Nephrocare Health Services MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 12 Aug 2026, 4 fund houses so far (houses' deadline to file 15 Oct 2026)

• To receive, consider and adopt the audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 together with the Auditors’ Report and Board’s Report thereon and pass the following resolution as an Ordinary ResolutionMoreLess

  4 for0 against
• To re-appoint Mr. Gaurav Sharma (DIN: 03311656), Nominee Director (Non-Executive category), who retires by rotation and being eligible, offers himself for re-appointment and pass the following resolution as an Ordinary ResolutionMoreLess

  ›Against DSP Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund

  • DSP Mutual Fund, SBI Mutual FundGaurav Sharma, 54, is nominee of Investcorp India Asset Managers. He is currently serving as the head of India investment business at Investcorp India Asset Managers Private Limited. Investcorp owned 5.3% equity in the company as of June 2026. He has been on the board since 27 November 2019. He attended 10 out of 21 board meetings (48%) held in FY26 and 19 out of 37 board meetings (51%) held in previous three years. We expect directors to attend atleast 75% of the board meetings in the year of attendance and over a three-year period prior to reappointment. Given the low attendance, we do not support his reappointment.
  • ICICI Prudential Mutual FundGaurav Sharma, 54, is nominee of Investcorp India Asset Managers. He is currently serving as the head of India investment business at Investcorp India Asset Managers Private Limited. Investcorp owned 5.3% equity in the company as of June 2026 and has been on the board since 27 November 2019. He attended 10 out of 21 board meetings (48%) held in FY26 and 19 out of 37 board meetings (51%) held in previous three years which is low, hence the AMC proposed to vote against the resolution.

  1 for3 against
• Approval for the “NephroPlus Employee Stock Option Scheme, 2026

  ›Against DSP Mutual Fund

  • DSP Mutual FundThe proposed scheme will result in dilution of ~2.0% on the expanded capital base as on 31 March 2026. The vesting of stock options is time based, with vesting to occur between one to four years from the grant date. We note that the exercise price shall be determined by the Nomination and Remuneration Committee at the time of grant of options, subject to a floor of face value and a ceiling of the market price. Company has stated that in the event exercise price is at a significant discount (>20%) to the market price, vesting will be performance based. We raise concern that company has not disclosed the performance metrics, including their respective weightages, and the specific targets which govern the vesting criteria; or a commitment to disclosing these in the annual report once vesting occurs. Given the risk that the exercise price could be at a substantial discount to the prevailing market price in the future, combined with inadequate disclosure on performance conditions, we do not support this resolution.

  3 for1 against
• To consider and approve grant of Employee Stock Options to the employees of subsidiary, associate company incorporated in India or outside India, or holding company of the Company under NephroPlus Employee Stock Option Scheme - 2026MoreLess

  ›Against DSP Mutual Fund

  • DSP Mutual FundThrough resolution #4, the company seeks approval for extending the benefits of NephroPlus Employee Stock Option Scheme – 2026 to employees of subsidiary, associate and holding companies. Our recommendation is based on analysis on resolution #3. While the company has clarified it presently has only one associate (namely Nephrocare Health Services Saudi Arabia Company, a joint venture in the Kingdom of Saudi Arabia in which the company’s wholly owned Singapore subsidiary owns 51% equity) to which the scheme is being extended; we do not support extending benefits to employees of associate companies other than unlisted holding and subsidiary companies. We do not support the resolution.

  3 for1 against
• Approval for clarificatory amendment to the special resolution passed by the shareholders with respect to the remuneration of Mr. Vikram Vuppala (DIN: 02847323), Chairman & Managing Director of the CompanyMoreLess

  4 for0 against
• Approval for the Promote Incentive Arrangement pursuant to the Promote Agreement dated July 25, 2025, entered by Mr. Vikram Vuppala, Founder,Promoter, Chairman and Managing Director, with certain Shareholders of the CompanyMoreLess

  ›Against ICICI Prudential Mutual Fund

  • ICICI Prudential Mutual FundIn July 2025 (prior to listing), Vikram Vuppala, Founder, Promoter and CMD entered into a Promoter Agreement with Bessemer Venture Partners Trust, Investcorp India Investments Holding Limited, Healthcare Parent Limited, Investcorp Private Equity Fund II, Investcorp Growth Opportunity Fund, Investcorp India Private Equity Opportunity Limited, Quadria Capital India Fund III and Edoras Investment Holdings Pte. Ltd. (Investors), outlining the cash incentive to be received by Vikram Vuppala on the Investors achieving the pre-agreed threshold return on their respective investment in the Company expressed as a multiple of the Investor’s invested capital. The aggregate Promoter Incentive may likely be Rs. 579.1 mn, payable wholly by the Investors and not by the Company. The AMC was of the opinion that this may create potential conflict of interest by tying a substantial personal payout to a specific investor's exit timeline. Hence the AMC voted against the resolution.

  3 for1 against

Mutual fund votes, meeting of 6 Feb 2026, 5 fund houses

• RE-APPOINTMENT OF MR. OM PRAKASH MANCHANDA (DIN: 02099404) AS AN INDEPENDENT DIRECTOR OF THE COMPANY

  5 for0 against
• TO APPOINT M/S. MAKARAND M. JOSHI & CO., COMPANY SECRETARIES IN PRACTICE AS THE SECRETARIAL AUDITOR OF THE COMPANY

  5 for0 against

• Tax disputeState Tax Officer, Jammu and Kashmir.Since 13 Jan 2025
  The order rejecting the rectification application was received on 06 March 2026. Thereafter, an appeal against the Order-in-Original (OIO) dated 13 January 2025 was filed before the Deputy Commissioner (Appeals), Kashmir on 07 March 2026, which was rejected on 12 March 2026. Consequently, a writ petition has been filed before the Hon'ble High Court of Jammu & Kashmir and Ladakh at Srinagar on 02nd April 2026, WP(C) 646/2026. The first hearing was held on 03 April 2026, and the matter has been adjourned to 17 April 2026, as the learned Assisting Counsel has been granted two weeks’ time for filing the response.MoreLess
  At the filing before: An application for rectification of the demand order relating to FY 2020-21 was filed on 24 May 2025. The matter is currently pending for action by the concerned Tax Officer, and no order has been passed as on date.MoreLess
• Tax disputeAsst. Commissioner of Revenue, West BengalSince 6 Nov 2025
  A Show Cause Notice (SCN) in Form DRC-01 has been issued on 19 March 2026 in relation to the aforementioned DRC-01A. The reply to the said SCN is yet to be filed the due date for submission is 19 April 2026.MoreLess
  At the filing before: Intimation in Form GST DRC-01A was issued for FY 2023-24. The reply to the said intimation is pending to be filed.

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

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

Yes

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.