Indegene logo

Indegene CEO, MD, chairman, board of directors and AGM

NSE: INDGNBSE: 544172Healthcare ServicesSmall Cap

Last close ₹571.90down ₹16.20 (2.75%)BSE ₹571.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹588.10.

52-week range of traded prices to 23 Oct 2026
₹414.00Low, 23 Mar 2026₹627.00High, 29 Sep 2026
Market cap
₹13,781 Cr506th largest listed
P/E
34.4
P/B
4.4
Dividend yield
0.39%
ROE
13.9%
ROCE
15.6%
Debt to equity
0.00
Volume, NSE
4,38,44778.8% delivered

Indegene board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Chairperson and chief executiveManish Gupta
  • Company Secretary and Compliance OfficerSrishti Ramesh Kaushik

11 directors7 independent2 executive2 non-executive

  • Manish Gupta · Chairperson and chief executiveExecutive · joined Feb 2000 · reappointed Nov 2022 · 1 listed board
  • Sanjay Suresh ParikhExecutive · joined Jan 2002 · reappointed Jan 2002 · 1 listed board · 2 committee seats
  • Rajesh Bhaskaran NairNon-executive · joined Oct 1998 · reappointed Feb 2016 · 1 listed board · 1 committee seat
  • Mark Francis DzialgaNon-executive · joined Apr 2021 · reappointed Apr 2021 · 1 listed board
  • Krishnamurthy Venugopala TennetiIndependent · joined Jul 2022 · reappointed Jul 2024 · 47 months as independent · 2 listed boards · 1 as independent · 3 committee seats, 1 as chair
  • Ashish GuptaIndependent · joined Apr 2022 · reappointed Apr 2025 · 50 months as independent · 3 listed boards · 3 as independent · 1 committee seat
  • Jairaj Manohar PurandareIndependent · joined Apr 2022 · reappointed Apr 2025 · 50 months as independent · 4 listed boards · 4 as independent · 7 committee seats, 4 as chair
  • Pravin Udhyavara Bhadya RaoIndependent · joined Jun 2022 · reappointed Jun 2025 · 48 months as independent · 4 listed boards · 4 as independent · 6 committee seats, 1 as chair
  • Georgia Nikolakopoulou PapathomasIndependent · joined Sep 2022 · reappointed Oct 2025 · 45 months as independent · 1 listed board · 1 as independent
  • Neeraj BharadwajIndependent · joined Jan 2026 · reappointed Jan 2026 · 5 months as independent · 2 listed boards · 1 as independent · 1 committee seat
  • Jill Mary De SimoneIndependent · joined Jan 2026 · reappointed Jan 2026 · 5 months as independent · 1 listed board · 1 as independent

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 29 Apr 202611 of 11 present7 independent · 89 days in between
    • 29 Jan 20269 of 11 present6 independent

  • Audit Committee

    Chair Jairaj Manohar Purandare

    Sanjay Suresh Parikh, Pravin Udhyavara Bhadya Rao, Krishnamurthy Venugopala Tenneti

    • 28 Apr 20264 of 4 present3 independent · 40 days in between
    • 18 Mar 20263 of 4 present3 independent · 48 days in between
    • 28 Jan 20263 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Krishnamurthy Venugopala Tenneti

    Pravin Udhyavara Bhadya Rao, Mark Francis Dzialga, Ashish Gupta, Jairaj Manohar Purandare, Neeraj Bharadwaj

    • 18 Mar 20264 of 6 present4 independent

  • Stakeholders Relationship Committee

    Chair Jairaj Manohar Purandare

    Sanjay Suresh Parikh, Rajesh Bhaskaran Nair

    • 3 Mar 20263 of 3 present1 independent

  • Risk Management Committee

    Chair Manish Gupta

    Rajesh Bhaskaran Nair, Sanjay Suresh Parikh, Pravin Udhyavara Bhadya Rao

    • 4 Mar 20264 of 4 present1 independent

  • Corporate Social Responsibility Committee

    Chair Manish Gupta

    Rajesh Bhaskaran Nair, Sanjay Suresh Parikh, Pravin Udhyavara Bhadya Rao

    • 19 Jan 20263 of 4 present1 independent

  • Investment Committee

    Chair Krishnamurthy Venugopala Tenneti

    Ashish Gupta, Mark Francis Dzialga, Rajesh Bhaskaran Nair, Neeraj Bharadwaj

    • 16 Apr 20265 of 5 present3 independent · 86 days in between

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Jun 2026.

  • Deloitte Haskins & SellsPeer-review certificate valid to Apr 2028
1 earlier auditor
  • B S R & Co. LLPNamed in the filing for the quarter to Mar 2025

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Indegene AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Indegene dividend history

Annual general meeting, 13 Aug 2026

1,36,695 shareholders on the register on 7 Aug 2026; present: 0 promoters and 41 others; votes counted by Madhwesh K / Madhwesh K.The company's voting result (opens in a new tab)

  1. TO RECEIVE, CONSIDER AND ADOPT THE FINANCIAL STATEMENTS
    Ordinary
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.36% · other public 0.00%

    Turnout: all 79.80% · promoters 0.00% · institutions 85.41% · other public 77.73%

  2. TO DECLARE FINAL DIVIDEND.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 79.85% · promoters 0.00% · institutions 85.58% · other public 77.73%

  3. TO APPOINT MR. MANISH GUPTA, (DIN: 00219273) AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION.
    Ordinary
    99.69% for0.31% against

    Against: promoters 0.00% · institutions 1.06% · other public 0.00%

    Turnout: all 79.84% · promoters 0.00% · institutions 85.57% · other public 77.73%

  4. TO APPOINT DR. SANJAY SURESH PARIKH, (DIN: 00219278) AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION.
    Ordinary
    97.63% for2.37% against

    Against: promoters 0.00% · institutions 8.20% · other public 0.00%

    Turnout: all 79.82% · promoters 0.00% · institutions 85.48% · other public 77.73%

  5. TO APPOINT MS. JILL MARY DE SIMONE (DIN:11483134) AS AN INDEPENDENT DIRECTOR OF THE COMPANY.
    Special
    91.96% for8.04% against

    Against: promoters 0.00% · institutions 27.85% · other public 0.00%

    Turnout: all 79.82% · promoters 0.00% · institutions 85.48% · other public 77.73%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 23 Jan 2026, 1 resolution

1,49,930 shareholders on the register on 12 Dec 2025; votes counted by Madhwesh Krishnamurthy / Madhwesh K.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Neeraj Bharadwaj (DIN: 01314963) as an Independent Director
    Special
    99.61% for0.39% against

    Against: promoters 0.00% · institutions 2.07% · other public 0.00%

    Turnout: all 77.62% · promoters 0.00% · institutions 75.59% · other public 78.11%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 12 Aug 2025, 1 resolution

1,54,043 shareholders on the register on 4 Jul 2025; votes counted by Madhwesh Krishnamurthy / Madhwesh K.The company's voting result (opens in a new tab)

  1. Approval of Variation in Utilization of Initial Public Offering (“IPO”) Proceeds
    Special
    99.99% for0.01% against

    Against: institutions 0.00% · other public 0.01%

    Turnout: all 38.53% · institutions 68.91% · other public 32.18%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 26 Jun 2025, 8 resolutions

1,53,716 shareholders on the register on 19 Jun 2025; present: 0 promoters and 52 others; votes counted by Madhwesh Krishnamurthy / Madhwesh K.The company's voting result (opens in a new tab)

  1. TO RECEIVE, CONSIDER AND ADOPT FINANCIAL STATEMENTS
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 68.40% · promoters 0.00% · institutions 66.42% · other public 68.82%

  2. TO DECLARE FINAL DIVIDEND
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 68.40% · promoters 0.00% · institutions 66.42% · other public 68.82%

  3. TO APPOINT MR. MARK FRANCIS DZIALGA (DIN: 00955485) AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION
    Ordinary
    95.13% for4.87% against

    Against: promoters 0.00% · institutions 28.85% · other public 0.00%

    Turnout: all 68.40% · promoters 0.00% · institutions 66.42% · other public 68.82%

  4. TO APPOINT DR. RAJESH BHASKARAN NAIR (DIN: 00219269) AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION
    Ordinary
    99.68% for0.32% against

    Against: promoters 0.00% · institutions 1.89% · other public 0.00%

    Turnout: all 68.40% · promoters 0.00% · institutions 66.42% · other public 68.82%

  5. TO APPOINT DELOITTE HASKINS and SELLS, CHARTERED ACCOUNTANTS, AS STATUTORY AUDITORS OF THE COMPANY
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.24% · other public 0.00%

    Turnout: all 68.40% · promoters 0.00% · institutions 66.42% · other public 68.82%

  6. TO APPOINT MADHWESH PRATHAP AND ASSOCIATES, AS SECRETARIAL AUDITORS OF THE COMPANY
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.24% · other public 0.00%

    Turnout: all 68.40% · promoters 0.00% · institutions 66.42% · other public 68.82%

  7. TO APPROVE CONTINUATION OF DIRECTORSHIP OF DR. GEORGIA NIKOLAKOPOULOU PAPATHOMAS (DIN: 09734940), INDEPENDENT DIRECTOR IN TERMS OF REGULATION 17(1A) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS), REGULATIONS, 2015MoreLess
    Special
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.34% · other public 0.00%

    Turnout: all 68.40% · promoters 0.00% · institutions 66.42% · other public 68.82%

  8. TO RE-APPOINT DR. GEORGIA NIKOLAKOPOULOU PAPATHOMAS (DIN: 09734940) AS AN INDEPENDENT DIRECTOR
    Special
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.34% · other public 0.00%

    Turnout: all 68.40% · promoters 0.00% · institutions 66.42% · other public 68.82%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 17 Apr 2025, 4 resolutions

1,45,741 shareholders on the register on 7 Mar 2025; votes counted by Madhwesh K / NA.The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Jairaj Manohar Purandare (DIN: 00159886) as Independent Director and increase in Commission.
    Special
    99.03% for0.97% against

    Against: promoters 0.00% · institutions 11.01% · other public 0.00%

    Turnout: all 85.69% · promoters 0.00% · institutions 73.35% · other public 87.10%

  2. Re-appointment of Dr. Ashish Gupta (DIN: 00521511) as Independent Director and increase in Commission.
    Special
    96.70% for3.30% against

    Against: promoters 0.00% · institutions 37.47% · other public 0.00%

    Turnout: all 85.69% · promoters 0.00% · institutions 73.35% · other public 87.10%

  3. Re-appointment of Mr. Pravin Udhyavara Bhadya Rao (DIN: 06782450) as Independent Director and increase in Commission.
    Special
    99.78% for0.22% against

    Against: promoters 0.00% · institutions 2.46% · other public 0.00%

    Turnout: all 85.69% · promoters 0.00% · institutions 73.35% · other public 87.10%

  4. Increase in Commission payable to Mr. Krishnamurthy Venugopala Tenneti (DIN: 01338477), Independent Director.
    Special
    99.20% for0.80% against

    Against: promoters 0.00% · institutions 9.07% · other public 0.01%

    Turnout: all 85.69% · promoters 0.00% · institutions 73.35% · other public 87.10%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 6 Sep 2024, 9 resolutions

Present: 0 promoters and 60 others.The company's voting result (opens in a new tab)

  1. ADOPTION OF FINANCIAL STATEMENTS
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 87.22% · promoters 0.00% · institutions 77.71% · other public 88.02%

  2. APPOITNMENT OF DR. SANJAY SURESH PARIKH AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION
    Ordinary
    97.48% for2.52% against

    Against: promoters 0.00% · institutions 36.47% · other public 0.00%

    Turnout: all 87.22% · promoters 0.00% · institutions 77.71% · other public 88.02%

  3. APPOINTMENT OF MR. NEERAJ BHARADWAJ AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION
    Special
    99.55% for0.45% against

    Against: promoters 0.00% · institutions 6.48% · other public 0.00%

    Turnout: all 87.22% · promoters 0.00% · institutions 77.71% · other public 88.02%

  4. TO RATIFY INDEGENE LIMITED EMPLOYEE STOCK OPTION PLAN (ESOP 2020/PLAN)INCLUDING THE INDEGENE LIMITED COMPANY SHARE OPTION CSOP 2022 (CSOP SUB -PLAN FOR INDEGENE LIMITED)
    Special
    99.25% for0.75% against

    Against: promoters 0.00% · institutions 10.85% · other public 0.00%

    Turnout: all 87.22% · promoters 0.00% · institutions 77.71% · other public 88.02%

  5. TO RATIFY INDEGENE LIMITED EMPLOYEE STOCK OPTION PLAN 2020 (ESOP 2020/PLAN)INCLUDING THE INDEGENE LIMITED COMPANY SHARE OPTION CSOP 2022 ( CSOP SUB -PLAN) FOR THE SUBSIDIARIES OF INDEGENE LIMITED
    Special
    99.25% for0.75% against

    Against: promoters 0.00% · institutions 10.85% · other public 0.00%

    Turnout: all 87.22% · promoters 0.00% · institutions 77.71% · other public 88.02%

  6. TO RATIFY THE INDEGENE EMPLOYEE RESTRICTED STOCK UNIT PLAN 2020 (RSU 2020/PLAN) FOR INDEGENE LIMITED
    Special
    98.44% for1.56% against

    Against: promoters 0.00% · institutions 22.53% · other public 0.00%

    Turnout: all 87.22% · promoters 0.00% · institutions 77.71% · other public 88.02%

  7. TO RATIFY THE INDEGENE EMPLOYEE RESTRICTED STOCK UNIT PLAN 2020 (RSU 2020/PLAN)FOR THE SUBSIDIARIES OF INDEGENE LIMITED
    Special
    98.44% for1.56% against

    Against: promoters 0.00% · institutions 22.53% · other public 0.00%

    Turnout: all 87.22% · promoters 0.00% · institutions 77.71% · other public 88.02%

  8. APPOINTMENT OF MR. KRISHNAMURTHY VENUGOPALA TENNETI
    Special
    95.96% for4.04% against

    Against: promoters 0.00% · institutions 58.43% · other public 0.00%

    Turnout: all 87.22% · promoters 0.00% · institutions 77.71% · other public 88.02%

  9. GRANTING NOMINATION RIGHTS TO SPECIFIC SHAREHOLDERS
    Special
    97.28% for2.72% against

    Against: promoters 0.00% · institutions 39.29% · other public 0.00%

    Turnout: all 87.22% · promoters 0.00% · institutions 77.71% · other public 88.02%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 13 Aug 2026, 9 fund houses so far (houses' deadline to file 15 Oct 2026)

  • TO RECEIVE, CONSIDER AND ADOPT THE FINANCIAL STATEMENTS
    9 for0 against
  • TO DECLARE FINAL DIVIDEND.
    9 for0 against
  • TO APPOINT MR. MANISH GUPTA, (DIN: 00219273) AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION.
    9 for0 against
  • TO APPOINT DR. SANJAY SURESH PARIKH, (DIN: 00219278) AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION.
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance Concern: Low attendance at Audit Committee meetings held during FY 2025-26 and no justification has been provided by the Company for his leave of absence.
    • Edelweiss Mutual Fund, Navi Mutual FundCompliant with the law. No concern on the merits of the proposed Director. Governance Concern: Low attendance at Audit Committee meetings held during FY 2025-26 and no justification has been provided by the Company for his leave of absence.
    6 for3 against
  • TO APPOINT MS. JILL MARY DE SIMONE (DIN:11483134) AS AN INDEPENDENT DIRECTOR OF THE COMPANY.
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundDelayed Shareholders’ approval proposed i.e. after lapse of three months from the date of appointments. Governance Concern: Fixed remuneration to be paid to Independent Director.
    • Edelweiss Mutual Fund, Navi Mutual FundNo concern on the merits of proposed appointee. Non-Compliant with Companies Act: Delayed Shareholders’ approval proposed i.e. after lapse of three months from the date of appointments. Governance Concern: Fixed remuneration to be paid to ID.
    6 for3 against

Mutual fund votes, meeting of 23 Jan 2026, 18 fund houses

  • Appointment of Mr. Neeraj Bharadwaj (DIN: 01314963) as an Independent Director
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance Concern: Cooling off period of 3 years not served between Nominee Director to Independent Director. Transparency Concern: Absence of disclosure on the base commission proposed to appointee.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on the merit of proposed appointee. Governance Concern: Cooling off period of 3 years not served between Nominee Director to ID. Transparency Concern: Absence of disclosure on the base commission proposed to appointee.
    • Kotak Mahindra Mutual FundNeeraj Bharadwaj, 57, is Managing Director of Carlyle India Advisors Private Limited. He was previously the Managing Director of Accel Partners and Apax Partners. He was earlier associated with Indegene Ltd. as a Non-Executive Non-Independent Director nominee of CA Dawn Investments (a Carlyle Group affiliate), which held 14.5% equity in the company. The Carlyle Group has since exited as an investor on 4 June 2025, and Neeraj Bharadwaj subsequently resigned as nominee from the board of Indegene Ltd. on 22 July 2025. Any director associated with the Company in the any other capacity, other than ID, should serve a cooling off period of minimum 3 years before being appointed as Independent Director in the Company. As we find this a governance concern, we do not favour this resolution.
    11 for7 against
4 earlier meetings

Mutual fund votes, meeting of 12 Aug 2025, 18 fund houses

  • Approval of Variation in Utilization of Initial Public Offering (“IPO”) Proceeds
    18 for0 against

Mutual fund votes, meeting of 26 Jun 2025, 18 fund houses

  • TO RECEIVE, CONSIDER AND ADOPT FINANCIAL STATEMENTS
    18 for0 against
  • TO DECLARE FINAL DIVIDEND
    18 for0 against
  • TO APPOINT MR. MARK FRANCIS DZIALGA (DIN: 00955485) AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION
    18 for0 against
  • TO APPOINT DR. RAJESH BHASKARAN NAIR (DIN: 00219269) AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION
    18 for0 against
  • TO APPOINT DELOITTE HASKINS and SELLS, CHARTERED ACCOUNTANTS, AS STATUTORY AUDITORS OF THE COMPANY
    18 for0 against
  • TO APPOINT MADHWESH PRATHAP AND ASSOCIATES, AS SECRETARIAL AUDITORS OF THE COMPANY
    18 for0 against
  • TO APPROVE CONTINUATION OF DIRECTORSHIP OF DR. GEORGIA NIKOLAKOPOULOU PAPATHOMAS (DIN: 09734940), INDEPENDENT DIRECTOR IN TERMS OF REGULATION 17(1A) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS), REGULATIONS, 2015MoreLess
    18 for0 against
  • TO RE-APPOINT DR. GEORGIA NIKOLAKOPOULOU PAPATHOMAS (DIN: 09734940) AS AN INDEPENDENT DIRECTOR
    18 for0 against

Mutual fund votes, meeting of 17 Apr 2025, 18 fund houses

  • Re-appointment of Mr. Jairaj Manohar Purandare (DIN: 00159886) as Independent Director and increase in Commission.
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundGovernance Concern: Fixed remuneration must not to be paid to independent director.
    • Axis Mutual Fund, Invesco Mutual Fund, Navi Mutual FundJairaj Purandare, 66, is the founder and Chairperson of JMP Advisors Pvt Ltd, an advisory, tax, and regulatory services firm based in Mumbai, India. He previously served as Executive Director of PricewaterhouseCoopers Private Limited and as Managing Partner and Chairperson of Ernst & Young LLP. He has been on the board since April 2022 and attended all board meetings held in FY24 and FY25. The company seeks shareholder approval for his reappointment and an increase in his annual commission to Rs. 5.0 mn (from Rs. 4.0 mn). While his reappointment is in line with statutory requirements, we note that he serves as an Independent Director on the boards of four listed companies (including Indegene Ltd.). Regulations allow whole-time directors of listed companies to hold Independent Directorships in a maximum of three listed companies, given their full-time responsibilities. We believe that as the founder and Chairperson of JMP Advisors Pvt Ltd, his role is equivalent to a whole-time directorship. Therefore, his number of directorships in listed companies is not in line with the spirit of the regulation. We do not support the resolution.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual FundCompliant with law. No concern on the merit of proposed appointee. Governance Concern: Fixed remuneration to be paid to proposed appointees.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: Skewed Remuneration
    9 for9 against
  • Re-appointment of Dr. Ashish Gupta (DIN: 00521511) as Independent Director and increase in Commission.
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund
    • Angel One Mutual FundGovernance Concern: Fixed remuneration must not to be paid to independent director.
    • Axis Mutual Fund, Invesco Mutual Fund, Navi Mutual FundDr. Ashish Gupta, 59, is an investor associated with several startups in India and the USA. Public sources indicate that he is associated with various internet-based firms, including Gupshup (an American messaging platform for businesses), Urban Company (a marketplace for home services), Inhabitr (an AI-powered furnishing solution for commercial real estate), among others. He has been on the board of Indegene Ltd. since April 2022 and attended six out of seven board meetings held in FY25 as well as FY24. His reappointment is in line with statutory requirements. The company also seeks approval to increase his commission to Rs. 10.0 mn annum (currently Rs. 9.0 mn). The company has clarified that his proposed commission is higher than that of other independent directors (Rs. 5.0 mn per annum) due to his US residency. However, we raise concerns that the proposed commission, which is twice what is proposed for other independent directors based in India, is high relative to the company's size and scale. The company should have outlined the benchmarking process undertaken to determine the proposed payout. Although we support Dr. Ashish Gupta’s reappointment as Independent Director, we do not support the proposed remuneration. Therefore, we do not support the resolution.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual FundCompliant with law. No concern on the merit of proposed appointee. Governance Concern: Fixed remuneration to be paid to proposed appointees.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: Fixed remuneration
    • UTI Mutual FundDr. Ashish Gupta, 59, is an investor associated with several startups in India and the USA. Public sources indicate that he is associated with various internet-based firms, including Gupshup (an American messaging platform for businesses), Urban Company (a marketplace for home services), Inhabitr (an AI-powered furnishing solution for commercial real estate), among others. The company seeks approval to increase his commission to Rs. 10.0 mn annum (currently Rs. 9.0 mn). However, we raise concerns that the proposed commission, which is twice what is proposed for other independent directors based in India, is high relative to the company's size and scale.
    8 for10 against
  • Re-appointment of Mr. Pravin Udhyavara Bhadya Rao (DIN: 06782450) as Independent Director and increase in Commission.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund
    • Angel One Mutual FundGovernance Concern: Fixed remuneration must not to be paid to independent director.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual FundCompliant with law. No concern on the merit of proposed appointee. Governance Concern: Fixed remuneration to be paid to proposed appointees.
    14 for4 against
  • Increase in Commission payable to Mr. Krishnamurthy Venugopala Tenneti (DIN: 01338477), Independent Director.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund
    • Angel One Mutual FundGovernance Concern: Fixed remuneration must not to be paid to independent director. Cooling off period of 3 years not served between Non-Executive Director to Independent Director; Prolonged Association with the Company.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual FundNo concern on the merit of proposed appointee. Governance Concern: Fixed remuneration to be paid to ID. Cooling off period of 3 years not served between NED to ID; Prolonged Association with the Company.
    14 for4 against

Mutual fund votes, meeting of 6 Sep 2024, 7 fund houses

  • ADOPTION OF FINANCIAL STATEMENTS
    7 for0 against
  • APPOITNMENT OF DR. SANJAY SURESH PARIKH AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION
    7 for0 against
  • APPOINTMENT OF MR. NEERAJ BHARADWAJ AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION
    7 for0 against
  • TO RATIFY INDEGENE LIMITED EMPLOYEE STOCK OPTION PLAN (ESOP 2020/PLAN)INCLUDING THE INDEGENE LIMITED COMPANY SHARE OPTION CSOP 2022 (CSOP SUB -PLAN FOR INDEGENE LIMITED)
    Against Baroda BNP Paribas Mutual Fund
    • Baroda BNP Paribas Mutual FundCompliant with law. Governance Concern: Policy Extends to Employees holding more than 10% Voting Power.
    6 for1 against
  • TO RATIFY INDEGENE LIMITED EMPLOYEE STOCK OPTION PLAN 2020 (ESOP 2020/PLAN)INCLUDING THE INDEGENE LIMITED COMPANY SHARE OPTION CSOP 2022 ( CSOP SUB -PLAN) FOR THE SUBSIDIARIES OF INDEGENE LIMITED
    Against Baroda BNP Paribas Mutual Fund
    • Baroda BNP Paribas Mutual FundCompliant with law. Governance Concern: Policy Extends to Employees holding more than 10% Voting Power.
    6 for1 against
  • TO RATIFY THE INDEGENE EMPLOYEE RESTRICTED STOCK UNIT PLAN 2020 (RSU 2020/PLAN) FOR INDEGENE LIMITED
    Against DSP Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund
    • DSP Mutual FundThe dilution on account of ESOP 2020 and RSU 2020 (unexercised) will be ~4.4% on the expanded capital base. There is no clarity on the exercise price under RSU 2020 – the notice states that exercise price will not be less than face value. Options granted at face value of Rs. 2.0 represents a discount of 99.7% to 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 targets for such parameters. In the current case, the company has not disclosed such criteria/ targets and thus, we are unable to support the resolution.
    • Edelweiss Mutual FundLack of disclosure
    • Invesco Mutual FundThe dilution on account of ESOP 2020 and RSU 2020 (unexercised) will be ~4.4% on the expanded capital base. There is no clarity on the exercise price under RSU 2020 – the notice states that exercise price will not be less than face value. Options granted at face value of Rs. 2.0 represents a discount of 99.7% to 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 targets for such parameters. In the current case, the company has not disclosed such criteria/ targets and thus, we are unable to support the resolution
    4 for3 against
  • TO RATIFY THE INDEGENE EMPLOYEE RESTRICTED STOCK UNIT PLAN 2020 (RSU 2020/PLAN)FOR THE SUBSIDIARIES OF INDEGENE LIMITED
    Against DSP Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund
    • DSP Mutual FundThe dilution on account of ESOP 2020 and RSU 2020 (unexercised) will be ~4.4% on the expanded capital base. There is no clarity on the exercise price under RSU 2020 – the notice states that exercise price will not be less than face value. Options granted at face value of Rs. 2.0 represents a discount of 99.7% to 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 targets for such parameters. In the current case, the company has not disclosed such criteria/ targets and thus, we are unable to support the resolution.
    • Edelweiss Mutual FundLack of disclosure
    • Invesco Mutual FundOur view is linked to resolution #6. We do not support the resolution
    4 for3 against
  • APPOINTMENT OF MR. KRISHNAMURTHY VENUGOPALA TENNETI
    Against Baroda BNP Paribas Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund
    • Baroda BNP Paribas Mutual FundNo concern on the merit of proposed appointee. Non-Compliant with Companies Act: Prior approval of shareholders not sought for re-appointment as ID. Governance Concern: Cooling off period of 3 years not served between NED to ID; Prolonged Association with the Company.
    • DSP Mutual FundKrishnamurthy Venugopala Tenneti, 79, is an advisor to the board of ANI Technologies Private Limited. He attended all seven board meetings held in FY24. He was a Non-Executive Director on the board of Indegene Limited from 29 September 2008 to 26 July 2022. Thereafter, he was appointed as an Independent Director from 28 July 2022. We consider his overall association with the company while computing his tenure. We do not support (re)appointment of independent directors if their aggregate association with the company/ group exceeds ten years. Since Krishnamurthy Venugopala Tenneti’s association with Indegene Limited exceeds ten years, we are unable to support the resolution. Further, the company should have sought shareholder approval prior to the completion of his first term as independent director.
    • Edelweiss Mutual FundAlready holds directorships in 10 companies
    • Invesco Mutual FundKrishnamurthy Venugopala Tenneti, 79, is an advisor to the board of ANI Technologies Private Limited. He attended all seven board meetings held in FY24. He was a Non-Executive Director on the board of Indegene Limited from 29 September 2008 to 26 July 2022. Thereafter, he was appointed as an Independent Director from 28 July 2022. We consider his overall association with the company while computing his tenure. We do not support (re)appointment of independent directors if their aggregate association with the company/ group exceeds ten years. Since Krishnamurthy Venugopala Tenneti’s association with Indegene Limited exceeds ten years, we are unable to support the resolution
    3 for4 against
  • GRANTING NOMINATION RIGHTS TO SPECIFIC SHAREHOLDERS
    Against DSP Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, SBI Mutual Fund, WhiteOak Capital Mutual Fund
    • DSP Mutual Fund, WhiteOak Capital Mutual FundRegulations require shareholder approval for certain special rights granted to shareholders. The company seeks shareholder approval for granting special rights to certain significant public shareholders: Nadathur group (holding >20% equity on 30 June 2024), CA Dawn Investments (Carlyle entity, holding 14.5% equity), BPC group holding 9.55% equity and the company’s co-founders: Dr. Rajesh Nair, Manish Gupta and Dr. Sanjay Parikh. Nadathur group, Carlyle and BPC group are entitled to appoint their nominees on the board subject to a shareholding threshold of 10% (in some cases a lower threshold applies till December 2024). This is at par with the rights available to other shareholders under the regulations (the right to call an EGM and thereby appoint a director). However, Dr. Rajesh Nair, Manish Gupta and Dr. Sanjay Parikh are eligible to appoint themselves on the board with a lower shareholding threshold of 4.0%. This is lower than the minimum shareholding required for other public shareholders who need atleast 10% equity to be able to propose a resolution (and thus propose their nominee’s appointment). We do not support the resolution.
    • Edelweiss Mutual FundAgainst interest of minority shareholders
    • Invesco Mutual FundRegulations require shareholder approval for certain special rights granted to shareholders. The company seeks shareholder approval for granting special rights to certain significant public shareholders: Nadathur group (holding >20% equity on 30 June 2024), CA Dawn Investments (Carlyle entity, holding 14.5% equity), BPC group holding 9.55% equity and the company’s co-founders: Dr. Rajesh Nair, Manish Gupta and Dr. Sanjay Parikh. Nadathur group, Carlyle and BPC group are entitled to appoint their nominees on the board subject to a shareholding threshold of 10% (in some cases a lower threshold applies till December 2024). This is at par with the rights available to other shareholders under the regulations (the right to call an EGM and thereby appoint a director). However, Dr. Rajesh Nair, Manish Gupta and Dr. Sanjay Parikh are eligible to appoint themselves on the board with a lower shareholding threshold of 4.0%. This is lower than the minimum shareholding required for other public shareholders who need atleast 10% equity to be able to propose a resolution (and thus propose their nominee’s appointment). We do not support the resolution
    • SBI Mutual FundRegulations require shareholder approval for certain special rights granted to shareholders. The company seeks shareholder approval for granting special rights to certain significant public shareholders: Nadathur group (holding >20% equity on 30 June 2024), CA Dawn Investments (Carlyle entity, holding 14.5% equity), BPC group holding 9.55% equity and the company’s co-founders: Dr. Rajesh Nair, Manish Gupta and Dr. Sanjay Parikh. Nadathur group, Carlyle and BPC group are entitled to appoint their nominees on the board subject to a shareholding threshold of 10% (in some cases a lower threshold applies till December 2024). This is at par with the rights available to other shareholders under the regulations (the right to call an EGM and thereby appoint a director). However, Dr. Rajesh Nair, Manish Gupta and Dr. Sanjay Parikh are eligible to appoint themselves on the board with a lower shareholding threshold of 4.0%. We believe investors/ promoters must hold at least 10% of outstanding equity to be able to nominate a director on the board. We do not support the resolution.
    2 for5 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Tax disputeAssessment Unit, Income Tax DepartmentSince 5 May 2026
    The Company firmly believes that its current positions are well supported on facts, principles and under the law. To obtain certainty and mitigate the risk of economic double taxation, the Company has filed an application for resolution through the Mutual Agreement Procedure (MAP) under the Double Taxation Avoidance Agreement (DTAA) between India & United States of America. In parallel, the Company will also pursue appropriate remedies under the domestic appellate framework to safeguard its interests until the MAP process is concluded. The Company is confident of a fair and timely resolution with no material liability on the Company. At this stage, the Company does not expect any material adverse impact on its financial position or operations. The Company will keep the stock exchanges informed of any further material developments in accordance with applicable regulationsMoreLess
    At the filing before: This is the first disclosure as the Company received Assessment Order under Section 143(3) read with Section 144C(3) read with Section 144B of the Income Tax Act, 1961 for the Assessment Year 2023-24 (corresponding to the Financial Year 2022-23)MoreLess

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

At most 2 complaints open, quarter to Mar 2025.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Mar 2025. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.

RaisedAmount raisedForSet asideSpentSpent elsewhereReason and comments
Public IssuesMay 2024, checked by CARE Ratings Limited760.00––No
During Q3FY25, utilization of issue proceeds towards General Corporate Purposes (GCP) had reached 29.89% of issue proceeds reflecting breach of threshold of 25% of Issue Proceeds as prescribed in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. However, during Q4FY25, the company transferred Rs. 38.00 crores back to Monitoring Account. The Monitoring Agency notes that the Prospectus indicates that Rs. 230.12 crore is to be utilized towards ‘General Corporate Purposes and Inorganic Growth’, although the quantum of utilization specifically towards ‘General Corporate Purposes’ and ‘Inorganic Growth’ is not mentioned.MoreLess
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.