Max India (Delisted) MD, chairman, board of directors and AGM

BSE: 539981Finance

Last traded ₹68.70 on 11 Jun 2020

Delisted on 13 Jan 2021.

Max India 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.Max India share news and announcements

Meeting called by the tribunal, 30 Oct 2019

Present: 1 promoter and 31 others.The company's voting result (opens in a new tab)

  1. Approval of Composite scheme of Amalgamation and Arrangement amongst Max India Limited, Max Healthcare Institute Limited, Radiant Life Care Private Limited and Advaita Allied Health Services Limited and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013MoreLess
    SpecialPromoters have an interest in it
    99.61% for0.39% against

    Against: promoters 0.00% · institutions 0.98% · other public 0.02%

    Turnout: all 81.44% · promoters 99.91% · institutions 78.84% · other public 44.66%

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, 2 Aug 2019, 8 resolutions

Present: 1 promoter and 39 others.The company's voting result (opens in a new tab)

  1. Adoption of Standalone Financial Statements of the Company for the financial year ended March 31, 2019, the reports of the Board of Directors and Auditors thereon and Consolidated Financial Statements of the Company for the financial year ended March 31, 2019 and the report of the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 64.43% · promoters 99.91% · institutions 38.36% · other public 43.50%

  2. To appoint a director in place of Mrs. Tara Singh Vachani (DIN: 02610311) who retires by rotation and being eligible, offer herself for re-appointment.
    OrdinaryPromoters have an interest in it
    97.66% for2.34% against

    Against: promoters 0.00% · institutions 9.14% · other public 0.02%

    Turnout: all 64.91% · promoters 99.91% · institutions 39.52% · other public 43.50%

  3. To appoint a director in place of Mr. Ashwani Windlass (DIN: 00042686) who retires by rotation and being eligible, offer himself for re-appointment.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.05% · other public 0.02%

    Turnout: all 64.91% · promoters 99.91% · institutions 39.52% · other public 43.50%

  4. To appoint Mr. K. Narasimha Murthy (DIN: 00023046) as an Independent Director.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 64.91% · promoters 99.91% · institutions 39.52% · other public 43.50%

  5. To appoint Mrs. Sharmila Tagore (DIN: 00244638) as an Independent Director.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 64.91% · promoters 99.91% · institutions 39.52% · other public 43.50%

  6. To appoint Mr. Analjit Singh (DIN: 00029641) as a Director of the Company, not liable to retire by rotation.
    OrdinaryPromoters have an interest in it
    95.11% for4.89% against

    Against: promoters 0.00% · institutions 19.13% · other public 0.02%

    Turnout: all 64.91% · promoters 99.91% · institutions 39.52% · other public 43.50%

  7. To approve divestment of the entire equity shareholding held by the Company in Pharmax Corporation Limited, a material subsidiary of the Company.
    SpecialPromoters have an interest in it
    98.09% for1.91% against

    Against: promoters 0.00% · institutions 7.46% · other public 0.02%

    Turnout: all 64.91% · promoters 99.91% · institutions 39.52% · other public 43.50%

  8. To approve Material Related Party Transaction between the Company and M/s. Max Estates Limited.
    OrdinaryPromoters have an interest in it
    94.76% for5.24% against

    Against: promoters 0.00% · institutions 7.51% · other public 0.02%

    Turnout: all 23.81% · promoters 0.00% · institutions 39.52% · other public 42.26%

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 May 2019, 1 resolution

The company's voting result (opens in a new tab)

  1. Divestment of equity shares of Max Bupa Health Insurance Company Limited, a material subsidiary of the Company
    Special
    94.13% for5.87% against

    Against: promoters 0.00% · institutions 13.52% · other public 0.15%

    Turnout: all 82.41% · promoters 99.91% · institutions 82.07% · other public 37.39%

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, 11 Feb 2019, 1 resolution

The company's voting result (opens in a new tab)

  1. Shifting of Registered Office from the State of Punjab to the State of Maharashtra and carrying out consequential changes in Memorandum of Association of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.06%

    Turnout: all 73.20% · promoters 100.00% · institutions 64.02% · other public 26.94%

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, 25 Sep 2018, 3 resolutions

Present: 3 promoters and 31 others.The company's voting result (opens in a new tab)

  1. 1. Ordinary Resolution: Receive, consider and adopt: a) The Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2018, the reports of the Board of Directors and Auditors thhereon; and b) The Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2018 and the report of the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 75.27% · promoters 100.00% · institutions 69.23% · other public 27.51%

  2. 2. Ordinary Resolution: Re-appointment of Mr. Ashwani Windlass (DIN: 00042686) as director liable to retire by rotation.
    Ordinary
    99.37% for0.63% against

    Against: promoters 0.00% · institutions 1.58% · other public 0.05%

    Turnout: all 75.30% · promoters 100.00% · institutions 69.30% · other public 27.51%

  3. 3. Ordinary Resolution: Re-appointment of Mr. Rahul Khosla (DIN: 03597562) as director liable to retire by rotation.
    Ordinary
    99.37% for0.63% against

    Against: promoters 0.00% · institutions 1.58% · other public 0.05%

    Turnout: all 75.30% · promoters 100.00% · institutions 69.30% · other public 27.51%

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.

Mutual fund votes, meeting of 30 Oct 2019, 3 fund houses

  • Approval of Composite scheme of Amalgamation and Arrangement amongst Max India Limited, Max Healthcare Institute Limited, Radiant Life Care Private Limited and Advaita Allied Health Services Limited and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013MoreLess
    2 for0 against

    1 abstained

Mutual fund votes, meeting of 2 Aug 2019, 2 fund houses

  • Adoption of Standalone Financial Statements of the Company for the financial year ended March 31, 2019, the reports of the Board of Directors and Auditors thereon and Consolidated Financial Statements of the Company for the financial year ended March 31, 2019 and the report of the Auditors thereon.MoreLess
    1 for0 against

    1 abstained

  • To appoint a director in place of Mrs. Tara Singh Vachani (DIN: 02610311) who retires by rotation and being eligible, offer herself for re-appointment.
    Against DSP Mutual Fund
    • DSP Mutual FundTara Singh Vachani, 31 is the MD & CEO of Antara Senior Living Ltd. She attended 43% of the board meetings in FY19 and 42% of the board meetings over the three-year period. We have a three-year threshold of 75% attendance of the board meetings in the three-years prior to re-appointment. We expect directors to take their responsibilities seriously and attend all board meetings.
    1 for1 against
  • To appoint a director in place of Mr. Ashwani Windlass (DIN: 00042686) who retires by rotation and being eligible, offer himself for re-appointment.
    2 for0 against
  • To appoint Mr. K. Narasimha Murthy (DIN: 00023046) as an Independent Director.
    2 for0 against
  • To appoint Mrs. Sharmila Tagore (DIN: 00244638) as an Independent Director.
    2 for0 against
  • To appoint Mr. Analjit Singh (DIN: 00029641) as a Director of the Company, not liable to retire by rotation.
    Against DSP Mutual Fund
    • DSP Mutual FundAnaljit Singh, 65, promoter, is the Founder and Chairperson of Max Group. He has joined back the board of the company. While we support his reappointment on the board, he shall not be liable to retire by rotation. We discourage the practice of appointing Non-Executive directors who are not liable to retire by rotation, as we believe that shareholders should get an opportunity to periodically vote on their reappointment.
    1 for1 against
  • To approve divestment of the entire equity shareholding held by the Company in Pharmax Corporation Limited, a material subsidiary of the Company.
    2 for0 against
  • To approve Material Related Party Transaction between the Company and M/s. Max Estates Limited.
    2 for0 against
6 earlier meetings

Mutual fund votes, meeting of 23 May 2019, 3 fund houses

  • Divestment of equity shares of Max Bupa Health Insurance Company Limited, a material subsidiary of the Company
    Against ICICI Prudential Mutual Fund
    • ICICI Prudential Mutual FundThe health insurance is as such a good business with good growth prospects and a healthy outlook. If the business was completely sold off, the company would be left with cash on books but no clear and stated investment objectives. The company is also yet to provide clarity on what is the final amount that would be made available to shareholders after the sale. In such a situation we run the risk of value destruction and so would be voting against this deal.
    2 for1 against

Mutual fund votes, meeting of 11 Feb 2019, 1 fund house

  • Shifting of Registered Office from the State of Punjab to the State of Maharashtra and carrying out consequential changes in Memorandum of Association of the Company
    1 for0 against

Mutual fund votes, meeting of 25 Sep 2018, 1 fund house

  • 1. Ordinary Resolution: Receive, consider and adopt: a) The Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2018, the reports of the Board of Directors and Auditors thhereon; and b) The Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2018 and the report of the Auditors thereon.MoreLess
    1 for0 against
  • 2. Ordinary Resolution: Re-appointment of Mr. Ashwani Windlass (DIN: 00042686) as director liable to retire by rotation.
    1 for0 against
  • 3. Ordinary Resolution: Re-appointment of Mr. Rahul Khosla (DIN: 03597562) as director liable to retire by rotation.
    1 for0 against

Mutual fund votes, meeting of 26 Sep 2017, 4 fund houses

  • a) Adoption of standalone financial statements for the year ended 31 March 2017;b) Adoption of consolidated financial statements for the year ended 31 March 2017
    1 for0 against
  • Appoint Dinesh Kumar Mittal (DIN: 00040000) as an Independent Director for five years, w.e.f. 9 November 2017
    1 for0 against
  • Appointment of Mr. Dinesh Kumar Mittal as an Independent Director for a period of 5 years upto November 8, 2021
    1 for0 against
  • Appointment of Mr. Dinesh Kumar Mittal (DIN: 0004000) as an Independent Director of the Company
    1 for0 against
  • Approval for revision in the remuneration payable to Mr. Mohit Talwar, Managing Director for a period of 3 years upto March 31, 2020
    1 for0 against
  • Ratification of appointment of M/s S.R. Batliboi & Co., LLP, Chartered Accountants (FRN. 301003E), as the Statutory Auditors
    1 for0 against
  • Ratify appointment of SR Batliboi & Co. as statutory auditors for FY18 and fix their remuneration
    1 for0 against
  • Re-appointment of Mr. Rahul Khosla (DIN: 03597562) as a Director liable to retire by rotation
    1 for0 against
  • Re-appointment of Mrs. Tara Singh Vachani (DIN: 02610311) as a Director liable to retire by rotation
    1 for0 against
  • Reappoint Mrs. Tara Singh Vachani (DIN: 02610311) as a Non-Executive Non-Independent Director
    1 for0 against
  • Reappoint Rahul Khosla (DIN: 03597562) as a Non-Executive Non-Independent Director
    1 for0 against
  • Receive, consider and adopt : a) The Audited Standalone Financial Statements of the Company for the nancial year ended March 31, 2017, the reports of the Board of Directors and Auditors thereon; and b) The Audited Consolidated Financial Statements of the Company for the nancial year ended March 31, 2017 and the reports of Auditors thereonMoreLess
    1 for0 against
  • Revise remuneration terms of Mohit Talwar, Managing Director for three years, w.e.f. 1 April 2017 to 31 March 2020 to a maximum of Rs.150 mn
    Against DSP Mutual Fund
    • DSP Mutual FundMohit Talwar is also the Managing Director of Max Financial Services Ltd. (MFSL), from which he will be receiving a remuneration of upto Rs. 150 mn, in addition to his remuneration in Max India. His aggregate remuneration from both companies is high compared to the combined size of the businesses, and higher than peers. Further, the proposed remuneration in Max India at Rs. 150 mn is a significant increase from his Rs. 21. 2 mn remuneration in FY17.
    0 for1 against
  • Revision in the remuneration payable to Mr. Mohit Talwar, Managing Director of the Company for a period of three years from April 1, 2017.
    1 for0 against
  • To appoint a director in place of Mr. Rahul Khosla (DIN:03597562) who retires by rotation and being eligible, offer himself for re-appointment.
    1 for0 against
  • To appoint a director in place of Mrs. Tara Singh Vachani (DIN: 02610311) who retires by rotation and being eligible, offer herself for re-appointment.
    1 for0 against
  • To appoint M/s S.R. Batliboi & Co., LLP, Chartered Accountants (FRN. 301003E), as the Statutory Auditors of the Company & to fix their remuneration
    1 for0 against
  • To appoint Mr. Dinesh Kumar Mittal (DIN: 00040000), as an Independent Director, to hold office for a term of 5 (five) consecutive years w.e.f. November 9, 2016 to November 8, 2021 and that he shall not be liable to retire by rotationMoreLess
    1 for0 against
  • To receive, consider and adopt: a) the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2017, the reports of the Board of Directors and Auditors thereon; and b) the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2017 and the report of the Auditors thereon.MoreLess
    1 for0 against
  • To revise the remuneration payable to Mr. Mohit Talwar, Manging Director (DIN: 02394694) for a period of three years w.e.f. April 1, 2017 to March 31, 2020
    1 for0 against

Mutual fund votes, meeting of 10 Jun 2017, 4 fund houses

  • Approval for issue of upto 1,93,84,854 convertible warrants on preferential basis to Mohair Investment and Trading Company Limited
    1 for0 against
  • Issue of Convertible Warrants to Mohair Investment and Trading Company Private Limited, being a Company forming part of the Promoter/Promoter Group entitites on Preferential Basis
    1 for0 against
  • To approve issue of 19.4 mn preferential warrants, convertible into equity shares to promoter group entity at Rs. 154.76/- each
    2 for0 against

Mutual fund votes, meeting of 27 Sep 2016, 4 fund houses

  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 7, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundTara Singh Vachani (DIN: 02610311), aged 29, is the daughter of Analjit Singh. She is the MD and CEO of Antara Senior Living Ltd for last six years. We believe she lacks the requisite experience to be a board member of a listed company.
    0 for1 against
  • Item 8, as a fund house numbered it
    1 for0 against
  • Item 9, as a fund house numbered it
    1 for0 against
  • Item 10, as a fund house numbered it
    1 for0 against
  • Item 11, as a fund house numbered it
    1 for0 against
  • Item 12, as a fund house numbered it
    1 for0 against
  • a) Adoption of standalone financial statements for the year ended 31 March 2016. b) Adoption of consolidated financial statements for the year ended 31 March 2016
    1 for0 against
  • Appoint Ashok Kacker as an Independent Director for five years w.e.f. 15 January 2016
    1 for0 against
  • Appoint Ashwani Windlass as Non-Executive Non-Independent Director, liable to retire by rotation
    1 for0 against
  • Appoint Dipankar Gupta as an Independent Director for five years w.e.f. 15 January 2016
    1 for0 against
  • Appoint Mohit Talwar as an Executive Director
    1 for0 against
  • Appoint Mohit Talwar as Managing Director for five years w.e.f. 15 January 2016 and fix his remuneration for three years at higher of Rs.24 mn or 5% of profits
    1 for0 against
  • Appoint Rahul Khosla as Non-Executive Non-Independent Director, liable to retire by rotation
    1 for0 against
  • Appoint S.R Batliboi & Co. as first statutory auditors for five years
    1 for0 against
  • Appoint Sanjeev Mehra as Non-Executive Non-Independent Director, liable to retire by rotation
    1 for0 against
  • Appoint Tara Singh Vachani as Non-Executive Non-Independent Director, liable to retire by rotation
    1 for0 against
  • Appointment of Mr. Ashok Brijmohan Kacker as an Independent Director of the Company upto January 14, 2021
    1 for0 against
  • Appointment of Mr. Mohit Talwar as Managing Director of the Company upto January 14,2021 and to approve his terms of appointment
    1 for0 against
  • Appointment of Prof. Dipankar Gupta as an Independent Director of the Company upto January 14, 2021
    1 for0 against
  • Approval for implementation of Max India Employee Stock Plan- 2016
    1 for0 against
  • Approval to appoint Mr. Ashwani Windlass as a Director of the Company
    1 for0 against
  • Approval to appoint Mr. Mohit Talwar as a Director of the Company
    1 for0 against
  • Approval to appoint Mr. Rahul Khosla as a Director of the Company
    1 for0 against
  • Approval to appoint Mr. Sanjeev Kishen Mehra as a Director of the Company
    1 for0 against
  • Approval to appoint Mrs. Tara Singh Vachani as Director of the Company
    1 for0 against
  • Approval to enter into Trade Mark License Agreement with Max Bupa Health Insurance Company, related party to the Company
    1 for0 against
  • Approve implementation of Max India Employee Stock Option Plan 2016 (ESOP 2016)
    1 for0 against
  • To amend Trademark License Agreement with Max Bupa Health Insurance Company Ltd., a subsidiary of the company
    1 for0 against
  • To appoint M/s SR Batliboi & Co, LLP, Chartered Accountants, as Statutory Auditors of the Company, and fix their remuneration
    1 for0 against
  • To appoint Mr. Ashok Brijmohan Kacker (DIN: 01647408), as an Independent Director of the Company for a term of 5 years wef January 15, 2016 and shall not be liable to retire by rotation
    1 for0 against
  • To appoint Mr. Ashwani Windlass (DIN: 00042686), as a Director of the Company, liable to retire by rotation
    1 for0 against
  • To appoint Mr. Mohit Talwar, as the Managing Director of the Company for a period of five years wef January 15, 2016 and fixation of remuneration
    1 for0 against
  • To appoint Mr. Mohit Talwar (DIN: 02394694), as a Director of the Company
    1 for0 against
  • To appoint Mr. Rahul Khosla (DIN: 03579562), as a Director of the Company, liable to retire by rotation
    1 for0 against
  • To appoint Mr. Sanjeev Kishen Mishra (DIN: 02195545), as a Director of the Company and liable to retire by rotation
    1 for0 against
  • To appoint Mrs. Tara Singh Vachani (DIN: 02610311), as a Director of the Company, liable to retire by rotation
    1 for0 against
  • To appoint Prof Dipankar Gupta (DIN: 05213140), as an Independent Director of the Company for a term of 5 years wef January 15, 2016 and shall not be liable to retire by rotation
    1 for0 against
  • To approve the implementation of the Stock Option Scheme of the Company in the name and style of "MAX INDIA EMPLOYEE STOCK PLAN" - 2016
    1 for0 against
  • To authorise the Company from entering into the Trade Mark License Agreement and / or other related agreements if any, with subsidiary company namely Max Bupa Health Care Insurance Company Limited
    1 for0 against
  • To receive, consider and adopt : a) the Audited Standalone Financial Statements of the Company for the first financial year ended March 31, 2016 the Reports of the Board of Directors and Auditors thereon, b) The audited consolidated financial statements of the company for the first financial year ended 31st March 2016MoreLess
    1 for0 against

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