Dr. Lal Path Labs chairman and AGM

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

• To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2026, together with the reports of the Directors’ and Auditors’ thereon and the audited consolidated financial statements of the Company for the financial year ended March 31, 2026, together with report of Auditors’ thereon.MoreLess

  32 for0 against
• To declare final dividend of INR 4/- per fully paid-up equity share having face value of INR 10/- each for the financial year ended March 31, 2026

  32 for0 against
• To appoint a Director in place of Mr. Rahul Sharma (DIN: 00956625), who retires by rotation and being eligible, offers himself for re-appointment

  32 for0 against
• Revision in remuneration structure of (Hony) Brig Dr Arvind Lal (DIN: 00576638), Executive Chairman and Whole-Time Director of the Company - Special Resolution

  32 for0 against
• Revision in remuneration structure of Dr Vandana Lal (DIN: 00472955), Whole-Time Director of the Company

  32 for0 against
• Re-appointment of (Hony) Brig Dr Arvind Lal (DIN: 00576638) as Executive Chairman and Whole-Time Director of the Company, for a period of five (5) consecutive years commencing from April 01, 2027

  32 for0 against
• Re-appointment of Mr. Rajit Mehta (DIN: 01604819) as a Non-Executive Independent Director of the Company for a second term of five (5) consecutive years commencing from July 27, 2026

  32 for0 against
• Payment of remuneration to Mr. Rahul Sharma (DIN: 00956625), Non-Executive Director, in the event of exercise of ESOPs in excess of 50% of total remuneration payable to all Non-Executive Directors

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance & Transparency concern: ESOPs benefits appears to be excessive to single Non-Executive Director. The Company has not provided compelling justification in the current notice.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency concern: ESOPs benefits appears to be excessive to single NED. The Company has not provided compelling justification in the current notice.

  24 for8 against
• Payment of Commission to Non-Executive Directors including Independent Directors – Special Resolution

  32 for0 against
• Ratification of Remuneration payable to Cost Auditors for the Financial Year 2026-27

  30 for0 against

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

• Approval of ‘Dr. Lal PathLabs Employee Restricted Stock Unit Plan 2025’

  ›Against Axis Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Quantum Mutual Fund

  • Axis Mutual FundDr. Lal PathLabs Employee Restricted Stock Unit Plan 2025 (RSU 2025) will result in a dilution of ~0.4% on the expanded capital base (due to fresh issue). The units will be granted at face value, which reflects a ~99.7% discount to the current market price. When the exercise price is at a significant discount to market price, we expect mandatory vesting of all units to be linked to predefined performance criteria that must be disclosed with targets. As per the notice, vesting of atleast 50% options will be based on achievement of certain performance criteria like revenue and profitability indicators. These criteria are broad and do not provide visibility on achievement parameters. Further, balance 50% may vest solely on continuation of employment. We expect companies to provide granular clarity on performance criteria along with the targets, or a commitment to disclose such targets subsequently in the annual report after the vesting of options.In the current case (RSU 2025), not all units may vest based on performance, and even for the 50% options that have a performance-linked vesting, the disclosures are not sufficiently detailed. We do not support the resolution.
  • HDFC Mutual FundESOPS/RSUs are being granted at a deep discount to market price. We do not support the resolution.
  • Invesco Mutual FundDr. Lal PathLabs Employee Restricted Stock Unit Plan 2025 (RSU 2025) will result in a dilution of ~0.4% on the expanded capital base (due to fresh issue). The units will be granted at face value, which reflects a ~99.7% discount to the current market price. When the exercise price is at a significant discount to market price, we expect mandatory vesting of all units to be linked to predefined performance criteria that must be disclosed with targets. As per the notice, vesting of atleast 50% options will be based on achievement of certain performance criteria like revenue and profitability indicators. These criteria are broad and do not provide visibility on achievement parameters. Further, balance 50% may vest solely on continuation of employment. We expect companies to provide granular clarity on performance criteria along with the targets, or a commitment to disclose such targets subsequently in the annual report after the vesting of options. In the current case (RSU 2025), not all units may vest based on performance, and even for the 50% options that have a performance-linked vesting, the disclosures are not sufficiently detailed. We do not support the resolution
  • Kotak Mahindra Mutual FundWith regard to the maximum options that may be granted under the Scheme, the Company has stated that the number of Options that may be granted per employee and in aggregate for such employee shall not exceed 75,000 (Seventy-Five Thousand) Options. Considering the Exercise Price under the Scheme is face and maximum option issued per employees at 75,000, the maximum potential benefit would be ~ 23.48 crores. As per the notice, vesting of atleast 50% options will be based on achievement of certain performance criteria like revenue and profitability indicators. These criteria are broad and do not provide visibility on achievement parameters. Further, for the balance 50% or less, it is unclear whether vesting will be solely on continuation of employment or it will have some factor of performance as well. In the absence of clarity, we would not be able to support it. Hence we do not favour it.
  • Mirae Asset Mutual FundESOP pricing at significant discount to market price (high discount implies non-alignment of potential future growth for shareholder and ESOP holders)
  • Quantum Mutual FundFor the following Governance reason we vote against the Resolution.The company is seeking shareholder’s approval for Dr. Lal PathLabs Employee Restricted Stock Unit Plan 2025 (RSU 2025). The exercise price is set at face value. The scheme provides for vesting of 50% on continued employment and the remainder will be based on achievement of certain performance criteria like revenue and profitability indicators. We are of the view that the RSUs should not be time based in nature and should be completely performance linked. Further, there is lack of clarity on performance parameters to be considered for the vesting of RSUs. In the absence of clarity, we do not favour the resolution.

  14 for6 against
• Approval of grant of Options to the employees of the Subsidiary Company(ies) of the Company under ‘Dr. Lal PathLabs Employee Restricted Stock Unit Plan 2025’

  ›Against Axis Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Quantum Mutual Fund

  • Axis Mutual FundThe company seeks shareholder approval for extending the benefits of RSU 2025 to employees of subsidiary companies. Our view is linked to resolution #1. We do not support the resolution.
  • HDFC Mutual FundESOPS/RSUs are being granted at a deep discount to market price. We do not support the resolution.
  • Invesco Mutual FundThe company seeks shareholder approval for extending the benefits of RSU 2025 to employees of subsidiary companies. We do not support the resolution.
  • Kotak Mahindra Mutual FundThe company seeks shareholder approval for extending the benefits of RSU 2025 to employees of subsidiary companies. Our view is linked to resolution #1. We do not support the resolution
  • Mirae Asset Mutual FundESOP pricing at significant discount to market price (high discount implies non-alignment of potential future growth for shareholder and ESOP holders)
  • Quantum Mutual FundFor the following Governance reason we vote against the Resolution.The company is seeking shareholder’s approval for Dr. Lal PathLabs Employee Restricted Stock Unit Plan 2025 (RSU 2025). The exercise price is set at face value. The scheme provides for vesting of 50% on continued employment and the remainder will be based on achievement of certain performance criteria like revenue and profitability indicators. We are of the view that the RSUs should not be time based in nature and should be completely performance linked. Further, there is lack of clarity on performance parameters to be considered for the vesting of RSUs. In the absence of clarity, we do not favour the resolution.

  14 for6 against
• Approval of secondary acquisition of shares through Trust route for the implementation of ‘Dr. Lal PathLabs Employee Restricted Stock Unit Plan 2025’

  ›Against Axis Mutual Fund, Canara Robeco Mutual Fund, DSP Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Quantum Mutual Fund

  • Axis Mutual Fund, DSP Mutual Fund, Jio BlackRock Mutual Fund, Kotak Mahindra Mutual FundThe company seeks shareholder approval for secondary acquisition of upto 208,380 shares for implementation of RSU 2025. Our view is linked to resolution #1. We do not support the resolution.
  • Canara Robeco Mutual Fund• The company seeks shareholder approval for secondary acquisition of upto 208,380 shares for implementation of RSU 2025. Dr. Lal PathLabs Employee Restricted Stock Unit Plan 2025 (RSU 2025) will result in a dilution of ~0.4% on the expanded capital base (due to fresh issue). The units will be granted at face value, which reflects a ~99.7% discount to the current market price. When the exercise price is at a significant discount to market price, we expect mandatory vesting of all units to be linked to predefined performance criteria that must be disclosed with targets. As per the notice, vesting of atleast 50% options will be based on achievement of certain performance criteria like revenue and profitability indicators. These criteria are broad and do not provide visibility on achievement parameters. Further, balance 50% may vest solely on continuation of employment. We expect companies to provide granular clarity on performance criteria along with the targets, or a commitment to disclose such targets subsequently in the annual report after the vesting of options. In the current case (RSU 2025), not all units may vest based on performance, and even for the 50% options that have a performance-linked vesting, the disclosures are not sufficiently detailed. We do not support the resolution.
  • HDFC Mutual FundESOPS/RSUs are being granted at a deep discount to market price. We do not support the resolution.
  • Invesco Mutual FundThe company seeks shareholder approval for secondary acquisition of upto 208,380 shares for implementation of RSU 2025. We do not support the resolution
  • Mirae Asset Mutual FundESOP pricing at significant discount to market price (high discount implies non-alignment of potential future growth for shareholder and ESOP holders)
  • Quantum Mutual FundFor the following Governance reason we vote against the Resolution.The company is seeking shareholder’s approval for Dr. Lal PathLabs Employee Restricted Stock Unit Plan 2025 (RSU 2025). The exercise price is set at face value. The scheme provides for vesting of 50% on continued employment and the remainder will be based on achievement of certain performance criteria like revenue and profitability indicators. We are of the view that the RSUs should not be time based in nature and should be completely performance linked. Further, there is lack of clarity on performance parameters to be considered for the vesting of RSUs. In the absence of clarity, we do not favour the resolution.

  18 for9 against
• Provision of money to be provided by the Company for purchase of its own Shares by the Trust under ‘Dr. Lal PathLabs Employee Restricted Stock Unit Plan 2025’

  ›Against Axis Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Quantum Mutual Fund

  • Axis Mutual Fund, Kotak Mahindra Mutual FundThe company seeks approval for provision of financial/ non-financial support to Dr. Lal PathLabs Employee Welfare Trust for purchase of upto 208,380 shares for secondary acquisition under RSU 2025. Our view is linked to resolution #1. We do not support the resolution.
  • HDFC Mutual FundESOPS/RSUs are being granted at a deep discount to market price. We do not support the resolution.
  • Invesco Mutual FundThe company seeks approval for provision of financial/ non-financial support to Dr. Lal PathLabs Employee Welfare Trust for purchase of upto 208,380 shares for secondary acquisition under RSU 2025. We do not support the resolution
  • Mirae Asset Mutual FundESOP pricing at significant discount to market price (high discount implies non-alignment of potential future growth for shareholder and ESOP holders)
  • Quantum Mutual FundFor the following Governance reason we vote against the Resolution.The company is seeking shareholder’s approval for Dr. Lal PathLabs Employee Restricted Stock Unit Plan 2025 (RSU 2025). The exercise price is set at face value. The scheme provides for vesting of 50% on continued employment and the remainder will be based on achievement of certain performance criteria like revenue and profitability indicators. We are of the view that the RSUs should not be time based in nature and should be completely performance linked. Further, there is lack of clarity on performance parameters to be considered for the vesting of RSUs. In the absence of clarity, we do not favour the resolution.

  14 for6 against
• Approval of Reduction of Options Reserve under ‘Dr. Lal PathLabs Employee Stock Option Plan 2022’

  ›Against Axis Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Quantum Mutual Fund

  • Axis Mutual Fund, Kotak Mahindra Mutual FundThe company seeks shareholder approval to reduce the reserve under ESOP 2022 and allocate upto 527,403 units for grant under RSU 2025. Our view is linked to resolution #1. We do not support the resolution.
  • HDFC Mutual FundESOPS/RSUs are being granted at a deep discount to market price. We do not support the resolution.
  • Invesco Mutual FundThe company seeks shareholder approval to reduce the reserve under ESOP 2022 and allocate upto 527,403 units for grant under RSU 2025. We do not support the resolution
  • Mirae Asset Mutual FundESOP pricing at significant discount to market price (high discount implies non-alignment of potential future growth for shareholder and ESOP holders)
  • Quantum Mutual FundFor the following Governance reason we vote against the Resolution.The company has in place ESOP 2022 plan which has an exercise price set at 10% discount to the market price with a maximum vesting period of 4 years. We do not have any concern on the existing ESOP plan. The company is now seeking approval to reduce the reserve under ESOP 2022. The ESOP 2022 has 5,27,403 options outstanding which is proposed to be transferred to 2025 plan under resolution #1. As we do not favour the RSU 2025 plan, we vote against the resolution.

  14 for6 against
• Increase in the Authorised Share Capital and consequent alteration to the Capital Clause of the Memorandum of Association

  27 for0 against
• Issuing Bonus Equity Shares

  27 for0 against