise concern that there are four executive directors of the promoter family on the board, which is excessive for the size of the business. This has resulted in the company seeking shareholder approval to enable payment of remuneration to all promoter directors in excess of 5% of profits (resolution #7). Further, the role differentiations are also unclear, given that they have designations of JMD, MD, Vice-Chairperson, and Chairperson, more so given that they all have the same remuneration levels.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  8 for3 against
• To ratify the remuneration payable to M/s. Goyal, Goyal & Associates, Cost Accountants.

  11 for0 against
• To approve Signatureglobal Employee Stock Option Plan 2024 (¿ the ESOP Plan ¿).

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual Fund, Bandhan Mutual FundAs per the ESOP scheme, the company proposes to issue 0.85 mn stock options to employees of the company. The maximum period within which the options shall vest will be decided by the Compensation Committee at the time of grant. The exercise price for any grant shall not be less than 50% of the closing share price as on the grant date. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to the market price. The company has not disclosed the performance metrics on the basis of which the options will be granted or vested. Such practices do not align the interests of investors and employees.
  • Edelweiss Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations: Vesting period inadequately disclosed. Governance Concern: Maximum potential economic benefit to a single employee appears to be on the higher side; ESOP benefits proposed to be extended to Group Companies other than Subsidiary Companies without compelling justification or cost reimbursement provision.
  • HDFC Mutual FundESOPs/RSUs are granted at a significant discount to market price
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  2 for9 against
• To approve grant of ESOP to the employees of the subsidiary companies etc. under Signatureglobal Employee Stock Option Plan 2024 (¿ the ESOP Plan ¿).

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual Fund, Bandhan Mutual FundThrough a separate resolution, the company proposes to extend the ESOP scheme to employees of subsidiaries and associate companies. While we support the grant of ESOPs to employees of unlisted subsidiaries, we do not support these to be extended to employees of group companies, associates or listed holding companies. Further, our opinion on this resolution is linked to our decision on Resolution #5.
  • Edelweiss Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations: Vesting period inadequately disclosed. Governance Concern: Maximum potential economic benefit to a single employee appears to be on the higher side; ESOP benefits proposed to be extended to Group Companies other than Subsidiary Companies without compelling justification or cost reimbursement provision.
  • HDFC Mutual FundESOPs/RSUs are granted at a significant discount to market price
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  2 for9 against
• To approve the payment of remuneration to Executive Directors who are Promoters or Members of the Promoter Group in excess of threshold limits under Regulation 17(6)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.MoreLess

  ›Against Edelweiss Mutual Fund

  • Edelweiss Mutual FundCompliant with Law. Governance Concern: Company Performance is impacted presently and in absence of absolute cap on future payments, potential benefits cannot be estimated.

  1 for1 against