Aster DM Quality Care MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 12 Apr 2026, 29 fund houses

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

• Approval for appointment of Dr. Mandayapurath Azad Moopen (DIN: 00159403) as Executive Director of the Company

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance and Transparency concern: Proposed appointee is holding a combined position of Executive Chairman.The remuneration payment practices of the Company appears gender bias, in absence of proper justification.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance and Transparency concern: Proposed appointee is holding a combined position of Executive Chairman. The remuneration payment practices of the Company appears gender bias, in absence of proper justification.

  24 for5 against
• Approval for granting loans, giving guarantees or providing securities under Section 185 of the Companies Act, 2013

  ›Against HSBC Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual Fund

  • HSBC Mutual FundA vote AGAINST this resolution is warranted due to lack of information.
  • Jio BlackRock Mutual FundConsidering the company’s business model, which involves operating through subsidiaries and associates, it is necessary for the company to invest in and provide loans and guarantees to these entities. Approval granted under Section 185 of the Companies Act, 2013 allows the company to extend loans, guarantees, or securities to any company in which its directors have an interest, including promoter‑group companies.The proposed approval is enabling in nature, and we understand that the aggregate amount is capped, and approval is being sought considering the changes in the organizational structure of the company pursuant to its amalgamation with Quality Care India.However, the scope of the current approval allows the company to extend loans/guarantees/provide securities to any entity, including promoter companies. The company must disclose granular details, including the names of the entities, the nature and scale of their operations, and the terms of support, including the quantum for each entity, to enable shareholders to make an informed decision. Given the lack of clarity, we do not support the resolution.
  • Sundaram Mutual FundConsidering the company’s business model, which involves operating through subsidiaries and associates, it is necessary for the company to invest in and provide loans and guarantees to these entities. Approval granted under Section 185 of the Companies Act, 2013 allows the company to extend loans, guarantees, or securities to any company in which its directors have an interest, including promoter‑group companies. The proposed approval is enabling in nature, and we understand that the aggregate amount is capped, and approval is being sought considering the changes in the organizational structure of the company pursuant to its amalgamation with Quality Care India. However, the scope of the current approval allows the company to extend loans/guarantees/provide securities to any entity, including promoter companies. The company must disclose granular details, including the names of the entities, the nature and scale of their operations, and the terms of support, including the quantum for each entity, to enable shareholders to make an informed decision. Given the lack of clarity, we do not support the resolution.

  4 for3 against

Mutual fund votes, meeting of 10 Mar 2026, 28 fund houses

• 1) Approve scheme of arrangement for merger of Quality Care India Limited (QCIL) into Aster DM Healthcare Ltd (Aster).

  1 for0 against
• 1. To approve Scheme of Amalgamation amongst Quality Care India Limited (QCIL) and Aster DM Healthcare Limited (Aster) and their Respective Shareholders and Creditors (Scheme).

  1 for0 against
• Approve Scheme of Amalgamation

  2 for0 against
• Approve scheme of arrangement for merger of Quality Care India Limited (QCIL) into Aster DM Healthcare Ltd (Aster)

  ›Against Jio BlackRock Mutual Fund

  • Jio BlackRock Mutual FundThrough the proposed scheme of arrangement, QCIL will merge into Aster DM Healthcare Limited, creating a combined entity that shall operate 38 hospitals with over 10,150 beds across nine states in South and Central India. The merged listed entity will be renamed Aster DM Quality Care Limited. Post-merger, Aster’s promoters (Moopen Family) and QCIL’s promoter (Blackstone) will hold 24.0% and 30.7%, respectively in the merged entity. As an initial step, Aster acquired a 5% equity stake in QCIL via preferential allotment in November 2024. QCIL shareholders will receive 977 Aster DM shares for every 1,000 QCIL shares. The scheme also provides for granting certain special rights to the promoter groups, amendments to the articles of association, and company name change to Aster DM Quality Care Limited. Further, Blackstone will pay incentives to select QCIL employees without any financial impact on QCIL, Aster, or the merged entity. We recognize the merger has the potential to create a large hospital network and that the valuation is reasonable. Notwithstanding, we do not support the resolution due to special rights extended to Aster Promoters and Blackstone. The scheme grants board and committee nomination and quorum rights, subject to minimum shareholding thresholds. Blackstone retains special rights until its shareholding in the merged entity falls below 10% (with a right to nominate one director till its shareholding is 7.5%), while Aster Promoters’ rights terminate below 5%. We generally support board nomination rights only where a minimum 10% shareholding threshold is met, consistent with the threshold for public shareholders to propose resolutions. The thresholds here are lower. We do not support committee nomination rights, as committee composition is the board’s prerogative. The amended articles also allow Aster Promoters and Blackstone to jointly recommend Independent Directors to the Nomination and Remuneration Committee (NRC), which we believe is the NRC’s prerogative. Further, the proposed scheme also embeds quorum requirements to mandate the presence of one nominee director, each from Aster Promoters and Blackstone in board and committee meetings. We believe such quorum rights could be used as a tactic to delay or obstruct critical meetings. We do not support the resolution.

  3 for1 against
• Scheme of Amalgamation amongst Quality Care India Limited (QCIL) and Aster DM Healthcare Limited (Aster) and their Respective Shareholders and Creditors (Scheme).

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: AoA contains a provision that gives the right to nominate the Board Chairperson, and the AoA also contains a provision with regards to appointment of the Executive Chairman. Provision for appointment of an alternate director in the proposed amended part of the AoA. Special Rights to Promoters in the nature of Nomination of Directors on the Board appear to be excessive with regards to the proposed minimum shareholding thresholds. The reserved matters rights provided to Aster promoters appear excessive against their minimum shareholding requirement.
  • Axis Mutual FundThrough the proposed scheme of arrangement, QCIL will merge into Aster DM Healthcare Limited, creating a combined entity that shall operate 38 hospitals with over 10,150 beds across nine states in South and Central India. The merged listed entity will be renamed Aster DM Quality Care Limited. Post-merger, Aster’s promoters (Moopen Family) and QCIL’s promoter (Blackstone) will hold 24.0% and 30.7%, respectively in the merged entity. As an initial step, Aster acquired a 5% equity stake in QCIL via preferential allotment in November 2024. QCIL shareholders will receive 977 Aster DM shares for every 1,000 QCIL shares. The scheme also provides for granting certain special rights to the promoter groups, amendments to the articles of association, and company name change to Aster DM Quality Care Limited. Further, Blackstone will pay incentives to select QCIL employees without any financial impact on QCIL, Aster, or the merged entity. We recognize the merger has the potential to create a large hospital network and that the valuation is reasonable. Notwithstanding, we do not support the resolution due to special rights extended to Aster Promoters and Blackstone. The scheme grants board and committee nomination and quorum rights, subject to minimum shareholding thresholds. Blackstone retains special rights until its shareholding in the merged entity falls below 10% (with a right to nominate one director till its shareholding is 7.5%), while Aster Promoters’ rights terminate below 5%. We generally support board nomination rights only where a minimum 10% shareholding threshold is met, consistent with the threshold for public shareholders to propose resolutions. The thresholds here are lower. We do not support committee nomination rights, as committee composition is the board’s prerogative. The amended articles also allow Aster Promoters and Blackstone to jointly recommend Independent Directors to the Nomination and Remuneration Committee (NRC), which we believe is the NRC’s prerogative. Further, the proposed scheme also embeds quorum requirements to mandate the presence of one nominee director, each from Aster Promoters and Blackstone in board and committee meetings. We believe such quorum rights could be used as a tactic to delay or obstruct critical meetings. We do not support the resolution.
  • Edelweiss Mutual FundCompliant with law, no issues on merger/ acquisition proposal. Governance Concern: AoA contains a provision that gives the right to nominate the Board Chairperson, and the AoA also contains a provision w.r.t. appointment of the Executive Chairman. Provision for appointment of an alternate director in the proposed amended part of the AoA. Special Rights to Promoters in the nature of Nomination of Directors on the Board appear to be excessive w.r.t. the proposed minimum shareholding thresholds.
  • Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual FundCompliant with law, no issues on merger/ acquisition proposal. Governance Concern: AoA contains a provision that gives the right to nominate the Board Chairperson, and the AoA also contains a provision w.r.t. appointment of the Executive Chairman. Provision for appointment of an alternate director in the proposed amended part of the AoA. Special Rights to Promoters in the nature of Nomination of Directors on the Board appear to be excessive w.r.t. the proposed minimum shareholding thresholds. The reserved matters rights provided to Aster promoters appear excessive against their minimum shareholding requirement.
  • Invesco Mutual FundThrough the proposed scheme of arrangement, QCIL will merge into Aster DM Healthcare Limited, creating a combined entity that shall operate 38 hospitals with over 10,150 beds across nine states in South and Central India. The merged listed entity will be renamed Aster DM Quality Care Limited. Post-merger, Aster’s promoters (Moopen Family) and QCIL’s promoter (Blackstone) will hold 24.0% and 30.7%, respectively in the merged entity. As an initial step, Aster acquired a 5% equity stake in QCIL via preferential allotment in November 2024. QCIL shareholders will receive 977 Aster DM shares for every 1,000 QCIL shares. The scheme also provides for granting certain special rights to the promoter groups, amendments to the articles of association, and company name change to Aster DM Quality Care Limited. Further, Blackstone will pay incentives to select QCIL employees without any financial impact on QCIL, Aster, or the merged entity. We recognize the merger has the potential to create a large hospital network and that the valuation is reasonable. Notwithstanding, we do not support the resolution due to special rights extended to Aster Promoters and Blackstone. The scheme grants board and committee nomination and quorum rights, subject to minimum shareholding thresholds. Blackstone retains special rights until its shareholding in the merged entity falls below 10% (with a right to nominate one director till its shareholding is 7.5%), while Aster Promoters’ rights terminate below 5%. We generally support board nomination rights only where a minimum 10% shareholding threshold is met, consistent with the threshold for public shareholders to propose resolutions. The thresholds here are lower. We do not support committee nomination rights, as committee composition is the board’s prerogative. The amended articles also allow Aster Promoters and Blackstone to jointly recommend Independent Directors to the Nomination and Remuneration Committee (NRC), which we believe is the NRC’s prerogative. Further, the proposed scheme also embeds quorum requirements to mandate the presence of one nominee director, each from Aster Promoters and Blackstone in board and committee meetings. We believe such quorum rights could be used as a tactic to delay or obstruct critical meetings. We do not support the resolution
  • Nippon India Mutual FundGovernance Concern: The AoA grants Promoters excessive special rights, including nomination of Board Chairperson, appointment of Executive Chairman, and alternate directors, disproportionate to the proposed minimum shareholding thresholds

  10 for10 against

Mutual fund votes, meeting of 4 Sep 2025, 28 fund houses

• To consider and adopt the Audited Financial Statements (Standalone and consolidated) of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess

  28 for0 against
• To confirm the payment of Interim Dividends (including a special dividend on equity share) and to declare a Final Dividend of INR 1/- per equity share of INR 10/- each for the financial year ended March 31, 2025.MoreLess

  28 for0 against
• To appoint a Director in the place of Mr. Shamsudheen Bin Mohideen Mammu Haji (DIN: 02007279), who retires by rotation and being eligible, offers himself for re-appointment

  28 for0 against
• To reappoint M/s. Deloitte Haskins & Sells, Chartered Accountants, as Statutory Auditors for a second consecutive term of five years

  ›Against Angel One Mutual Fund, Capitalmind Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund

  • Angel One Mutual FundProposed audit fee payable to Statutory Auditors not disclosed.
  • Capitalmind Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo issues on merits of the proposed Statutory Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed audit fee payable to Statutory Auditors not disclosed
  • Kotak Mahindra Mutual FundThe company has not disclosed the proposed remuneration to be paid to the statutory auditors, which is a regulatory requirement. We do not support the resolution.

  21 for7 against
• To ratify the remuneration payable to the Cost Auditors for the financial year 2025-2026

  28 for0 against
• To appoint M/s. S Sandeep & Associates, Practising Company Secretaries, as the Secretarial Auditors of the Company

  28 for0 against

Mutual fund votes, meeting of 29 Dec 2024, 19 fund houses

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

• Approval for issuance of 1,86,07,969 (One crore eighty six lakhs seven thousand nine hundred and sixty nine) equity shares of the company on preferential basis for consideration other than cash

  15 for0 against
• To approve the shifting of the registered office of the Company from Bengaluru (State of Karnataka) to Hyderabad (State of Telangana) and consequent amendment to the memorandum of association.

  18 for0 against

Mutual fund votes, meeting of 29 Aug 2024, 15 fund houses

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

• To receive, consider and adopt the Audited Standalone Financial Statements of the Company including the Audited Consolidated Financial Statements for the financial year ended March 31, 2024, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess

  14 for0 against
• To declare a final Dividend of Rs. 2 /- per Equity Share of Rs.10/- each for the financial year ended 31st March, 2024.

  14 for0 against
• To appoint a Director in the place of Mr. T J Wilson (DIN: 02135108), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Franklin Templeton Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because Thadathil Joseph Wilson is an executive director serving on the nomination and remuneration committee.

  13 for1 against
• To ratify the remuneration payable to the Cost Auditors for the financial year 2024-2025.

  14 for0 against
• To approve revision in the remuneration of Dr. Mandayapurath Azad Moopen (DIN: 00159403), as Managing Director of the Company with effect from April 01, 2024 till the end of his current tenure i.e. upto April 14th 2026.MoreLess

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Executive Chairperson; Transparency concern: No compelling and specific justification for the significant increase in proposed and the significant gap between the payments proposed to the executive directors.

  12 for2 against
• To approve re-appointment of Ms. Alisha Moopen (DIN: 02432525), as Deputy Managing Director of the Company for a term of five years with effect from August 07, 2024.

  ›Against Franklin Templeton Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns: • Alisha Moopen also serves as the Managing Director of Aster GCC, which is not a subsidiary of the company. This could raise concerns with regard to her time commitments. • Alisha Moopen's remuneration structure may create conflicts of interest as she may be receiving remuneration from her position in Aster GCC which is a promoter group entity.

  13 for1 against
• To approve for payment of Commission to Independent Directors.

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Transparency concern: Proposed limit of ? 10 Lakhs per annum appears to be vague; lack of clarity regarding whether the limit is for each Independent Directors or collective limit for all Independent Directors.

  12 for2 against
• To appoint Mr. Maniedath Madhavan Nambiar (DIN: 01122411) as an Independent Director of the Company with effect from July 31, 2024 till the conclusion of 19th Annual General Meeting of the Company.

  ›Against Groww Mutual Fund, Motilal Oswal Mutual Fund

  • Groww Mutual Fund, Motilal Oswal Mutual FundAppointment compliant with law. Governance Concern: Previous professional association with the internal auditors of the Company.

  12 for2 against
• To appoint Mr. Sunil Theckath Vasudevan (DIN: 00294130) as an Independent Director of the Company with effect from July 31, 2024 till the conclusion of 19th Annual General meeting of the Company.

  14 for0 against
• To appoint Mr. Anoop Moopen (DIN: 02301362) as a Non- Executive Non-Independent Director of the Company.

  ›Against Axis Mutual Fund, Edelweiss Mutual Fund, Sundaram Mutual Fund

  • Axis Mutual FundAnoop Moopen, 47, is part of the promoter family (son-in-law of Dr. Azad Moopen). Public sources suggest that he is Chairperson and MD of Aztec Middle East Contracting LLC which is engaged in civil construction, electro-mechanical services, interior decoration and joinery and facility management services. The shareholder notice states that he is Managing Director of twelve companies and serves as MD of Wayanad Institute of Medical Sciences, India (WIMS). He is liable to retire by rotation and his appointment is in line with statutory requirements. We do not support Anoop Moopen’s appointment since there are excessive number of promoter family members on the board: four members from the promoter family and one employee from Aster’s GCC business. With the divestment of the GCC operations in April 2024, the company’s revenue has dropped to less than half of the pre-divestment business. With the reduced size of the company’s operations, we do not support an increase in promoter representation. This practice deters the company from attracting the right professional talent. We do not support the resolution.
  • Edelweiss Mutual FundHolding too many directorships
  • Sundaram Mutual Fund"Anoop Moopen, 47, is part of the promoter family (son-in-law of Dr. Azad Moopen). Public sources suggest that he is Chairperson and MD of Aztec Middle East Contracting LLC which is engaged in civil construction, electro-mechanical services, interior decoration and joinery and facility management services. The shareholder notice states that he is Managing Director of twelve companies and serves as MD of Wayanad Institute of Medical Sciences, India (WIMS). He is liable to retire by rotation and his appointment is in line with statutory requirements. We do not support Anoop Moopen’s appointment since there are excessive number of promoter family members on the board: four members from the promoter family and one employee from Aster’s GCC business. With the divestment of the GCC operations in April 2024, the company’s revenue has dropped to less than half of the pre-divestment business. With the reduced size of the company’s operations, we do not support an increase in promoter representation. This practice deters the company from attracting the right professional talent. We do not support the resolution."

  11 for3 against
• To appoint Dr. Zeba Azad Moopen (DIN: 03604401) as a Non-Executive Non-Independent Director of the Company.

  ›Against Axis Mutual Fund, Edelweiss Mutual Fund, Sundaram Mutual Fund

  • Axis Mutual FundDr. (Ms.) Zeba Azad Moopen, 33, is part of the promoter family (daughter of Dr. Azad Moopen). She joined Aster DM Healthcare Ltd. in 2017 and oversaw the orthopedic operations at Medcare, UAE. She was involved in establishing Aster Volunteers, the group’s CSR initiative, and in the growth of Dr. Moopen’s Medical College. From 2020 to 2022, she contributed in setting up Aster Digital Health – Aster’s technology platform and led the incorporation of Wellth by Medcare, a centre for integrative medicine in UAE. She is liable to retire by rotation and her appointment is in line with statutory requirements. We raise concern that there is lack of clarity on her current role with the group. We are unable to support her appointment since there are an excessive number of promoter family members on the board: four members from the promoter family and one employee from Aster’s GCC business. With the divestment of the GCC operations in April 2024, the company’s revenue has dropped to less than half of the pre-divestment business. With the reduced size of the company’s operations, we do not support an increase in promoter representation. This practice deters the company from attracting the right professional talent.
  • Edelweiss Mutual FundHolding too many directorships
  • Sundaram Mutual Fund"Dr. (Ms.) Zeba Azad Moopen, 33, is part of the promoter family (daughter of Dr. Azad Moopen). She joined Aster DM Healthcare Ltd. in 2017 and oversaw the orthopedic operations at Medcare, UAE. She was involved in establishing Aster Volunteers, the group’s CSR initiative, and in the growth of Dr. Moopen’s Medical College. From 2020 to 2022, she contributed in setting up Aster Digital Health – Aster’s technology platform and led the incorporation of Wellth by Medcare, a centre for integrative medicine in UAE. She is liable to retire by rotation and her appointment is in line with statutory requirements. We raise concern that there is lack of clarity on her current role with the group. We are unable to support her appointment since there are an excessive number of promoter family members on the board: four members from the promoter family and one employee from Aster’s GCC business. With the divestment of the GCC operations in April 2024, the company’s revenue has dropped to less than half of the pre-divestment business. With the reduced size of the company’s operations, we do not support an increase in promoter representation. This practice deters the company from attracting the right professional talent."

  11 for3 against

Mutual fund votes, meeting of 22 Jan 2024, 11 fund houses

• To approve: (a) a material related party transaction, being the sale by Affinity Holdings Private Limited, a wholly owned material subsidiary of the Company, of its entire ownership of the shares in entities conducting business in the GCC region, including Aster DM Healthcare FZC, i.e., a material subsidiary of the Company to Alpha GCC Holdings Limited in terms of Regulation 23 and other applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), as amended from time to time, read with Company’s ‘Policy on Material Subsidiaries’ and ‘Related Party Transaction Policy’ and Section 2(76), Section 188 and other applicable provisions of the Companies Act, 2013 (“Act”) read with the rules framed thereunder (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) and other applicable laws / statutory provisions, if any, (b) a consequential transaction being ‘Non-Compete and Brand Co-existence Agreement’, with Affinity Holdings Private Limited, Aster DM Healthcare FZC, Alpha GCC Holdings Limited and Dr. Azad Moopen, and Ms. Alisha Moopen, being the promoters of the Company, and (c) consequential arrangement being ‘MVT' (Medical Value Travel) with Aster DM Healthcare FZC 23 and other applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), as amended from time to time, read with Company’s ‘Policy on Material Subsidiaries’ and ‘Related Party Transaction Policy’ and Section 2(76), Section 188 and other applicable provisions of the Companies Act, 2013 (“Act”) read with the rules framed thereunder (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) and other applicable laws / statutory provisions, if any, (b) a consequential transaction being ‘Non-Compete and Brand Co-existence Agreement’, with Affinity Holdings Private Limited, Aster DM Healthcare FZC, Alpha GCC Holdings Limited and Dr. Azad Moopen, and Ms. Alisha Moopen, being the promoters of the Company, and (c) consequential arrangement being ‘MVT' (Medical Value Travel) with Aster DM Healthcare FZCMoreLess

  11 for0 against
• To approve the sale by Affinity Holdings Private Limited, a wholly owned subsidiary of the Company, of its entire ownership of the shares in entities conducting business in the GCC region, including Aster DM Healthcare FZC, i.e., a material subsidiary of the Company, to Alpha GCC Holdings Limited, in terms of Regulations 16(1)(c), 24(5) and other applicable regulations of the SEBI Listing Regulations, as amended from time to time, read with Company’s ‘Policy on Material Subsidiaries’ and other applicable provisions of the Act, read with the rules framed thereunder (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) and other applicable laws / statutory provisions, if anyMoreLess

  10 for0 against