Tata Technologies CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 23 Jun 2025, 27 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 year ended March 31, 2025, together with Report of the Board of Directors and Auditors thereon

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

  26 for0 against
• To declare a Final Dividend on Equity Shares for the financial year ended March 31, 2025 (including a one-time Special Dividend)

  25 for0 against
• To appoint a Director in place of Mr. Shailesh Chandra (DIN: 07593905), who retires by rotation and, being eligible, offers himself for re-appointment

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundA vote AGAINST is warranted because: the board is chaired by a non-executive director and the board is not at least one-half independent and Shailesh Chandra is a non-independent director nominee.

  25 for1 against
• To re-appoint Ms. Aarthi Sivanandh (DIN: 00140141) as a Non-Executive Independent and Woman Director

  ›Against Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Invesco Mutual FundMs. Aarthi Sivanandh, 47, is a senior Partner with AZB & Partners, Advocates and Solicitors. Prior to AZB & Partners, she was a partner in J. Sagar Associates. She has been serving on the board as Independent Director since 11 June 2022. She has attended six out of seven (85%) board meetings held in FY25. We believe shareholder approval for her reappointment should have been sought prior to completion of her first term as independent director. Public sources indicate that in August 2024 AZB & Partners advised Tata Motors - the holding company – on the recent restructuring of the commercial vehicle business and passenger vehicles business into different entities. We note AZB & Partners have been advisors to various Tata Group companies across multiple transactions. Given AZB & Partners' ongoing business relationship with the Tata Group, we believe Ms. Sivanandh’s reappointment as an Independent Director presents a potential conflict of interest. Instead, the company should consider reappointing her as a Non-Independent Director. We do not support the resolution.
  • Angel One Mutual FundPrior Approval of Shareholders not obtained for second Term.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the Appointee. Technical Non-Compliance under Companies Act 2013: Prior Approval of Shareholders not obtained for 2nd Term.
  • Bank of India Mutual FundPrior Approval of Shareholders not obtained for 2nd Term.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliance under Companies Act 2013: Prior Approval of Shareholders not obtained for 2nd Term
  • PPFAS Mutual FundPrior Approval of Shareholders not obtained for 2nd Term

  12 for14 against
• To re-appoint Ms. Usha Sangwan (DIN: 02609263) as a Non-Executive Independent and Woman Director

  27 for0 against
• To appoint Secretarial Auditor of the Company for a term of five consecutive years from FY25-26

  22 for0 against
• Material Related Party Transaction(s) between the Company and Tata Motors Limited

  26 for0 against
• Material Related Party Transaction(s) between the Company and Tata Motors Passenger Vehicles Limited

  27 for0 against
• Material Related Party Transaction(s) between Tata Technologies Europe Limited (TTEL) and Jaguar Land Rover Limited

  27 for0 against

Mutual fund votes, meeting of 13 Dec 2024, 21 fund houses

• Appointment of Mr. Balaje Rajan (DIN: 10749831) as Non-Executive Non-Independent Director

  21 for0 against

Mutual fund votes, meeting of 21 Jun 2024, 20 fund houses

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

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

  20 for0 against
• To declare a Final Dividend (including a Special Dividend) on Equity Shares for the financial year ended March 31, 2024

  20 for0 against
• To appoint a Director in place of Mr. Shailesh Chandra (DIN: 07593905), who retires by rotation and, being eligible, offers himself for re-appointment

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST Shailesh Chandra is warranted because he has failed to attend at least 75 percent of board and committee meetings in the recent fiscal year, without a satisfactory explanation.
  • HSBC Mutual FundWe have concerns about the director's attendance at board meetings.

  18 for2 against
• To re-appoint Mr. Ajoyendra Mukherjee (DIN: 00350269) as a Non-Executive Independent Director

  ›Against Bandhan Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of 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: Prolonged association, Ex-employee in the Group.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Ajoyendra Mukherjee has not been dis-associated with the group for five years or more post his employment with a group company.
  • HSBC Mutual FundAjoyendra Mukherjee has not been dis-associated with the group for five years or more post his employment with a group company.
  • ICICI Prudential Mutual FundGiven the past association of the proposed director with the group and insufficient gap between such association; proposed director can’t be considered as independent director Also, rotation of tenured Independent Directors within the group is not in line with the intent of the regulations on independent director rotation. Hence the AMC have voted against this resolution.
  • JM Financial Mutual FundNo concern on the merit of proposed appointee. Non-Compliance: Re-appointment is not in accordance with law, no prior shareholders’ approval obtained for re-appointment as an Independent Director. Governance concern: Prolonged association, Ex-employee in the Group.
  • LIC Mutual FundNo concern on the merit of 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: Prolonged association, Ex-employee in the Group.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Navi Mutual Fund, Sundaram Mutual FundAjoyendra Mukherjee, 65, is the Chairperson of Tata Technologies Limited and has completed his first term of three years as Independent Director. He has attended thirteen out of thirteen (100%) board meetings held in FY24. Ajoyendra Mukherjee was associated with Tata Consultancy Services for almost forty years where he held positions such as: head of business operations in Eastern India, Middle East and Africa and Switzerland, global head of CSR function and global head of energy and utilities practice. We understand from public sources that Ajoyendra Mukherjee superannuated from TCS in April 2019 and joined Tata Technologies’ board, a promoter group company, as Independent Director in March 2021. We do not consider him an Independent Director as we expect former employees of group companies to have a complete dissociation from the group for at least five years before they can be considered Independent on a company’s board in the group. We do not support rotation of tenured Independent Directors within the group as we believe that this is not in line with the intent of the regulations on independent director rotation.
  • Nippon India Mutual FundShareholder's approval not obtained & Holding dual position
  • Zerodha Mutual FundNo prior shareholders’ approval for reappointment as an Independent Director plus prolonged association.

  7 for13 against
• To re-appoint Mr. Warren Kevin Harris (DIN: 02098548) as Chief Executive Officer and Managing director

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • There are no disclosures on the threshold and target performance that he needs to achieve to determine Warren Kevin Harris' variable pay. • The company has not disclosed the quantum of stock options the executive is entitled to receive during his tenure. • ESOPs granted to him historically have been sizable portion of the pay and at a significant discount to market price and IPO price. • Warren Kevin Harris' estimated pay is competitively positioned when compared to market peers of similar size and scale. • Warren Kevin Harris is an Executive Director of the company's subsidiary as well and company has not provided disclosure on his remuneration from the subsidiary. As a result, shareholders will not get an opportunity to review the remuneration received from the subsidiary.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: There are no disclosures on the threshold and target performance that he needs to achieve to determine Warren Kevin Harris' variable pay. The company has not disclosed the quantum of stock options the executive is entitled to receive during his tenure. ESOPs granted to him historically have been sizable portion of the pay and at a significant discount to market price and IPO price. Warren Kevin Harris' estimated pay is competitively positioned when compared to market peers of similar size and scale. Warren Kevin Harris is an Executive Director of the company's subsidiary as well and company has not provided disclosure on his remuneration from the subsidiary. As a result, shareholders will not get an opportunity to review the remuneration received from the subsidiary.

  18 for2 against
• Material Related Party Transaction(s) between the Company and Tata Motors Limited

  20 for0 against
• Material Related Party Transaction(s) between the Company and Tata Motors Passenger Vehicles Limited

  20 for0 against
• Material Related Party Transaction(s) between Tata Technologies Europe Limited (TTEL) and Jaguar Land Rover Limited

  20 for0 against

Mutual fund votes, meeting of 15 Mar 2024, 18 fund houses

• Ratification and amendments in Tata Technologies Limited Share Based Long Term Incentive Scheme 2022

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The proposal includes grant of stock options to employees of holding companies without compelling rationale. • There is no disclosure on the performance targets and threshold for vesting at different levels of performance.
  • HSBC Mutual FundThe proposal includes grant of stock options to employees of holding companies without compelling rationale. There is no disclosure on the performance targets and threshold for vesting at different levels of performance.

  16 for2 against
• Approval to extend the benefits under Tata Technologies Limited Share Based Long Term Incentive Scheme 2022 to the employees of Holding / Subsidiary companies of the Company

  ›Against Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, DSP Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund

  • Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, DSP Mutual Fund, Sundaram Mutual FundThrough resolution #2, TTL seeks approval to extend the benefits of the scheme to employees of holding company and present and future subsidiaries. Tata Motors Limited is the holding company and promoter of TTL. We do not support extension of ESOP schemes to employees of listed holding companies.
  • Bandhan Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: ESOP Scheme extended to the employees of the Holding company without any compelling reason.
  • Baroda BNP Paribas Mutual FundCo indicated it is for continuity of benefits to employees. However considering holding co is listed, it could be detrimental to minority shareholders
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The proposal includes grant of stock options to employees of holding companies without compelling rationale. • There is no disclosure on the performance targets and threshold for vesting at different levels of performance.
  • HSBC Mutual FundThe proposal includes grant of stock options to employees of holding companies without compelling rationale. There is no disclosure on the performance targets and threshold for vesting at different levels of performance.
  • Kotak Mahindra Mutual FundEven though no issue is identified in extending the scheme to subsidiaries, the same cannot be argued in the case of the holding company, and the company would require specific justification with respect to the intention and plans with such grants, as such cost would be borne out of company pockets. Such proposal raise governance concern. Granting stock options to employees of holding company can only be considered when compelling reasons are provided in order to adequately justify such additional cost burden. Hence voting against.
  • Mirae Asset Mutual FundDo not support extension of ESOP schemes to employees of listed holding companies.
  • Nippon India Mutual FundInadequate disclosure

  5 for13 against
• Material Related Party Transaction(s) between the Company and Tata Motors Limited

  18 for0 against
• Material Related Party Transaction(s) between Tata Technologies Europe Limited (TTEL) and Jaguar Land Rover Limited

  18 for0 against