HDFC Fund Managers manage around $20Bn of Investors Funds by investing money in Indian Companies / Corporates. HDFC has every right to VOTE on behalf of us for resolutions, company matters, corporate governance etc.
However, it is very disappointing for us to know that Sr Fund Manager Prashant Jain and CEO of HDFC AMC - Milind Barve have abstained themselves from voicing their votes against managements [for example Reliance Industries Ltd, Muksh Ambani involved in various insider trading cases and RIL being a big holding, it is SHOCKING the fund managers are quiet]
ET of Sept 13th said,
HDFC Mutual Fund abstained from 85 of the 162 shareholder meets it qualified to attend. In the remaining 77, it voted with the management, data shows.
This implies that the fund managers maybe smart enough to give Good Returns but are silent observers of Crime in various companies they have invested. Any vested interests ?
