Trident MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 23 Aug 2025, 13 fund houses

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

• To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025, along with Reports of the Auditors and Directors thereon

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

  13 for0 against
• To appoint a director in place of Mr. Deepak Nanda (DIN: 00403335), who retires by rotation, and being eligible offers himself for re-appointment

  13 for0 against
• To approve the appointment of Mr. Pramod Agrawal (DIN: 00279727) as an Independent Director of the Company

  13 for0 against
• To approve the appointment of Mr. Kapil Dev Nikhanj (DIN: 00910383) as an Independent Director of the Company

  ›Against Axis Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual FundKapil Dev Nikhanj, 66, is a former Indian Cricketer. He captained India to its first ever Cricket World Cup victory in 1983. He is a recipient of Padma Shri and Padma Bhushan for contributions to Indian cricket. He was also inducted into the ICC Cricket Hall of Fame in 2010. Currently, he is the president of Professional Golf Tour of India (PGTI), the governing body for professional golf in India. Public sources indicate that Trident limited has partnered with PGTI as Title Sponsor of the inaugural Trident Open Golf Championship to be held from 11 to 14 November 2025. Given the ongoing business relationship between PGTI and Trident Ltd, we raise concerns over potential conflict of interest, and therefore we do not support the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundProfile of the candidate

  10 for3 against
• To ratify the remuneration of Cost Auditors of the Company

  1 for0 against
• To appoint Mehta and Mehta, Practicing Company Secretaries as Secretarial Auditors of the Company

  13 for0 against
• To approve raising of funds by way of Non Convertible Debentures (NCDs)

  13 for0 against

Mutual fund votes, meeting of 12 Dec 2024, 11 fund houses

• Appointment of Mr. Rajiv Dewan (DIN: 00007988) as Non-Independent and Non-Executive Director of the Company

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund

  • Axis Mutual FundRajiv Dewan, 62, is a practicing Chartered Accountant and partner at R. Dewan & Co., a Chartered Accountancy firm. He has been on the board of Trident Limited as Independent Director since 14 May 2005. He has attended all nine board meetings held in FY24 and all three board meetings held so far in FY25. Rajiv Dewan has been a member of the Nomination and Remuneration Committee (NRC) since May 2014. In this role, he has failed to provide adequate oversight to the manner in which Promoter and Chairperson Emeritus - Rajinder Gupta's remuneration was structured and paid in FY23 and FY24. Rajinder Gupta's was paid Rs. 205.0 mn in FY24 as consultancy fees and Rs. 245.7 mn in aggregate as consultancy fees and commission in FY23. It is unclear how Rajiv Dewan's remuneration has been benchmarked. Further as a member of the NRC, Rajiv Dewan has not paid sufficient heed to the investor pushback on the resolution to pay commission to Rajinder Gupta in the 2022 AGM, where ~64% of institutional investors voted against the resolution. Furthermore, the amended Articles of Association (AoA) allows the board to appoint a Chairperson Emeritus and unilaterally determine their remuneration and amenities (Article 127A[x]), effectively bypassing shareholder approval and denying them the opportunity to vote on the remuneration periodically. We believe shareholders should have the opportunity to have a say on overall remuneration and remuneration structure of Rajinder Gupta. Given Rajiv Dewan' reasons we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with law. Governance Concern: No cooling off period of 1 year served after completion of term as ID. Appointment as NED will raise question over his independence in the previous term as ID.
  • ICICI Prudential Mutual FundMr. Rajiv Dewan is a practicing Chartered Accountant and partner at R. Dewan & Co., a Chartered Accountancy firm. He has been on the Board of Trident Limited as Independent Director since 14 May 2005. Mr. Rajiv Dewan has been a member of the Nomination and Remuneration Committee (NRC) since May 2014. In this role, he has failed to provide adequate oversight to the manner in which Promoter and Chairperson Emeritus - Rajinder Gupta's remuneration was structured and paid in FY2023 and FY2024. Further as a member of the NRC, Mr. Rajiv Dewan has not paid sufficient heed to the investor pushback on the resolution to pay commission to Rajinder Gupta in the 2022 AGM, where ~64% of institutional investors voted against the resolution. Furthermore, the amended Articles of Association allows the board to appoint a Chairperson Emeritus and unilaterally determine their remuneration and amenities, effectively bypassing shareholder approval and denying them the opportunity to vote on the remuneration periodically. Hence, the AMC has voted against the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Navi Mutual FundRajiv Dewan, 62, is a practicing Chartered Accountant and partner at R. Dewan & Co., a Chartered Accountancy firm. He has been on the board of Trident Limited as Independent Director since 14 May 2005. He has attended all nine board meetings held in FY24 and all three board meetings held so far in FY25. Rajiv Dewan has been a member of the Nomination and Remuneration Committee (NRC) since May 2014. In this role, he has failed to provide adequate oversight to the manner in which Promoter and Chairperson Emeritus - Rajinder Gupta's remuneration was structured and paid in FY23 and FY24. Rajinder Gupta’s was paid Rs. 205.0 mn in FY24 as consultancy fees and Rs. 245.7 mn in aggregate as consultancy fees and commission in FY23. It is unclear how Rajiv Dewan's remuneration has been benchmarked. Further as a member of the NRC, Rajiv Dewan has not paid sufficient heed to the investor pushback on the resolution to pay commission to Rajinder Gupta in the 2022 AGM, where ~64% of institutional investors voted against the resolution.Furthermore, the amended Articles of Association (AoA) allows the board to appoint a Chairperson Emeritus and unilaterally determine their remuneration and amenities (Article 127A[x]), effectively bypassing shareholder approval and denying them the opportunity to vote on the remuneration periodically. We believe shareholders should have the opportunity to have a say on overall remuneration and remuneration structure of Rajinder Gupta. Given Rajiv Dewan' reasons we do not support the resolution.
  • Nippon India Mutual FundNo cooling off period of 1 year served after completion of term as ID.
  • SBI Mutual FundRajiv Dewan, 62, is a practicing Chartered Accountant and partner at R. Dewan & Co., a Chartered Accountancy firm. He has been on the board of Trident Limited as Independent Director since 14 May 2005. He has attended all nine board meetings held in FY24 and all three board meetings held so far in FY25. Rajiv Dewan has been a member of the Nomination and Remuneration Committee (NRC) since May 2014. In this role, he has failed to provide adequate oversight to the manner in which Promoter and Chairperson Emeritus - Rajinder Gupta's remuneration was structured and paid in FY23 and FY24. Rajinder Gupta’s was paid Rs. 205.0 mn in FY24 as consultancy fees and Rs. 245.7 mn in aggregate as consultancy fees and commission in FY23. Further as a member of the NRC, Rajiv Dewan has not paid sufficient heed to the investor pushback on the resolution to pay commission to Rajinder Gupta in the 2022 AGM, where ~64% of institutional investors voted against the resolution. Furthermore, the amended Articles of Association (AoA) allows the board to appoint a Chairperson Emeritus and unilaterally determine their remuneration and amenities (Article 127A[x]), effectively bypassing shareholder approval and denying them the opportunity to vote on the remuneration periodically. We believe shareholders should have the opportunity to have a say on overall remuneration and remuneration structure of Rajinder Gupta. Therefore, we do not support the resolution.

  1 for10 against
• Approval for payment of remuneration by way of Commission to Non-Executive Directors

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund

  • Axis Mutual FundAt the July 2022 AGM, shareholders approved payment of commission to Independent Directors upto 1% of net profits for five years from 1 April 2022. The company now seeks shareholders' approval to extend the eligibility to pay commission to non-executive directors including independent directors upto 1% of net profits for each financial year - the company must define an absolute cap for the commission payable. The company has not specified the tenure for the payment of commission, nor the effective start date for these payments. As a result, the proposed resolution is effectively valid for perpetuity. We believe shareholders must get an opportunity to periodically approve such payments and therefore do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: No absolute cap on proposed payment of commission & perpetual approval.
  • ICICI Prudential Mutual FundAt July 2022 AGM, shareholders approved payment of commission to Independent Directors upto 1% of net profits for five years from 1 April 2022. The Company now seeks shareholders’ approval to extend the eligibility to pay commission to non-executive directors including independent directors upto 1% of net profits for each financial year - the company must define an absolute cap for the commission payable. The Company has not specified the tenure for the payment of commission, nor the effective start date for these payments. As a result, the proposed resolution is effectively valid for perpetuity. Hence, the AMC has voted against the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Navi Mutual Fund, SBI Mutual FundAt the July 2022 AGM, shareholders approved payment of commission to Independent Directors upto 1% of net profits for five years from 1 April 2022. The company now seeks shareholders’ approval to extend the eligibility to pay commission to non-executive directors including independent directors upto 1% of net profits for each financial year - the company must define an absolute cap for the commission payable.The company has not specified the tenure for the payment of commission, nor the effective start date for these payments. As a result, the proposed resolution is effectively valid for perpetuity. We believe shareholders must get an opportunity to periodically approve such payments and therefore do not support the resolution.
  • Nippon India Mutual FundNo absolute cap on proposed payment of commission & perpetual approval.

  1 for10 against
• Approval of shareholders for inter corporate loans, investments, guarantees etc under Section 186 of the Companies Act, 2013

  ›Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund

  • Axis Mutual FundAs on 31 March 2024, Trident's loans, guarantees, security given, securities subscribed, investments in subsidiaries, other body corporate and investments in funds amounted to Rs. 531.0 mn. The approval granted under Section 186 allows the company to extend loans, guarantees, or securities to any body corporate, including promoter companies. The company should disclose granular details including names of these companies, the nature and size of their operations and terms of support, to enable shareholders to make an informed decision. Further, the company must clarify why shareholder approval has been sought when the company has sufficient headroom under the current limits. We note that regulations require the companies to seek shareholders' approval via a special resolution for inter-corporate transactions (Section 186), while the company has sought approval via an ordinary resolution. Given these reasons, we do not support the resolution.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundPotential Non-Compliance with Section 186 of the Companies Act: It is not clear that if pursuant to the said approval, the quantum of loans/guarantees/investments made will exceed the legal limits, then, whether the Company will come for a fresh approval via special resolution or not. Governance & Transparency Concern: Inadequate disclosures w.r.t. the particulars of the proposed loans/ investments/ guarantee transactions; Enabling approval.
  • HDFC Mutual FundThe company seeks approval to extend loans, guarantees, or securities to any body corporate, including promoter companies. There is lack of clarity on the details including names of these companies, the nature and size of their operations and terms of support, to enable shareholders to make an informed decision.
  • ICICI Prudential Mutual FundAs on 31 March 2024, Trident’s loans, guarantees, security given, securities subscribed, investments in subsidiaries, other body corporate and investments in funds amounted to Rs. 531.0 mn. The Company must clarify why shareholder approval has been sought when the company has sufficient headroom under the current limits. Regulations require the companies to seek shareholders’ approval via a special resolution for inter-corporate transactions (Section 186), while the company has sought approval via an ordinary resolution. Hence, the AMC has voted against the resoution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Navi Mutual Fund, SBI Mutual FundAs on 31 March 2024, Trident’s loans, guarantees, security given, securities subscribed, investments in subsidiaries, other body corporate and investments in funds amounted to Rs. 531.0 mn. The approval granted under Section 186 allows the company to extend loans, guarantees, or securities to any body corporate, including promoter companies. The company should disclose granular details including names of these companies, the nature and size of their operations and terms of support, to enable shareholders to make an informed decision. Further, the company must clarify why shareholder approval has been sought when the company has sufficient headroom under the current limits. We note that regulations require the companies to seek shareholders’ approval via a special resolution for inter-corporate transactions (Section 186), while the company has sought approval via an ordinary resolution.Given these reasons, we do not support the resolution.

  0 for11 against

Mutual fund votes, meeting of 6 Aug 2024, 9 fund houses

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

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

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

  9 for0 against
• To appoint a Director in place of Mr. Deepak Nanda (DIN: 00403335), who retires by rotation, and being eligible, offers himself for re-appointment

  9 for0 against
• To ratify the remuneration of Cost Auditors of the Company

  2 for0 against
• To approve raising of funds by way of Non-Convertible Debentures (NCDs)

  9 for0 against
• To approve re-appointment of Mr. Raj Kamal (DIN: 07653591) as an Independent Director of the Company

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

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merit of proposed appointees. Governance Concern: Re-appointments proposed only for One (1) year without any justification.

  6 for3 against
• To approve re-appointment of Prof. Rajeev Ahuja (DIN: 09196228) as an Independent Director of the Company

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

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merit of proposed appointees. Governance Concern: Re-appointments proposed only for One (1) year without any justification.

  6 for3 against

Mutual fund votes, meeting of 12 Aug 2023, 7 fund houses

• To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended on March 31, 2023 along with Reports of the Auditors and Directors thereon.

  7 for0 against
• To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2023 along with Report of the Auditors thereon.

  7 for0 against
• To ratify and confirm the interim dividend of INR 0.36 per Equity Share having face value of 1/- each, already paid during the financial year 2022-23

  7 for0 against
• To appoint a director in place of Mr Deepak Nanda (DIN: 00403335), who retires and being eligible, offers himself for re-appointment.

  7 for0 against
• To ratify the remuneration of Cost Auditors of the Company.

  7 for0 against
• To approve raising of funds by way of Non-Convertible Debentures (‘NCDs’)

  7 for0 against
• To approve Trident Limited General Employee Benefits Scheme, 2023

  ›Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Motilal Oswal Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations, 2021: Inadequate disclosures.
  • Nippon India Mutual FundInadequate disclosure

  5 for2 against
• To approve transfer of excess monies from existing schemes to Trident Limited General Employee Benefits Scheme, 2023

  ›Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Motilal Oswal Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations, 2021: Inadequate disclosures.
  • Nippon India Mutual FundInadequate disclosure

  5 for2 against
• To approve alteration in Articles of Association of the Company

  7 for0 against

Mutual fund votes, meeting of 4 Jun 2023, 7 fund houses

• To approve alteration in articles of association of the company

  ›Against Nippon India Mutual Fund

  • Nippon India Mutual FundInadequate disclosure

  6 for1 against

Mutual fund votes, meeting of 9 Mar 2023, 6 fund houses

• To approve alteration in Articles of Association

  6 for0 against