Vedanta Aluminium Metal CEO, chairman and board of directors

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

• Appointment of M/s. S R B C & CO LLP, Chartered Accountants as the Statutory Auditors of the Company

  26 for0 against
• To consider and approve ‘Vedanta Aluminium Metal Limited – Employee Stock Option Plan 2026’ and its implementation through Trust

  ›Against Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, PPFAS Mutual Fund, Tata Mutual Fund, The Wealth Company Mutual Fund

  • Edelweiss Mutual Fund, Groww Mutual Fund, The Wealth Company Mutual FundCompliant with law. Governance concern: Committee discretion to determine a shorter exercise period. Further, the proposed limit of maximum options per employee under proposed Plan indicates a potential for excessive benefits to a single employee.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • There is limited disclosure around performance metrics, targets, thresholds and modifier mechanisms, making it difficult to determine whether vesting outcomes will be appropriately aligned with business performance and shareholder experience. • The rationale for extending benefits of the scheme to employees of the holding companies remains unclear, as that they do not directly contribute to the company's performance.
  • HDFC Mutual FundESOPs are being granted at a significant discount to market price. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We do not support the resolution.
  • Kotak Mahindra Mutual FundThe Company seeks approval for the VAML ESOP 2026, under which up to 166.2 mn options may be granted. The scheme will be implemented through an employee welfare trust, which will acquire shares through secondary acquisition. The scheme size is ~4.25% of the expanded capital base as on 30 June 2026. Options carry an exercise price equal to face value and an exercise period of eight months. The Committee would have the discretion to determine a shorter exercise period. it would defeat the significance of stock options. Employees would be benefitted but, company would not be able to retain their key employees. Hence, we do not favour the resolution.
  • PPFAS Mutual FundCommittee discretion to determine a shorter exercise period; Excessive potential benefit to single employee.
  • Tata Mutual FundWe do not support ESOPs granted at Face Value. In this case while ESOPs are linked to performance its exercise price is at Face value. Thus we do not support this resolution.

  12 for8 against
• To consider and approve extension of ‘Vedanta Aluminium Metal Limited – Employee Stock Option Plan 2026’ to the employees of the holding company and subsidiary company(ies) of the Company

  ›Against Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, PPFAS Mutual Fund, Tata Mutual Fund, The Wealth Company Mutual Fund

  • Edelweiss Mutual Fund, Groww Mutual Fund, The Wealth Company Mutual FundCompliant with law. Governance concern: Interlinked with resolution #2.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • There is limited disclosure around performance metrics, targets, thresholds and modifier mechanisms, making it difficult to determine whether vesting outcomes will be appropriately aligned with business performance and shareholder experience. • The rationale for extending benefits of the scheme to employees of the holding companies remains unclear, as that they do not directly contribute to the company's performance.
  • HDFC Mutual FundThrough resolution #3, the company proposes to extend VAML ESOP 2026 to eligible employees of the Holding Company and its subsidiary companies, in India or outside India. While we support extension ESOP schemes to unlisted subsidiaries, our view is linked to our view on resolution #2. We do not support the resolution.
  • Kotak Mahindra Mutual FundThrough this resolution, the company proposes to extend VAML ESOP 2026 to eligible employees of the Holding Company and its subsidiary companies, in India or outside India. Since this resolution interinked with resolution 2, we do not favour the resolution.
  • PPFAS Mutual FundCommittee discretion to determine a shorter exercise period; Excessive potential benefit to single employee.
  • Tata Mutual FundLinked to resolution number 2. We do not support the resolution.

  12 for8 against
• To consider and approve secondary acquisition of shares through Trust for the implementation of ‘Vedanta Aluminium Metal Limited – Employee Stock Option Plan 2026’

  ›Against Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, PPFAS Mutual Fund, Tata Mutual Fund, The Wealth Company Mutual Fund

  • Edelweiss Mutual Fund, Groww Mutual Fund, The Wealth Company Mutual FundCompliant with law. Governance concern: Interlinked with resolution #2.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • There is limited disclosure around performance metrics, targets, thresholds and modifier mechanisms, making it difficult to determine whether vesting outcomes will be appropriately aligned with business performance and shareholder experience. • The rationale for extending benefits of the scheme to employees of the holding companies remains unclear, as that they do not directly contribute to the company's performance.
  • HDFC Mutual FundThrough resolution #4, the company seeks approval to acquire up to 166.2 mn equity shares by way of secondary acquisition for implementation of VAML ESOP 2026 through an irrevocable employee welfare trust, VAML ESOS Trust. Our recommendation is linked to our view on resolution #2. We do not support this resolution.
  • Kotak Mahindra Mutual FundThrough resolution #4, the company seeks approval to acquire up to 166.2 mn equity shares by way of secondary acquisition for implementation of VAML ESOP 2026 through an irrevocable employee welfare trust, VAML ESOS Trust. Since this resolution interinked with resolution 2, we do not favour the resolution.
  • PPFAS Mutual FundCommittee discretion to determine a shorter exercise period; Excessive potential benefit to single employee.
  • Tata Mutual FundLinked to resolution number 2. We do not support the resolution.

  12 for8 against
• To consider and approve provision of money by the Company for purchase of its own Shares through the Trust under the ‘Vedanta Aluminium Metal Limited – Employee Stock Option Plan 2026’

  ›Against Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, PPFAS Mutual Fund, Tata Mutual Fund, The Wealth Company Mutual Fund

  • Edelweiss Mutual Fund, Groww Mutual Fund, The Wealth Company Mutual FundCompliant with law. Governance concern: Interlinked with resolution #2.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • There is limited disclosure around performance metrics, targets, thresholds and modifier mechanisms, making it difficult to determine whether vesting outcomes will be appropriately aligned with business performance and shareholder experience. • The rationale for extending benefits of the scheme to employees of the holding companies remains unclear, as that they do not directly contribute to the company's performance.
  • HDFC Mutual FundThe company proposes to provide money or loan to the VAML ESOS Trust, not exceeding 5% of the aggregate of paid-up share capital and free reserves, for acquisition of equity shares for implementation of VAML ESOP 2026 & VAML ESPP (resolution #6). The interest free loan shall be repayable to the company from proceeds of exercise, permitted sale or transfer of shares and any other income of the trust. Our recommendation is linked to our view on resolution #2. We do not support this resolution.
  • Kotak Mahindra Mutual FundThe company proposes to provide money or loan to the VAML ESOS Trust, not exceeding 5% of the aggregate of paid-up share capital and free reserves, for acquisition of equity shares for implementation of VAML ESOP 2026 & VAML ESPP. Since this resolution interinked with resolution 2, we do not favour the resolution.
  • PPFAS Mutual FundCommittee discretion to determine a shorter exercise period; Excessive potential benefit to single employee.
  • Tata Mutual FundLinked to resolution number 2. We do not support the resolution.

  12 for8 against
• To consider and approve Vedanta Aluminium Metal Limited – Employee Share Purchase Plan 2026’ and its implementation through Trust

  ›Against Abakkus Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, PPFAS Mutual Fund, Tata Mutual Fund, The Wealth Company Mutual Fund

  • Abakkus Mutual FundThis resolution provides Nomination and Remuneration committee to modify core terms which increases transaction unpredictability. It is difficult for minority shareholders to determine the impact of the same.
  • Edelweiss Mutual Fund, Groww Mutual Fund, The Wealth Company Mutual FundNon-Compliant with Schedule I, Part C of SEBI SBEB & SE Regulations, 2021: Nomination and Remuneration Committee (NRC) has been given the discretion to alter legally mandated parameters such as Purchase Price, Offer Period and Lock-in period for ESPS.
  • PPFAS Mutual FundNRC discretion to determine Purchase price, offer period and Lock-in period.
  • Tata Mutual FundLinked to resolution number 2. We do not support the resolution.

  14 for6 against
• To consider and approve extension of ‘Vedanta Aluminium Metal Limited – Employee Share Purchase Plan 2026 to the employees of the Holding Company and/or Subsidiary Company(ies) of the Company

  ›Against Abakkus Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, PPFAS Mutual Fund, Tata Mutual Fund, The Wealth Company Mutual Fund

  • Abakkus Mutual FundThis resolution provides Nomination and Remuneration committee to modify core terms which increases transaction unpredictability. It is difficult for minority shareholders to determine the impact of the same.
  • Edelweiss Mutual Fund, Groww Mutual Fund, The Wealth Company Mutual FundCompliance concern: Interlinked with resolution #6.
  • Franklin Templeton Mutual FundA vote AGAINST the resolution is warranted because the proposals include grant of options to employees of holding companies without a compelling rationale.
  • PPFAS Mutual FundNRC discretion to determine Purchase price, offer period and Lock-in period.
  • Tata Mutual FundLinked to resolution number 2. We do not support the resolution.

  13 for7 against
• To consider and approve secondary acquisition of shares through Trust route for the implementation of ‘Vedanta Aluminium Metal Limited – Employee Share Purchase Plan 2026

  ›Against Abakkus Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, PPFAS Mutual Fund, Tata Mutual Fund, The Wealth Company Mutual Fund

  • Abakkus Mutual FundThis resolution provides Nomination and Remuneration committee to modify core terms which increases transaction unpredictability. It is difficult for minority shareholders to determine the impact of the same.
  • Edelweiss Mutual Fund, Groww Mutual Fund, The Wealth Company Mutual FundCompliance concern: Interlinked with resolution #6.
  • PPFAS Mutual FundNRC discretion to determine Purchase price, offer period and Lock-in period.
  • Tata Mutual FundLinked to resolution number 2. We do not support the resolution.

  20 for6 against
• To consider and approve provision of money by the Company for purchase of its own Shares through the trust under the ‘Vedanta Aluminium Metal Limited – Employee Share Purchase Plan 2026’

  ›Against Abakkus Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, PPFAS Mutual Fund, Tata Mutual Fund, The Wealth Company Mutual Fund

  • Abakkus Mutual FundThis resolution provides Nomination and Remuneration committee to modify core terms which increases transaction unpredictability. It is difficult for minority shareholders to determine the impact of the same.
  • Edelweiss Mutual Fund, Groww Mutual Fund, The Wealth Company Mutual FundCompliance concern: Interlinked with resolution #6.
  • PPFAS Mutual FundNRC discretion to determine Purchase price, offer period and Lock-in period.
  • Tata Mutual FundLinked to resolution number 2. We do not support the resolution.

  14 for6 against
• To approve material related party transaction(s) between the Company and certain Identified Related Parties of the Company

  26 for0 against
• To approve material related party transaction(s) between Bharat Aluminium Company Limited (“BALCO”), a subsidiary of the Company and certain Identified Related Parties of the Company.

  26 for0 against