UltraTech Cement MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 19 Aug 2025, 36 fund houses

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

• Adoption of Audited Financial Statements

  36 for0 against
• Declaration of Dividend

  35 for0 against
• Re-appointment of Director - Mr. Krishna Kishore Maheshwari (DIN: 00017572)

  35 for0 against
• Appointment of Statutory Auditor - Deloitte Haskins and Sells LLP

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

  • Angel One Mutual FundGovernance Concern: Disparity in the Audit Fee of existing Joint Auditors; the same difference is being reflected in the proposed Audit Fee for the incoming Auditors as well. The Company has neither disclosed the scope of audit nor has provided any justification / explanation for such differences, as a result fairness of audit remuneration cannot be ascertained.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: Disparity in the Audit Fee of existing Joint Auditors; the same difference is being reflected in the proposed Audit Fee for the Incoming Auditors as well. The Company has neither disclosed the scope of audit nor has provided any justification / explanation for such differences, as a result fairness of audit remuneration cannot be ascertained.
  • PPFAS Mutual FundDisparity in the Audit Fee of Joint Auditors. Neither disclosed scope of audit nor provided any justification

  29 for7 against
• Appointment of Secretarial Auditor- M/s. Makarand M. Joshi & Co., Company Secretaries

  36 for0 against
• Ratification of the remuneration of the Cost Auditors for the financial year ending 31st March, 2026

  29 for0 against
• Appointment of Mr. V. Chandrasekaran (DIN: 03126243) as an Independent Director

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bank of India Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundV Chandrasekaran, 67, is a retired Executive Director (Investment) of LIC of India. He is a Chartered Accountant with over three decades of experience in Life Insurance Finance, Housing Finance and Mutual Fund Investment in LIC of India. His appointment is in line with statutory requirements. However, we raise concerns that V Chandrasekaran is an independent director on the board of Aditya Birla Housing Finance Limited, a promoter company, from 28 June 2018. We will consider his overall association with the Group while computing his tenure. He will complete 10 years of association with the group during the proposed tenure. We do not support appointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years anytime during the proposed tenure. We do not support the resolution.
  • Angel One Mutual FundGovernance Concern: Prolonged association with the Group: Proposed appointment will lead to more than 10 years’ association with the Group, which may compromise the independence of the Director.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Prolonged association with the Group: Proposed appointment will lead to more than 10 years’ association with the Group, which may compromise the independence of the Director.
  • Baroda BNP Paribas Mutual FundCandidate is also the CHRO designate hence not comfortable calling out as independent. Candidature wise would be ok with executive directorship
  • HDFC Mutual FundMr. V Chandrasekaran, 67, is a retired Executive Director (Investment) of LIC of India. He is a Chartered Accountant with over three decades of experience in Life Insurance Finance, Housing Finance and Mutual Fund Investment in LIC of India. His overall association with the Group exceeds 10 years during the proposed tenure. We do not support the resolution.
  • Invesco Mutual FundV Chandrasekaran, 67, is a retired Executive Director (Investment) of LIC of India. He is a Chartered Accountant with over three decades of experience in Life Insurance Finance, Housing Finance and Mutual Fund Investment in LIC of India. His appointment is in line with statutory requirements. However, we raise concerns that V Chandrasekaran is an independent director on the board of Aditya Birla Housing Finance Limited, a promoter company, from 28 June 2018. We will consider his overall association with the Group while computing his tenure. He will complete 10 years of association with the group during the proposed tenure. We do not support appointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years anytime during the proposed tenure. We do not support the resolution
  • Nippon India Mutual FundGovernance Concern: Prolonged association with the Group
  • PGIM India Mutual FundCompliant with law. Governance Concern: Prolonged association with the Group: Proposed appointment will lead to more than 10 years association with the Group, which may compromise the independence of the Director.
  • PPFAS Mutual FundProposed appointment will lead to Prolonged association with the Group

  18 for17 against
• Adoption of new Memorandum of Association

  36 for0 against
• Alteration of Articles of Association

  35 for0 against

Mutual fund votes, meeting of 26 Jun 2025, 39 fund houses

• Material Related Party Transactions between the Company and The India Cements Limited, Subsidiary of the Company

  39 for0 against

Mutual fund votes, meeting of 26 Oct 2024, 30 fund houses

• Appointment of Dr. Vikas Balia (DIN: 00424524) as an Independent Director of the Company

  ›Against 360 One Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundAppointment compliant with law. No concern on the merits of proposed appointee. Governance concern: Proposed term will lead to prolonged association with the Group
  • Bank of India Mutual Fund, Invesco Mutual Fund, Navi Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundDr. Vikas Balia, 49, is the founder of Legalsphere - a full-service law and consulting law firm. A lawyer and a Chartered Accountant, he has an understanding of financial matters, regulatory requirements and auditing standards. Although his appointment meets regulatory requirements, we note he also serves as an Independent Director on the board of Hindalco Industries Limited – a group company, since 19 July 2019. He will complete 10 years of association with the group during the proposed tenure. We do not support appointment 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. Therefore, we are unable to support his appointment.
  • HDFC Mutual FundWith the appointment, Dr. Vikas Balia's association with the group will cross 10 years. We believe that this is not in line with the spirit of the regulations.
  • Nippon India Mutual FundProlonged Association with the Group.

  15 for15 against

Mutual fund votes, meeting of 30 Aug 2024, 29 fund houses

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

• To consider and if thought fit, approve, with or without modification(s), the proposed Composite Scheme of Arrangement between KesoramnIndustries Limited (“Demerged Company”) and UltraTech Cement Limited (“Company” or “Resulting Company”) and their respective shareholdersnand creditors (“Scheme”)MoreLess

  28 for0 against

Mutual fund votes, meeting of 14 Aug 2024, 29 fund houses

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

• Adoption of the Audited Financial Statements (including audited consolidated financial statements) for the financial year ended 31stnMarch, 2024, the Report of the Board of Directors’ and Auditors’ thereonMoreLess

  2 for0 against
• Declaration of Dividend for the year ended 31st March, 2024

  23 for0 against
• Re-appoint a Director in place of Mr. Kumar Mangalam Birla (DIN: 00012813), who retires by rotation and being eligible, offers himself fornre-appointment

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because: • Kumar Mangalam Birla and Anita Ramachandran each serve on a total of more than six public company boards, which could potentially compromise their ability to commit sufficient time to their role in the company.

  28 for1 against
• Ratification of the remuneration of the Cost Auditors viz. M/s. D. C. Dave & Co., Cost Accountants, Mumbai and M/s. N. D. Birla & Co., CostnAccountants, Ahmedabad for the financial year ending 31st March, 2025MoreLess

  29 for0 against
• Appointment of Ms. Anita Ramachandran (DIN: 00118188) as an Independent Director

  ›Against 360 One Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual FundMs. Anita Ramachandran, 68, is Founder and Director of Cerebrus Consultants Private Limited. She has over 40 years of experience as a management consultant, from finance industrial market research, strategy, human resources and consulting. She also serves as an Independent Director on the board of holding company Grasim Industries Limited since August 2018, and on Aditya Birla Housing Limited since 2015. We also note she was on the board of More Retail Private Limited –an Aditya Birla Company till September 2018, from September 2014 to March 2019. We do not support appointment 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. Furthermore, regulations allow whole time directors of listed companies to be independent directors in maximum of three listed companies. Given her full-time responsibilities as Director of Cerebrus Consultants, she serves as a director on seven listed companies, including Ultratech. We believe her high number of directorships on listed companies are not in keeping with the spirit of the regulation.
  • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundGovernance concern: Proposed term of appointment may lead to prolonged association. Governance and Transparency Concern: Excessive time-commitments; no clarity on holding full time positions.
  • Bank of India Mutual Fund, Sundaram Mutual FundMs. Anita Ramachandran, 68, is Founder and Director of Cerebrus Consultants Private Limited. She has over 40 years of experience as a management consultant, from finance, industrial market research, strategy, human resources and consulting. She also serves as an Independent Director on the board of holding company Grasim Industries Limited since August 2018, and on Aditya Birla Housing Limited since 2015. We also note she was on the board of More Retail Private Limited –an Aditya Birla Company till September 2018, from September 2014 to March 2019. We do not support appointment 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. Furthermore, regulations allow whole time directors of listed companies to be independent directors in maximum of three listed companies. Given her full-time responsibilities as Director of Cerebrus Consultants, she serves as a director on seven listed companies, including Ultratech. We believe her high number of directorships on listed companies are not in keeping with the spirit of the regulation.
  • DSP Mutual FundMs. Anita Ramachandran, 68, is Founder and Director of Cerebrus Consultants Private Limited. She has over 40 years of experience as a management consultant, from finance, industrial market research, strategy, human resources and consulting. She also serves as an Independent Director on the board of holding company Grasim Industries Limited since August 2018, and on Aditya Birla Housing Limited since 2015. We also note she was on the board of More Retail Private Limited –an Aditya Birla Company till September 2018, from September 2014 to March 2019. We do not support appointment 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. Furthermore, regulations allow whole time directors of listed companies to be independent directors in maximum of three listed companies. Given her full-time responsibilities as Director of Cerebrus Consultants, she serves as a director on seven listed companies, including Ultratech. We believe her high number of directorships on listed companies are not in keeping with the spirit of the regulation. Hence, we do not support this resolution.
  • Edelweiss Mutual FundHolds more than 3 positions and hence cannot devote time
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because: • Kumar Mangalam Birla and Anita Ramachandran each serve on a total of more than six public company boards, which could potentially compromise their ability to commit sufficient time to their role in the company.
  • Invesco Mutual FundMs. Anita Ramachandran, 68, is Founder and Director of Cerebrus Consultants Private Limited. She has over 40 years of experience as a management consultant, from finance, industrial market research, strategy, human resources and consulting. She also serves as an Independent Director on the board of holding company Grasim Industries Limited since August 2018, and on Aditya Birla Housing Limited since 2015. We also note she was on the board of More Retail Private Limited –an Aditya Birla Company till September 2018, from September 2014 to March 2019. We do not support appointment 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. Furthermore, regulations allow whole time directors of listed companies to be independent directors in maximum of three listed companies. Given her full-time responsibilities as Director of Cerebrus Consultants, she serves as a director on seven listed companies, including Ultratech. We believe her high number of directorships on listed companies are not in keeping with the spirit of the regulation

  14 for14 against
• Appointment of Mr. Anjani Kumar Agrawal (DIN: 08579812) as an Independent Director

  ›Against Bank of India Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, Sundaram Mutual Fund

  • Bank of India Mutual Fund, Sundaram Mutual FundAnjani Kumar Agrawal, 65, is the founder & CEO of VfP Advisors as per public sources. He has worked with Ernst & Young (EY) for over four decades - of which he was a partner for twenty-six years. He also serves on the board of Aditya Birla Sun Life Trustee Pvt Limited since December 2019 and Vodafone Idea Ltd since August 2022. We will consider his overall association with the Group while computing his tenure. Furthermore, regulations allow whole time directors of listed companies to be independent directors in a maximum of three listed companies. We note Anjani Kumar Agrawal serves on the board of four listed companies, including Ultratech. Given his full-time responsibilities as CEO VfP Advisors, we believe the high number of directorships on listed companies are not in keeping with the spirit of the regulation.
  • Edelweiss Mutual FundHolds more than 3 positions and hence cannot devote time and he is in board of directors of Vodafone also
  • Invesco Mutual FundAnjani Kumar Agrawal, 65, is the founder & CEO of VfP Advisors as per public sources. He has worked with Ernst & Young (EY) for over four decades - of which he was a partner for twenty-six years. He also serves on the board of Aditya Birla Sun Life Trustee Pvt Limited since December 2019 and Vodafone Idea Ltd since August 2022. We will consider his overall association with the Group while computing his tenure. Furthermore, regulations allow whole time directors of listed companies to be independent directors in a maximum of three listed companies. We note Anjani Kumar Agrawal serves on the board of four listed companies, including Ultratech. Given his full-time responsibilities as CEO VfP Advisors, we believe the high number of directorships on listed companies are not in keeping with the spirit of the regulation

  24 for4 against
• Appointment of Mr. Vivek Agrawal (DIN: 10599212) as Director

  26 for0 against
• Appointment of Mr. Vivek Agrawal (DIN: 10599212) as Whole-time Director and Chief Marketing Officer

  28 for0 against
• Re-appointment of Mr. Kailash Chandra Jhanwar (DIN: 01743559) as Managing Director

  28 for0 against