Tata Investment Corporation MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 1 Jul 2025, 18 fund houses

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

• To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess

  18 for0 against
• To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025, together with the Report of the Auditors thereon.

  18 for0 against
• To declare Dividend on Ordinary Shares for the Financial Year ended March 31, 2025.

  15 for0 against
• To appoint a Director in place of Mr. Noel N. Tata (DIN 00024713), who retires by rotation and being eligible, offers himself for re-appointment.

  18 for0 against
• Appointment of M/s. CNK & Associates LLP, Chartered Accountants as the Joint Statutory Auditors of the Company.

  18 for0 against
• Re-appointment of Mr. Rajiv Dube (DIN: 00021796) as an Independent Director of the Company.

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC 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: Proposed term will lead to prolonged association with the Group.
  • Axis Mutual FundRajiv Dube, 63, has been on the board of Tata Investment Corporation Limited since October 2020. He currently serves as Professor of Practice at the Deakin Business School, Melbourne, and as a senior advisor to several firms in India and Australia. He has 40 years of experience across multiple sectors, primarily with the Tata group and the Aditya Birla group. As Executive Director (Group Corporate Services) at Aditya Birla Management Corporation Limited, he oversaw the group’s IT, data, and analytics functions. Prior to joining the Aditya Birla Group, he was associated with the Tata group for over 25 years, most recently with the passenger car division of Tata Motors. He attended all six board meetings held in FY25. However, we raise concern that he has been on the board of Tata Chemicals Ltd. since September 2020, and thus his overall association with the Tata group will exceed ten years during the proposed term. Given the extended association with the group, we do not support his appointment as an Independent Director. The company may consider appointing him as a Non-Independent Director. We do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundRe-appointment compliant with law. Governance Concern: Proposed term will lead to prolonged association with the Group.
  • HDFC Mutual FundMr. Rajiv Dube, 63, has been on the board of Tata Investment Corporation Limited since October 2020. He has 40 years of experience across multiple sectors, primarily with the Tata group and the Aditya Birla group. We do not support the resolution if the overall association with the group exceeds ten years. We do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundProposed term will lead to prolonged association with the Group.

  7 for11 against
• Appointment of M/s. Parikh & Associates, Company Secretaries as the Secretarial Auditor of the Company.

  18 for0 against

Mutual fund votes, meeting of 8 Jun 2025, 18 fund houses

• Appointment of Mr. Bahram N. Vakil (DIN: 00283980) as an Independent Director of the Company

  ›Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Aditya Birla Sun Life Mutual FundBahram Vakil, 66, is the co-founder of the law firm AZB & Partners. He specializes in the areas of restructuring and insolvency, banking and finance, corporate mergers and acquisitions, energy, infrastructure and microfinance. He has advised several distressed funds, insolvency professionals, domestic and international banks, including the stressed accounts referred to insolvency resolution by the Reserve Bank of India.While his appointment as an Independent Director is in line with statutory requirements, we raise concern that his overall association with the Tata group has crossed ten years. He was on the board of Trent Ltd. from June 2012 till June 2022 and on the board of Voltas Ltd. from September 2014 till September 2024. Given the extended association with the group, we do not support his appointment as an Independent Director. The company must consider appointing him as a Non-Independent Director instead.We further note that AZB & Partners has represented the Tata group on multiple occasions; the company should clarify whether Bahram Vakil continues to hold an active partnership position at the firm.
  • Angel One Mutual FundGovernance concerns: Prolonged association with the Group.such prolonged association with the Group Company may hamper the independence of an Independent Director.
  • Axis Mutual FundBahram Vakil, 66, is the co-founder of the law firm AZB & Partners. He specializes in the areas of restructuring and insolvency, banking and finance, corporate mergers and acquisitions, energy, infrastructure and microfinance. He has advised several distressed funds, insolvency professionals, domestic and international banks, including the stressed accounts referred to insolvency resolution by the Reserve Bank of India. While his appointment as an Independent Director is in line with statutory requirements, we raise concern that his overall association with the Tata group has crossed ten years. He was on the board of Trent Ltd. from June 2012 till June 2022 and on the board of Voltas Ltd. from September 2014 till September 2024. Given the extended association with the group, we do not support his appointment as an Independent Director. The company must consider appointing him as a Non-Independent Director instead. We further note that AZB & Partners has represented the Tata group on multiple occasions; the company should clarify whether Bahram Vakil continues to hold an active partnership position at the firm.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concerns: Prolonged association with the Group.
  • HDFC Mutual FundMr. Bahram Vakil, 66, is the co-founder of the law firm AZB & Partners. He specializes in the areas of restructuring and insolvency, banking and finance, corporate mergers and acquisitions, energy, infrastructure and microfinance. Although his reappointment meets regulatory requirements, we do not support the re-appointment of Independent Directors if their aggregate tenure with the company or the group exceeds 10 years anytime during the proposed tenure as we believe that this is not in line with the spirit of the regulations. We do not support his reappointment as Independent Director.
  • Nippon India Mutual FundGovernance Concern: Candidate Prolonged Association

  7 for11 against

Mutual fund votes, meeting of 13 Apr 2025, 17 fund houses

• Re-appointment of Mr. V. Chandrasekaran (DIN: 03126243) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNon-Compliance: Re-appointment is not in accordance with law, no prior shareholders’ approval obtained for re-appointment as an Independent director. Governance concern: Proposed re-appointment may lead to prolonged association with the Group.
  • Axis Mutual Fund, Navi Mutual FundV. Chandrasekaran, 67, is retired Executive Director (Investment) of LIC of India. He is a Chartered Accountant with over three decades of experience in Life Insurance Finance, Housing Finance and Mutual Fund Investment in LIC of India. He has been an Independent Director on the board of Tata Investment Corporation Ltd since 16 March 2020. He has attended all five board meetings in FY24 and all six board meetings in FY25 till the date of the notice. We note that, V. Chandrasekaran was a director on the board of Tata Asset Management Ltd., a group company, from 27 June 2018 till 30 March 2022 – he was appointed to the board of Tata Investment Corporate Limited in March 2020. Given that his association with the Tata group will exceed ten years during the proposed tenure (from 2018 to 2030), we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed appointee. Non-Compliance: Re-appointment is not in accordance with law, no prior shareholders’ approval obtained for re-appointment as an ID. Governance concern: Proposed re-appointment may lead to prolonged association with the Group.
  • HDFC Mutual FundMr. V. Chandrasekaran, 67, is retired Executive Director (Investment) of LIC of India. He is a Chartered Accountant with over three decades of experience in Life Insurance Finance, Housing Finance and Mutual Fund Investment in LIC of India. His association with the Tata group will exceed ten years during the proposed tenure, we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundPrior approval of shareholders not obtained.

  6 for11 against

Mutual fund votes, meeting of 7 Jan 2025, 14 fund houses

• Appointment of Mrs. Alice G. Vaidyan (DIN: 07394437) as an Independent Director of the Company

  14 for0 against
• Re-Appointment and Re-Designation/Elevation of Mr. Amit N. Dalal (DIN: 00297603) from Executive Director to Managing Director of the Company

  14 for0 against

Mutual fund votes, meeting of 2 Oct 2024, 10 fund houses

• Appointment of Mr. Jayesh Tulsidas Merchant (DIN: 00555052) as an Independent Director of the Company

  10 for0 against

Mutual fund votes, meeting of 9 Jul 2024, 8 fund houses

• To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2024, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess

  8 for0 against
• To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2024, together with the Report of the Auditors thereon.

  8 for0 against
• To declare Dividend on Ordinary Shares for the financial year ended March 31, 2024.

  8 for0 against
• To appoint a Director in place of Mr. Suprakash Mukhopadhyay (DIN 00019901), who retires by rotation and being eligible, offers himself for re-appointment.

  8 for0 against
• Appointment of M/s Chokshi & Chokshi LLP, Chartered Accountants as the Joint Statutory Auditors of the Company

  8 for0 against