Tata Motors Passenger Vehicles MD, chairman, board of directors and AGM
NSE: TMPVBSE: 500570AutomobilesLarge Cap
Formerly Tata Motors
Last close ₹264.60down ₹5.40 (2.00%)BSE ₹265.45
Share price at the NSE close on 23 Oct 2026. Previous close ₹270.00.
52-week range of traded prices to 23 Oct 2026
₹259.35Low, 23 Oct 2026₹419.00High, 30 Oct 2025
- Next results date: the board meets on 13 Nov 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹97,452 Cr79th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Not shown: part of the business was demerged on 14 Oct 2025, and the accounts this figure is made of still include the part that left. It returns once accounts of the company as it now is are filed.
- Demergerin the last 12 months
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 14 May 2026
- 0.9
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.13%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Not shown: part of the business was demerged on 14 Oct 2025, and the accounts this figure is made of still include the part that left. It returns once accounts of the company as it now is are filed.
- Demergernew accounts awaited
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. Not shown: part of the business was demerged on 14 Oct 2025, and the accounts this figure is made of still include the part that left. It returns once accounts of the company as it now is are filed.
- Demergernew accounts awaited
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 14 May 2026
- 0.59
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,04,68,78551.8% delivered
Tata Motors Passenger Vehicles board of directors
At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- ChairpersonChandrasekaran NatarajanRelated to the promoter
- Company SecretaryMaloy Kumar Gupta
8 directors5 independent1 executive2 non-executive
- Chandrasekaran Natarajan · ChairpersonNon-executive · joined Jan 2017 · 7 listed boards
- Vedika BhandarkarIndependent · joined Jun 2019 · reappointed Jun 2024 · 84 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
- Al Noor RamjiIndependent · joined May 2022 · reappointed May 2022 · 50 months as independent · 3 listed boards · 3 as independent · 3 committee seats
- Usha SangwanIndependent · joined May 2023 · reappointed May 2023 · 37 months as independent · 5 listed boards · 5 as independent · 7 committee seats, 3 as chair
- Bharat Tilakraj PuriIndependent · joined May 2024 · reappointed May 2024 · 25 months as independent · 4 listed boards · 3 as independent · 4 committee seats
- Sudha KrishnanIndependent · joined Oct 2025 · reappointed Oct 2025 · 9 months as independent · 2 listed boards · 2 as independent · 5 committee seats, 1 as chair
- Pathamadai Balachandran BalajiNon-executive · joined Nov 2025 · 2 listed boards
- Shailesh ChandraExecutive · joined Oct 2025 · 2 listed boards · 1 committee seat
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
5 directors who left
- Om Prakash Bhatt, left 8 Mar 2026: Tenure Completion
- Veerayya Chowdary Kosaraju, left 1 Oct 2025: Others
- Guenter Karl Butschek, left 1 Oct 2025: Others
- Girish Arun Wagh, left 1 Oct 2025: Others
- Hanne Birgitte Breinbjerg Sorensen, left 30 Sep 2025: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 14 May 20268 of 8 present5 independent · 62 days in between
- 12 Mar 20268 of 8 present5 independent · 34 days in between
- 5 Feb 20269 of 9 present6 independent
Audit Committee
Chair Vedika Bhandarkar
Al Noor Ramji, Usha Sangwan, Bharat Tilakraj Puri, Sudha Krishnan
- 13 May 20265 of 5 present5 independent · 47 days in between
- 26 Mar 20265 of 5 present5 independent · 49 days in between
- 4 Feb 20266 of 6 present6 independent
Nomination and remuneration committee
Chair Bharat Tilakraj Puri
Chandrasekaran Natarajan, Usha Sangwan
- 14 May 20263 of 3 present2 independent · 62 days in between
- 12 Mar 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair Usha Sangwan
Sudha Krishnan, Shailesh Chandra
- 4 Feb 20263 of 3 present2 independent
Risk Management Committee
Chair Al Noor Ramji
Bharat Tilakraj Puri, Sudha Krishnan, Shailesh Chandra
- 26 Mar 20264 of 4 present3 independent
Corporate Social Responsibility Committee
Chair Sudha Krishnan
Usha Sangwan, Shailesh Chandra
- 13 May 20263 of 3 present2 independent · 97 days in between
- 4 Feb 20264 of 4 present3 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- B S R & Co. LLPPeer-review certificate valid to Aug 2028
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Tata Motors Passenger Vehicles AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Tata Motors Passenger Vehicles dividend history
Annual general meeting, 8 Jul 2026
64,60,243 shareholders on the register on 1 Jul 2026; present: 6 promoters and 270 others; votes counted by Mr. P N Parikh / Parikh & Associates, Practising Company Secretaries.The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026 together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.01% · other public 0.01%
Turnout: all 74.89% · promoters 100.00% · institutions 88.89% · other public 8.46%
- To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 together with the Report of the Auditors thereon.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.01% · other public 0.02%
Turnout: all 74.89% · promoters 100.00% · institutions 88.89% · other public 8.46%
- To declare a dividend on Equity Shares of the Company for the financial year ended March 31, 2026.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.02% · other public 0.02%
Turnout: all 74.93% · promoters 100.00% · institutions 89.02% · other public 8.46%
- To appoint a Director in place of Mr. N Chandrasekaran (DIN: 00121863), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary91.25% for8.75% against
Against: promoters 0.00% · institutions 21.53% · other public 0.11%
Turnout: all 74.93% · promoters 100.00% · institutions 89.01% · other public 8.46%
- Re-appointment of Mr. Al-Noor Ramji (DIN:00230865) as an Independent Director for the Second TermSpecial99.55% for0.45% against
Against: promoters 0.00% · institutions 1.10% · other public 0.14%
Turnout: all 74.93% · promoters 100.00% · institutions 89.01% · other public 8.46%
- Appointment of Branch AuditorsOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.03% · other public 0.03%
Turnout: all 74.93% · promoters 100.00% · institutions 89.01% · other public 8.46%
- Ratification of Cost Auditor’s RemunerationOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.05%
Turnout: all 74.93% · promoters 100.00% · institutions 89.01% · other public 8.46%
Material Related Party Transaction(s) of the Company and its identified wholly owned subsidiary viz., Tata Passenger Electric Mobility Limited, with Fiat India Automobiles Private Limited, a Joint Operations of the Company.MoreLess
OrdinaryPromoters have an interest in it100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 32.39% · promoters 0.00% · institutions 89.00% · other public 8.37%
Material Related Party Transaction(s) of Jaguar Land Rover Limited, subsidiary of the Company, with Agratas Energy Storage Solutions Private Limited and Agratas Limited, subsidiaries of Tata Sons Private Limited, the Promoter of the Company.MoreLess
OrdinaryPromoters have an interest in it100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 32.39% · promoters 0.00% · institutions 89.00% · other public 8.37%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 28 Dec 2025, 4 resolutions
70,73,837 shareholders on the register on 21 Nov 2025; votes counted by Mr. P. N. Parikh / M/s. Parikh & Associates.The company's voting result (opens in a new tab)
- 1 - Appointment of Mrs Sudha Krishnan (DIN:02885630) as Non-Executive, Independent Director of the Company.Special99.91% for0.09% against
Against: promoters 0.00% · institutions 0.22% · other public 0.15%
Turnout: all 73.36% · promoters 99.99% · institutions 87.52% · other public 8.21%
- 2 - Appointment of Mr Pathamadai Balachandran Balaji (DIN: 02762983) as a Non-Executive Director of the Company.Ordinary99.49% for0.51% against
Against: promoters 0.00% · institutions 1.28% · other public 0.15%
Turnout: all 73.36% · promoters 99.99% · institutions 87.52% · other public 8.21%
- 3 - Appointment of Mr Shailesh Chandra (DIN: 07593905) as a Director of the Company.Ordinary99.93% for0.07% against
Against: promoters 0.00% · institutions 0.17% · other public 0.12%
Turnout: all 73.36% · promoters 99.99% · institutions 87.52% · other public 8.21%
- 4 - Appointment of Mr Shailesh Chandra (DIN: 07593905) as Managing Director and Chief Executive Officer of the Company and payment of remuneration.Ordinary99.29% for0.71% against
Against: promoters 0.00% · institutions 1.80% · other public 0.14%
Turnout: all 73.36% · promoters 99.99% · institutions 87.52% · other public 8.21%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 8 Jul 2026, 17 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 receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026 together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
17 for0 against- To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 together with the Report of the Auditors thereon.17 for0 against
- To declare a dividend on Equity Shares of the Company for the financial year ended March 31, 2026.17 for0 against
- To appoint a Director in place of Mr. N Chandrasekaran (DIN: 00121863), who retires by rotation and being eligible, offers himself for re-appointment.
Against HSBC Mutual Fund
- HSBC Mutual FundWe have concerns that the candidate has too many commitments outside of the board in question.
16 for1 against - Re-appointment of Mr. Al-Noor Ramji (DIN:00230865) as an Independent Director for the Second Term17 for0 against
- Appointment of Branch Auditors16 for0 against
- Ratification of Cost Auditor’s Remuneration17 for0 against
Material Related Party Transaction(s) of the Company and its identified wholly owned subsidiary viz., Tata Passenger Electric Mobility Limited, with Fiat India Automobiles Private Limited, a Joint Operations of the Company.MoreLess
17 for0 againstMaterial Related Party Transaction(s) of Jaguar Land Rover Limited, subsidiary of the Company, with Agratas Energy Storage Solutions Private Limited and Agratas Limited, subsidiaries of Tata Sons Private Limited, the Promoter of the Company.MoreLess
17 for0 against
1 proposal not matched to one resolution
- Approve Branch Auditors and Authorize Board to Fix Their Remuneration1 for0 against
Mutual fund votes, meeting of 28 Dec 2025, 34 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- 1 - Appointment of Mrs Sudha Krishnan (DIN:02885630) as Non-Executive, Independent Director of the Company.33 for0 against
- 2 - Appointment of Mr Pathamadai Balachandran Balaji (DIN: 02762983) as a Non-Executive Director of the Company.34 for0 against
- 3 - Appointment of Mr Shailesh Chandra (DIN: 07593905) as a Director of the Company.32 for0 against
- 4 - Appointment of Mr Shailesh Chandra (DIN: 07593905) as Managing Director and Chief Executive Officer of the Company and payment of remuneration.
Against Bank of India Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund
- Bank of India Mutual FundShailesh Chandra, 52, is Managing Director, Tata Passenger Electric Mobility Ltd. The company proposes to appoint Shailesh Chandra as Managing Director and CEO for three years from 1 October 2025 and fix his remuneration. He will continue to be Managing Director of Tata Passenger Electric Mobility Limited (TPEML), a wholly-owned subsidiary of the company. The company has stated that he does not draw any compensation from TPEML. We estimate Shailesh Chandra’s remuneration in the range of Rs. 78.2 mn to Rs. 203.6 mn during the term excluding the share based long term incentive. The maximum number of options that can be granted per employee, under the existing LTI Scheme 2024, is 100,000 PSUs. However, he is also eligible to receive stock options under any other scheme that may be introduced subsequently. The company must disclose details regarding the quantum of stock options that may be granted to Shailesh Chandra during his term of appointment. In absence of clarity, we are unable to determine the aggregate remuneration that is payable to Shailesh Chandra during his term. The company must also provide granular performance metrics that determine the variable. We do not support the resolution.
- Invesco Mutual FundShailesh Chandra, 52, is Managing Director, Tata Passenger Electric Mobility Ltd. The company proposes to appoint Shailesh Chandra as Managing Director and CEO for three years from 1 October 2025 and fix his remuneration. He will continue to be Managing Director of Tata Passenger Electric Mobility Limited (TPEML), a wholly-owned subsidiary of the company. The company has stated that he does not draw any compensation from TPEML.We estimate Shailesh Chandra’s remuneration in the range of Rs. 78.2 mn to Rs. 203.6 mn during his term excluding the share based long term incentive. The company must disclose details regarding the stock options that may be granted to Shailesh Chandra during his term of appointment. In absence of clarity, we are unable to determine the aggregate remuneration that is payable to Shailesh Chandra during his term. The company must also provide granular performance metrics that determine the variable. We do not support the resolution
- Jio BlackRock Mutual FundShailesh Chandra, 52, is Managing Director, Tata Passenger Electric Mobility Ltd. The company proposes to appoint Shailesh Chandra as Managing Director and CEO for three years from 1 October 2025 and fix his remuneration. He will continue to be Managing Director of Tata Passenger Electric Mobility Limited (TPEML), a wholly-owned subsidiary of the company. The company has stated that he does not draw any compensation from TPEML. We estimate Shailesh Chandra’s remuneration in the range of Rs. 78.2 mn to Rs. 203.6 mn during his term excluding the share based long term incentive. The company must disclose details regarding the stock options that may be granted to Shailesh Chandra during his term of appointment. In absence of clarity, we are unable to determine the aggregate remuneration that is payable to Shailesh Chandra during his term. The company must also provide granular performance metrics that determine the variable. We do not support the resolution.
30 for3 against
4 proposals not matched to one resolution
- Item 1, as a fund house numbered it1 for0 against
- Item 3, as a fund house numbered it1 for0 against
- Item 4, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundShailesh Chandra, 52, is Managing Director, Tata Passenger Electric Mobility Ltd. The company proposes to appoint Shailesh Chandra as Managing Director and CEO for three years from 1 October 2025 and fix his remuneration. He will continue to be Managing Director of Tata Passenger Electric Mobility Limited (TPEML), a wholly-owned subsidiary of the company. The company has stated that he does not draw any compensation from TPEML. We estimate Shailesh Chandra’s remuneration in the range of Rs. 78.2 mn to Rs. 203.6 mn during his term excluding the share based long term incentive. The company must disclose details regarding the stock options that may be granted to Shailesh Chandra during his term of appointment. In absence of clarity, we are unable to determine the aggregate remuneration that is payable to Shailesh Chandra during his term. The company must also provide granular performance metrics that determine the variable. We do not support the resolution.
0 for1 against - Appointment of Mr Shailesh Chandra (DIN: 07593905) as a Director of the Company liable to retire by rotation.1 for0 against
6 earlier meetings
Mutual fund votes, meeting of 20 Jun 2025, 36 fund houses
- Item 1, as a fund house numbered it1 for0 against
- Item 2, as a fund house numbered it1 for0 against
- Item 3, as a fund house numbered it1 for0 against
- Item 4, as a fund house numbered it1 for0 against
- Item 5, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundGuenter Karl Butschek, 65, is Chief Executive Officer, Cubonic GmbH. Prior to this he was CEO & Managing Director of Tata Motors Limited from 15 February 2016 till 30 June 2021 and also served as a consultant to the company upto 31 March 2022. In the past he has also been Global Chief Operating Officer and Chief Executive Officer Airbus Germany. Guenter Karl Butschek graduated in Business Administration and Economics with a diploma from the University of Cooperative Education Stuttgart, Germany. While his appointment is in line with statutory requirements, our voting policy does not support appointing former executives to the board if their former supervisors are also on the board, unless these executives have completed a five-year cooling period. Since Guenter Karl Butschek has not completed a cooling-off period of five years we do not support the resolution. The company may consider appointing him as Non-Executive Non-Independent Director. We support the resolution.
0 for1 against - Item 6, as a fund house numbered it1 for0 against
- Item 7, as a fund house numbered it1 for0 against
- Item 8, as a fund house numbered it1 for0 against
- Item 9, as a fund house numbered it1 for0 against
- Item 10, as a fund house numbered it1 for0 against
- Item 11, as a fund house numbered it1 for0 against
- Item 12, as a fund house numbered it1 for0 against
- Item 13, as a fund house numbered it1 for0 against
- Item 14, as a fund house numbered it1 for0 against
- Item 15, as a fund house numbered it1 for0 against
- Item 16, as a fund house numbered it1 for0 against
- Item 17, as a fund house numbered it1 for0 against
- Item 18, as a fund house numbered it1 for0 against
- Item 19, as a fund house numbered it1 for0 against
- Item 20, as a fund house numbered it1 for0 against
- Item 21, as a fund house numbered it1 for0 against
- Item 22, as a fund house numbered it1 for0 against
- Item 23, as a fund house numbered it1 for0 against
- Item 24, as a fund house numbered it1 for0 against
- Item 25, as a fund house numbered it1 for0 against
- Item 26, as a fund house numbered it1 for0 against
- Item 27, as a fund house numbered it1 for0 against
- Item 28, as a fund house numbered it1 for0 against
- 1) Adoption of Audited Standalone Financial Statements for the year ended March 31, 2025 and the reports of the Directors and Auditors thereon.1 for0 against
- 10) Approve related party transactions of the company with Tata Cummins Private Ltd (TCPL), a joint venture, not exceeding Rs. 75.5 bn during FY26.1 for0 against
- 11) Approve related party transactions of the company with Tata Advanced Systems Limited (TASL), promoter group company, not exceeding Rs. 13.0 bn during FY26.1 for0 against
- 12) Approve related party transactions with Automobile Corporation of Goa Limited (ACGL), an associate, not exceeding Rs. 17.25 bn during FY26.1 for0 against
- 13) Approve related party transactions with Tata Technologies Ltd (TTL), a subsidiary, not exceeding Rs. 13.53 bn during FY26.1 for0 against
- 14) Approve related party transactions of Jaguar Land Rover Limited (JLRL) with Tata Technologies Europe Limited (TTEL), both step-down subsidiaries, not exceeding Rs. 14.25 bn during FY26.1 for0 against
15) Approve related party transactions of the company and its wholly owned subsidiaries, Tata Motors Passenger Vehicles Ltd (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata Capital Limited (TCL), a promoter group company, during FY26.MoreLess
1 for0 against16) Approve related party transactions of Tata Motors Passenger Vehicles Ltd (TMPVL) and Tata Passenger Electric Mobility Ltd (TPEML), wholly owned subsidiaries, with Fiat India Automobiles Private Ltd (FIAPL), a joint venture company, during FY26.MoreLess
1 for0 against- 17) Approve related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) with Taco Punch Powertrain Private Limited (TPPPL) not exceeding Rs. 11.00 bn during FY26.1 for0 against
18) Approve related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML), wholly owned subsidiaries of the company, with Tata AutoComp Systems Limited (TACO), an associate, during FY26.MoreLess
1 for0 against- 19) Approve related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) with Taco Prestolite Electric Private Limited (TPEPL) not exceeding Rs. 11.00 bn during FY26.1 for0 against
- 2) Adoption of Audited Consolidated Financial Statements for the year ended March 31, 2025 and Auditors report thereon.1 for0 against
20) Approve related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata AutoComp Gotion Green Energy Solutions Pvt Limited (TACO Gotion) during FY26.MoreLess
1 for0 against- 21) Approve related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) with TM Automotive Seating Systems Pvt. Ltd. (TM Automotive) not exceeding Rs. 12.0 bn during FY26.1 for0 against
22) Approve related party transactions of step-down subsidiaries, Shanghai Jaguar Land Rover Automotive Services Company Ltd (SJLR) and Jaguar Land Rover Limited (JLRL) with Chery Jaguar Land Rover Automotive Company Limited (CJLR), a joint venture during FY26.MoreLess
1 for0 against23) Approve related party transactions of Jaguar Land Rover Limited (JLRL), a subsidiary, with Sertec Aluminium Structures Limited (SASL), an associate of JLR Group, not exceeding Rs. 14.0 bn during FY26.MoreLess
1 for0 against24) Approve related party transactions of Jaguar Land Rover Limited (JLRL), a subsidiary, with Sertec Auto Structures (UK) Limited (SASUKL), an associate of JLR Group, not exceeding Rs. 14.0 bn during FY26.MoreLess
1 for0 against- 25) Approve related party transactions of Jaguar Land Rover Limited (JLRL) with Artifex Interior Systems Limited (Artifex), not exceeding Rs. 45.0 bn during FY26.1 for0 against
- 26) Approve related party transactions of Jaguar Land Rover Limited (JLRL) with Tata Consultancy Services Limited (TCS) not exceeding Rs. 44.0 bn during FY26.1 for0 against
27) Approve related party transactions of Tata Motors Limited along with its ancillary entities who are third parties with Tata Steel Limited (‘TSL’) and Poshs Metals Industries Private Limited (a third-party vendor of TSL) not exceeding Rs. 45.72 bn during FY26.MoreLess
1 for0 against28) Approve related party transactions of Tata Motors Limited along with its ancillary entities who are third parties with Tata Steel Downstream Products Limited (TDSPL) and Poshs Metals Industries Private Limited (a third-party vendor of TSL) not exceeding Rs. 35.55 bn during FY26.MoreLess
1 for0 against- 3) Approve dividend of Rs. 6.0 per equity share of face value of Rs.2.0 each for FY25.1 for0 against
- 4) Reappoint N Chandrasekaran (DIN: 00121863) as Non-Executive Non-Independent Director, liable to retire by rotation.1 for0 against
- 5) Appoint Guenter Karl Butschek (DIN: 07427375) as Independent Director for five years from 1 May 2025.1 for0 against
- 6) Reappoint Kosaraju Veerayya Chowdary (DIN: 08485334) as Independent Director from 27 October 2025 till 10 October 2029.1 for0 against
- 7) Appoint Parikh & Associates as secretarial auditors for five years from 1 April 2025 to 31 March 2030 and fix their remuneration.1 for0 against
- 8) Ratify remuneration of Rs. 0.6 mn for Mani & Co. as cost auditors for FY26.1 for0 against
- 9) Authorize the board to appoint branch auditors.1 for0 against
- Accept Consolidated Financial Statements and Statutory Reports2 for0 against
- Accept Standalone Financial Statements and Statutory Reports2 for0 against
- Adoption of consolidated financial statements for the year ended 31 March 20255 for0 against
- Adoption of standalone financial statements for the year ended 31 March 20255 for0 against
- Appoint Guenter Karl Butschek (DIN: 07427375) as Independent Director for five years from 1 May 2025
Against Canara Robeco Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund
- Canara Robeco Mutual FundGuenter Karl Butschek, 65, is Chief Executive Officer, Cubonic GmbH. Prior to this he was CEO & Managing Director of Tata Motors Limited from 15 February 2016 till 30 June 2021 and also served as a consultant to the company upto 31 March 2022. In the past he has also been Global Chief Operating Officer and Chief Executive Officer Airbus Germany. Guenter Karl Butschek graduated in Business Administration and Economics with a diploma from the University of Cooperative Education Stuttgart, Germany. While his appointment is in line with statutory requirements, our voting policy does not support appointing former executives to the board if their former supervisors are also on the board, unless these executives have completed a five-year cooling period. Since Guenter Karl Butschek has not completed a cooling-off period of five years we do not support the resolution. The company may consider appointing him as Non-Executive Non-Independent Director. We do not support the resolution.
- Sundaram Mutual FundGuenter Karl Butschek, 65, is Chief Executive Officer, Cubonic GmbH. Prior to this he was CEO & Managing Director of Tata Motors Limited from 15 February 2016 till 30 June 2021 and also served as a consultant to the company upto 31 March 2022. In the past he has also been Global Chief Operating Officer and Chief Executive Officer Airbus Germany. Guenter Karl Butschek graduated in Business Administration and Economics with a diploma from the University of Cooperative Education Stuttgart, Germany. While his appointment is in line with statutory requirements, our voting policy does not support appointing former executives to the board if their former supervisors are also on the board, unless these executives have completed a five-year cooling period. Since Guenter Karl Butschek has not completed a cooling-off period of five years we do not support the resolution. The company may consider appointing him as Non-Executive Non-Independent Director. We support the resolution.
- Unifi Mutual FundGuenter Karl Butschek, 65, is Chief Executive Officer, Cubonic GmbH. Prior to this he was CEO & Managing Director of Tata Motors Limited from 15 February 2016 till 30 June 2021 and also served as a consultant to the company upto 31 March 2022. In the past he has also been Global Chief Operating Officer and Chief Executive Officer Airbus Germany. Guenter Karl Butschek graduated in Business Administration and Economics with a diploma from the University of Cooperative Education Stuttgart, Germany. While his appointment is in line with statutory requirements, our voting policy does not support appointing former executives to the board if their former supervisors are also on the board, unless these executives have completed a five-year cooling period. Since Guenter Karl Butschek has not completed a cooling-off period of five years we do not support the resolution. If the company, considers appointing him as Non-Executive Non-Independent Director. We support the resolution.
2 for3 against - Appoint Parikh & Associates as secretarial auditors for five years from 1 April 2025 to 31 March 2030 and fix their remuneration5 for0 against
Appointment of Branch Auditor(s) of any Branch Office of the Company, whether existing or which may be opened/acquired hereafter, outside India, any firm(s) and/or person(s) qualified to act as Branch Auditors in consultation with the Company’s Auditors, any persons, qualified to act as Branch Auditors within the provisions of Section 143(8) of the Act and to fix their remuneration.MoreLess
27 for0 againstAppointment of M/s Parikh and Associates, Company Secretaries (Firm Registration No. P1988MH009800) as the Secretarial Auditor of the Company for a period of five (5) consecutive years, commencing on April 1, 2025, until March 31, 2030, to conduct Secretarial Audit of the Company and to furnish the Secretarial Audit Report.MoreLess
27 for0 againstAppointment of Mr. Guenter Karl Butschek (DIN: 07427375) as an Independent Director of the Company, not liable to retire by rotation, for a term of five years, i.e., from May 1, 2025 upto April 30, 2030 (both days inclusive).MoreLess
Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance Concern: Past association (Ex-Employee) of the Company can lead to conflict of interest issues
- Axis Mutual Fund, Invesco Mutual Fund, NJ Mutual FundGuenter Karl Butschek, 65, is Chief Executive Officer, Cubonic GmbH. Prior to this he was CEO & Managing Director of Tata Motors Limited from 15 February 2016 till 30 June 2021 and also served as a consultant to the company upto 31 March 2022. In the past he has also been Global Chief Operating Officer and Chief Executive Officer Airbus Germany. Guenter Karl Butschek graduated in Business Administration and Economics with a diploma from the University of Cooperative Education Stuttgart, Germany. While his appointment is in line with statutory requirements, our voting policy does not support appointing former executives to the board if their former supervisors are also on the board, unless these executives have completed a five-year cooling period. Since Guenter Karl Butschek has not completed a cooling-off period of five years we do not support the resolution. The company may consider appointing him as Non-Executive Non-Independent Director. We do not support the resolution.
- Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundAppointment compliant with law. Governance Concern: Past association (Ex-Employee) of the Company
- Kotak Mahindra Mutual FundGuenter Karl Butschek, 65, is Chief Executive Officer, Cubonic GmbH. Prior to this he was CEO & Managing Director of Tata Motors Limited from 15 February 2016 till 30 June 2021and also served as a consultant to the company upto 31 March 2022. While his appointment is in line with statutory requirements, our voting policy does not support appointing former executives to the board if their former supervisors are also on the board. Moreover, the gap between his previous appointment with Tata Motors is less than a period of five year. The company may consider appointing him as Non-Executive Non-Independent Director. We do not support the resolution.
- Nippon India Mutual FundGovernance Concern: Profile of the Candidate
- PPFAS Mutual FundPast association (ExEmployee) of the Company.
- Quantum Mutual FundFor the following Governance reason we vote against the resolution. We take note that Mr. Guenter Karl Butschek held the position of Managing Director in the company from 15th February 2016 to 30th June 2021 as well as served as consultant thereafter up to 31st March 2022. We are of the view that appointment of past employees, who have held Executive positions, or as independent director, can lead to conflict of interest issues. Therefore, we do not favour his appointment as independent director.
12 for15 against- Approve Branch Auditors and Authorize Board to Fix Their Remuneration2 for0 against
- Approve Dividend2 for0 against
- Approve dividend of Rs. 6.0 per equity share of face value of Rs.2.0 each for FY255 for0 against
Approve Material Related Party Transactions between Shanghai Jaguar Land Rover Automotive Services Company Limited (SJLR) and Jaguar Land Rover Limited (JLRL) with Chery Jaguar Land Rover Automotive Company Limited (CJLR)MoreLess
2 for0 against- Approve Material Related Party Transactions of Jaguar Land Rover Limited (JLRL) with Artifex Interior Systems Limited (Artifex)2 for0 against
- Approve Material Related Party Transactions of Jaguar Land Rover Limited (JLRL) with Sertec Aluminium Structures Limited (SASL)2 for0 against
- Approve Material Related Party Transactions of Jaguar Land Rover Limited (JLRL) with Sertec Auto Structures (UK) Limited (SASUKL)2 for0 against
- Approve Material Related Party Transactions of Jaguar Land Rover Limited (JLRL) with Tata Technologies Europe Limited (TTEL)2 for0 against
- Approve Material Related Party Transactions of Jaguar Land Rover Limited with Tata Consultancy Services Limited (TCS)2 for0 against
- Approve Material Related Party Transactions of Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Fiat India Automobiles Private Limited (FIAPL)2 for0 against
Approve Material Related Party Transactions of Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata AutoComp Gotion Green Energy Solutions Pvt. Ltd. (TACO Gotion)MoreLess
2 for0 against- Approve Material Related Party Transactions of Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata AutoComp Systems Limited (TACO)2 for0 against
- Approve Material Related Party Transactions of Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata Capital Limited (TCL)2 for0 against
- Approve Material Related Party Transactions of Tata Motors Passenger Vehicles Limited (TMPVL) with Taco Prestolite Electric Pvt. Limited (TPEPL)2 for0 against
- Approve Material Related Party Transactions of Tata Motors Passenger Vehicles Limited (TMPVL) with Taco Punch Powertrain Private Limited (TPPPL)2 for0 against
- Approve Material Related Party Transactions of Tata Motors Passenger Vehicles Limited (TMPVL) with TM Automotive Seating Systems Pvt. Ltd. (TM Automotive)2 for0 against
- Approve Material Related Party Transactions with Automobile Corporation of Goa Limited (ACGL)2 for0 against
- Approve Material Related Party Transactions with Tata Advanced Systems Limited (TASL)2 for0 against
- Approve Material Related Party Transactions with Tata Cummins Private Limited (TCPL)2 for0 against
- Approve Material Related Party Transactions with Tata Steel Downstream Products Limited2 for0 against
- Approve Material Related Party Transactions with Tata Steel Limited (TSL) and Poshs MetalsIndustries Private Limited2 for0 against
- Approve Material Related Party Transactions with Tata Technologies Limited2 for0 against
- Approve Parikh & Associates as Secretarial Auditors and Authorize Board to Fix Their Remuneration2 for0 against
- Approve related party transactions of Jaguar Land Rover Limited (JLRL), a subsidiary, with Sertec Aluminium Structures Limited (SASL), an associate of JLR Group, not exceeding Rs. 14.0 bn during FY265 for0 against
Approve related party transactions of Jaguar Land Rover Limited (JLRL), a subsidiary, with Sertec Auto Structures (UK) Limited (SASUKL), an associate of JLR Group, not exceeding Rs. 14.0 bn during FY26MoreLess
5 for0 against- Approve related party transactions of Jaguar Land Rover Limited (JLRL) with Artifex Interior Systems Limited (Artifex), not exceeding Rs. 45.0 bn during FY265 for0 against
- Approve related party transactions of Jaguar Land Rover Limited (JLRL) with Tata Consultancy Services Limited (TCS) not exceeding Rs. 44.0 bn during FY265 for0 against
- Approve related party transactions of Jaguar Land Rover Limited (JLRL) with Tata Technologies Europe Limited (TTEL), both step-down subsidiaries, not exceeding Rs. 14.25 bn during FY265 for0 against
Approve related party transactions of step-down subsidiaries, Shanghai Jaguar Land Rover Automotive Services Company Ltd (SJLR) and Jaguar Land Rover Limited (JLRL) with Chery Jaguar Land Rover Automotive Company Limited (CJLR), a joint venture during FY26MoreLess
5 for0 againstApprove related party transactions of Tata Motors Limited along with its ancillary entities who are third parties with Tata Steel Downstream Products Limited (TDSPL) and Poshs Metals Industries Private Limited (a third-party vendor of TSL) not exceeding Rs. 35.55 bn during FY26MoreLess
5 for0 againstApprove related party transactions of Tata Motors Limited along with its ancillary entities who are third parties with Tata Steel Limited (‘TSL’) and Poshs Metals Industries Private Limited (a third-party vendor of TSL) not exceeding Rs. 45.72 bn during FY26MoreLess
5 for0 againstApprove related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML), wholly owned subsidiaries of the company, with Tata AutoComp Systems Limited (TACO), an associate, during FY26MoreLess
5 for0 againstApprove related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata AutoComp Gotion Green Energy Solutions Pvt Limited (TACO Gotion) during FY26MoreLess
5 for0 against- Approve related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) with Taco Prestolite Electric Private Limited (TPEPL) not exceeding Rs. 11.00 bn during FY265 for0 against
- Approve related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) with Taco Punch Powertrain Private Limited (TPPPL) not exceeding Rs. 11.00 bn during FY265 for0 against
- Approve related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) with TM Automotive Seating Systems Pvt. Ltd. (TM Automotive) not exceeding Rs. 12.0 bn during FY265 for0 against
Approve related party transactions of Tata Motors Passenger Vehicles Ltd (TMPVL) and Tata Passenger Electric Mobility Ltd (TPEML), wholly owned subsidiaries, with Fiat India Automobiles Private Ltd (FIAPL), a joint venture company, during FY26MoreLess
5 for0 againstApprove related party transactions of the company and its wholly owned subsidiaries, Tata Motors Passenger Vehicles Ltd (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata Capital Limited (TCL), a promoter group company, during FY26MoreLess
5 for0 against- Approve related party transactions of the company with Tata Advanced Systems Limited (TASL), promoter group company, not exceeding Rs. 13.0 bn during FY265 for0 against
- Approve related party transactions of the company with Tata Cummins Private Ltd (TCPL), a joint venture, not exceeding Rs. 75.5 bn during FY265 for0 against
- Approve related party transactions with Automobile Corporation of Goa Limited (ACGL), an associate, not exceeding Rs. 17.25 bn during FY265 for0 against
- Approve related party transactions with Tata Technologies Ltd (TTL), a subsidiary, not exceeding Rs. 13.53 bn during FY265 for0 against
- Approve Remuneration of Cost Auditors2 for0 against
- Authorize the board to appoint branch auditors5 for0 against
- Elect Guenter Karl Butschek as Director
Against Franklin Templeton Mutual Fund, HSBC Mutual Fund
- Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because he is proposed to be appointed as independent director before a complete cooling_x0002_off period of five years was observed from him being the company's MD & CEO.
- HSBC Mutual FundA vote AGAINST the following nominee is warranted because Guenter Karl Butschek is proposed to be appointed as independent director before a complete cooling-off period of five years was observed from him being the company's MD & CEO.
0 for2 against Material Related Party Transaction(s) between step-down subsidiaries of the Company, viz., Shanghai Jaguar Land Rover Automotive Services Company Limited (SJLR) and Jaguar Land Rover Limited (JLRL) with Chery Jaguar Land Rover Automotive Company Limited (CJLR), a joint venture of the JLR Group, for an aggregate value not exceeding Rs. 1,400 crore and Rs. 4,300 crore, respectively during FY26, provided that such transaction(s) / contract(s) / arrangement(s) / agreement(s) is/are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
27 for0 againstMaterial Related Party Transaction(s) of identified subsidiaries of the Company, viz., Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Fiat India Automobiles Private Limited (FIAPL), a Joint Venture of the Company, for an aggregate value not exceeding Rs. 26,580 crore and Rs. 6,370 crore, respectively, during FY26, provided that such transaction(s) / contract(s) / arrangement(s) / agreement(s) is/are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
Against Groww Mutual Fund
- Groww Mutual FundCompliant with law. Governance concern: It is unclear how proposed transaction fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
26 for1 againstMaterial Related Party Transaction(s) of identified subsidiaries of the Company, viz., Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata AutoComp Gotion Green Energy Solutions Pvt. Ltd. (TACO Gotion), a subsidiary of Tata AutoComp Systems Limited, an associate of the Company, for an aggregate value not exceeding Rs. 2,000 crore and Rs. 1,300 crore, respectively, during FY26, provided that such transaction(s) / contract(s)/ arrangement(s) / agreement(s) are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
Against Groww Mutual Fund
- Groww Mutual FundCompliant with law. Governance concern: It is unclear how proposed transaction fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
26 for1 againstMaterial Related Party Transaction(s) of identified subsidiaries of the Company, viz., Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata AutoComp Systems Limited (TACO), an associate of the Company, for an aggregate value not exceeding Rs. 2,100 crore and Rs. 1,100 crore respectively, during FY26, provided that such transaction(s) / contract(s)/ arrangement(s) / agreement(s) are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
27 for0 againstMaterial Related Party Transaction(s) of Jaguar Land Rover Limited (JLRL), a step down subsidiary of the Company with Tata Technologies Europe Limited (TTEL), a step-down subsidiary of the Company, for an aggregate value not exceeding Rs. 1,425 crore, during FY26, provided that such transaction(s) / contract(s) / arrangement(s) / agreement(s) is/are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
27 for0 againstMaterial Related Party Transaction(s) of Jaguar Land Rover Limited (JLRL), a subsidiary of the Company with Artifex Interior Systems Limited (Artifex), a subsidiary of Tata AutoComp Systems Limited, an associate of the Company, for an aggregate value not exceeding Rs. 4,500 crore, during FY26, provided that such transaction(s) / contract(s) / arrangement(s)/ agreement(s) is/are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
27 for0 againstMaterial Related Party Transaction(s) of Jaguar Land Rover Limited (JLRL), a subsidiary of the Company with Sertec Aluminium Structures Limited (SASL), an associate of the JLR Group, for an aggregate value not exceeding Rs. 1,400 crore, during FY26, provided that such transaction(s) / contract(s) / arrangement(s) / agreement(s) is/are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
27 for0 againstMaterial Related Party Transaction(s) of Jaguar Land Rover Limited (JLRL), a subsidiary of the Company with Sertec Auto Structures (UK) Limited (SASUKL), an associate of the JLR Group, for an aggregate value not exceeding Rs. 1,400 crore, during FY26, provided that such transaction(s) / contract(s) / arrangement(s) / agreement(s) is/are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
27 for0 againstMaterial Related Party Transaction(s) of Tata Motors Passenger Vehicles Limited (TMPVL), a wholly owned subsidiary of the Company with Taco Prestolite Electric Pvt. Limited (TPEPL), a subsidiary of Tata AutoComp Systems Limited, an associate of the Company, for an aggregate value not exceeding Rs. 1,100 crore during FY26, provided that such transaction(s) / contract(s)/ arrangement(s) / agreement(s) are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
27 for0 againstMaterial Related Party Transaction(s) of Tata Motors Passenger Vehicles Limited (TMPVL), a wholly owned subsidiary of the Company with Taco Punch Powertrain Private Limited (TPPPL), a wholly owned subsidiary of Tata AutoComp Systems Limited, an associate of the Company, for an aggregate value not exceeding Rs. 1,100 crore during FY26, provided that such transaction(s) / contract(s)/ arrangement(s) / agreement(s) are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
Against Groww Mutual Fund
- Groww Mutual FundCompliant with law. Governance concern: It is unclear how proposed transaction fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
26 for1 againstMaterial Related Party Transaction(s) of Tata Motors Passenger Vehicles Limited (TMPVL), a wholly owned subsidiary of the Company with TM Automotive Seating Systems Pvt. Ltd. (TM Automotive), a joint venture of Tata AutoComp Systems Limited, an associate of the Company, for an aggregate value not exceeding Rs. 1,200 crore during FY26, provided that such transaction(s) / contract(s)/ arrangement(s) / agreement(s) are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
Against Groww Mutual Fund
- Groww Mutual FundCompliant with law. Governance concern: It is unclear how proposed transaction fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
26 for1 againstMaterial Related Party Transaction(s) of the Company along with its ancillary entities who are third parties with Tata Steel Limited (TSL) and Poshs Metals Industries Private Limited (a third party vendor of TSL), for an aggregate value not exceeding Rs. 4,572 crore during FY26, provided that such transaction(s)/ contract(s) / arrangement(s) / agreement(s) is/are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
Against Groww Mutual Fund
- Groww Mutual FundCompliant with law. Governance concern: It is unclear how proposed transaction fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
26 for1 againstMaterial Related Party Transaction(s) of the Company and it’s identified wholly owned subsidiaries, viz., Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata Capital Limited (TCL), a subsidiary of Tata Sons Private Limited, the Promoter of the Company, for an aggregate value not exceeding Rs. 2,744 crore, Rs. 1,437 crore and Rs. 1,002 crore, respectively during FY26, provided that such transaction(s)/ contract(s) / arrangement(s) / agreement(s) is/are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
Against Groww Mutual Fund
- Groww Mutual FundCompliant with law. Governance concern: It is unclear how proposed transaction fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
26 for1 againstMaterial Related Party Transaction(s) of the Company including ancillary third parties entities of the Company with Tata Steel Downstream Products Limited, one of the identified subsidiaries/ affiliates of Tata Steel Limited, for an aggregate value of not exceeding Rs. 3,555 crore during FY26, provided that such transaction(s)/ contract(s) / arrangement(s) / agreement(s) is/are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
Against Groww Mutual Fund
- Groww Mutual FundCompliant with law. Governance concern: It is unclear how proposed transaction fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
26 for1 againstMaterial Related Party Transaction(s) of the Company with Automobile Corporation of Goa Limited (ACGL), an associate of the Company, for an aggregate value not exceeding Rs. 1,725 crore (with funding transactions not exceeding Rs. 250 crore at any point of time and operational transactions not exceeding Rs. 1,475 crore) during FY26, provided that such transaction(s) / contract(s) / arrangement(s) / agreement(s) is/are being carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
Against Groww Mutual Fund
- Groww Mutual FundCompliant with law. Governance concern: It is unclear how proposed transaction fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
26 for1 againstMaterial Related Party Transaction(s) of the Company with Tata Advanced Systems Limited (TASL), a wholly owned subsidiary of Tata Sons Private Limited, the Promoter of the Company, for an aggregate value not exceeding Rs. 1,300 crore during FY26, provided that such transaction(s) / contract(s) / arrangement(s) / agreement(s) is/are being carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
27 for0 againstMaterial Related Party Transaction(s) of the Company with Tata Cummins Private Limited (TCPL), a Joint Operations of the Company, for an aggregate value not exceeding Rs. 7,550 crore (with funding transactions not exceeding Rs. 50 crore at any point of time and operational transactions not exceeding Rs. 7,500 crore) during FY26, provided that such transaction(s) / contract(s)/ arrangement(s) / agreement(s) is/are being carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
27 for0 againstMaterial Related Party Transaction(s) of the Company with Tata Technologies Limited, a subsidiary of the Company, for an aggregate value not exceeding Rs. 1,353 crore (with funding transactions not exceeding Rs. 600 crore at any point of time and operational transactions not exceeding Rs. 753 crore), during FY26, provided that such transaction(s)/ contract(s) / arrangement(s) / agreement(s) is/are carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
Against Groww Mutual Fund
- Groww Mutual FundCompliant with law. Governance concern: It is unclear how proposed transaction fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
26 for1 againstMaterial Related Party Transaction(s) of the Jaguar Land Rover Limited, subsidiary of the Company with Tata Consultancy Services Limited (TCS), a subsidiary of Tata Sons Private Limited, the Promoter of the Company, for an aggregate value of not exceeding Rs. 4,400 crore, during FY26, provided that such transaction(s) / contract(s) / arrangement(s) / agreement(s) is/are being carried out at an arm’s length pricing basis and in the ordinary course of business.MoreLess
Against Groww Mutual Fund
- Groww Mutual FundCompliant with law. Governance concern: It is unclear how proposed transaction fall within the ordinary course of business - No clarification on why sale/purchase of assets are considered to be in the ordinary course of business.
26 for1 againstRatification of remuneration of Rs. 6,00,000/- plus applicable taxes, travel, out-of-pocket and other expenses incurred in connection with the audit, as approved by the Board of Directors, payable to M/s Mani and Co., Cost Accountants (Firm Registration No. 000004) as Cost Auditors to conduct the audit of the cost records maintained by the Company for the financial year ending March 31, 2026.MoreLess
27 for0 against- Ratify remuneration of Rs. 0.6 mn for Mani & Co. as cost auditors for FY265 for0 against
Re-appointment of Mr. Kosaraju Veerayya Chowdary (DIN: 08485334) as an Independent Director of the Company, not liable to retire by rotation, for the second consecutive term, i.e., from October 27, 2025 upto October 10, 2029 (both days inclusive).MoreLess
27 for0 against- Reappoint Kosaraju Veerayya Chowdary (DIN: 08485334) as Independent Director from 27 October 2025 till 10 October 20295 for0 against
- Reappoint N Chandrasekaran (DIN: 00121863) as Non-Executive Non-Independent Director, liable to retire by rotation5 for0 against
- Reelect Kosaraju Veerayya Chowdary as Director2 for0 against
- Reelect N Chandrasekaran as Director2 for0 against
- To appoint a Director in place of Mr. N Chandrasekaran (DIN: 00121863), who retires by rotation and being eligible, offers himself for re-appointment.27 for0 against
- To declare a dividend on Ordinary Shares of the Company for the Financial Year ended March 31, 2025.27 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.27 for0 against
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
27 for0 against
Mutual fund votes, meeting of 6 May 2025, 35 fund houses
- Item 1, as a fund house numbered it1 for0 against
- 1) Approve scheme of arrangement for demerger of commercial vehicles business into TML Commercial Vehicles Ltd (TMLCV) and merger of Tata Motors Passenger Vehicles Limited (TMPV) with the company.1 for0 against
- Approve Scheme of Arrangement2 for0 against
- Approve scheme of arrangement for demerger of commercial vehicles business into TML Commercial Vehicles Ltd (TMLCV) and merger of Tata Motors Passenger Vehicles Limited (TMPV) with the company6 for0 against
- Scheme of Arrangement amongst TML, TML Commercial Vehicles Limited (TMLCV) and Tata Motors Passenger Vehicles Limited (TMPV) and their respective shareholders.25 for0 against
Mutual fund votes, meeting of 5 May 2025, 1 fund house
- 1. Scheme of Arrangement amongst TML, TML Commercial Vehicles Limited (TMLCV) and Tata Motors Passenger Vehicles Limited (TMPV) and their respective shareholders.1 for0 against
Mutual fund votes, meeting of 24 Jun 2024, 32 fund houses
- Item 1, as a fund house numbered it1 for0 against
- Item 2, as a fund house numbered it1 for0 against
- Item 3, as a fund house numbered it1 for0 against
- Item 4, as a fund house numbered it1 for0 against
- Item 5, as a fund house numbered it1 for0 against
- Item 6, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundMs. Vedika Bhandarkar, 56, is the President and Chief Operating Officer of Water.org: a global non-profit organisation. She attended seven out of seven (100%) board meetings held in FY24. Her reappointment as Independent Director is in line with statutory requirements. However, she has been on the board of Tata Motors Finance Ltd, a step-down subsidiary, since March 2015 and we consider her overall association with the group while computing her tenure. We do not support reappointment 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 are unable to support the resolution.
0 for1 against - Item 7, as a fund house numbered it1 for0 against
- Item 8, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundUnder the scheme, the exercise price of the PSUs shall be the face value (Rs. 2.0) of the underlying ordinary share. We do not favour stock option schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. The downside risk is protected if the stock options are issued at a significant discount to the market price. Further, in the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to performance parameters, which must be disclosed in the shareholder notice and must align to shareholder interests. In the current case, while the company has stated that options will vest based on achievement of performance targets, the company has not disclosed the performance metrics on basis of which PSUs will vest. Thus, we are unable to support the resolution.
0 for1 against - Item 9, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundThe company seeks approval to extend the benefits of the scheme to employees of present and future subsidiaries and associates. However, while we support the extension of stock options to employees of unlisted subsidiaries, we do not support these to be extended to employees of associate companies. Further, our view is linked to our view in resolution #8.
0 for1 against - Item 10, as a fund house numbered it1 for0 against
- Item 11, as a fund house numbered it1 for0 against
- Item 12, as a fund house numbered it1 for0 against
- Item 13, as a fund house numbered it1 for0 against
- Item 14, as a fund house numbered it1 for0 against
- Item 15, as a fund house numbered it1 for0 against
- Item 16, as a fund house numbered it1 for0 against
- Item 17, as a fund house numbered it1 for0 against
- Item 18, as a fund house numbered it1 for0 against
- Item 19, as a fund house numbered it1 for0 against
- Item 20, as a fund house numbered it1 for0 against
- Item 21, as a fund house numbered it1 for0 against
- Item 22, as a fund house numbered it1 for0 against
- 1) Adoption of Audited Standalone Financial Statements for the year ended 31st March, 2024 and the Reports of the Directors and Auditors thereon.1 for0 against
- 10) Authorize the board to appoint branch auditors.1 for0 against
- 11) Ratify remuneration of Rs. 0.6 mn for Mani & Co. as cost auditors for FY25.1 for0 against
- 12) Approve related party transactions with Tata Technologies Ltd (TTL), a subsidiary, not exceeding Rs. 19.2 bn during FY25.1 for0 against
- 13) Approve related party transactions of the company with Tata Cummins Private Ltd (TCPL), a joint venture, not exceeding Rs. 75.5 bn during FY25.1 for0 against
- 14) Approve related party transactions of the company with Tata Advanced Systems Limited (TASL), promoter group company, not exceeding Rs. 13.0 bn during FY25.1 for0 against
- 15) Approve related party transactions with Automobile Corporation of Goa Limited (ACGL), an associate, not exceeding Rs. 12.25 bn during FY25.1 for0 against
16) Approve related party transactions of the company and its wholly owned subsidiaries, Tata Motors Passenger Vehicles Ltd (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata Capital Limited (TCL) during FY25.MoreLess
1 for0 against17) Approve related party transactions of the company and its wholly owned subsidiaries, Tata Motors Passenger Vehicles Ltd (TMPVL) and Tata Passenger Electric Mobility Ltd (TPEML), with Fiat India Automobiles Private Ltd (FIAPL), a joint operations company during FY25.MoreLess
1 for0 against18) Approve related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML), wholly owned subsidiaries of the company, with Tata AutoComp Systems Limited (TACSL) and its subsidiaries and joint ventures not exceeding Rs. 139.5 bn during FY25.MoreLess
1 for0 against19) Approve related party transactions of Jaguar Land Rover Group of Companies (JLR Group), as subsidiaries, with Chery Jaguar Land Rover Automotive Company Limited (CJLR), a joint Venture of JLR Group, not exceeding Rs. 46.0 bn during FY25.MoreLess
1 for0 against- 2) Adoption of Audited Consolidated Financial Statements for the year ended 31st March, 2024 and the Reports of the Auditors thereon.1 for0 against
20) Approve related party transactions of Jaguar Land Rover Group of Companies (JLR Group) with Sertec Group of Companies (Sertec Group), an associate of JLR Group, not exceeding Rs. 20.0 bn during FY25.MoreLess
1 for0 against- 21) Approve related party transactions of Tata Motors Limited and its subsidiaries with Tata Consultancy Services Limited and its subsidiaries not exceeding Rs. 45.0 bn during FY25.1 for0 against
22) Approve related party transactions of Tata Motors Limited with Tata Steel Limited (TSL), Tata Steel Downstream Products Ltd, subsidiary of TSL and Poshs Metals Industries Pvt Ltd (a third party) through dealers of TSL not exceeding Rs. 96.5 bn during FY25.MoreLess
1 for0 against- 3) Approve final dividend of Rs. 3.0 per equity share and a special dividend of Rs. 3.0 per equity share of face value of Rs.2.0 each for FY24.1 for0 against
- 4) Reappoint Girish Wagh (DIN: 03119361) as Director, liable to retire by rotation.1 for0 against
- 5) Appoint Bharat Puri (DIN: 02173566) as Independent Director for five years from 15 May 2024.1 for0 against
- 6) Reappoint Ms. Vedika Bhandarkar (DIN: 00033808) as Independent Director for five years from 26 June 2024.1 for0 against
- 7) Approve revision in remuneration of Girish Wagh (DIN: 03119361) as Executive Director with effect from 1 April 2024 for remainder of his tenure ending on 30 June 2026.1 for0 against
- 8) Approve Tata Motors Limited Share-based Long Term Incentive Scheme 2024 (TML SLTI Scheme 2024).1 for0 against
- 9) Approve extension of Tata Motors Limited Share-based Long Term Incentive Scheme 2024 (TML SLTI Scheme 2024) to employees of subsidiaries and associate companies.1 for0 against
- Accept Consolidated Financial Statements and Statutory Reports2 for0 against
- Accept Standalone Financial Statements and Statutory Reports2 for0 against
- Adoption of consolidated financial statements for the year ended 31 March 20244 for0 against
- Adoption of standalone financial statements for the year ended 31 March 20244 for0 against
- Appoint Bharat Puri (DIN: 02173566) as Independent Director for five years from 15 May 20244 for0 against
Appointment of Mr. Bharat Puri (DIN: 02173566) as an Independent Director of the Company, not liable to retire by rotation, for a term of five years, i.e., from May 15, 2024 to May 14, 2029 (both days inclusive).MoreLess
23 for0 against- Approve Appointment of Branch Auditors2 for0 against
- Approve Extension of Benefits of the Tata Motors Share-based Long Term Incentive Scheme 2024 to Eligible Employees of Subsidiary Companies and Associate Companies of the Company
Against HSBC Mutual Fund
- HSBC Mutual FundThe performance conditions and targets for vesting of PSUs have not been disclosed.
1 for1 against - Approve extension of Tata Motors Limited Share-based Long Term Incentive Scheme 2024 (TML SLTI Scheme 2024) to employees of subsidiaries and associate companies
Against Navi Mutual Fund, Sundaram Mutual Fund
- Navi Mutual FundThrough resolution #9, the company seeks approval to extend the benefits of the scheme to employees of present and future subsidiaries and associates. The company has clarified that the scheme will be extended to only unlisted subsidiaries and the scheme is not proposed to be extended to any associate company. However, our view is linked to our view in resolution #8. Hence, we do not support the resolution.
- Sundaram Mutual FundThe company seeks approval to extend the benefits of the scheme to employees of present and future subsidiaries and associates. However, while we support the extension of stock options to employees of unlisted subsidiaries, we do not support these to be extended to employees of associate companies. Further, our view is linked to our view in resolution #8.
2 for2 against - Approve final dividend of Rs. 3.0 per equity share and a special dividend of Rs. 3.0 per equity share of face value of Rs.2.0 each for FY243 for0 against
- Approve final dividend of Rs. 3.1 per A ordinary equity share and a special dividend of Rs. 3.1 per A ordinary share of face value of Rs.2.0 each for FY241 for0 against
- Approve Material Related Party Transaction(s) of Jaguar Land Rover Group of Companies with Sertec Group of Companies2 for0 against
- Approve Material Related Party Transaction(s) of the Company and Its Identified Subsidiaries with Fiat India Automobiles Private Limited2 for0 against
Approve Material Related Party Transaction(s) of the Company and/or its Identified Subsidiaries Including Jaguar Land Rover Group of Companies with Tata Consultancy Services Limited and Its SubsidiariesMoreLess
2 for0 against- Approve Material Related Party Transaction(s) of the Company and/or Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited with Tata Capital Limited2 for0 against
- Approve Material Related Party Transaction(s) of the Company with Tata Steel limited, Identified Subsidiaries / Affiliates of TSL and Poshs Metals Industries Private Limited2 for0 against
- Approve Material Related Party Transaction(s) with Automobile Corporation of Goa Limited2 for0 against
- Approve Material Related Party Transaction(s) with Tata Advanced Systems Limited2 for0 against
- Approve Material Related Party Transaction(s) with Tata Cummins Private Limited2 for0 against
- Approve Material Related Party Transactions of Jaguar Land Rover Group of Companies, subsidiaries of the Company with Chery Jaguar Land Rover Automotive Company Limited2 for0 against
- Approve Material Related Party Transactions with Tata Technologies Limited2 for0 against
Approve Related Party Transaction(s) of Identified Subsidiaries of the Company, viz., Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited with Tata AutoComp Systems Limited and Its Subsidiaries and Joint VenturesMoreLess
2 for0 againstApprove related party transactions of Jaguar Land Rover Group of Companies (JLR Group), as subsidiaries, with Chery Jaguar Land Rover Automotive Company Limited (CJLR), a joint Venture of JLR Group, not exceeding Rs. 46.0 bn during FY25MoreLess
4 for0 against- Approve related party transactions of Jaguar Land Rover Group of Companies (JLR Group) with Sertec Group of Companies (Sertec Group), an associate of JLR Group, not exceeding Rs. 20.0 bn during FY254 for0 against
- Approve related party transactions of Tata Motors Limited and its subsidiaries with Tata Consultancy Services Limited and its subsidiaries not exceeding Rs. 45.0 bn during FY254 for0 against
Approve related party transactions of Tata Motors Limited with Tata Steel Limited (TSL), Tata Steel Downstream Products Ltd, subsidiary of TSL and Poshs Metals Industries Pvt Ltd (a third party) through dealers of TSL not exceeding Rs. 96.5 bn during FY25MoreLess
4 for0 againstApprove related party transactions of Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML), wholly owned subsidiaries of the company, with Tata AutoComp Systems Limited (TACSL) and its subsidiaries and joint ventures not exceeding Rs. 139.5 bn during FY25MoreLess
4 for0 againstApprove related party transactions of the company and its wholly owned subsidiaries, Tata Motors Passenger Vehicles Ltd (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata Capital Limited (TCL) during FY25MoreLess
4 for0 againstApprove related party transactions of the company and its wholly owned subsidiaries, Tata Motors Passenger Vehicles Ltd (TMPVL) and Tata Passenger Electric Mobility Ltd (TPEML), with Fiat India Automobiles Private Ltd (FIAPL), a joint operations company during FY25MoreLess
4 for0 against- Approve related party transactions of the company with Tata Advanced Systems Limited (TASL), promoter group company, not exceeding Rs. 13.0 bn during FY254 for0 against
- Approve related party transactions of the company with Tata Cummins Private Ltd (TCPL), a joint venture, not exceeding Rs. 75.5 bn during FY254 for0 against
- Approve related party transactions with Automobile Corporation of Goa Limited (ACGL), an associate, not exceeding Rs. 12.25 bn during FY254 for0 against
- Approve related party transactions with Tata Technologies Ltd (TTL), a subsidiary, not exceeding Rs. 19.2 bn during FY254 for0 against
- Approve Remuneration of Cost Auditors2 for0 against
- Approve revision in remuneration of Girish Wagh (DIN: 03119361) as Executive Director with effect from 1 April 2024 for remainder of his tenure ending on 30 June 20264 for0 against
- Approve Revision in the Terms of Remuneration to Girish Wagh as Executive Director2 for0 against
- Approve Tata Motors Limited Share-based Long Term Incentive Scheme 2024 and Grant of Performance Share Units to the Eligible Employees Under the Scheme
Against HSBC Mutual Fund
- HSBC Mutual FundThe performance conditions and targets for vesting of PSUs have not been disclosed.
1 for1 against - Approve Tata Motors Limited Share-based Long Term Incentive Scheme 2024 (TML SLTI Scheme 2024)
Against Navi Mutual Fund, Sundaram Mutual Fund
- Navi Mutual Fund, Sundaram Mutual FundUnder the scheme, the exercise price of the PSUs shall be the face value (Rs. 2.0) of the underlying ordinary share. We do not favour stock option schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. The downside risk is protected if the stock options are issued at a significant discount to the market price. Further, in the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to performance parameters, which must be disclosed in the shareholder notice and must align to shareholder interests. In the current case, while the company has stated that options will vest based on achievement of performance targets, the company has not disclosed the performance metrics on basis of which PSUs will vest. Thus, we are unable to support the resolution.
2 for2 against - Authorize the board to appoint branch auditors4 for0 against
- Declare Dividend Including Special Dividend2 for0 against
- Elect Bharat Puri as Director2 for0 against
- Extending the Tata Motors Share-based Long Term Incentive Scheme 2024 to Eligible Employees of Subsidiary companies and Associate companies of the Company.
Against Bank of India Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Quantum Mutual Fund
- Bank of India Mutual FundThe company seeks approval to extend the benefits of the scheme to employees of present and future subsidiaries and associates. However, while we support the extension of stock options to employees of unlisted subsidiaries, we do not support these to be extended to employees of associate companies. Further, our view is linked to our view in resolution #8.
- Groww Mutual Fund, JM Financial Mutual FundCompliant with law. Governance Concern: The heading of resolution mentions that the scheme may be extended to the employees of associate companies while the resolution and the explanatory statement provides no indication regarding the same. No clarity regarding whether the scheme will be extended to the employees of the Associate Companies or not.
- HDFC Mutual FundESOPs are being granted at a significant discount to market price
- Invesco Mutual FundThe company seeks approval to extend the benefits of the scheme to employees of present and future subsidiaries and associates. The company has clarified that the scheme will be extended to unlisted subsidiaries only and the scheme is not proposed to be extended to any associate company. However, our view is linked to our view in resolution #8. Hence, we do not support the resolution. This has been tested for our ESG parameters and it supports the same.
- Quantum Mutual FundFor the following Governance reason we vote against the resolution. : The scheme does not provide specific details on the appraisal criteria for allotment of Performance Share Units. We are of the view that the company should disclose such details in the scheme document. Therefore, we do not favour the resolution.
17 for6 against Material Related Party Transaction(s) of identified subsidiaries of the Company, viz., Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Limited (TPEML) with Tata AutoComp Systems Limited and its subsidiaries and joint ventures (TACSL Group), related parties of the Company for an aggregate value not exceeding Rs. 13,950 crore during the financial year 2024 - 25.MoreLess
23 for0 againstMaterial Related Party Transaction(s) of Jaguar Land Rover Group of Companies, subsidiaries of the Company with Chery Jaguar Land Rover Automotive Company Limited, a Joint Venture of JLR Group for an aggregate value not exceeding Rs. 4,600 crore, during the financial year 2024 - 25.MoreLess
23 for0 againstMaterial Related Party Transaction(s) of Jaguar Land Rover Group of Companies, subsidiaries of the Company with Sertec Group of companies, an associate of JLR Group for an aggregate value not exceeding Rs. 2,000 crore, during the financial year 2024 - 25.MoreLess
23 for0 againstMaterial Related Party Transaction(s) of the Company and it’s identified wholly owned subsidiaries, viz., Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited with Tata Capital Limited, a subsidiary of Tata Sons Private Limited, the Promoter of the Company for an aggregate value not exceeding Rs. 3,300 crore, Rs. 3,235 crore and Rs. 1,800 crore, respectively during the financial year 2024 - 25.MoreLess
23 for0 againstMaterial Related Party Transaction(s) of the Company and its identified subsidiaries with Fiat India Automobiles Private Limited, a Joint Operations Company for an aggregate value not exceeding Rs. 1,800 crore (with funding transactions not exceeding Rs. 100 crore outstanding at any point of time and operational transactions not exceeding Rs. 1,700 crore), Rs. 28,445 crore and Rs. 8,585 crore, respectively during the financial year 2024 - 25.MoreLess
23 for0 againstMaterial Related Party Transaction(s) of the Company and /or its identified subsidiaries including Jaguar Land Rover Group of Companies with Tata Consultancy Services Limited and its subsidiaries for an aggregate value of not exceeding Rs. 4,500 crore, during the financial year 2024 - 25.MoreLess
23 for0 againstMaterial Related Party Transaction(s) of the Company with Automobile Corporation of Goa Limited, an associate of the Company for an aggregate value not exceeding Rs. 1,225 crore (with funding transactions not exceeding Rs. 300 crore outstanding at any point of time and operational transactions not exceeding Rs. 925 crore) during the financial year 2024 -25.MoreLess
23 for0 againstMaterial Related Party Transaction(s) of the Company with Tata Advanced Systems Limited, a wholly owned subsidiary of Tata Sons Private Limited, the Promoter of the Company for an aggregate value not exceeding Rs. 1,300 crore during the financial year 2024 - 25.MoreLess
23 for0 againstMaterial Related Party Transaction(s) of the Company with Tata Cummins Private Limited, a Joint Operations Company for an aggregate value not exceeding Rs. 7,550 crore (with funding transactions not exceeding Rs. 50 crore outstanding at any point of time and operational transactions not exceeding Rs. 7,500 crore) during the financial year 2024 - 25.MoreLess
23 for0 againstMaterial Related Party Transaction(s) of the Company with Tata Steel Limited, identified subsidiaries affiliates of TSL and Poshs Metals Industries Private Limited (a third party) through dealers of TSL for an aggregate value of not exceeding Rs. 9,650 crore during the financial year 2024 - 25.MoreLess
23 for0 againstMaterial Related Party Transactions of the Company with Tata Technologies Limited, a subsidiary of the Company for an aggregate value not exceeding Rs. 1,920 crore, (with funding transactions not exceeding Rs. 1,250 crore outstanding at any point of time and operational transactions not exceeding Rs. 670 crore), during the financial year 2024 - 25.MoreLess
23 for0 againstRatification of remuneration of Rs. 6,00,000/- plus applicable taxes, travel and out-of-pocket and other expenses incurred in connection with the audit, as approved by the Board of Directors, payable to M/s Mani and Co., Cost Accountants (Firm Registration No. 000004) who are appointed as Cost Auditors to conduct the audit of the cost records maintained by the Company for the financial year ending March 31, 2025.MoreLess
23 for0 against- Ratify remuneration of Rs. 0.6 mn for Mani & Co. as cost auditors for FY254 for0 against
Re-appointment of Ms. Vedika Bhandarkar (DIN: 00033808) as an Independent Director of the Company, not liable to retire by rotation, to hold office for the second consecutive term of five years, i.e., from June 26, 2024 to June 25, 2029 (both days inclusive).MoreLess
Against Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundRe-appointment compliant with law. No concern on the merits of director. Governance concern: Proposed term will lead to prolonged association with the Group.
- Bank of India Mutual Fund, NJ Mutual FundMs. Vedika Bhandarkar, 56, is the President and Chief Operating Officer of Water.org: a global non-profit organisation. She attended seven out of seven (100%) board meetings held in FY24. Her reappointment as Independent Director is in line with statutory requirements. However, she has been on the board of Tata Motors Finance Ltd, a step-down subsidiary, since March 2015 and we consider her overall association with the group while computing her tenure. We do not support reappointment 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 are unable to support the resolution.
- Invesco Mutual FundMs. Vedika Bhandarkar, 56, is the President and Chief Operating Officer of Water.org: a global non-profit organisation. She attended seven out of seven (100%) board meetings held in FY24. Her reappointment as Independent Director is in line with statutory requirements. However, she has been on the board of Tata Motors Finance Ltd, a step-down subsidiary, since March 2015 and we consider her overall association with the group while computing her tenure. We do not support reappointment 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 are unable to support the resolution. This has been tested for our ESG parameters and it supports the same.
- Nippon India Mutual FundProlonged association
- PPFAS Mutual Fund, Zerodha Mutual FundProposed term will lead to prolonged association with the Group.
14 for10 against- Reappoint Girish Wagh (DIN: 03119361) as Director, liable to retire by rotation4 for0 against
- Reappoint Ms. Vedika Bhandarkar (DIN: 00033808) as Independent Director for five years from 26 June 2024
Against DSP Mutual Fund, Navi Mutual Fund, Sundaram Mutual Fund
- DSP Mutual Fund, Navi Mutual Fund, Sundaram Mutual FundMs. Vedika Bhandarkar, 56, is the President and Chief Operating Officer of Water.org: a global non-profit organisation. She attended seven out of seven (100%) board meetings held in FY24. Her reappointment as Independent Director is in line with statutory requirements. However, she has been on the board of Tata Motors Finance Ltd, a step-down subsidiary, since March 2015 and we consider her overall association with the group while computing her tenure. We do not support reappointment 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 are unable to support the resolution.
1 for3 against - Reelect Girish Wagh as Director2 for0 against
- Reelect Vedika Bhandarkar as Director
Against HSBC Mutual Fund
- HSBC Mutual FundWe are voting against this longest serving non-executive director as we have concerns about the company's management of human rights issues.Vedika Bhandarkar's current appointment will exceed her association with the company (including tenure at a subsidiary of the company) for more than ten years thus affecting her independence.
1 for1 against Revised terms of remuneration of Mr. Girish Wagh (DIN: 03119361), [presently designated as Executive Director (ED) of the Company], with effect from April 1, 2024 for remainder of the tenure of his present term of appointment, i.e., up to June 30, 2026.MoreLess
23 for0 against- Tata Motors Limited Share-based Long Term Incentive Scheme 2024 and grant of Performance Share Units to the Eligible Employees under the Scheme.
Against Bank of India Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Quantum Mutual Fund
- Bank of India Mutual FundUnder the scheme, the exercise price of the PSUs shall be the face value (Rs. 2.0) of the underlying ordinary share. We do not favour stock option schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. The downside risk is protected if the stock options are issued at a significant discount to the market price. Further, in the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to performance parameters, which must be disclosed in the shareholder notice and must align to shareholder interests. In the current case, while the company has stated that options will vest based on achievement of performance targets, the company has not disclosed the performance metrics on basis of which PSUs will vest. Thus, we are unable to support the resolution.
- HDFC Mutual FundESOPs are being granted at a significant discount to market price
- Invesco Mutual FundUnder the scheme, the exercise price of the PSUs shall be the face value (Rs. 2.0) of the underlying ordinary share. We do not favour stock option schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. The downside risk is protected if the stock options are issued at a significant discount to the market price. Further, in the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to performance parameters, which must be disclosed in the shareholder notice and must align to shareholder interests. In the current case, while the company has stated that options will vest based on achievement of performance targets, the company has not disclosed the performance metrics on basis of which PSUs will vest. Thus, we are unable to support the resolution. This has been tested for our ESG parameters and it supports the same.
- Quantum Mutual FundFor the following Governance reason we vote against the resolution. : The scheme does not provide specific details on the appraisal criteria for allotment of Performance Share Units. We are of the view that the company should disclose such details in the scheme document. Therefore, we do not favour the resolution.
19 for4 against - To appoint a Director in place of Mr. Girish Wagh (DIN: 03119361), who retires by rotation and being eligible, offers himself for re-appointment.23 for0 against
To appoint Branch Auditor(s) of any Branch Office of the Company, whether existing or which may be opened/acquired hereafter, outside India, any firm(s) and/or person(s) qualified to act as Branch Auditors in consultation with the Company’s Auditors, any persons, qualified to act as Branch Auditors within the provisions of Section 143(8) of the Act and to fix their remuneration.MoreLess
23 for0 againstTo declare a dividend on Ordinary Shares and ‘A’ Ordinary Shares for the financial year ended March 31, 2024 including a special dividend on Ordinary Shares and ‘A’ Ordinary Shares for the financial year ended March 31, 2024.MoreLess
23 for0 againstTo declare dividend on Ordinary Shares and A Ordinary Shares for the financial year ended March 31, 2024 including a special dividend on Ordinary Shares and A Ordinary Shares for the financial year ended March 31, 2024.MoreLess
1 for0 against- To receive, Appointment of Branch Auditors.1 for0 against
- To receive, Appointment of Mr. Bharat Puri (DIN: 02173566) as a Director and as an Independent Director.1 for0 against
- To receive, Appointment of of Mr. Girish Wagh (DIN: 03119361), who retires by rotation and being eligible, offers himself for re-appointment.1 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.24 for0 against
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
24 for0 against- To receive, Extending the Tata Motors Share-based Long Term Incentive Scheme 2024 to Eligible Employees of Subsidiary companies and Associate companies of the Company.1 for0 against
To receive, Material Related Party Transaction(s) of identified subsidiaries of the Company, viz., Tata Motors Passenger Vehicles Limited (‘TMPVL’) and Tata Passenger Electric Mobility Limited (‘TPEML’) with Tata AutoComp Systems Limited and its subsidiaries and joint ventures (TACSL Group), related parties of the Company.MoreLess
1 for0 againstTo receive, Material Related Party Transaction(s) of Jaguar Land Rover Group of Companies, subsidiaries of the Company with Chery Jaguar Land Rover Automotive Company Limited, a Joint Venture of JLR Group.MoreLess
1 for0 against- To receive, Material Related Party Transaction(s) of Jaguar Land Rover Group of Companies, subsidiaries of the Company with Sertec Group of companies, an associate of JLR Group.1 for0 against
To receive, Material Related Party Transaction(s) of the Company and it’s identified wholly owned subsidiaries, viz., Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited with Tata Capital Limited, a subsidiary of Tata Sons Private Limited, the Promoter of the Company.MoreLess
1 for0 against- To receive, Material Related Party Transaction(s) of the Company and its identified subsidiaries with Fiat India Automobiles Private Limited, a Joint Operations Company.1 for0 against
To receive, Material Related Party Transaction(s) of the Company and/or its identified subsidiaries including Jaguar Land Rover Group of Companies with Tata Consultancy Services Limited and its subsidiaries.MoreLess
1 for0 against- To receive, Material Related Party Transaction(s) of the Company with Automobile Corporation of Goa Limited, an associate of the Company.1 for0 against
- To receive, Material Related Party Transaction(s) of the Company with Tata Advanced Systems Limited, a wholly owned subsidiary of Tata Sons Private Limited, the Promoter of the Company.1 for0 against
- To receive, Material Related Party Transaction(s) of the Company with Tata Cummins Private Limited, a Joint Operations Company.1 for0 against
To receive, Material Related Party Transaction(s) of the Company with Tata Steel Limited, identified subsidiaries / affiliates of TSL and Poshs Metals Industries Private Limited (a third party) through dealers of TSL.MoreLess
1 for0 against- To receive, Material Related Party Transactions of the Company with Tata Technologies Limited, a subsidiary of the Company.1 for0 against
- To receive, Ratification of Cost Auditor’s Remuneration.1 for0 against
- To receive, Re-appointment of Ms. Vedika Bhandarkar (DIN: 00033808) as an Independent Director.1 for0 against
- To receive, Revision in the terms of remuneration of Mr. Girish Wagh (DIN: 03119361), Executive Director.1 for0 against
- To receive, Tata Motors Limited Share-based Long Term Incentive Scheme 2024 and grant of Performance Share Units to the Eligible Employees under the Scheme.1 for0 against
Mutual fund votes, meeting of 30 Apr 2024, 31 fund houses
- Item 1, as a fund house numbered it1 for0 against
- 1) Approve scheme for reduction of ‘A’ ordinary shares and consequent issuance of ordinary shares as consideration.1 for0 against
- Approve scheme for reduction of ‘A’ ordinary shares and consequent issuance of ordinary shares as consideration4 for0 against
- Approve Scheme of Arrangement2 for0 against
- Scheme of Arrangement of Tata Motors Limited and its shareholders and creditors under Sections 230 to 232 of the Act (Scheme).22 for0 against
To receive, Notice of the meeting of the ‘A’ Ordinary Shareholders of Tata Motors Limited (‘TML/’the Company’) under Section(s) 230 to 232 of the Companies Act, 2013 (“Act”) and Rule 6 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (“CAA Rules”) (“Notice”).MoreLess
1 for0 against
Mutual fund votes, meeting of 14 Dec 2023, 1 fund house
Material Modification to the approved Related Party Transaction(s) of the Company with Tata Steel Limited (TSL), identified subsidiaries/affiliates of TSL and Poshs Metals Industries Private Limited (a third party) through dealers of TSLMoreLess
1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
At most 29 complaints open, quarter to Mar 2026.
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- No
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.