Tega Industries MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 18 Sep 2026, 11 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 approve Material Related Party Transaction(s) between Moly-Cop USA LLC and Grinding Media Inc., being step down subsidiaries of Tega Industries Limited.

  11 for0 against
• To approve Material Related Party Transaction(s) Between Moly-Cop Canada and Molycop Singapore Trading Pte. Ltd., being step down subsidiaries of Tega Industries Limited.

  3 for0 against
• To approve Material Related Party Transaction(s) between Santa Ana De Bolueta Grinding Media SAU and Molycop Singapore Trading Pte. Ltd, being step down subsidiaries of Tega Industries Limited.

  8 for0 against
• To approve Material Related Party Transaction(s) between Tega MC SG Investments III Pte. Ltd. and Moly-Cop Mexico S.A. de C.V., being step down subsidiaries of Tega Industries Limited.

  ›Against Angel One Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundTransparency concern: The proposed Related Party Transaction involves corporate guarantee, however, no disclosure has been made if guarantee commission fee, if any, is payable by the related party to Tega MC SG Investments III Pte. Ltd. If yes, what will be the basis determining the said commission fee.
  • Navi Mutual FundCompliant with law. Transparency concern: The proposed RPT involves corporate guarantee, however, no disclosure has been made if guarantee commission fee, if any, is payable by the related party to Tega MC SG Investments III Pte. Ltd. If yes, what will be the basis determining the said commission fee.

  6 for2 against
• To approve re-appointment of Mr. Ashwani Maheshwari (DIN: 07341295) as an Independent Director of the Company for a second term of 5 (five) consecutive years.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: The proposed director is the Chairperson of Nomination and remuneration committee and the remuneration paid to Promoter Non-Executive Director viz. Mr. Madan Mohan Mohanka during FY 2025-26 appears to be skewed when compared to remuneration paid to other Non-Executive Directors and no justification has been provided by the Company for payment of such remuneration.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: The proposed director is the Chairperson of NRC and the remuneration paid to Promoter NED viz. Mr. Madan Mohan Mohanka during FY 2025-26 appears to be skewed when compared to remuneration paid to other NEDs and no justification has been provided by the Company for payment of such remuneration.

  7 for4 against
• To approve holding an Office or Place of Profit in a Step-Down Subsidiary Company by Mr. Mehul Mohanka (DIN: 00052134), Managing Director & Group CEO of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundThe Company is not seeking prior shareholders’ approval, as required under law. Governance and Transparency Concern: The proposed remuneration appears to be significant when compared to performance of the Company and industry practice. Since the basis of arriving at remuneration has not disclosed, fairness of proposed remuneration cannot be ascertained.
  • Edelweiss Mutual Fund, PGIM India Mutual FundCompliant with law. Governance and Transparency Concern: The proposed remuneration appears to be significant when compared to performance of the Company and industry practice. Since the basis of arriving at remuneration has not disclosed, fairness of proposed remuneration cannot be ascertained.
  • Navi Mutual FundNon-Compliant with Section 188 and applicable Rules under Companies Act, 2013: The Company is not seeking prior shareholders’ approval, as required under law. Governance and Transparency Concern: The proposed remuneration appears to be significant when compared to performance of the Company and industry practice. Since the basis of arriving at remuneration has not disclosed, fairness of proposed remuneration cannot be ascertained.

  4 for4 against

Mutual fund votes, meeting of 18 Apr 2026, 17 fund houses

• Re-appointment of Mr. Jagdishwar Prasad Sinha (DIN: 02345086) as an Independent Director of the Company.

  ›Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: Director’s role, as Nomination & Remuneration Committee member, in the skewness of the remuneration distribution among Promoter and Non-Promoter Non-Executive Directors.
  • Groww Mutual FundCompliant with law. No major concern identified w.r.t profile, time commitment, attendance and independence of the proposed appointee. Governance Concern: Director’s role, as NRC member, in the skewness of the remuneration distribution among Promoter and Non-Promoter NEDs.
  • Motilal Oswal Mutual FundRole as NRC member in Board remuneration skewness.
  • PGIM India Mutual FundCompliant with law. No major concern identified w.r.t profile, time commitment, attendance and independence of the proposed appointee. Governance Concern: Director s role, as NRC member, in the skewness of the remuneration distribution among Promoter and Non-Promoter NEDs.

  13 for4 against

Mutual fund votes, meeting of 10 Oct 2025, 18 fund houses

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

• Approve increase in the limits of Investments to be made by the Company in other Bodies Corporate under Section 186 of the Companies Act 2013.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: Inadequate disclosures with regards to the particulars of the proposed loans/ investments/ guarantees/ security transactions; Enabling approval. No clarity as to valuation of the underlying transaction that forms the objective of justification for the proposed Resolution. No clarity on the contribution to be made by the other shareholders for their proportionate shareholding in the underlying acquisition deal.
  • Bandhan Mutual Fund, Groww Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate disclosures w.r.t. the particulars of the proposed loans/ investments/ guarantees/ security transactions; Enabling approval. No clarity as to valuation of the underlying transaction that forms the objective of justification for the proposed Resolution. No clarity on the contribution to be made by the other shareholders for their proportionate shareholding in the underlying acquisition deal
  • Bank of India Mutual FundThe company should have provided the current utilization of limits under Section 186 of the Companies Act, 2013 in the shareholder notice. As on 31 March 2025, Tega Industries Limited (TIL) has outstanding loans and investments of Rs. 5.5 bn which constitutes ~44.5% of the automatic limit (Rs. 12.4 bn) for such transactions under Section 186. The company seeks to increase the limit to allow for the acquisition of 77% stake in Molycop (balance 23% stake is being acquired by Apollo) at an enterprise value of USD 1.48 bn. While the valuation is reasonable, the acquisition will entail additional risks given that Molycop is larger than TIL and will include a debt of USD 1 bn. The resolution is enabling in nature as it allows the company to give loans/ guarantees/ provide securities to any company in which directors are interested, including promoter companies and companies with common directorships. We believe the company must disclose granular details including names of these companies, the nature and size of their operations and terms of support, to enable shareholders to make an informed decision. Further, the proposed limits are rolling in nature. We do not support rolling limits. The company must seek approval for an absolute limit and provide clarity on the proposed utilization. We do not support the resolution.
  • Mirae Asset Mutual FundThe resolution is enabling in nature as it allows the company to give loans/ guarantees/ provide securities to any company in which directors are interested, including promoter companies and companies with common directorships. We believe the company must disclose granular details including names of these companies, the nature and size of their operations and terms of support, to enable shareholders to make an informed decision. Further, the proposed limits are rolling in nature. We do not support rolling limits. The company must seek approval for an absolute limit and provide clarity on the proposed utilization. We do not support the resolution.
  • Motilal Oswal Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate disclosures w.r.t. the particulars of the proposed loans/ investments/ guarantees/ security transactions; Enabling approval. No clarity as to valuation of the underlying transaction that forms the objective of justification for the proposed Resolution. No clarity regarding the valuation of the underlying transaction.

  12 for6 against
• Approve increase in the Borrowing Powers of the Company under Section 180(1)(c) of the Companies Act, 2013.

  4 for0 against
• Approve creation of hypothecation, mortgage, pledge, charges or any other encumbrance on the movable and immovable properties of the Company, both present and future, in respect of borrowings under Section 180 (1)(a) of the Companies Act, 2013.MoreLess

  ›Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundTransparency concern: No clarity as to valuation of the underlying transaction that forms the objective of justification for the proposed increase in borrowing limits. No clarity on the contribution to be made by the other shareholders for their proportionate shareholding in the underlying acquisition deal.
  • Groww Mutual FundCompliant with law. Transparency concern: No clarity as to valuation of the underlying transaction that forms the objective of justification for the proposed increase in borrowing limits. No clarity on the contribution to be made by the other shareholders for their proportionate shareholding in the underlying acquisition deal.
  • Motilal Oswal Mutual FundCompliant with law. Transparency concern: No clarity regarding the valuation of the underlying transaction.

  15 for3 against
• Approve raising of funds by way of issuance of Equity Shares, debt securities and/ or other Eligible Securities (convertible/ non-convertible) through permissible modes, including but not limited to a private placement, preferential allotment qualified institutions placement or through other permissible mode and/ or combination thereof.MoreLess

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundTransparency concern: No clarity regarding the valuation of the underlying transaction that forms the objective of justification for the Issue of Securities. No clarity on the contribution to be made by the other shareholders for their proportionate shareholding in the underlying acquisition deal. No justification for not opting for rights issue.
  • Bank of India Mutual Fund, Sundaram Mutual FundThe proposed fund raise is for (i) repayment of debt; (ii) acquisition of Molycorp; and (iii) inorganic growth opportunities. We raise the following concerns regarding this resolution: (i) we note that the company is seeking approval for private placement of equity shares through resolution #5 upto Rs. 20.0 bn and for an increase in borrowing limits to Rs. 20.0 bn through resolution #2. It is unclear why the company is seeking approval raising funds upto Rs 40.0 bn through this resolution. (ii) It is unclear if the approval being sought is in addition to the equity raise through resolution #5. This will increase the overall approval to raise funds upto Rs. 60.0 bn (Rs. 40 bn through resolution #4 and Rs. 20.0 bn through resolution #5). If the entire amount of Rs. 60.0 bn is raised through equity, the overall dilution to existing shareholders will be 32%, which is high. (iii) The notice states that the fund raise includes debt securities (convertible / non-convertible), while the resolution text and the board meeting outcome do not clearly mention the same. The company must clarify if the company is also seeking approval to raise debt securities through this resolution. We do not support the resolution.
  • Groww 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. No clarity on the contribution to be made by the other shareholders for their proportionate shareholding in the underlying acquisition deal. No justification for not opting for rights issue
  • HDFC Mutual FundThe proposed fund raise is for (i) repayment of debt; (ii) acquisition of Molycop; and (iii) inorganic growth opportunities. The company is well capitalized and the fund raise will lead to excessive dilution. We do not support the resolution.
  • Mirae Asset Mutual FundThe notice states that the fund raise includes debt securities (convertible / non-convertible), while the resolution text and the board meeting outcome do not clearly mention the same. The company must clarify if the company is also seeking approval to raise debt securities through this resolution. We do not support the resolution.
  • Motilal Oswal Mutual FundCompliant with law. Transparency concern: No clarity regarding the valuation of the underlying transaction. No justification for not opting for rights issue

  11 for7 against
• Approve preferential issue of securities to certain investors on a Private Placement basis

  ›Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Angel One Mutual FundTransparency concern: No clarity regarding the valuation of the underlying transaction that forms the objective of the Issue of Securities; No clarity on the contribution to be made by the other shareholders for their proportionate shareholding in the underlying acquisition deal.
  • Groww Mutual FundCompliant with law. Transparency concern: No clarity regarding the valuation of the underlying transaction that forms the objective of the Issue of Securities; No clarity on the contribution to be made by the other shareholders for their proportionate shareholding in the underlying acquisition deal
  • Motilal Oswal Mutual FundCompliant with law. Transparency concern: No clarity regarding the valuation of the underlying transaction.

  15 for3 against

Mutual fund votes, meeting of 19 Sep 2025, 19 fund houses

• To receive, consider and adopt the Audited Standalone Financial Statements and Consolidated 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

  19 for0 against
• To appoint a Director in place of Mr. Syed Yaver Imam (DIN: 00588381), who retires by rotation and being eligible, offers himself for re-appointment.

  19 for0 against
• To declare Final Dividend of Rs. 2/- (Rupees Two) per equity share twenty percent (20%) of face value of Rs. 10/- (Rupees Ten) each for the Financial Year ended March 31, 2025.

  19 for0 against
• To ratify the remuneration payable to the Cost Auditors.

  19 for0 against
• To appoint Secretarial Auditor

  19 for0 against
• To approve the remuneration payable to Mr. Madan Mohan Mohanka, (DIN: 00049388) Chairman and Non-Executive Director of the Company

  ›Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance concern: Excessive remuneration to Non-Executive Director, Chairman related to Managing Director.
  • Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Governance concern: Excessive remuneration to NED, Chairman related to MD.

  15 for4 against

Mutual fund votes, meeting of 2 Apr 2025, 16 fund houses

• Re-classification of Authorised Share Capital and Consequent Alteration in the Capital Clause of Memorandum of Association of the Company.

  16 for0 against

Mutual fund votes, meeting of 26 Jan 2025, 18 fund houses

• To consider and approve the appointment of Mr. Anand Sen (DIN: 00237914) as a Non-Executive Independent Director of the Company for a term of 5 (Five) consecutive years

  18 for0 against
• To consider and approve the redesignation of Mr. Madan Mohan Mohanka (DIN: 00049388) as a Non-Executive Non-Independent Director pursuant to his relinquishment of the position of “Whole Time Director"

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Governance concern: Excessive remuneration, Chairman related to MD.

  15 for3 against
• To consider and approve the payment of remuneration to Non-Executive Directors including Independent Directors

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Governance concern: No absolute Cap on the proposed remuneration. Significant Increase in limit.

  15 for3 against