UCO Bank CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 19 Jun 2025, 13 fund houses

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

• To discuss, approve and adopt the Audited Balance Sheet of the Bank as at 31st March 2025, the Profit and Loss account for the year ended 31st March 2025, the Report of the Board of Directors on the working and activities of the Bank for the period covered by the Accounts and the Auditors’ Report on the Balance Sheet and Accounts.MoreLess

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual FundGovernance concern: Audit Committee of the Bank is non-compliant with legal requirement.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Governance concern: Non-Compliant Audit Committee.
  • Nippon India Mutual FundNon-Complian with law

  6 for7 against
• To declare dividend on equity shares of the Bank for the financial year 2024-25

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual FundGovernance Concern is raised in adoption of financial statements of the Bank under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted for.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundSufficient funds available for payment of dividend. Governance Concern is raised in adoption of financial statements of the Bank under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Nippon India Mutual FundNon-Complian with law

  6 for7 against
• To approve the Equity Capital Raising Plan for the financial year 2025-26

  1 for0 against
• To approve the appointment of M/s A Saraswat & Associates as Secretarial Auditor of the Bank for a period of five years from FY 2025-26.

  13 for0 against
• To approve the appointment of Shri Ravi Kumar Agrawal, Part-time Non-Official Director on the Board of UCO Bank pursuant to GOI Notification dated 11.04.2025, in accordance with the provisions of Regulation 17 (1C) and Regulation 25(2A) of SEBI (LODR) Regulations, 2015 of the Board of UCO Bank.MoreLess

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual FundAppointment without serving the cooling off period of three years. Governance concern: Term of appointment is ambiguous.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundAppointment not in accordance with law: Appointment without serving the cooling off period of three years. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • Nippon India Mutual FundNon compliant: No cooling off period served by candidate.

  5 for7 against
• To approve the appointment of Shri Ravi Kumar Agrawal, Part-time Non-Official Director on the Board of UCO Bank pursuant to GOI Notification dated 11.04.2025, in accordance with the provisions of Regulation 17 (1C) and Regulation 25(2A) of SEBI (LODR) Regulations, 2015 of the Board of UCO Bank.MoreLess

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund

  • Angel One Mutual FundAppointment without serving the cooling off period of three years. Governance concern: Term of appointment is ambiguous . Inadequate disclosures related to attendance at the board meetings during the year.
  • Bandhan Mutual Fund, Motilal Oswal Mutual FundAppointment not in accordance with law: Appointment without serving the cooling off period of three years. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundAppointment not in accordance with law: Appointment without serving the cooling off period of three years. Governance concern: Term of appointment is ambiguous and against spirit of the law. Transparency concern: Inadequate disclosures related to attendance at the board meetings during the year.
  • Nippon India Mutual FundGovernance Concern: Inadequate disclosure

  5 for7 against

Mutual fund votes, meeting of 22 Jan 2025, 11 fund houses

• To consider and approve appointment of Dr Sarada Prasan Mohanty as RBI Nominee Director on the Borad of UCO bank w.e.f. 5th August 2024.

  ›Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with Law. No concern on the merits of the director. Governance concern: Delayed Shareholders’ approval.
  • Edelweiss Mutual FundDelayed shareholder approval
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundDelayed Shareholders’ approval.

  5 for6 against

Mutual fund votes, meeting of 18 Jun 2024, 10 fund houses

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

• To Discuss, approve and adopt the Audited Balance Sheet of the Bank as at 31st March 2024, Profit and Loss account for the year ended 31st March 2024, the Report of the Board of Directors on the working and activities of the Bank for the period covered by the Accounts and the Auditors' Report on the Balance Sheet and Accounts.MoreLess

  10 for0 against
• To declare dividend on equity shares of the Bank for the financial year 2023-24

  10 for0 against
• Approval for Equity Capital Raising Plan for the financial year 2024-25

  3 for0 against
• To approve the appointment of Part-time Non-official Director as well as Non-Executive Chairman nominated on the Board of UCO Bank pursuant to GOI Notification dated 21.02.2024, in accordance with the provision of Regulation 17 (1C) and Regulation 25(2A) of SEBI (LODR) Regulation, 2015 of the Board of UCO Bank.MoreLess

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

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with Law. No concern on the merits of director. Governance concern: Board is non-compliant with respect to requirement of woman director & Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • Nippon India Mutual FundDelayed Shareholder approval

  6 for4 against
• To approve the appointment of Government of India Nominee Director nominated on the Board of UCO Bank pursuant to GOI Notification dated 13.05.2024, in accordance with the provision of Regulation 17 (1C) of SEBI (LODR) Regulation, 2015 of the Board of UCO Bank.MoreLess

  ›Against Bandhan Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with Law. Governance concern: Board is non-compliant with respect to requirement of woman director.
  • DSP Mutual FundSudhir Shyam, 53, is a former Indian Economic Service (IES) officer (1999 batch). He currently handles the functioning of Debt Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs). He is a graduate in Economics from Delhi University and Master of Philosophy from Jawahar Lal Nehru University. The GoI proposes to nominate him on the board from 13 May 2024. It is unclear whether he will be liable to retire by rotation. However, recent SEBI LODR amendments build in sufficient guardrails and will need the company to seek reappointment for his nomination to the board after a five-year interval. We do not support the resolution as UCO Bank’s board composition is not compliant with regulations – it does not have an independent woman director. We believe the government must first address the regulatory violations of board composition before nominating a director on the board. We further raise concern that the average tenure of the bank’s board is 1.6 years, with most directors being on the board for less than a year: the board must articulate the measures it has undertaken to maintain institutional memory.
  • Nippon India Mutual FundRequirement of woman independent director as well as woman director on the Board

  5 for5 against

Mutual fund votes, meeting of 24 Jan 2024, 11 fund houses

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

• To Consider and Approve appointment of Shri Ashwani kumar as Managing Director and Chief Executive Officer

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

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-compliant Board w.r.t. woman director/ woman ID. Non-Compliant with SEBI LODR Regulation: Delay in Shareholder approval
  • Nippon India Mutual FundDelayed Shareholder approval

  7 for4 against
• To consider and approve appointment of Shri Vijay Nivrutti Kamble as an Executive Director

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

  • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-compliant Board w.r.t. woman director/ woman ID. Governance concern: Delay in Shareholder approval.
  • Nippon India Mutual FundDelayed Shareholder approval

  7 for4 against

Mutual fund votes, meeting of 17 Jun 2023, 8 fund houses

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

• To discuss, approve and adopt the Balance Sheet together with statement of Profit & Loss and Cash flow of the Bank made upto 31st March, 2023, the Report of the Board of Directors on the working and activities of the Bank for the period ended 31st March, 2023 and Auditors report on Balance sheet and statement of Profit & Loss and Cash flowMoreLess

  ›Against Kotak Mahindra Mutual Fund, Nippon India Mutual Fund

  • Kotak Mahindra Mutual FundVoting against as The Audit Committee are not compliant as per the legal requirement of SEBI (LODR) Regulations, 2015 to review and approve the financial statements of the Bank.
  • Nippon India Mutual FundAudit committee is not compliant

  4 for2 against
• “Raising of Equity capital through issue of upto 200,00,00,000 equity shares of Rs.10/- each through various capital raising options viz. Qualified Institutional Placement / FPO or by any other means during the financial year 2023-24.MoreLess

  6 for0 against
• Approval for Appointment of Shri Rajendra Kumar Saboo, Executive Director on the Board of UCO Bank pursuant to GOI Notification eF.No.4/6/2021- BO.I dated 21.11.2022 for a period of three years from the date of assumption of office i.e. 21.11.2022 or until further orders, whichever is earlierMoreLess

  ›Against Kotak Mahindra Mutual Fund, Nippon India Mutual Fund

  • Kotak Mahindra Mutual FundRajendra Kumar Saboo, 57 is currently the Executive Director of the bank. He has over three decades of industry expertise. The resolution is against the law Regulation 17(1C) of the SEBI LODR Regulations which stated that approval of shareholders for appointment of a person on the Board of Directors or as a manager is taken at the next general meeting or within a time period of three months from the date of appointment, whichever is earlier. Company should have obtained shareholders approval within three months of his appointment i.e. till 21st November 2022, however, the approval is proposed in the Postal Ballot to be held on 17th June, 2023.
  • Nippon India Mutual FundDelay in seeking reappointment

  6 for2 against
• Approval for Appointment of Shri Subhash Shankar Malik, Part time Non-Official Director on the Board of UCO Bank pursuant to GOI Notification F.No.6/8/2022-BO.I dated 08.05.2023 for a period of three years from the date of notification i.e. 08.05.2023 or until further orders, whichever is earlierMoreLess

  ›Against Axis Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund

  • Axis Mutual FundSubhash Shankar Malik is associated with Investment Promotion Board (IPB), Goa. He has also been associated with Co-operative societies in Goa in the past. Public sources suggest that he is affiliated with Bharatiya Janta Party (BJP). While his appointment is in line with statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus.
  • Kotak Mahindra Mutual FundSubhash Shankar Malik, 57 has over two decades of experience in banking. The Bank is seeking to appoint the directors as Independent Directors of the Company, for a period of three (3) years from the date of appointment as specified above or until further order, whichever is earlier. We are voting against as Term of appointment is ambiguous and against spirit of the law.
  • Nippon India Mutual FundTerm of appointment is ambiguous

  5 for3 against

Mutual fund votes, meeting of 24 Jun 2022, 4 fund houses

• “To discuss, approve and adopt the Balance Sheet together with statement of Profit Loss and Cash flow of the Bank made upto 31st March, 2022, the Report of the Board of Directors on the working and activities of the Bank for the period ended 31st March, 2022 and Auditors report on Balance sheet and statement of Profit Loss and Cash flow.MoreLess

  ›Against Kotak Mahindra Mutual Fund, Nippon India Mutual Fund

  • Kotak Mahindra Mutual FundThough there is no adverse comments by auditors. It is non-complaint with law with regards to the composition of Board and Audit Committee. The Audit Committee is non- complaint with regards to its composition of majority independent directors. Further the bank fails to have required number of Independent Directors and has no women director on its board.
  • Nippon India Mutual FundComposition of audit committee is inadequate

  2 for2 against
• “Raising of Equity capital through issue of upto 100,00,00,000 equity shares of Rs.10/- each through various capital raising options viz. Qualified Institutional Placement / FPO or by any other means during the financial year 2022-23.MoreLess

  4 for0 against