Max Healthcare Institute MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 30 Jul 2025, 34 fund houses

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

• Adoption of Audited Standalone Financial Statements for the financial year 2024-25

  33 for0 against
• Adoption of Audited Consolidated Financial Statements for the financial year 2024-25

  32 for0 against
• Declaration of final Dividend of ₹1.5 (i.e. 15%) per equity share of face value of ₹10 each

  34 for0 against
• Appointment of Director in place of Mr. Anil Kumar Bhatnagar, who retires by rotation and being eligible offers himself for re-appointment

  34 for0 against
• Appointment of S.R. Batliboi & Co. LLP, Chartered Accountants as the Statutory Auditors of the Company

  34 for0 against
• Continuation of Mr. Anil Kumar Bhatnagar as Non-Executive Director of the Company

  34 for0 against
• Appointment of DPV & Associates LLP, Practicing Company Secretaries as Secretarial Auditor of the Company

  34 for0 against
• Ratification of remuneration payable to Cost Auditors for the financial year 2025-26

  34 for0 against

Mutual fund votes, meeting of 20 Sep 2024, 25 fund houses

• Adoption of Audited Standalone Financial Statements for the financial year 2023-24

  25 for0 against
• Adoption of Audited Consolidated Financial Statements for the financial year 2023-24

  25 for0 against
• Declaration of final Dividend of Rs. 1.5 (i.e. 15%) per equity share of face value of Rs. 10 each

  25 for0 against
• Appointment of director in place of Mr. Narayan K. Seshadri, who retires by rotation and being eligible offers himself for re-appointment

  25 for0 against
• Appointment of Dr. Pranav C. Mehta as an Independent Director of the Company

  25 for0 against
• Ratification of remuneration payable to Cost Auditors for the financial year 2024-25

  25 for0 against

Mutual fund votes, meeting of 5 May 2024, 25 fund houses

• Re-appointment of Mr. Michael Thomas Neeb as an Independent Director of the Company

  25 for0 against
• Re-appointment of Mr. Mahendra Gumanmalji Lodha as an Independent Director of the Company

  ›Against Bandhan Mutual Fund, DSP Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Kotak Mahindra Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, PGIM India Mutual FundAppointment compliant with law. Governance concern: Proposed term will lead to Prolonged association with the Company/ Group.
  • DSP Mutual Fund, Mahindra Manulife Mutual Fund, Navi Mutual Fund, Sundaram Mutual FundMahendra Lodha, 67, is a chartered accountant, law graduate and has 41 years of experience in investment banking, corporate restructuring and corporate and project finance. He serves as partner of G M Lodha Law Associates LLP. He attended all eight board meetings held in FY24 and all board meetings held in the last three years (FY22 to FY24). While his reappointment is in line with statutory requirements, we are unable to support the resolution as he was on the board of Radiant Life Care Pvt. Ltd. (Radiant) since 25 August 2011. In June 2019, Radiant Life acquired 49.7% stake in Max Healthcare and subsequently the healthcare undertaking of Radiant Life Care Private Limited (promoter by Abhay Soi) was demerged into the company effective June 2020. Since Radiant was promoted by Abhay Soi, Mahendra Lodha’s overall association with the promoter group exceeds ten years. Hence, we do not support his reappointment as an Independent Director. The company may consider appointing him as a Non-Executive Non-Independent Director.
  • ICICI Prudential Mutual FundMr. Mahendra Lodha, 67, is a chartered accountant, law graduate and has 41 years of experience in investment banking, corporate restructuring and corporate and project finance. He serves as partner of G M Lodha Law Associates LLP. He was on the board of Radiant Life Care Pvt. Ltd. (Radiant) since 25 August 2011. In June 2019, Radiant Life acquired 49.7% stake in Max Healthcare Institute Ltd and subsequently the healthcare undertaking of Radiant Life Care Private Limited (promoter by Abhay Soi) was demerged into the company effective June 2020. Since Radiant was promoted by Abhay Soi, Mr. Mahendra Lodha has long association with the promoter group. Hence, the AMC has voted against the resolution.
  • Invesco Mutual FundMahendra Lodha, 67, is a chartered accountant, law graduate and has 41 years of experience in investment banking, corporate restructuring and corporate and project finance. He serves as partner of G M Lodha Law Associates LLP. He attended all eight board meetings held in FY24 and all board meetings held in the last three years (FY22 to FY24). While his reappointment is in line with statutory requirements, we are unable to support the resolution as he was on the board of Radiant Life Care Pvt. Ltd. (Radiant) since 25 August 2011. In June 2019, Radiant Life acquired 49.7% stake in Max Healthcare and subsequently the healthcare undertaking of Radiant Life Care Private Limited (promoter by Abhay Soi) was demerged into the company effective June 2020. Since Radiant was promoted by Abhay Soi, Mahendra Lodha’s overall association with the promoter group exceeds ten years. Hence, we do not support his reappointment as an Independent Director. The company may consider appointing him as a Non-Executive Non-Independent Director
  • Kotak Mahindra Mutual FundMahendra Lodha, 67, is a chartered accountant, law graduate and has 41 years of experience in investment banking, corporate restructuring and corporate and project finance. While no concern has been identified with his profile and time commitment, we are unable to support the resolution as he was on the board of Radiant Life Care Pvt. Ltd. (Radiant) since 25 August 2011. In June 2019, Radiant Life acquired 49.7% stake in Max Healthcare and subsequently the healthcare undertaking of Radiant Life Care Private Limited (promoter by Abhay Soi) was demerged into the company effective June 2020. Since Radiant was promoted by Abhay Soi, Mahendra Lodha s overall association with the promoter group exceeds ten years. The company may consider appointing him as a Non-Executive Non-Independent Director. Hence voting against.
  • Mirae Asset Mutual FundDirector has prolonged association with the group
  • Nippon India Mutual FundProlonged association
  • SBI Mutual FundMahendra Lodha, 67, is a chartered accountant, law graduate and has 41 years of experience in investment banking, corporate restructuring and corporate and project finance. He serves as partner of G M Lodha Law Associates LLP. He attended all eight board meetings held in FY24 and all board meetings held in the last three years (FY22 to FY24). We observe that he was on the board of Radiant Life Care Pvt. Ltd. since 25 August 2011 till 2020, which is a promoter (Abhay Soi) owned entity. In June 2019, Radiant Life acquired 49.7% stake in Max Healthcare. Since Radiant was promoted by Abhay Soi, Mahendra Lodha’s overall association with the promoter group exceeds ten years. While we understand that there is no breach of laws with his reappointment, and we do not have any reservations around the suitability or contributions of Mahendra Lodha to the company and recognise that he is a director of high calibre and repute, our issue is with respect to tenure of association with the promoter group, which has exceeded 10 years. Hence, we do not support his reappointment as an Independent Director.
  • WhiteOak Capital Mutual FundMahendra Lodha, 67, is a chartered accountant, law graduate and has 41 years of experience in investment banking, corporate restructuring and corporate and project finance. He serves as partner of G M Lodha Law Associates LLP. He attended all eight board meetings held in FY24 and all board meetings held in the last three years (FY22 to FY24). While his reappointment is in line with statutory requirements, we are unable to support the resolution as he was on the board of Radiant Life Care Pvt. Ltd. (Radiant) since 25 August 2011. In June 2019, Radiant Life acquired 49.7% stake in Max Healthcare and subsequently the healthcare undertaking of Radiant Life Care Private Limited (promoter by Abhay Soi) was demerged into the company effective June 2020. Since Radiant was promoted by Abhay Soi, Mahendra Lodha’s overall association with the promoter group exceeds ten years. Hence, we do not support his reappointment as an Independent Director.
  • Zerodha Mutual FundProlonged association will infringe on the independence of the concerned person.

  9 for16 against

Mutual fund votes, meeting of 27 Sep 2023, 19 fund houses

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

• Adoption of Audited Standalone Financial Statements for the financial year ended March 31, 2023 together with the reports of board of directors and auditor’s thereon

  19 for0 against
• Adoption of Audited Consolidated Financial Statements for the financial year ended March 31, 2023 together with the report of the auditor’s thereon

  19 for0 against
• Declaration of final Dividend of ₹ 1 (i.e. 10%) per equity share of face value of ₹ 10 each

  19 for0 against
• Appointment of Director in place of Mr. Anil Kumar Bhatnagar, who retires by rotation and being eligible, offers himself for re-appointment

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundWe have concerns about insufficient independence on the Remuneration and Nomination committees.

  18 for1 against
• Fixation of tenure of Mr. Anil Kumar Bhatnagar, Non-Executive Director for 3 (three) years

  19 for0 against
• Appointment of Ms. Amrita Gangotra as an Independent Director of the Company for a term of 5 (five) consecutive years

  19 for0 against
• Payment of remuneration to Ms. Amrita Gangotra as an Independent Director of the Company

  ›Against HSBC Mutual Fund

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

  18 for1 against
• Increase in remuneration of Non-Executive Directors (including Independent Directors)

  ›Against HSBC Mutual Fund

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

  18 for1 against
• One-time Performance Bonus to Mr. Abhay Soi, Chairman and Managing Director

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • 360 One Mutual FundThe company seeks approval for payment of a one-time performance bonus of Rs. 35.0 mn to him in FY24 in view of company’s improvement in performance over the past three years, including revenue and earnings growth, operational efficiency, improvement in return on capital, deleveraging of the balance sheet and increase in market capitalisation. Including the proposed one-time bonus for FY24, his annual pay is Rs. 333.2 mn, which is high for the company’s size and is not comparable to peers. In addition to his remuneration from the company, during FY23, on KKR’s exit from Max Healthcare, he received 6,874,447 shares from KKR (Kayak Investments Holding Pte. Ltd.) as per the shareholding agreement, linked to the Internal Rate of Return achieved by KKR. These shares were transferred to him for a nominal consideration of Rs. 6,880. The value of the shares is Rs. 4.0 bn based on the current market price (Rs. 2.7 bn based on the market price on the date of transfer). While we recognise Abhay Soi’s contribution, given his high compensation, we are unable to support the resolution.
  • Axis Mutual Fund, Sundaram Mutual FundAbhay Soi, 50, is the promoter, Chairperson and Managing Director of the company. He drew remuneration of Rs. 140.0 mn each in FY22 and FY23. His reappointment was approved from 19 June 2023, at the 2022 AGM. Based on the terms approved, his annual pay from June 2023 is estimated at ~Rs. 298.2 mn. The company seeks approval for payment of a one-time performance bonus of Rs. 35.0 mn to him in FY24 in view of company’s improvement in performance over the past three years, including revenue and earnings growth, operational efficiency, improvement in return on capital, deleveraging of the balance sheet and increase in market capitalisation. Including the proposed one-time bonus for FY24, his annual pay is Rs. 333.2 mn, which is high for the company’s size and is not comparable to peers. In addition to his remuneration from the company, during FY23, on KKR’s exit from Max Healthcare, he received 6,874,447 shares from KKR (Kayak Investments Holding Pte. Ltd.) as per the shareholding agreement, linked to the Internal Rate of Return achieved by KKR. These shares were transferred to him for a nominal consideration of Rs. 6,880. The value of the shares is Rs. 4.0 bn based on the current market price (Rs. 2.7 bn based on the market price on the date of transfer). While we recognise Abhay Soi’s contribution, given his high compensation, we are unable to support the resolution.
  • Bandhan Mutual Fund, PGIM India Mutual FundCompliant with the law. Governance concern: Holding dual position of Chairperson and Executive Director. Holds 2 Full-time positions
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • The responsibilities of Abhay Soi as provided in the company's rationale are considered to be within the remit of an executive's core duties and responsibilities and thus, the payment of such incentive may be questioned. • The proposal is a deviation from standard market practice where there is a general expectation that effective remuneration planning should make exceptional awards unnecessary. • The overall estimated remuneration for FY2024 is deemed to be significantly higher than industry standards and market peers of similar scale and operations.
  • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: The responsibilities of Abhay Soi as provided in the company's rationale are considered to be within the remit of an executive's core duties and responsibilities and thus, the payment of such incentive may be questioned. The proposal is a deviation from standard market practice where there is a general expectation that effective remuneration planning should make exceptional awards unnecessary. The overall estimated remuneration for FY2024 is deemed to be significantly higher than industry standards and market peers of similar scale and operations.
  • ICICI Prudential Mutual FundThe Company has proposed payment to Mr. Abhay Soi (MD and Chairman) of Rs. 3.5 crores as a token of appreciation for his contribution towards Company’s growth which shall be over and above the remuneration payable (which was Rs. 14 crores in FY2023) and the total amount payable may exceed prescribed limit of 5% of net profits of the Company, for which shareholder approval is required. The remuneration payable should be within the prescribed regulatory limits. Hence, the AMC has voted against the resolution.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundHolding two full time positions

  9 for10 against
• Approval for alteration in Articles of Association of the Company

  19 for0 against
• Ratification of remuneration payable to Cost Auditors for the financial year 2023-24

  18 for0 against

Mutual fund votes, meeting of 14 Aug 2023, 18 fund houses

• Appointment of Mr. Narayan K. Seshadri as Non-Executive and Non-Independent Director

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund, PGIM India Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the board independence norms are not met and Narayan Seshadri is a non-independent director nominee.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board
  • PGIM India Mutual FundCompliant with Law. No concern on the merit of director. Governance Concerns: Proposal to appoint Male Director when Board does not have a Woman ID.

  15 for3 against
• Payment of remuneration to Mr. Narayan K. Seshadri as Non-Executive and Non-Independent Director

  ›Against Franklin Templeton Mutual Fund, HSBC Mutual Fund, PGIM India Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the board independence norms are not met and Narayan Seshadri is a non-independent director nominee.
  • HSBC Mutual FundNon-executive directors participate in performance-based incentive schemes.
  • PGIM India Mutual FundCompliant with Law. No concern on the merit of director. Governance Concerns: Proposal to appoint Male Director when Board does not have a Woman ID.

  15 for3 against