Sun Pharma Advanced Research Company MD, chairman, board of directors and AGM
NSE: SPARCBSE: 532872Pharmaceuticals & BiotechnologySmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹173.09.
- Next results date: the board meets on 2 Nov 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹5,574 Cr778th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 10 Aug 2026
- 3.5
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 18 May 2026
- 4.2
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the latest balance sheet's; the one a year before is not on record. The filing of 10 Aug 2026
- 118.4%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 10 Aug 2026
- 84.8%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 18 May 2026
- 0.42
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 7,97,11238.6% delivered
Sun Pharma Advanced Research Company 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
- ChairpersonDilip Shantilal ShanghviRelated to the promoter
- Company Secretary and Compliance OfficerKajal Damania
6 directors3 independent3 non-executive
- Dilip Shantilal Shanghvi · ChairpersonNon-executive · joined Mar 2006 · reappointed Aug 2025 · 2 listed boards
- Vidhi Dilip ShanghviNon-executive · joined Jul 2024 · 2 listed boards · 2 committee seats
- Rajamannar ThennatiNon-executive · joined Jun 2007 · reappointed Sep 2020 · 1 listed board · 1 committee seat, 1 as chair
- Robert SpiegelIndependent · joined Jun 2020 · reappointed Jun 2025 · 73 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Venkateswarlu JastiIndependent · joined May 2025 · reappointed May 2025 · 13 months as independent · 2 listed boards · 1 as independent · 3 committee seats
- Rekha Gopal WarriarIndependent · joined May 2025 · reappointed May 2025 · 13 months as independent · 3 listed boards · 3 as independent · 5 committee seats, 3 as chair
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.
2 directors who left
- Bhavna Gautam Doshi, left 12 Aug 2025: Tenure Completion
- Ferzaan Nariman Engineer, left 12 Aug 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 18 May 20266 of 6 present3 independent · 97 days in between
- 9 Feb 20265 of 6 present2 independent · 25 days in between
- 14 Jan 20266 of 6 present3 independent
Audit Committee
Chair Rekha Gopal Warriar
Venkateswarlu Jasti, Vidhi Dilip Shanghvi, Robert Spiegel
- 18 May 20264 of 4 present3 independent · 97 days in between
- 9 Feb 20263 of 4 present2 independent · 25 days in between
- 14 Jan 20264 of 4 present3 independent
Nomination and remuneration committee
Chair Robert Spiegel
Venkateswarlu Jasti, Rekha Gopal Warriar
- 18 May 20263 of 3 present3 independent · 20 days in between
- 27 Apr 20263 of 3 present3 independent · 76 days in between
- 9 Feb 20262 of 3 present2 independent · 25 days in between
- 14 Jan 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair Rajamannar Thennati
Vidhi Dilip Shanghvi, Venkateswarlu Jasti
- 18 May 20263 of 3 present1 independent · 97 days in between
- 9 Feb 20262 of 3 present0 independent
Risk Management Committee
Chair Dilip Shantilal Shanghvi
Vidhi Dilip Shanghvi, Rekha Gopal Warriar, Anil Raghavan
- 26 Mar 20263 of 3 present1 independent
Corporate Social Responsibility Committee
Chair Dilip Shantilal Shanghvi
Vidhi Dilip Shanghvi, Rekha Gopal Warriar
- 18 May 20263 of 3 present1 independent · 52 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.
- SRBC AND COMPANY LLPPeer-review certificate valid to Feb 2029
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.
Sun Pharma Advanced Research Company 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.Sun Pharma Advanced Research Company share news and announcements
Annual general meeting, 10 Aug 2026
1,43,750 shareholders on the register on 3 Aug 2026; present: 14 promoters and 1,43,724 others; votes counted by ALPESHKUMAR PANCHAL / KJB & CO. LLP.The company's voting result (opens in a new tab)
- To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2026 and the reports of the Board of Directors and Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 77.54% · promoters 100.00% · institutions 61.43% · other public 30.55%
- To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2026 and the report of the Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 77.54% · promoters 100.00% · institutions 61.43% · other public 30.55%
- Dr. Rajamannar Thennati (DIN: 01415412), Director liable to retire by rotation, who does not seek re-election.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 77.54% · promoters 100.00% · institutions 61.43% · other public 30.55%
- Appointment of Mr. Anil Kumar Raghavan (DIN: 03548731) as the Managing Director and Chief Executive Officer of the CompanySpecial97.50% for2.50% against
Against: promoters 0.00% · institutions 70.36% · other public 0.01%
Turnout: all 77.54% · promoters 100.00% · institutions 61.43% · other public 30.55%
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.
Extraordinary general meeting, 9 Feb 2026, 3 resolutions
1,45,930 shareholders on the register on 2 Feb 2026; present: 13 promoters and 65 others; votes counted by ALPESHKUMAR PANCHAL / KJB & CO. LLP.The company's voting result (opens in a new tab)
- Issue of convertible warrants on a preferential basis to member of the promoter group of the CompanySpecialPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 78.33% · promoters 99.94% · institutions 93.81% · other public 31.68%
- Approval of SPARC Employees Stock Option Scheme 2026 ('ESOP Scheme 2026') and granting of stock options to the employees of the Company under ESOP Scheme 2026Special97.42% for2.58% against
Against: promoters 0.00% · institutions 73.39% · other public 0.01%
Turnout: all 78.33% · promoters 99.94% · institutions 93.81% · other public 31.68%
Extend the benefits of and Approval of granting of stock options to the employees of subsidiary company(ies) and/ or holding company and/ or associate companies (present or future) of the company under SPARC Employees Stock Option Scheme 2026MoreLess
Special97.42% for2.58% againstAgainst: promoters 0.00% · institutions 73.39% · other public 0.01%
Turnout: all 78.33% · promoters 99.94% · institutions 93.81% · other public 31.68%
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, 12 Aug 2025, 13 resolutions
1,41,917 shareholders on the register on 5 Aug 2025; present: 13 promoters and 63 others; votes counted by ALPESHKUMAR PANCHAL / KJB & CO. LLP.The company's voting result (opens in a new tab)
- To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2025 and the reports of the Board of Directors and Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 80.30% · promoters 100.00% · institutions 95.13% · other public 38.15%
- To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2025 and the report of the Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 80.30% · promoters 100.00% · institutions 95.13% · other public 38.15%
- To appoint Mr. Dilip Shanghvi (DIN: 00005588), who retires by rotation and being eligible has offered himself for reappointment as a DirectorOrdinary99.87% for0.13% against
Against: promoters 0.00% · institutions 4.15% · other public 0.01%
Turnout: all 80.30% · promoters 100.00% · institutions 95.13% · other public 38.15%
To approve the Re-appointment and remuneration of Mr. Anilkumar Raghavan, as the Manager and Whole-time Key Managerial Personnel of the Company, designated as Chief Executive Officer (CEO) for a period of five years.MoreLess
Special98.43% for1.57% againstAgainst: promoters 0.00% · institutions 49.11% · other public 0.01%
Turnout: all 80.30% · promoters 100.00% · institutions 95.13% · other public 38.15%
- Appointment of Ms. Rekha Warriar (DIN: 08152356) as an Independent Director of the Company for a term of five yearsSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 80.30% · promoters 100.00% · institutions 95.13% · other public 38.15%
- Appointment of Mr. Venkateswarlu Jasti (DIN:00278028) as an Independent Director of the Company for a term of five yearsSpecial99.87% for0.13% against
Against: promoters 0.00% · institutions 4.13% · other public 0.01%
Turnout: all 80.30% · promoters 100.00% · institutions 95.13% · other public 38.15%
- To approve enhancement of Line of Credit availed from Shanghvi Finance Private Limited.OrdinaryPromoters have an interest in it92.19% for7.81% against
Against: promoters 100.00% · institutions 5.11% · other public 0.01%
Turnout: all 15.70% · promoters 1.67% · institutions 95.13% · other public 38.07%
- To approve related party transactions with Tiller Therapeutics, IncOrdinaryPromoters have an interest in it92.35% for7.65% against
Against: promoters 100.00% · institutions 4.13% · other public 0.01%
Turnout: all 15.70% · promoters 1.67% · institutions 95.13% · other public 38.07%
- To approve the continuation of related party transactions with Sun Pharmaceutical Industries Ltd. under Master Support Service AgreementOrdinaryPromoters have an interest in it92.35% for7.65% against
Against: promoters 100.00% · institutions 4.13% · other public 0.01%
Turnout: all 15.70% · promoters 1.67% · institutions 95.13% · other public 38.07%
- To approve the continuation of related party transactions with Sun Pharmaceutical Industries Ltd. under Master Licensing AgreementOrdinaryPromoters have an interest in it92.35% for7.65% against
Against: promoters 100.00% · institutions 4.13% · other public 0.00%
Turnout: all 15.70% · promoters 1.67% · institutions 95.13% · other public 38.07%
- To approve the continuation of related party transactions with Sun Pharma Laboratories Ltd. under Master Licensing AgreementOrdinaryPromoters have an interest in it92.35% for7.65% against
Against: promoters 100.00% · institutions 4.13% · other public 0.00%
Turnout: all 15.70% · promoters 1.67% · institutions 95.13% · other public 38.07%
- Appointment of KJB & Co LLP, Practising Company Secretaries, as the Secretarial Auditors of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 80.30% · promoters 100.00% · institutions 95.13% · other public 38.15%
To approve raising of funds through equity shares, convertible warrants, preference shares/ bonds / debentures /any other instruments whether convertible into equity or not, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), Foreign Currency Convertible Bonds (“FCCBs”), etcMoreLess
Special97.99% for2.01% againstAgainst: promoters 0.00% · institutions 63.14% · other public 0.01%
Turnout: all 80.30% · promoters 100.00% · institutions 95.13% · other public 38.15%
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, 12 Aug 2024, 6 resolutions
Present: 14 promoters and 86 others.The company's voting result (opens in a new tab)
- For adoption of audited standalone financial statements of the Company for the financial year ended March 31, 2024 and the reports of the Board of Directors and Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 76.52% · promoters 94.52% · institutions 75.53% · other public 39.28%
- For adoption of the audited consolidated financial statements of the Company for the financial year ended March 31, 2024 and the report of the Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 76.52% · promoters 94.52% · institutions 75.53% · other public 39.28%
- For retirement of Mr. Sudhir V. Valia (DIN: 00005561), Director liable to retire by rotation, who does not seek re-election.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 76.52% · promoters 94.52% · institutions 75.53% · other public 39.28%
- For re-appointment of Dr. Robert J. Spiegel (DIN: 08739625) as an Independent Director of the Company for a second term of five years.Special99.91% for0.09% against
Against: promoters 0.00% · institutions 3.25% · other public 0.01%
Turnout: all 76.52% · promoters 94.52% · institutions 75.53% · other public 39.28%
- For appointment of Ms. Vidhi Dilip Shanghvi as a Non- Executive, Non-Independent Director of the Company.Ordinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.72% · other public 0.01%
Turnout: all 76.52% · promoters 94.52% · institutions 75.53% · other public 39.28%
For raising of funds through equity shares, convertible warrants, preference shares/ bonds /debentures /any other instruments whether convertible into equity shares or not, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), Foreign Currency Convertible Bonds (“FCCBs”), etc.MoreLess
Special97.48% for2.52% againstAgainst: promoters 0.00% · institutions 95.76% · other public 0.05%
Turnout: all 76.52% · promoters 94.52% · institutions 75.53% · other public 39.28%
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, 7 Aug 2023, 5 resolutions
Present: 9 promoters and 53 others.The company's voting result (opens in a new tab)
- To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2023 and the reports of the Board of Directors and Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 82.40% · promoters 100.00% · institutions 75.09% · other public 44.84%
- To re-appoint Dr. Rajamannar Thennati (DIN: 01415412), who retires by rotation and being eligible, has offered himself for re-appointment as a DirectorOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.02% · other public 0.00%
Turnout: all 82.40% · promoters 100.00% · institutions 75.09% · other public 44.84%
To approve the maximum remuneration of Mr. Anil Raghavan, Manager and Whole-time Key Managerial Personnel of the Company, designated as Chief Executive Officer (CEO), for further period of two years i.e. from May 25, 2024 to May 24, 2026MoreLess
Special97.88% for2.12% againstAgainst: promoters 0.00% · institutions 52.80% · other public 0.00%
Turnout: all 82.40% · promoters 100.00% · institutions 75.09% · other public 44.84%
- To increase the limits applicable for making investments / extending loans and giving guarantees or providing securities in terms of Section 186 of the Companies Act, 2013Special97.82% for2.18% against
Against: promoters 0.00% · institutions 54.06% · other public 0.04%
Turnout: all 82.40% · promoters 100.00% · institutions 75.09% · other public 44.84%
To approve raising of funds through equity shares, convertible warrants, preference shares/ bonds /debentures / any other instruments whether convertible into equity or not, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), Foreign Currency Convertible Bonds (“FCCBs”), etc.MoreLess
Special97.82% for2.18% againstAgainst: promoters 0.00% · institutions 54.18% · other public 0.04%
Turnout: all 82.40% · promoters 100.00% · institutions 75.09% · other public 44.84%
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, 22 Sep 2022, 7 resolutions
Present: 9 promoters and 48 others.The company's voting result (opens in a new tab)
- To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2022 and the reports of the Board of Directors and Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 85.86% · promoters 100.00% · institutions 97.29% · other public 49.34%
- To appoint Mr. Dilip S. Shanghvi (DIN: 00005588), who retires by rotation and being eligible, has offered himself for reappointment.Ordinary99.71% for0.29% against
Against: promoters 0.00% · institutions 7.96% · other public 0.01%
Turnout: all 85.86% · promoters 100.00% · institutions 97.29% · other public 49.34%
- To re-appoint S R B C & Co. LLP, Chartered Accountants as the Statutory Auditors of the Company.Ordinary99.72% for0.28% against
Against: promoters 0.00% · institutions 7.62% · other public 0.01%
Turnout: all 85.86% · promoters 100.00% · institutions 97.29% · other public 49.34%
- To approve revision in terms of Line of Credit availed from Shanghvi Finance Private LimitedOrdinaryPromoters have an interest in it99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 14.06% · promoters 0.00% · institutions 97.29% · other public 39.56%
- To approve continuation of transactions with Sun Pharmaceutical Industries Inc., USA under Shared Services Agreement.OrdinaryPromoters have an interest in it99.95% for0.05% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 14.06% · promoters 0.00% · institutions 97.29% · other public 39.56%
- To approve continuation of transactions with Sun Pharmaceutical Industries Inc., USA under Master Support Services Agreement.OrdinaryPromoters have an interest in it99.95% for0.05% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 14.06% · promoters 0.00% · institutions 97.29% · other public 39.56%
To approve raising of the funds through equity shares, convertible warrants, preference shares/ bonds /debentures / any other instruments whether convertible into equity or not, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), Foreign Currency Convertible Bonds (“FCCBs”), etc.MoreLess
Special97.52% for2.48% againstAgainst: promoters 0.00% · institutions 68.96% · other public 0.06%
Turnout: all 85.86% · promoters 100.00% · institutions 97.29% · other public 49.34%
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, 29 Sep 2021, 9 resolutions
Present: 10 promoters and 70 others.The company's voting result (opens in a new tab)
- To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2021 and the reports of the Board of Directors and Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 83.94% · promoters 100.00% · institutions 94.32% · other public 44.84%
- To appoint Mr. Sudhir V. Valia (DIN: 00005561), who retires by rotation and being eligible, has offered himself for reappointment as a Director.Ordinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.43% · other public 0.00%
Turnout: all 83.93% · promoters 100.00% · institutions 94.32% · other public 44.84%
- To approve the appointment and remuneration of Mr. Anilkumar Raghavan, as the Manager and Whole-time Key Managerial Personnel of the Company, designated as Chief Executive Officer (CEO)Special97.47% for2.53% against
Against: promoters 0.00% · institutions 72.53% · other public 0.05%
Turnout: all 83.93% · promoters 100.00% · institutions 94.32% · other public 44.84%
- To ratify and approve Line of Credit availed from Shanghvi Finance Private Limited.OrdinaryPromoters have an interest in it83.46% for16.54% against
Against: promoters 0.00% · institutions 73.55% · other public 0.08%
Turnout: all 13.03% · promoters 0.00% · institutions 94.32% · other public 35.11%
- To approve continuation of transactions with Sun Pharmaceutical Industries Inc., USA under Master License Agreement.OrdinaryPromoters have an interest in it99.89% for0.11% against
Against: promoters 0.00% · institutions 0.26% · other public 0.07%
Turnout: all 13.04% · promoters 0.00% · institutions 94.32% · other public 35.12%
- To approve continuation of transactions with Sun Pharma Global FZE, UAE under Master Service Agreement.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 13.04% · promoters 0.00% · institutions 94.32% · other public 35.12%
- To approve for continuation of transactions with Taro Pharmaceutical Industries Ltd., Israel under Master Support Service Agreement.OrdinaryPromoters have an interest in it99.94% for0.06% against
Against: promoters 0.00% · institutions 0.26% · other public 0.00%
Turnout: all 13.04% · promoters 0.00% · institutions 94.32% · other public 35.12%
To approve raising of the funds through equity shares, convertible warrants, preference shares/ bonds /debentures / any other instruments whether convertible into equity or not, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), Foreign Currency Convertible Bonds (“FCCBs”), etc.MoreLess
Special97.42% for2.58% againstAgainst: promoters 0.00% · institutions 73.99% · other public 0.05%
Turnout: all 83.94% · promoters 100.00% · institutions 94.32% · other public 44.84%
- To approve increase the Authorised Share Capital of the CompanyOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.05%
Turnout: all 83.94% · promoters 100.00% · institutions 94.32% · other public 44.84%
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.
Extraordinary general meeting, 8 Jun 2021, 2 resolutions
Present: 10 promoters and 50 others.The company's voting result (opens in a new tab)
Issue of upto 6,74,70,203 (Six Crores Seventy Four Lakhs Seventy Thousand Two Hundred and Three) warrants each convertible into, or exchangeable for, one equity share of the Company within the period of 18 (eighteen months) in accordance with the applicable law (“Warrants”) to the Promoter of the Company and certain identified non-promoter persons / entities.MoreLess
SpecialPromoters have an interest in it98.49% for1.51% againstAgainst: promoters 0.00% · institutions 45.09% · other public 0.92%
Turnout: all 84.58% · promoters 100.00% · institutions 89.98% · other public 47.23%
Disclosure of voting results to determine compliance under regulation 23(4) of SEBI (LODR) Regulations in respect of resolution passed by the members for Issue of upto 6,74,70,203 (Six Crores Seventy Four Lakhs Seventy Thousand Two Hundred and Three) warrants each convertible into, or exchangeable for, one equity share of the Company within the period of 18 (eighteen months) in accordance with the applicable law (“Warrants”) to the Promoter of the Company and certain identified non-promoter persons / entities.MoreLess
SpecialPromoters have an interest in it90.26% for9.74% againstAgainst: promoters 0.00% · institutions 45.09% · other public 1.18%
Turnout: all 41.70% · promoters 0.00% · institutions 89.98% · other public 36.91%
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 10 Aug 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)
- To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2026 and the reports of the Board of Directors and Auditors thereon1 for0 against
- To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2026 and the report of the Auditors thereon.1 for0 against
- Dr. Rajamannar Thennati (DIN: 01415412), Director liable to retire by rotation, who does not seek re-election.1 for0 against
- Appointment of Mr. Anil Kumar Raghavan (DIN: 03548731) as the Managing Director and Chief Executive Officer of the Company
Against Angel One Mutual Fund
- Angel One Mutual FundTransparency Concern: Inadequate disclosure with regards to payment of minimum remuneration. Disclosures as required under Schedule V to the Companies Act, 2013 not made in the explanatory statement.
0 for1 against
Mutual fund votes, meeting of 9 Feb 2026, 6 fund houses
- Issue of convertible warrants on a preferential basis to member of the promoter group of the Company6 for0 against
- Approval of SPARC Employees Stock Option Scheme 2026 ('ESOP Scheme 2026') and granting of stock options to the employees of the Company under ESOP Scheme 2026
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundAbsolute Discretion to Nomination & Remuneration Committee to determine Exercise Price. Governance Concern: Potential maximum benefit that may be granted to a single employee appears to be excessive.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant under SEBI SBEB Regulations: Absolute Discretion to NRC to determine Exercise Price. Governance Concern: Potential maximum benefit that may be granted to a single employee appears to be excessive.
- ICICI Prudential Mutual FundThe AMC has decided to vote against the resolution as the company has not disclosed the exercise price or pricing formula for the options
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
0 for6 against Extend the benefits of and Approval of granting of stock options to the employees of subsidiary company(ies) and/ or holding company and/ or associate companies (present or future) of the company under SPARC Employees Stock Option Scheme 2026MoreLess
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundInterlinked with Resolution #2. Governance Concern: Scheme proposed to be extended to Holding Company / Associate Company (ies) without compelling reason. Further, non-disclosure regarding the cost being reimbursed by the respective companies.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations 2021: Interlinked with Resolution #2. Governance Concern: Scheme proposed to be extended to Holding Company / Associate Company (ies) without compelling reason. Further, non-disclosure regarding the cost being reimbursed by the respective companies.
- ICICI Prudential Mutual FundThe AMC has decided to vote against the resolution as the company has not disclosed the exercise price or pricing formula for the options
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
0 for6 against
6 earlier meetings
Mutual fund votes, meeting of 12 Aug 2025, 6 fund houses
- To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2025 and the reports of the Board of Directors and Auditors thereon6 for0 against
- To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2025 and the report of the Auditors thereon6 for0 against
- To appoint Mr. Dilip Shanghvi (DIN: 00005588), who retires by rotation and being eligible has offered himself for reappointment as a Director
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: Holds two full-time positions in entities with unrelated businesses.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Holds two full-time positions in entities with unrelated businesses.
2 for4 against To approve the Re-appointment and remuneration of Mr. Anilkumar Raghavan, as the Manager and Whole-time Key Managerial Personnel of the Company, designated as Chief Executive Officer (CEO) for a period of five years.MoreLess
6 for0 against- Appointment of Ms. Rekha Warriar (DIN: 08152356) as an Independent Director of the Company for a term of five years6 for0 against
- Appointment of Mr. Venkateswarlu Jasti (DIN:00278028) as an Independent Director of the Company for a term of five years
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundPrior Approval not sought for appointment of Director above 75 years of age.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of the appointee. Non-Compliant under Regulation 17(1A) of SEBI LODR, 2015: Prior Approval not sought for appointment of Director above 75 years of age.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
1 for5 against - To approve enhancement of Line of Credit availed from Shanghvi Finance Private Limited.6 for0 against
- To approve related party transactions with Tiller Therapeutics, Inc
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundOmnibus approval sought for a duration of more than one year. Governance and Transparency Concern: Inadequate disclosures with respect to the basis of arm’s length pricing.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with SEBI Circular: Omnibus approval sought for a duration of more than one year. Governance and Transparency Concern: Inadequate disclosures with respect to the basis of arm’s length pricing.
2 for4 against - To approve the continuation of related party transactions with Sun Pharmaceutical Industries Ltd. under Master Support Service Agreement
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundOmnibus approval sought for a duration of more than one year. Transparency Concern: No clarity whether transaction is in ordinary course of business or not.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with SEBI Circular: Omnibus approval sought for a duration of more than one year. Transparency Concern: No clarity whether transaction is in ordinary course of business or not.
2 for4 against - To approve the continuation of related party transactions with Sun Pharmaceutical Industries Ltd. under Master Licensing Agreement
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundTransparency Concern: No clarity on total amount proposed for each resolution.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with the law. Transparency Concern: No clarity on total amount proposed for each resolution.
2 for4 against - To approve the continuation of related party transactions with Sun Pharma Laboratories Ltd. under Master Licensing Agreement
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundTransparency Concern: No clarity on total amount proposed for each resolution.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with the law. Transparency Concern: No clarity on total amount proposed for each resolution.
2 for4 against - Appointment of KJB & Co LLP, Practising Company Secretaries, as the Secretarial Auditors of the Company6 for0 against
To approve raising of funds through equity shares, convertible warrants, preference shares/ bonds / debentures /any other instruments whether convertible into equity or not, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), Foreign Currency Convertible Bonds (“FCCBs”), etcMoreLess
6 for0 against
Mutual fund votes, meeting of 12 Aug 2024, 9 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- For adoption of audited standalone financial statements of the Company for the financial year ended March 31, 2024 and the reports of the Board of Directors and Auditors thereon.9 for0 against
- For adoption of the audited consolidated financial statements of the Company for the financial year ended March 31, 2024 and the report of the Auditors thereon.9 for0 against
- For retirement of Mr. Sudhir V. Valia (DIN: 00005561), Director liable to retire by rotation, who does not seek re-election.9 for0 against
- For re-appointment of Dr. Robert J. Spiegel (DIN: 08739625) as an Independent Director of the Company for a second term of five years.
Against Axis Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Axis Mutual FundDr. Robert Spiegel, 75, is a consultant to the biotech industry and serves on the board of various biotech companies including Geron Corporation, Cyclacel Pharmaceuticals Inc. and Ayala Pharmaceuticals Inc. He serves as President of Spiegel Consulting LLC and Assistant Professor of Medicine at Weill Cornell Medical College. He is also a Senior Advisor to the private equity firm Warburg Pincus and an Advisor to the Israel Biotech Fund. He attended all six board meetings held in FY24. He has attained 75 years of age – we do not consider age to be a criterion for board memberships. While his reappointment is in line with statutory requirements, we are unable to support the resolution since Sun Pharma Advanced Research Company Ltd. paid professional fees aggregating Rs. 4.1 mn and Rs. 4.2 mn to Spiegel Consulting LLC in FY23 and FY24 respectively. We do not support independent directors having business ties with the company (irrespective of the quantum of pecuniary relationship) as it may impair the objectivity and independence of the director. The company may consider appointing him as a non-independent director.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundAppointment compliant with Law. No concern on the merits of the proposed appointee. Governance Concern: Non-material pecuniary relationship with the Company.
4 for5 against - For appointment of Ms. Vidhi Dilip Shanghvi as a Non- Executive, Non-Independent Director of the Company.9 for0 against
For raising of funds through equity shares, convertible warrants, preference shares/ bonds /debentures /any other instruments whether convertible into equity shares or not, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), Foreign Currency Convertible Bonds (“FCCBs”), etc.MoreLess
Against Axis Mutual Fund, Edelweiss Mutual Fund
- Axis Mutual FundIf the company raises the entire amount of Rs. 18.0 bn through issuance of equity/ equity linked securities at the current market price of Rs. 226.9, the dilution will be 19.6% on the expanded capital base, which is high. The company realised Rs. 7.0 bn in FY23 from exercise of warrants issued. The standalone cash and bank (including liquid investments) stood at Rs. 1.6 bn on 31 March 2024. The company’s bank facilities are secured by corporate guarantee of promoter entity: Shanghvi Finance Private Limited (SFPL). In a recent investor call, the company stated that it does not contemplate any near-term equity raise and the current cash balance and approved credit may be sufficient to cover expenses for 12-15 months. The proposed approval is an enabling one – the company may issue funds through equity or debt securities. We recognise that the company is a clinical stage biopharma company and will have to raise funds for managing its operations and executing the under-development programs. However, given the stage of operations and uncertainty with respect to the revenue and profit visibility, we believe the company must present a comprehensive long-term plan and articulate its fund-raising requirements in detail. We do not support raising debt at this stage. The company must seek separate approvals for issuance of equity and debt.
- Edelweiss Mutual FundLack of data
6 for2 against
1 proposal not matched to one resolution
- 6) Issue equity or debt securities for an amount not exceeding Rs. 18.0 bn.1 for0 against
Mutual fund votes, meeting of 7 Aug 2023, 6 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2023 and the reports of the Board of Directors and Auditors thereon6 for0 against
- To re-appoint Dr. Rajamannar Thennati (DIN: 01415412), who retires by rotation and being eligible, has offered himself for re-appointment as a Director6 for0 against
To approve the maximum remuneration of Mr. Anil Raghavan, Manager and Whole-time Key Managerial Personnel of the Company, designated as Chief Executive Officer (CEO), for further period of two years i.e. from May 25, 2024 to May 24, 2026MoreLess
6 for0 against- To increase the limits applicable for making investments / extending loans and giving guarantees or providing securities in terms of Section 186 of the Companies Act, 2013
Against Edelweiss Mutual Fund
- Edelweiss Mutual Fundenough details not shared. Not sure about extent of ICD proposed.
1 for1 against To approve raising of funds through equity shares, convertible warrants, preference shares/ bonds /debentures / any other instruments whether convertible into equity or not, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), Foreign Currency Convertible Bonds (“FCCBs”), etc.MoreLess
Against Edelweiss Mutual Fund, Nippon India Mutual Fund
- Edelweiss Mutual Fundenough details not shared. Not sure about end use of funds proposed.
- Nippon India Mutual FundLack of clarity on the rationale for raising of funds
3 for2 against
2 proposals not matched to one resolution
- 5) Issue equity or debt securities for an amount not exceeding Rs. 18.0 bn.1 for0 against
To (a) give any loan to any person(s) or other body corporate(s) (b) give any guarantee or provide any security in connection with a loan to any other body corporate(s) or person(s)and (c) acquire by way of subscription, purchase or otherwise, the securities of any other body corporate(s), as the Board may in its absolute discretion deem beneficial and in the interest of the Company, upto a maximum aggregate amount of Rs.1,000 Crore.MoreLess
Against HDFC Mutual Fund, Nippon India Mutual Fund
- HDFC Mutual FundGiven these are rolling limits linked to networth, shareholders will not get a chance to periodic review the borrowing limits
- Nippon India Mutual FundInsufficient information
2 for2 against
Mutual fund votes, meeting of 22 Sep 2022, 3 fund houses
- To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2022 and the reports of the Board of Directors and Auditors thereon.3 for0 against
- To appoint Mr. Dilip S. Shanghvi (DIN: 00005588), who retires by rotation and being eligible, has offered himself for reappointment.3 for0 against
- To re-appoint S R B C & Co. LLP, Chartered Accountants as the Statutory Auditors of the Company.
Against Nippon India Mutual Fund
- Nippon India Mutual FundInadequate disclosure
2 for1 against - To approve revision in terms of Line of Credit availed from Shanghvi Finance Private Limited3 for0 against
- To approve continuation of transactions with Sun Pharmaceutical Industries Inc., USA under Shared Services Agreement.3 for0 against
- To approve continuation of transactions with Sun Pharmaceutical Industries Inc., USA under Master Support Services Agreement.3 for0 against
To approve raising of the funds through equity shares, convertible warrants, preference shares/ bonds /debentures / any other instruments whether convertible into equity or not, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), Foreign Currency Convertible Bonds (“FCCBs”), etc.MoreLess
Against Nippon India Mutual Fund
- Nippon India Mutual FundInsufficient Information
2 for1 against
Mutual fund votes, meeting of 29 Sep 2021, 4 fund houses
- To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2021 and the reports of the Board of Directors and Auditors thereon.4 for0 against
- To appoint Mr. Sudhir V. Valia (DIN: 00005561), who retires by rotation and being eligible, has offered himself for reappointment as a Director.4 for0 against
- To approve the appointment and remuneration of Mr. Anilkumar Raghavan, as the Manager and Whole-time Key Managerial Personnel of the Company, designated as Chief Executive Officer (CEO)4 for0 against
- To ratify and approve Line of Credit availed from Shanghvi Finance Private Limited.4 for0 against
- To approve continuation of transactions with Sun Pharmaceutical Industries Inc., USA under Master License Agreement.
Against Nippon India Mutual Fund
- Nippon India Mutual FundInsufficient Information
3 for1 against - To approve continuation of transactions with Sun Pharma Global FZE, UAE under Master Service Agreement.4 for0 against
- To approve for continuation of transactions with Taro Pharmaceutical Industries Ltd., Israel under Master Support Service Agreement.
Against Nippon India Mutual Fund
- Nippon India Mutual FundInsufficient Information
3 for1 against To approve raising of the funds through equity shares, convertible warrants, preference shares/ bonds /debentures / any other instruments whether convertible into equity or not, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), Foreign Currency Convertible Bonds (“FCCBs”), etc.MoreLess
Against Nippon India Mutual Fund
- Nippon India Mutual FundNot in the interest of stakeholders
3 for1 against- To approve increase the Authorised Share Capital of the Company4 for0 against
Mutual fund votes, meeting of 8 Jun 2021, 4 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
Issue of upto 6,74,70,203 (Six Crores Seventy Four Lakhs Seventy Thousand Two Hundred and Three) warrants each convertible into, or exchangeable for, one equity share of the Company within the period of 18 (eighteen months) in accordance with the applicable law (“Warrants”) to the Promoter of the Company and certain identified non-promoter persons / entities.MoreLess
Against Nippon India Mutual Fund
- Nippon India Mutual FundExcessive dilution to existing shareholders
0 for1 against1 abstained
2 proposals not matched to one resolution
- Approve issue of 67.47 mn warrants at a price of Rs. 178 per warrant, aggregating to Rs. 12 bn on a preferential basis to promoters and non-promoters1 for0 against
To issue upto 6,74,70,203 warrants each convertible into, or exchangeable for, one equity share of the Company within the period of 18 (eighteen) months in accordance with the applicable law (“Warrants”) to the Promoter of the Company and certain identified non-promoter persons / entitiesMoreLess
1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines and tax disputes
Reported in the filing for the quarter to Jun 2026.
- Fine or penaltyINCOME TAX DEPARTMENTSince 22 Jun 2026
Order passed under section 270A of the Income Tax Act, 1961. Penalty - INR 1,66,312/-
Penalty under section 270A(7) of the Income Tax Act, 1961 in respect of under-reported income amounting to Rs.9,96,355/- - Tax disputeDeputy Commissioner of Income Tax, Circle 2(1)(1), BarodaSince 30 Jan 2017OngoingAt the filing before: CIT(A) order received and post Order Giving Effect to the said order this demand stands deleted.
- Tax disputeDeputy Commissioner of Income Tax, Circle 2(1)(1), BarodaSince 6 Feb 2018OngoingAt the filing before: CIT(A) order received and post Order Giving Effect to the said order this demand substantially stands deleted.
- Tax disputeAssistant Commissioner of Income Tax, Circle 2(1)(1), BarodaSince 3 Feb 2015OngoingAt the filing before: Appeal pending before National Faceless Appeal centre (NFAC)
- Tax disputeDeputy Commissioner of Income Tax (IT), 4(2)(2), MumbaiSince 18 Mar 2021OngoingAt the filing before: Appeal pending before ADDL/JCIT (A)-1 DELHI
- Tax disputeCommissioner of CGST & Central ExciseSince 17 Oct 2016OngoingAt the filing before: Appeal filed before CESTAT
- Tax disputeCommissioner of CGST & Central ExciseSince 28 Nov 2016OngoingAt the filing before: Appeal filed before CESTAT
- Tax disputeCommissioner of CGST & Central ExciseSince 11 Jan 2017OngoingAt the filing before: Appeal filed before CESTAT
2 more
- Tax disputeCommissioner of CGST & Central ExciseSince 30 Aug 2018OngoingAt the filing before: Appeal filed before CESTAT
- Tax disputeCommissioner of CGST & Central ExciseSince 18 Apr 2019OngoingAt the filing before: Appeal filed before CESTAT
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
- 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
- No
- 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.
How money raised was used
Reported for the quarter to Jun 2026. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far. A statement's amounts are left out where the raise it states is more than ten times everything the company owns, a figure typed at the wrong scale.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Preferential IssuesMay 2026, checked by Acuité Ratings & Research Limited | – | Towards part repayment of outstanding working capital loan (including pre-payment and processing charges, if any) taken from Banks. | – | – | No |