Apollo Hospitals NCLT meetings: Healthtech listing plan 2026

What happened on June 24, 2026

Apollo Hospitals Enterprise Limited convened meetings of its secured creditors, unsecured creditors, and equity shareholders on June 24, 2026 under directions of the National Company Law Tribunal (NCLT), Chennai Bench. The meetings were called to consider and approve a composite scheme of arrangement among Apollo Hospitals Enterprise Limited, Apollo Healthco Limited, Keimed Private Limited, and Apollo Healthtech Limited.

The stated objective of the scheme is to separate and independently list Apollo Healthtech. The company has positioned the proposed structure as a value-unlocking exercise and as a way to sharpen strategic focus across businesses housed in the group.

All three meetings were conducted through Video Conferencing (VC) and Other Audio-Visual Means (OAVM), in line with the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The composite scheme and the proposed Apollo Healthtech listing

The scheme presented to stakeholders involves a composite arrangement between Apollo Hospitals Enterprise and three group entities, Apollo Healthco, Keimed, and Apollo Healthtech. Apollo Healthtech is described as the resultant company under the proposal, with the scheme seeking to place operations in a way that supports an independent listing.

Apollo Hospitals has said the scheme is intended to unlock value through the independent listing of Apollo Healthtech. As part of the proposed governance structure, Ms. Shobana Kamineni is slated to be the Executive Chairperson of Apollo Healthtech.

The meetings on June 24 were a key step in the NCLT process because the court directed stakeholder approvals through creditor and shareholder meetings.

How the meetings were conducted

Dr. K.S. Ravichandran, appointed by the NCLT, chaired the meetings. Mr. S. Vedhavel, Advocate, acted as the scrutinizer.

The company’s key management participants included Ms. Suneeta Reddy, Managing Director; Mr. Krishnan Akhileswaran, Chief Financial Officer; and Mr. SM Krishnan, Sr. Vice President – Finance and Company Secretary.

During the meetings, management presented the salient features of the composite scheme, including the rationale and stated benefits. Unsecured creditors and equity shareholders raised queries, and management addressed them during the session. No clarifications were sought by secured creditors.

Meeting timings and attendance window

The three NCLT-convened meetings were held on the same day, with distinct start and end times.

The meetings were held via VC and OAVM, aligning with the tribunal’s directions and applicable compliance requirements for listed entities.

E-voting window and cut-off date

Apollo Hospitals provided a remote e-voting facility through National Securities Depository Limited (NSDL). Remote e-voting opened on June 20, 2026 at 9.00 a.m. and closed on June 23, 2026 at 5.00 p.m.

Stakeholders who had not cast votes remotely were permitted to vote electronically during the meetings and for 30 minutes thereafter. The cut-off date for e-voting was June 17, 2026, as notified for the equity shareholders’ meeting.

This voting design ensured that stakeholders could participate regardless of whether they voted during the remote window or during the live meeting.

NCLT rescheduled meetings and declined quorum changes

The June 24 meetings were not the original dates. The tribunal rescheduled stakeholder meetings that were initially set for May 2026 to June 2026 across five categories. The NCLT considered three interlocutory applications, IA(COMPANIES.ACT)/120(CHE)2026, IA(COMPANIES.ACT)/129(CHE)2026, and IA(COMPANIES.ACT)/119(CHE)2026, seeking modification of meeting dates.

Senior Counsel Mr. P.H. Aravindh Pandian and counsels from Shardul Amarchand Mangaldas and Co. made submissions in the matter. The tribunal allowed all three applications and revised the schedule.

However, the NCLT declined requests to revise the quorum, noting that the quorum for all meetings had already been set under its earlier order dated March 26, 2026 and would remain unchanged.

Revised schedule approved by the tribunal

The revised dates moved several stakeholder meetings from late May to late June.

Separately, Apollo Hospitals also referenced that a meeting for Keimed Private Limited’s unsecured creditors was scheduled on June 23, 2026.

Notices, publications, and meeting administration

Apollo Hospitals said it published notices for the NCLT-convened meetings for secured creditors, unsecured creditors, and equity shareholders. The tribunal also directed that individual notices be issued at least 30 days in advance along with the scheme and an explanatory statement, and that advertisements be published in newspapers.

In the March 26, 2026 directions, publications included Business Standard (English) and Makkal Kural (Tamil). The same order set specific quorum requirements, including 35,640 for equity shareholders, 2 for secured creditors, and 1,296 for unsecured creditors of Apollo Hospitals.

The March 26 order also recorded meeting participant counts for that schedule, including 1,78,239 equity shareholders, 8 secured creditors, and 6,418 unsecured creditors of Apollo Hospitals, along with unsecured creditor meetings for Apollo Healthco (665 creditors) and Keimed (55 creditors).

Fees for chairperson and scrutinizer set by NCLT

Under the tribunal’s directions dated March 26, 2026, Dr. K.S. Ravichandran was appointed as chairperson for the meetings with a fee of Rs. 2,50,000 plus expenses. Mr. Vedhavel, Advocate, was appointed as scrutinizer with compensation of Rs. 1,20,000 plus expenses.

These appointments and fee structures are part of the tribunal’s standard framework for overseeing voting and reporting when stakeholder approvals are required in a scheme process.

Market impact: what investors track next

The June 24 meetings matter because they sit at the center of the approval chain for a composite scheme involving multiple group entities and a proposed independent listing of Apollo Healthtech. The company’s disclosures show that stakeholder engagement was structured through remote e-voting, live electronic voting during meetings, and formal scrutiny of votes.

For investors, the key near-term focus is on the procedural completion of the process as directed by the NCLT, including the chairperson and scrutinizer’s reporting within prescribed timelines. The NCLT’s refusal to alter quorum thresholds also highlights that approvals must meet the requirements already laid down in the March 26, 2026 order.

Why the event matters

The scheme is explicitly framed as a value-unlocking move through an independent listing of Apollo Healthtech, coupled with a sharper strategic focus. The presence of senior management at the meetings, including the managing director and CFO, signals that Apollo Hospitals is treating the scheme as a core corporate action requiring direct stakeholder communication.

The tribunal’s multiple orders also show the administrative complexity of arranging and validating creditor and shareholder approvals, particularly when meetings are rescheduled and quorum provisions remain fixed.

Conclusion

Apollo Hospitals’ creditor and shareholder meetings on June 24, 2026 marked a formal checkpoint in the NCLT-directed process for a composite scheme involving Apollo Healthco, Keimed, and Apollo Healthtech. With remote voting and live electronic voting completed under a scrutinizer, the next procedural step, as outlined in tribunal directions, is submission of meeting reports within prescribed timelines.