What I heard & saw at the L&T Infotech AGM

(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:

  1. There were only 32 external shareholders.Most of them were L&T Infotech employees who came by the company bus !
  2. Chairman Naik walked in like a rockstar accompanied by 3-4 bouncers.
  3. 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 !
  4. 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.

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