Apollo Hospitals Enterprise MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 29 Aug 2025, 38 fund houses

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

• Adoption of i. the audited standalone financial statements of the Company for the financial year ended March 31, 2025 together with the reports of the Board of Directors and Auditors thereon; ii. the audited consolidated financial statements of the Company for the financial year ended March 31, 2025 together with the report of the Auditors thereon;MoreLess

  ›Against Groww Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund

  • Groww Mutual Fund, Navi Mutual FundUnqualified Financial Statements (Except few non-material remarks on CARO). Non-Compliant with Companies Act, 2013 & Regulation 46(2)(s) of SEBI LODR: The Company has not disclosed financials of all its subsidiaries for FY 2024-25 on its website.
  • PPFAS Mutual FundSubsidiary financials not disclosed on the website

  34 for3 against
• Confirmation of payment of Interim Dividend and declaration of final dividend on Equity Shares for the financial year ended March 31, 2025

  37 for0 against
• Appoint a Director in place of Smt. Shobana Kamineni (DIN 00003836), who retires by rotation and, being eligible, offers herself for re-appointment.

  38 for0 against
• Re-appointment of Smt. Preetha Reddy (DIN: 00001871) as Executive Vice Chairperson for a further period of five years with effect from 3rd February 2026.

  37 for0 against
• Re-appointment of Smt. Suneeta Reddy (DIN: 00001873) as Managing Director for a further period of five years with effect from 3rd February 2026.

  37 for0 against
• Re-appointment of Smt. Sangita Reddy (DIN: 00006285) as Joint Managing Director for a further period of five years with effect from 3rd February 2026.

  37 for0 against
• Re-appointment of Shri. Som Mittal (DIN: 00074842) as an Independent Director of the Company for a further period of five years with effect from 21st July 2026

  37 for0 against
• Appointment of M/s. Lakshmmi Subramanian & Associates as Secretarial Auditors of the Company for a period of five years commencing from financial year 2025-2026

  38 for0 against
• Approval to offer or invite subscriptions for secured / unsecured redeemable non-convertible debentures, in one or more series / tranches, aggregating upto ₹7,500 million on a private placement basis under Sections 42, 71 and other applicable provisions if any of the Companies Act, 2013 read with the Companies (Prospectus and Allotment of Securities) Rules, 2014 and the Companies (Share Capital and Debentures) Rules, 2014.MoreLess

  37 for0 against
• Ratification of the remuneration of the Cost Auditor for the year ending 31st March 2026

  34 for0 against

Mutual fund votes, meeting of 30 Aug 2024, 31 fund houses

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

• To receive consider and adopt:-n(i) The Audited financial statements of the Company for the year ended 31st March 2024, the Reports of the Board Directors and Auditors thereon.n(ii) The audited consolidated financial statements of the Company for the year ended 31st March 2024, together with the Report of the Auditors thereonnMoreLess

  28 for0 against
• Confirmation of payment of Interim Dividend and declaration of final dividend on Equity Shares for the financial year ended March 31, 2024

  30 for0 against
• Appoint a Director in place of Smt. Preetha Reddy (DIN 00001871), who retires by rotation and, being eligible, offers herself for re-appointment.

  30 for0 against
• Re-appointment of Dr. Prathap C Reddy as a Whole time Director designated as Executive Chairman for a period of two years.

  ›Against Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. No issues on merit of appointee. Governance concern: Holds combined position of Executive Chairman.
  • PPFAS Mutual FundCombined position of Executive Chairperson

  25 for5 against
• Approval to offer or invite subscriptions for secured / unsecured redeemable non-convertible debentures, in one or more series / tranches, aggregating upto ¿5,000 million on a private placement basis under Sections 42, 71 and other applicable provisions if any of the Companies Act, 2013 read with the Companies (Prospectus and Allotment of Securities) Rules, 2014 and the Companies (Share Capital and Debentures) Rules, 2014.MoreLess

  30 for0 against
• Adoption of Apollo Hospitals Enterprise Limited Employee Stock Option Plan 2024 (Apollo ESOP 2024)

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Axis Mutual Fund, Bank of India Mutual FundThe implementation of Apollo ESOP 2024 will lead to a maximum dilution of 1.5% on the expanded capital base. The exercise price under Apollo ESOP 2024 could range between the face value and the market price. Stock options granted at face value represent a discount of ~99.9% on the current market price. We do not favour ESOP schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to pre-defined performance parameters and the company has disclosed the performance targets for such parameters. In the current case, the company has clarified that the vesting will be linked to performance-based criteria (50% corporate performance and 50% individual performance). The corporate performance will be measured based on revenue growth, EBITDA growth and quality goals (equal weight to all three) and the company has disclosed the vesting threshold linked to achievement of each parameter. However, the company has not disclosed the actual performance targets for the corporate performance criteria (revenue/ EBITDA and quality goals). In absence of clarity, we are unable to support the resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Lack of clarity regarding exercise price/ pricing formula & Potential maximum benefit to a single employee appears to be excessive.
  • Edelweiss Mutual FundWill lead to dilution of shares
  • HDFC Mutual FundESOPs/RSUs are granted at a significant discount to market price
  • ICICI Prudential Mutual FundThe implementation of Apollo ESOP 2024 may lead to a dilution of 1.5% on the expanded capital base. The pool and perquisite value in that context may be high for the size of the company. Hence, the AMC has voted against the resolution.
  • Invesco Mutual FundThe implementation of Apollo ESOP 2024 will lead to a maximum dilution of 1.5% on the expanded capital base. The exercise price under Apollo ESOP 2024 could range between the face value and the market price. Stock options granted at face value represent a discount of ~99.9% on the current market price. We do not favour ESOP schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to pre-defined performance parameters and the company has disclosed the performance targets for such parameters. In the current case, the company has clarified that the vesting will be linked to performance-based criteria (50% corporate performance and 50% individual performance). The corporate performance will be measured based on revenue growth, EBITDA growth and quality goals (equal weight to all three) and the company has disclosed the vesting threshold linked to achievement of each parameter. However, the company has not disclosed the actual performance targets for the corporate performance criteria (revenue/ EBITDA and quality goals). In absence of clarity, we are unable to support the resolution. This is in line with our ESG format
  • Kotak Mahindra Mutual FundThe implementation of Apollo ESOP 2024 will lead to a maximum dilution of 1.5% on the expanded capital base. The exercise price under Apollo ESOP 2024 could range between the face value and the market price. Stock options granted at face value represent a discount of ~99.9% on the current market price. We do not favour ESOP schemes where options are granted at a significant discount to market price since there is no alignment between the interests of investors and those of employees. Hence voting against.
  • Nippon India Mutual FundLack of clarity regarding exercise price/ pricing formula & Potential maximum benefit to a single employee appears to be excessive.
  • PPFAS Mutual FundExcessive potential benefit to employee; Lack of clarity w.r.t. Exercise Price
  • Sundaram Mutual FundThe implementation of Apollo ESOP 2024 will lead to a maximum dilution of 1.5% on the expanded capital base. The exercise price under Apollo ESOP 2024 could range between the face value and the market price. Stock options, if granted at the face value of Rs. 5.0, represents a discount of ~99.9% on the current market price. We do not favour stock option schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to detailed performance parameters, which must be disclosed in the shareholder notice and must align to shareholder interests. The company must also disclose specific pre-defined performance targets for such parameters. In the current case, the compensation committee has the authority to determine performance parameters, targets and to alter such terms. In absence of granular clarity on such parameters and targets, we are unable to support the resolution.

  13 for17 against
• Extension of benefits of Apollo Hospitals Enterprise Limited Employee Stock Option Plan 2024 to the Eligible Employees of the subsidiary companies, associate companies, joint ventures and group companies of the CompanyMoreLess

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Axis Mutual Fund, Kotak Mahindra Mutual FundThrough resolution #7, the company seeks to extend the benefits of Apollo ESOP 2024 to the employees of group companies. While the notice states that the scheme can be extended to subsidiaries, associates, joint ventures and group companies, the company has clarified that the NRC intends to limit the grant to only employees of subsidiaries, excluding Apollo Health & Lifestyle Limited and Apollo HealthCo Limited. Our view is linked to resolution #6.
  • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Lack of clarity regarding exercise price/ pricing formula & Potential maximum benefit to a single employee appears to be excessive.
  • Bank of India Mutual Fund, Sundaram Mutual FundThrough resolution #7, the company seeks to extend the benefits of Apollo ESOP 2024 to the employees of subsidiaries, associates, joint ventures and group companies. Our view is linked to resolution #6. Further, we do not support the extension of ESOP schemes to employees of group companies except for unlisted subsidiaries. We do not support the resolution.
  • Edelweiss Mutual FundWill lead to dilution of shares
  • HDFC Mutual FundESOPs/RSUs are granted at a significant discount to market price
  • ICICI Prudential Mutual FundThe implementation of Apollo ESOP 2024 may lead to a dilution of 1.5% on the expanded capital base. The pool and perquisite value in that context may be high for the size of the company. Hence, the AMC has voted against the resolution.
  • Invesco Mutual FundThrough resolution #7, the company seeks to extend the benefits of Apollo ESOP 2024 to the employees of group companies. While the notice states that the scheme can be extended to subsidiaries, associates, joint ventures and group companies, the company has clarified that the NRC intends to limit the grant to only employees of subsidiaries, excluding Apollo Health & Lifestyle Limited and Apollo HealthCo Limited. Our view is linked to resolution #6. This is in line with our ESG format.
  • Nippon India Mutual FundLack of clarity regarding exercise price/ pricing formula & Potential maximum benefit to a single employee appears to be excessive.
  • PPFAS Mutual FundInterlinked with resolution #6.

  13 for17 against
• Ratification of the remuneration of the Cost Auditor for the year ending 31st March 2025

  26 for0 against

Mutual fund votes, meeting of 17 Aug 2024, 31 fund houses

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

• Material related party transactions entered into by Apollo Healthco Limited (AHL), anmaterial subsidiary of the Company

  ›Against HDFC Mutual Fund

  • HDFC Mutual FundTransaction synergies are not very meaningful for the listed entity

  29 for1 against
• Approval for dilution of shareholding in Apollo Healthco Limited (AHL), a materialnsubsidiary of the Company

  ›Against HDFC Mutual Fund

  • HDFC Mutual FundTransaction synergies are not very meaningful for the listed entity

  29 for1 against

Mutual fund votes, meeting of 30 Aug 2023, 24 fund houses

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

• Adoption of audited financial statements (both standalone & consolidated) for the financial year ended 31st March 2023

  21 for0 against
• confirmation of payment of Interim Dividend and declaration of final dividend on Equity Shares for the financial year ended March 31, 2023

  23 for0 against
• Appoint a Director in place of Smt. Sangita Reddy (DIN 00006285), who retires by rotation and, being eligible, offers herself for re-appointment.

  24 for0 against
• Approval for re-appointment of Dr. Pudugramam Murali Doraiswamy as an Independent Director for a further period of five years wef 27th September 2023

  23 for0 against
• Approval for re-appointment of Mr.Mandavilli Bhaskara Nageswara Rao as an Independent Director for a further period of five years wef 9th Febraury 2024

  ›Against Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund

  • Kotak Mahindra Mutual FundMandavilli Bhaskara Nageswara, 75 has five decades of experience in banking and financial sector. He has been associated with the Apollo Health and Lifestyle Limited (Subsidiary Company) since 2017. Therefore, he is already associated with the subsidiary for 6 years. Companies Act, 2013 restricts tenure of ID for 2 terms of up to 5 years each. Aggregate association the Subsidiary including the proposed term shall exceed 10 years. While compliant with regulations, we believe that the length of tenure is inversely proportionate to the independence of a director. Therefore, we do not consider former group employees as independent.
  • Motilal Oswal Mutual Fund, PGIM India Mutual FundNo Concern has been identified with profile, time Commitment and attendance performance of the appointee. Governance Concern: Appointment will exceed 10 years in total association.

  16 for3 against
• Approval for re-appointment of Ms. Velagapudi Kavitha V Dutt as an Independent Director for a further period of five years wef 9th Febraury 2024

  24 for0 against
• Approval for payment of commission to Non-Executive and Independent Directors within the overall ceiling limit of 1% of net profits of the Company for a period of five years with effect from 1st April 2024MoreLess

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundNon-executive directors participate in performance-based incentive schemes.

  23 for1 against
• Offer or Invitation to subscribe to Non-Convertible Debentures on a private placement basis

  23 for0 against
• Ratification of the remuneration of the Cost Auditor for the year ending 31st March 2024.

  19 for0 against

Mutual fund votes, meeting of 25 Aug 2022, 23 fund houses

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

• To receive, consider and adopt:-n(i) the audited standalone financial statements of the Company for the year ended March 31, 2022, together with the Reports of the Board of Directors and Auditors thereon, andn(ii) the audited consolidated financial statements of the Company for the year ended March 31, 2022, together with the Report of the Auditors thereon.MoreLess

  ›Against Nippon India Mutual Fund

  • Nippon India Mutual FundNon-disclosure of latest financial statements of Subsidiaries on the website

  20 for1 against
• To declare a Dividend on Equity Shares for the financial year ended March 31, 2022

  22 for0 against
• To appoint a Director in place of Smt. Shobana Kamineni (DIN 00003836), who retires by rotation and, being eligible, offers herself for reappointment.

  22 for0 against
• To re-appoint M/s. Deloitte Haskins & Sells, LLP, Chartered Accountants as statutory auditors of the Company

  22 for0 against
• Approval for re-appointment of Dr. Prathap C Reddy as whole-time director designated as an Executive Chairman for a period of two years wef 25th June 2022

  ›Against Bank of India Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Quantum Mutual Fund

  • Bank of India Mutual Fund, Invesco Mutual FundDr. Prathap C Reddy, 90, is the founder of the company and has been the Chairperson since inception. He received Rs. 167.0 mn as remuneration for FY22: his estimated compensation for FY23 is Rs. 194.1 mn and his maximum remuneration is capped at Rs. 217.4 mn. We recognize Prathap Reddy’s contribution and his continued importance to the group as a first-generation promoter. Notwithstanding, we raise concerns at the high quantum of payout to family executives. The overall family remuneration stood at Rs. 405.7 mn in FY22 and can go upto Rs. 552.6 mn, based on the maximum payout. While we support his reappointment on the board, we are unable to support the resolution as we believe the overall pay to promoters is high for the size of the company.
  • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
  • Kotak Mahindra Mutual FundPrathap C Reddy, 90 (Promoter) is currently the Whole-Time Director in Apollo Hospitals Enterprise Limited. He has over five decades of expertise in the Hospital Industry. He has been associated with the company over four decades and has taken many strategic decisions the company that resulted into profits. His industry knowledge and business acumen is of immense value to the board. While we support his reappointment as Executive Chairman. No absolute limit has been placed on remuneration proposed to be paid to the Promoter Executive Directors. The company did not revise down their compensation when going was difficult (during the COVID phase) or during drag phase shows that their interests were not fully in line with that of minority shareholders in the past. Hence voting against.
  • Quantum Mutual FundHolds Executive Chairman Position, No cap on remuneration

  17 for5 against
• Approval for the payment of remuneration to Dr. Prathap C Reddy, Chairman, Ms. Preetha Reddy, Executive Vice Chairperson, Ms. Suneeta Reddy, Managing Director, Ms. Shobana Kamineni, Executive Vice Chairperson and Ms. Sangita Reddy, Joint Managing Director, as prescribed by SEBI Listing RegulationsMoreLess

  ›Against Bank of India Mutual Fund, Edelweiss Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Quantum Mutual Fund

  • Bank of India Mutual FundThe company seeks shareholder for payment of remuneration to promoter executive directors in excess of 5% of net profits, till the end of their respective terms (threshold under SEBI’s LODR). The approval will allow the promoter family to be paid remuneration in the range of 5% to 10% of profits: the aggregate remuneration to promoters is capped at Rs. 552.6 mn. In four of the past five years, except for FY22, annual aggregate family remuneration has been nearly or in excess of 5% of consolidated PBT (ranged between 4.7% to 14.5%). We are unable to support the resolution as we believe the overall pay to promoters is high for the size of the company. The company has clarified that shareholder approval we sought again in the year when remuneration to promoters exceeds 5% of net proceeds.
  • Edelweiss Mutual FundAmount is too high
  • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
  • Invesco Mutual FundThe company seeks shareholder for payment of remuneration to promoter executive directors in excess of 5% of net profits, till the end of their respective terms (threshold under SEBI’s LODR). The approval will allow the promoter family to be paid remuneration in the range of 5% to 10% of profits: the aggregate remuneration to promoters is capped at Rs. 552.6 mn. In four of the past five years, except for FY22, annual aggregate family remuneration has been nearly or in excess of 5% of consolidated PBT (ranged between 4.7% to 14.5%). We are unable to support the resolution as we believe the overall pay to promoters is high for the size of the company. The company has clarified that shareholder approval we sought again in the year when remuneration to promoters exceeds 5% of net proceeds
  • Kotak Mahindra Mutual FundFY 2022, the overall pay out constituted 4.10% of profits. No absolute limit has been placed on remuneration proposed to be paid to the Promoter Executive Directors. The company did not revise down their compensation when going was difficult (during the COVID phase) or during drag phase shows that their interests were not fully in line with that of minority shareholders in the past. Hence voting against.
  • Mirae Asset Mutual FundRemuneration not within Company's Act
  • Quantum Mutual FundNo cap on remuneration, Executive Chairman Position held by one director

  15 for7 against
• Approval to offer or invite subscriptions for secured / unsecured redeemable non-convertible debentures, in one or more series / tranches, aggregating upto ₹5,000 million on a private placement basis under Sections 42, 71 and other applicable provisions if any of the Companies Act, 2013 read with the Companies (Prospectus and Allotment of Securities) Rules, 2014 and the Companies (Share Capital and Debentures) Rules, 2014.MoreLess

  22 for0 against
• Ratification of the remuneration of the Cost Auditor for the year ending 31st March 2023.

  18 for0 against

Mutual fund votes, meeting of 20 Dec 2021, 14 fund houses

• Appointment of Ms. Rama Bijapurkar as an Independent Director of thenCompany

  ›Against Franklin Templeton Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted: • Rama Bijapurkar serves on a total of more than six public company boards, which could potentially compromise her ability to commit sufficient time to her role in the company.

  13 for1 against