(Disclosure:I am market making in the shares of L&T Infotech)
I attended the 20th L&T Infotech AGM today .
This was the first AGM where external shareholders were invited and was glad to be present as history got created !!
Here is what I heard and saw:
- There were only 32 external shareholders.Most of them were L&T Infotech employees who came by the company bus !
- Chairman Naik walked in like a rockstar accompanied by 3-4 bouncers.
- The meeting started with everyone rising up to stand to the anthem.Only the anthem being played was not the National Anthem,but L&T anthem !
- The following resolutions were proposed and seconded:
- Adoption of Accounts
- Approval of Dividend of 2.6 Rs/share
- Re-appointment of A M Naik as Director
- Re-appointment of M/s Sharp & Tannan as Auditors
- Re-appointment of Sanjay Jalona as Director
- Re-appointment of R S Raman as Director
- Re-appointment as Arjun Gupta as Director
- Payment of Commission to Non-Executive Directors an amount not exceeding 1% of net profits of the Company
As expected,the AGM quickly got over.