Fortis Healthcare CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 22 Jan 2026, 32 fund houses

• To consider appointment of Mr. Mohd Shahazwan Bin Mohd Harris (DIN: 08465456) as a Non-Independent & Non-Executive Director of the Company, Liable to retire by rotation

  32 for0 against

Mutual fund votes, meeting of 15 Nov 2025, 34 fund houses

• To consider appointment of Dr. Keith Hsiu Chin Lim (DIN: 11276851) as a Non-Independent & Non-Executive Director of the Company, Liable to retire by rotation

  34 for0 against

Mutual fund votes, meeting of 11 Aug 2025, 31 fund houses

• To receive, consider and adopt the Audited Financial Statements (both 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 thereonMoreLess

  ›Against Angel One Mutual Fund, Capitalmind Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundFinancial statements of few subsidiaries not disclosed on the website of the Company.
  • Capitalmind Mutual FundNon-disclosure of subsidiary financials on website
  • Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified financial statements (except certain non-material remarks identified in CARO Report). Non-Compliant with S.136(1) of the Companies Act and SEBI Listing Regulations: Financial statements of few subsidiaries not disclosed on the website of the Company.
  • PPFAS Mutual FundNon-disclosure of financials of subsidiaries on website

  24 for7 against
• To declare final dividend of Rs. 1 (Rupee One) per equity share, for the financial year ended March 31, 2025.

  31 for0 against
• To appoint a Director in place of Mr. Tomo Nagahiro (DIN - 10074111), who retires by rotation and being eligible, offers his candidature for re-appointment.

  31 for0 against
• To appoint a Director in place of Mr. Lim Tsin Lin (DIN - 10118906), who retires by rotation and being eligible, offers his candidature for re-appointment

  ›Against Invesco Mutual Fund

  • Invesco Mutual FundLim Tsin Lin, 47, is the Head of Dana Impak (an impact fund of Khazanah Nasional Berhad) at Khazanah Nasional Berhad (Malaysia’s sovereign wealth fund). Khazanah Nasional Berhad (Khazanah) held 25.70% equity in IHH Healthcare (promoter entity) on 28 March 2025 through its wholly-owned subsidiary Pulau Memutik Ventures Sdn Bhd. He has been associated with Khazanah since 2005 and also serves on the board of IHH Healthcare (promoter entity). He has been on the board of Fortis Healthcare Limited since 4 May 2023. He has attended seven out of ten (70%) board meetings in FY25 and fourteen out of twenty (70%) board meetings since his appointment to the board. We expect directors to attend all board meetings during the year or a minimum of 75% of the board meetings.Five out of nine directors are Non-Executive Non-Independent, which is unusual: the company must explain the value of having such a large proportion of Non-Executive Non-Independent directors on the board. Further, it is unclear why a representative of Khazanah, an investor in IHH, has been appointed on the company’s board.Given his low board meeting attendance, we are unable to support his reappointment. We do not support the resolution

  30 for1 against
• Ratification of Remuneration to Jitender, Navneet and Co., (Firm Registration No.: 000119), Cost Auditors for Financial Year ended March 31, 2025

  31 for0 against
• To Appoint and fix the Fees of Neelam Gupta and Associates, Company Secretaries (Firm Registration No. S2006DE086800) as Secretarial Auditors of the Company for a term of 5 (five) consecutive years commencing from Financial Year April 1, 2025 to March 31, 2030MoreLess

  31 for0 against

Mutual fund votes, meeting of 20 Mar 2025, 24 fund houses

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

• Approval of appointment of Mr. Leo Puri (DIN:01764813) as Director (an Independent & Non-Executive Director) of the Company.

  24 for0 against
• To Recommend Payment of Commission/Remuneration to Chairman (Independent Director) Till March 31, 2027

  ›Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund

  • Bandhan Mutual FundFortis Healthcare Ltd. (Fortis) sought shareholder approval at the 2024 AGM to pay its independent directors the higher of: (a) remuneration of up to Rs. 7.35 mn per annum for each Independent Director (Rs. 9.45 mn if the Chairperson is an Independent Director), or (b) an aggregate commission of up to 1% of the net profits to all non-executive directors. The company now seeks approval to increase the remuneration for the Independent Chairperson to Rs. 19.50 mn per annum. We note that Fortis has a competent set of independent directors, including the Chairperson. However, the proposed remuneration of Rs. 19.50 mn exceeds the pay levels for Independent Chairpersons at all BSE100 companies (non-financial), despite Fortis not being part of the index. We also recognize that the company has conducted a benchmarking exercise for the remuneration - however, most of the peer companies used in this process are significantly larger and belong to the NIFTY50 index, whereas Fortis is a part of the NIFTY500. We do not support the resolution.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate justification for proposed modification to payment of commission; Proposed increase in commission payable to Chairman (ID) is significant.
  • Nippon India Mutual FundCommission is high
  • Sundaram Mutual Fund"Fortis Healthcare Ltd. (Fortis) sought shareholder approval at the 2024 AGM to pay its independent directors the higher of: (a) remuneration of up to Rs. 7.35 mn per annum for each Independent Director (Rs. 9.45 mn if the Chairperson is an Independent Director), or (b) an aggregate commission of up to 1% of the net profits to all non-executive directors. The company now seeks approval to increase the remuneration for the Independent Chairperson to Rs. 19.50 mn per annum. We note that Fortis has a competent set of independent directors, including the Chairperson. However, the proposed remuneration of Rs. 19.50 mn exceeds the pay levels for Independent Chairpersons at all BSE100 companies (non-financial), despite Fortis not being part of the index. The company should provide a clear rationale and outline the benchmarking process undertaken to determine the proposed payout. In the absence of clarity, we do not support the resolution."

  15 for8 against
• To consider Amendment in the Articles of Association of the Company.

  ›Against Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Baroda BNP Paribas Mutual FundThis will undermine the role of NRC in identifying potential candidates for directorship.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. No concern in relation with the proposed Amendment to Article 89(3) itself or the Right to nominate for Debenture Trustees. Governance Concern: Provides rights for instances wherein the scope is not restricted to merely what is provided in law. Nomination rights undermines the role of NRC.

  18 for6 against
• Proposal for acquisition of Shrimann Hospital at Jalandhar City and transactions in relation thereto to be entered into by Fortis Hospotel Limited, Wholly Owned Subsidiary Company

  ›Against Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Valuation Report not disclosed.

  19 for5 against
• To consider raising debt through Fortis Hospotel Limited (“FHTL”), a wholly owned subsidiary of the Company for meeting funding requirements, largely to finance the acquisition of Shrimann Hospital and for its future growth/ capex requirements and to pledge, mortgage, hypothecate and/or create charge on any assets / properties of FHTL.MoreLess

  ›Against Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. No concern identified with the proposal itself. Governance Concern: Interlinked with resolution #4.

  19 for5 against
• To consider amendment in the Articles of Association of Agilus Diagnostics Limited

  24 for0 against

Mutual fund votes, meeting of 3 Oct 2024, 22 fund houses

• To consider entering into a material related party transaction between the Company, NYLIM Jacob Ballas India Fund III LLC (“NJBIF”) and Resurgence PE Investments Limited (formerly known as Avigo PE Investments Limited) (“Resurgence”) (NJBIF and Resurgence are collectively, “Related Parties”) as part of a composite transaction whereby the Company shall acquire the entire stake held by NJBIF, Resurgence and International Finance Corporation (“IFC”) (collectively, “PE Investors”) in Agilus Diagnostics Limited (“ADL”) (representing 31.52% equity stake of paid up share capital of ADL).MoreLess

  ›Against Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Baroda BNP Paribas Mutual FundNo valuation report enclosed. Also there is no description of the methodology of valuation as well.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Valuation Report not enclosed with Notice.

  16 for6 against
• To consider raising debt through issuance of listed, senior, secured, rated Non-Convertible Debentures by the Company and utilization thereof for the purposes of the proposed acquisition by the Company of 31.52% shareholding of Agilus Diagnostics Limited held by NYLIM Jacob Ballas India Fund III LLC, Resurgence PE Investments Limited (formerly known as Avigo PE Investments Limited) and International Finance Corporation.MoreLess

  ›Against Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Baroda BNP Paribas Mutual FundLinked to above resolution of FORTIS. Given Agilus is already a subsidiary we would have been ok for minority stake purchase but the proposals are bereft of any explanation or details
  • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Interlinked with resolution #1.

  16 for6 against
• To consider creation of encumbrance on the securities held by the Company in Agilus Diagnostics Limited (“ADL”) for the purposes of raising funds by way of issuance of the Non-Convertible Debentures.

  ›Against Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Baroda BNP Paribas Mutual FundAmount is large Rs15.5bn and there is no explanation. The market cap of the parent itself is Rs450bn and this is only for 32% stake
  • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Interlinked with resolution #1.

  16 for6 against
• To consider Amendment in the Articles of Association of the Company

  ›Against Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Edelweiss Mutual FundCompliant with law. No concern in relation with rights which cover cases specifically covered under law. Governance Concern: Provides rights for instances wherein the scope is not restricted to merely what is provided in law. Nomination rights undermines
  • Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. No concern in relation with rights which cover cases specifically covered under law. Governance Concern: Provides rights for instances wherein the scope is not restricted to merely what is provided in law. Nomination rights undermines the role of NRC.

  17 for5 against

Mutual fund votes, meeting of 2 Aug 2024, 22 fund houses

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

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

  ›Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundUnqualified financial statements (except certain non-material remarks identified in CARO Report). Non-Compliant with S.136(1) of the Companies Act: Non-disclosure of the audited financial statements of subsidiaries on the website of the Company.
  • Helios Mutual FundTo consider and adopt the Audited Standalone Financial Statements of the Company together with Reports of the Board and Auditors thereon and the Audited Consolidated Financial Statements of the Company including Auditors Report thereon for the financial year ended on March 31, 2024.
  • JM Financial Mutual FundUnqualified financial statements (except certain non-material remarks identified in CARO Report). Non-Compliant with Section136(1) of the Companies Act, 2013: Non-disclosure of the audited financial statements of subsidiaries on the website of the Company.
  • Zerodha Mutual FundNon-disclosure of financials of subsidiary on website.

  15 for7 against
• To declare dividend of Rs. 1/- (Rupee One) per equity share, for the financial year ended March 31, 2024.

  22 for0 against
• To appoint Mr Dilip Kadambi (DIN-02148022), who retires by rotation and being eligible, offers himself for re-appointment as a Director.

  22 for0 against
• To appoint Mr Mehmet Ali Aydinlar (DIN- 10073483), who retires by rotation and being eligible, offers himself for re- appointment as a Director.

  22 for0 against
• Re-appointment of M/s B S R & Co. LLP, Chartered Accountants, having Firm Registration No. 101248W/W-100022 as Statutory Auditors of the Company, who shall hold office of the Statutory Auditors from the conclusion of 28th Annual General Meeting till the conclusion of the 32nd Annual General Meeting to be held in the year 2028,MoreLess

  ›Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concerns on merit & eligibility of proposed Auditors. Non-Compliant with Section 139 of Companies Act: Proposed reappointment for period of 4 years. Governance Concern: Prolonged association.
  • Helios Mutual FundRe-appointment of M/s B S R and Co. LLP, Chartered Accountants, having Firm Registration No. 101248W/W-100022, who has given its consent along with certificate under Section 141 of the Companies Act, 2013 and certificate issued by the Peer Review Board of ICAI, as Statutory Auditors of the Company and who shall hold office of the Statutory Auditors from the conclusion of 28th Annual General Meeting till the conclusion of the 32nd Annual General Meeting to be held in the year 2028, and shall conduct the Statutory Audit for the financial years commencing from April 01, 2024 till the year ended March 31, 2028, at such remuneration plus out of pocket expenses and applicable taxes.
  • JM Financial Mutual FundNo concerns on merit & eligibility of proposed Auditors. Non-Compliant with Section 139 of Companies Act, 2013: Proposed reappointment for period of 4 years. Governance Concern: Prolonged association.
  • Zerodha Mutual FundNon-Compliant with Section 139 of Companies Act: Proposed reappointment for period of 4 years. Governance Concern: Prolonged association.

  15 for7 against
• Ratification of Remuneration of Cost Auditor of the Company

  20 for0 against
• Payment of Remuneration to Independent Director(s) for a period of three years effective April 1, 2024 to March 31, 2027.

  20 for0 against
• Re-appointment of Dr. Ashutosh Raghuvanshi (DIN: 02775637) as Managing Director (designated as Managing Director & CEO) for a period of two years effective March 19, 2025.

  22 for0 against