Transcript of proceedings of 22nd Annual General Meeting

Held through Video Conference / Other Audio-Visual Means

M ANAGEMENT: D R. D EVI P RASAD S HETTY - C HAIRMAN

D R. E MMANUEL R UPERT - M ANAGING D IRECTOR A ND G ROUP

C HIEF E XECUTIVE O FFICER

M R. V IREN P RASAD S HETTY, E XECUTIVE V ICE C HAIRMAN

M S. S ANDHYA J - G ROUP C HIEF F INANCIAL O FFICER

M R. S. S RIDHAR - C OMPANY S ECRETARY

M R. A RUN S ETH - I NDEPENDENT D IRECTOR

M R. B. N. S UBRAMANYA - I NDEPENDENT D IRECTOR A ND C HAIRMAN

M R. M UTHURAMAN B ALASUBRAMANIAN - I NDEPENDENT D IRECTOR A ND C HAIRMAN - S TAKEHOLDERS R ELATIONSHIP C OMMITTEE

M R. D INESH K RISHNASWAMY - I NDEPENDENT D IRECTOR A ND

C HAIRMAN, CSR C OMMITTEE

D R. K IRAN M AZUMDAR S HAW - N ON-E XECUTIVED IRECTOR

M S. T ERRI S MITH B RESENHAM - I NDEPENDENT D IRECTOR

Transcript of proceedings of 22nd Annual General Meeting

Moderator: Dear shareholders, Good morning and a warm welcome to you all to the 22nd Annual General Meeting of Narayana Hrudayalaya Limited through videoconference. As a reminder, for the smooth conduct of the meeting, the members will be in the mute mode and the audio and video will be switched on when they speak at the AGM as per the pre-registration. Please note that, as per the requirements, the proceedings of the Annual General Meeting will be recorded and available on the website of the company. I now hand over the proceedings to Dr. Devi Prasad Shetty, Chairman. Thank you and over to you sir.

Dr. Devi Prasad Shetty: Dear shareholders, I am delighted to welcome you all, to the 22nd Annual General Meeting of your company held through video conferencing facility. Pursuant to the Articles of Association of the Company, as a Chairman of the Board of Directors, I am entitled to chair General Meeting of shareholders. Accordingly, I am chairing this 22nd Annual General Meeting. We have requisite quorum to commence the meeting, and accordingly call this meeting to order. I would now like to introduce your Board Members who have joined this meeting. Mr. Mr. B. N. Subramanya, Independent Director joining the meeting from Bangalore. He is the Chairman of the Audit, Risk and Compliance Committee and a member of CSR Committee and also Stakeholders Relationship Committee.

Mr. Muthuraman Balasubramanian, Independent Director joining from Bangalore. He is the Chairman of Stakeholders Relationship Committee and a member of the Audit, Risk and Compliance Committee.

Mr. Dinesh Krishnaswamy, Independent Director joining from Bangalore. He is the Chairman of CSR Committee and a member of the Audit, Risk and Compliance Committee and also Nomination and Remuneration Committee.

Mr. Arun Seth, Independent Director. He is joining us from Delhi. He is the Chairman of the Nomination and Remuneration Committee.

Ms. Terri Smith Bresenham, Independent Director joining us from USA.

Dr. Kiran Mazumdar Shaw, Non-Executive Director joining us from Bangalore. She is a member of the Nomination and Remuneration Committee.

Mr. Viren Prasad Shetty, Executive Vice Chairman, he is joining us from Bangalore. We have our Group CEO and Managing Director, Dr. Emmanuel Rupert, Ms. Sandhya J, Chief Financial Officer, and Mr. Sridhar, Company Secretary joining us from our corporate office in Bangalore.

I would also like to acknowledge the participation of the partner or authorized representative of our statutory auditors, Deloitte Haskins & Sells, and the secretarial auditors, Ganapathi & Mohan, Company Secretaries. Those shareholders participating in this meeting and have not cast their vote through remote e-voting facility can now cast the vote through the e-voting facility provided in this meeting VC screen. I now request Mr. Sridhar, Company Secretary to provide

Transcript of proceedings of 22nd Annual General Meeting

general information about the meeting for the benefit of the shareholders participating in this

meeting. Thank you so much.

Thank you, Chairman. Dear shareholders, in compliance with the provisions of the Companies

Act 2013, SEBI Regulations, circulars issued by the Ministry of Corporate Affairs and SEBI this

meeting is held through video conference facility. I would like to state that all efforts feasible

have been made by the company to enable members to participate and vote on the items being

considered in this meeting. The company has made available the facility for the shareholders to

join the meeting through video conference on first come first served basis. Live web streaming

of this meeting is also being done through the video conference facility provided by NSDL.

Pursuant to the directions of Ministry of Corporate Affairs, the notice along with audited

financial statements, auditors report, directors report and other information required to be sent

to the shareholders has been sent through email to the registered email id of the shareholders and

physical copy of annual report has been dispatched to those who had made specific requests for

the same. Since the meeting is conducted through virtual means, the option of appointing proxy

is not allowed as per the circular of the Ministry of Corporate Affairs. Only the shareholders can

attend the meeting. However, authorized representatives of corporate shareholders and

institutional investors who have submitted the authorization resolution can attend and vote at the

meeting. Shareholders who have not cast their vote during the remote e-voting window through

the remote e-voting facility provided by NSDL can cast their vote during the meeting and up to

15 minutes after the conclusion of the meeting by clicking on the e-voting button appearing on

Shareholders who have registered themselves to speak in the meeting would be enabled to speak

after the Chairman announces the opening of the floor for shareholders to speak. The meeting

moderator will facilitate the shareholder speakers to seamlessly join the meeting. And when your

name is called out, you are required to unmute your video and audio. Shareholders can also post

questions through the communicate tab provided in the video conference screen anytime up to

12:15 PM. The registers and documents that are required to be made available during the meeting

for inspection to the shareholders under the Companies Act are available for electronic

inspection. Shareholders who want to inspect can send email to the designated email id given in

the notice. I now hand over to the Chairman sir. Thank you.

Dear Shareholders, my entire professional life as a heart surgeon and as an entrepreneur, was

spent in trying to reduce the cost of health care. After spending years on cost reduction, we made

a massive difference to the common man of our country and set an example for rest of the world

to follow. I left England way back in 1989 and started a new inning at Calcutta as a heart surgeon.

31 years ago, my first patient paid one and a half lakh rupees for a bypass graft. Today we are

doing the same bypass grafting operation for poor patients at the same price. Tell me what was

costing rupees one and a half lakh 31 years ago that costs the same today. This was possible

because of dedication, passion and sacrifice of lakhs of doctors, nurses, medical technicians, and

hospital administrators of this blessed country. However, we have reached the inflection point

Transcript of proceedings of 22nd Annual General Meeting

in reducing the cost. We can't reduce the cost further without compromising on the quality of surgery. This is something we all want to avoid for obvious reasons. But what is a way forward for half of our country's population who cannot afford to pay for health care out of pocket? There is a solution. The solution is low cost health insurance.

Out of Pocket payment for healthcare is a third world phenomenon. We are no longer a third world country, and we need to build new avenues to pay for health care. A financial intermediary pays for the healthcare in most parts of the world. The cell phone revolution taught us a very interesting lesson. Indians are willing to pay a small amount of money in installments for essential services. We believe that the future of healthcare services in India is closely linked to innovation in low cost health insurance.

There are a lot of exciting companies developing sachet size insurance, as well as integrated health care plans. Some of these initiatives will fail, some will succeed but all are worth exploring. In India, with a diverse population of 1.3 billion people, one size fits all solution will not work. We need health insurance premiums starting from few hundred rupees to few lakh rupees, that will only happen if risk takers are encouraged and eventually good ideas will succeed and then the world will never be the same again. Once India cracks the code of affordable health insurance, we will prove to the world that it is possible to dissociate healthcare access from affluence. I would like to thank our government for Ayushman Bharat and starting discussions on affordable health insurance, and I have no doubt that it will become a reality soon.

One of the most important component of healthcare is electronic medical records or EMR. Mass adoption of EMR happened in USA because of $ 24 billion in grants given by the government to all hospitals. To improve the safety of healthcare in India, EMR adoption is critical. Today, small hospitals and nursing homes are reluctant to adopt EMR because of the time spent on learning a new system and of course cost. If a small amount of money is paid per patient, nursing homes and clinics across the country will be incentivized to adopt electronic medical records. India is perhaps the only country which can do it at scale because of the extremely talented pool of software engineers who can develop most advanced electronic medical records and make it available at an affordable price.

Rapid expansion of nursing and medical colleges.

This is extremely important for India. There are 2600 nursing colleges offering nursing degree programs in the USA. With less than a quarter of Indian population, USA graduates over one and a half lakh registered nurses per year. India has 2500 colleges teaching general nursing and midwifery and 1900 colleges offering BSc Nursing. About 90,000 GNM and one lakh BSc nurses graduate every year. For 10,000 people, India has 21 nurses, while USA has 116 nurses. I would like all of you to keep this in mind when you criticize Indian hospitals and compare them to Western standards. Hospitals today have no control over the number of nurses and doctors getting trained or how well they are trained. Today, our hospitals have been reduced to training school for nursing graduates to get experience certificate and migrate to Middle Eastern and Western countries. There is nothing wrong in our doctors and nurses migrating abroad for a better opportunities. Our doctors and nurses have generated tremendous goodwill for our country

Transcript of proceedings of 22nd Annual General Meeting

across the world. But we also have to recognize our position as the number one training ground for medical professionals, not just for India, but for the world. Shortage of nurses is the greatest stumbling block for delivering health care across the world. Indian hospitals struggle with nurse attrition rate of over 50% to 75%. No service industry with this level of attrition can function without compromising on the quality and patient safety.

Our government has adopted the bold strategy of Make in India. I believe this should not be limited to manufacturing alone, but extended to the service sector as well. India produces the largest number of skilled professionals in the world. And we have the opportunity to make professionals in India for the world. Our policies should permeate all hospitals with over 100 beds to start nursing colleges to train GNM and BSc nurses. Nursing colleges managed by hospitals will train highly skilled nurses because they have practical experience working as nurse assistants while studying. Since nursing students are also working, hospitals will be able to reduce the tuition fees, thus helping the students from poor families to become nurses and build a better future for themselves.

Creating a cadre of hospitalists

Many of you may not be aware of this term called hospitalist. In 2020, about 1.6 lakh doctors appeared for the NEET PG exam, and less than a quarter of them were able to get a postgraduate seat in clinical subjects. What would rest of the MBBS doctors do. Most of them will continue studying for elusive PG seat, attending coaching classes in Kerala or Kota, mugging multiple choice questions and not touching patients for three to four years. It is a colossal waste of talent and resources for the country. Due to the big gap between the under graduation and postgraduation seats, most of them will never get a post-graduation seat. It is very important to create a well-paid training program for all graduating doctors inside hospitals, either as a specialist with postgraduate degree or as a hospitalist without a postgraduate degree. Hospitalist in USA and staff grade in UK are MBBS doctors who have spent two years learning to assist the consultants and take care of the patients admitted under the consultants. In India, the hospitalist equivalent would be an intermediate solution till these doctors get a PG Seat and allow them to earn some money and support their families. Medical profession is one of the most grueling professions and is embraced by a very, very small group of passionate youngsters. Every graduating doctor should be assured of a well-paying job to take care of their family. This is the only way to attract talented youngsters to this noble profession. My heart breaks every year when I hear stories of medical students spending 1000s of hours studying but not getting limited post-graduation seats.

The interesting thing about 500 bed hospitals for research. The greatest engineering marvels of the future are going to be produced inside the human body, because the future of healthcare will be totally dependent on the interaction between the man and the machine. Throughout history, when engineering students work closely with the doctors, they produce innovative technology that transforms the medical profession. The MRI, Heart valve, linear accelerator, surgical robots were created when engineers were given access to human body along with the doctors. India has some of the best engineering colleges in the world and we can produce world beating innovation for the 21st century. I am glad to hear that institutes of eminence like IIT Kanpur, and Indian

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Narayana Hrudayalaya Ltd. published this content on 02 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 September 2022 06:33:35 UTC.