Sudarshan Chemical Industries MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 29 Sep 2025, 13 fund houses

• To receive, consider and adopt the audited standalone and consolidated financial statements of the Company for the Financial Year ended 31st March, 2025 together with the Report of the Board of Directors and the Auditors thereon.MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, WhiteOak Capital Mutual Fund

  • Angel One Mutual FundGovernance Concern: Qualified opinion by the Auditors on Consolidated financial statements, no adequate response from the Management. And Nondisclosure of financial statements of the Subsidiary Companies for FY 2024-25 on the Company’s website.
  • Axis Mutual FundWe have relied upon the auditors’ report, which have qualified the consolidated financial statements that pertains to Heubach Colorants India Ltd, a subsidiary, where certain fixed assets were transferred to a related party without due Board approval. The matter is under investigation and review by the current management. As the financial impact is unquantified, the auditors could not verify its effect on the consolidated financials. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. Given the audit qualification, we do not support the resolution.
  • Bandhan Mutual Fund, Groww Mutual FundUnqualified standalone financial statements. Governance Concern: Qualified opinion by the Auditors on Consolidated financial statements, no adequate response from the Management. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Nondisclosure of financial statements of the Subsidiary Companies for FY 2024-25 on the Company’s website.
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
  • Nippon India Mutual FundGovernance Concern: Qualified opinion by the Auditors on Consolidated financial statements, no adequate response from the Management. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations.
  • WhiteOak Capital Mutual FundWe have relied upon the auditors’ report, which have qualified the consolidated financial statements. Given the audit qualification, we do not support the resolution.

  6 for7 against
• Declaration of Final Dividend of Rs. 4.50/- per Equity Share of face value of Rs. 2.00/- each (225%) for the year ended 31st March 2025.

  13 for0 against
• To appoint a Director in place of Mr. Ashish Vij (DIN: 08140194), Wholetime Director, who retires by rotation in terms of Section 152(6) of the Companies Act, 2013, and being eligible, offers himself for re-appointmentMoreLess

  ›Against Franklin Templeton Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the board independence norms are not met and Ashish Vij is a non-independent director nominee.

  12 for1 against
• Ratification for payment of remuneration to Mrs. Ashwini Kedar Joshi, Cost Auditors for the FY 2025-26 to conduct Audit of Cost Records of the Company

  13 for0 against
• Appointment of Secretarial Auditor for a term of five consecutive years from FY 2025-26 to FY 2029-30

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund

  • Angel One Mutual FundTransparency Concern: Previous auditors’ remuneration not disclosed; it cannot be ascertained as to whether there is any material change in the proposed Audit fee or not.
  • Bandhan Mutual Fund, Groww Mutual FundCompliant with law. No concern on the merits of proposed Auditors. Transparency Concern: Previous auditors’ remuneration not disclosed; it cannot be ascertained as to whether there is any material change in the proposed Audit fee or not.

  10 for3 against

Mutual fund votes, meeting of 6 Sep 2025, 13 fund houses

• To approve requests received from Mr. Pradeep R. Rathi Group for Reclassification from “Promoter / Promoter Group” category to the “Public” category

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Inadequate justification; Transparency Concern: Lack of clarity regarding the relationship between the promoters seeking reclassification and the continuing promoters.
  • Axis Mutual FundThe company proposes to reclassify some of the persons, holding 8.21% stake in aggregate, from the promoter and promoter group category to the public shareholder category. None of these members participate in the day-to-day functioning of the company, nor do they exercise any control over the decisions of the company. With the proposed reclassification, promoter and promoter group holding will fall from 16.40% to 8.19%. Pradeep R. Rathi was Non-Executive Chairperson of the company till his cessation on 29 May 2025. Given his recent association with the company, and lack of clarity on any formal family separation agreement within the Rathi family, we do not support the reclassification resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Inadequate justification; Transparency Concern: Lack of clarity regarding the relationship between the promoters seeking reclassification and the continuing promoters.
  • ICICI Prudential Mutual FundThe company proposes to reclassify some of the holders, holding 8.21% stake in aggregate, from the promoter and promoter group category to the public shareholder category. None of these members participate in the day-to-day functioning of the company, nor do they exercise any control over the decisions of the company. With the proposed reclassification, promoter and promoter group holding will fall from 16.4% to 8.19%. Pradeep R. Rathi was Non-Executive Chairperson of the company till his cessation on 29 May 2025. Given his recent association with the company, and lack of clarity on any formal family separation agreement within the Rathi family, the AMC has voted against the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)

  5 for8 against

Mutual fund votes, meeting of 24 May 2025, 13 fund houses

• To approve requests received from Mr. Anuj N. Rathi Group for Reclassification from “Promoter / Promoter Group” category to the “Public” category

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, WhiteOak Capital Mutual Fund

  • Angel One Mutual FundTransparency Concern: Promoter Group seeking partial re-classification; Inadequate disclosure on relation of Promoters
  • Axis Mutual FundThe company proposes to reclassify some of the persons, holding 7.49% stake in aggregate, from the promoter and promoter group category to the public shareholder category. None of these members participate in the day-to-day functioning of the company, nor do they exercise any control over the decisions of the company. With the proposed reclassification, promoter and promoter group holding will fall from 23.89% to 16.40%. Anuj N. Rathi was a non-executive director of the company till 14 February 2025. Given his recent association with the company, and lack of clarity on any formal family separation agreement within the Rathi family, we do not support the reclassification resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Transparency Concern: Promoter Group seeking partial re-classification; Inadequate disclosure on relation of Promoters.
  • Mirae Asset Mutual FundGiven his recent association with the company, and lack of clarity on any formal family separation agreement within the Rathi family, we do not support the reclassification resolution.
  • Nippon India Mutual FundGovernance Concern: Inadequate disclosure
  • WhiteOak Capital Mutual FundThe company proposes to reclassify some of the persons, holding 7.49% stake in aggregate,from the promoter and promoter group category to the public shareholder category. None of these members participate in the day-to-day functioning of the company, nor do they exercise any control over the decisions of the company. With the proposed reclassification,promoter and promoter group holding will fall from 23.89% to 16.40%.Anuj N. Rathi was a non-executive director of the company till 14 February 2025. Given hisrecent association with the company, and lack of clarity on any formal family separation agreement within the Rathi family, we do not support the reclassification resolution.

  5 for8 against

Mutual fund votes, meeting of 4 Mar 2025, 11 fund houses

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

• To approve proposal for creation of pledge or other security interest on the shareholding of Material Subsidiary and Sale, Disposal and Leasing of assets of the Material Subsidiaries of the Company

  ›Against Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual FundNon-compliant with Section 179(3) of Companies Act, 2013: Board approval is obtained through circular resolution for which law requires Board resolution to be passed at Board Meeting. Governance Concern: Blanket approval to create charge over assets of any of the direct subsidiaries of the Company. Inadequate details regarding the basis of arriving at the value of the underlying acquisition, i.e., inter-linked to previous proposals.
  • Nippon India Mutual FundNo cap on maximum number of options that can be granted per employee.

  6 for4 against

Mutual fund votes, meeting of 4 Jan 2025, 13 fund houses

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

• Approval for issuance of Equity Shares to person(s) belonging to Non-Promoter category on a preferential basis for cash consideration

  1 for0 against

Mutual fund votes, meeting of 30 Nov 2024, 11 fund houses

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

• Approval for increase in the Authorised share capital and consequent amendment to the Memorandum of Association

  11 for0 against
• Approval for raising of funds in one or more tranches through issuance of equity shares and/or other securities to eligible investors

  ›Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bajaj Finserv Mutual FundCompliant with law. Transparency Concern: No clarity regarding the valuation of the underlying transaction that forms the objective of justification for the Issue of Securities. The Company by way of special resolution is seeking shareholders’ approval to raise funds through issuance of various securities by way of Private Placement and/or Qualified Institutions Placement or any combination thereof as may be permitted under applicable law for an amount up to ₹ 900 Crores. Here, considering that the securities to be issued are equity shares or securities that will be convertible into equity shares, this resolution will have a dilution impact on the shareholding of the existing shareholders of the Company. Further due to lack of clarity on basis of pricing and absence of valuation report obtained to arrive at the transaction value raises concern regarding transperancy of the underlying transaction
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Transparency Concern: No clarity regarding the valuation of the underlying transaction that forms the objective of justification for the Issue of Securities.

  7 for4 against
• Issue of securities on a Preferential basis to Members of the Promoter and Promoter Group

  ›Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bajaj Finserv Mutual FundCompliant with law. Governance Concern: Warrants being priced based on formula to price equity shares as per SEBI ICDR despite both being different instruments. Transparency Concern: No clarity as to valuation of the underlying transaction that forms the objective of justification for the for Issue of Warrants. The Company by way of special resolution is seeking shareholders’ approval to raise funds through issuance of various securities by way of Private Placement and/or Qualified Institutions Placement or any combination thereof as may be permitted under applicable law for an amount up to ₹ 900 Crores. Here, considering that the securities to be issued are equity shares or securities that will be convertible into equity shares, this resolution will have a dilution impact on the shareholding of the existing shareholders of the Company. Further due to lack of clarity on basis of pricing and absence of valuation report obtained to arrive at the transaction value raises concern regarding transperancy of the underlying transaction.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Warrants being priced based on formula to price equity shares as per SEBI ICDR despite both being different instruments. Transparency Concern: No clarity as to valuation of the underlying transaction that forms the objective of justification for the for Issue of Warrants.

  7 for4 against
• Approval for enhancement of limit for the loan, guarantee and investment by the Company under Section 186 of the Companies Act, 2013, and Rules made thereunder

  1 for0 against
• Approval for increase in the borrowing limit under Section 180(1)(c) of the Companies Act, 2013, and Rules made thereunder

  1 for0 against
• Approval in terms of Section 180(1)(a) of the Companies Act, 2013 and Rules made thereunder for creation of mortgage and/or charge on all or any of the movable and/or immovable properties of the CompanyMoreLess

  ›Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Bajaj Finserv Mutual FundCompliant with law. Transparency Concern: No clarity regarding the basis of arriving at the valuation of the underlying transaction that forms the objective for the proposed creation of charge. The Company is seeking shareholders’ approval for the creation of charge on all or any of the movable and/or immovable properties of the Company against the proposed borrowings with this being a ripple effect of the acquisition deal where concern has already been highlighted on account of absence of any disclosure / basis of pricing that was used to determine the underlying transaction price highlights transparency concerns.
  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Transparency Concern: No clarity regarding the basis of arriving at the valuation of the underlying transaction that forms the objective for the proposed creation of charge.

  6 for4 against