Yesterday , on Guru Purnima, I attended the AGM of HDFC AMC. This was their first AGM after going public and hence was special.
There I got to observe one of the greatest wealth creators of India and Guru to many, Deepak Parekh in action.
What I learnt from him was HIT (H – Humility, I-Integrity, T-Thriftiness)
Humility: I was astounded to see the humility with which Deepak Parekh conducted himself. Most managements consider retail shareholders to be a pesky lot and their irritation is quite evident on their faces.
On the other hand, our Guru was courteous to a fault. He got up to ask and answer queries,took copious notes of shareholder queries and answered each shareholder by name.
Integrity: Deepak Parekh , over the course of his career, has created incredible wealth for his shareholders. The love they have for him has to be seen to be believed. One gentleman mentioned that he had put 1000 Rs in HDFC many years back and now its worth 1 Cr ! They all complimented on his fairness and sense of justice especially towards minority shareholders. This is such a 180 Degree difference from some of the AGMs I have attended where shareholders often call promoters ‘chors’ etc
I really liked the way he handled the Essel issue head on.After listening to him, you feel that you can trust him to take the best decision in the larger interests of the Company.
Thriftiness: In any AGM, a shareholder can expect to some kind of light snacks-say a soggy samosa,stale sandwich or a hard idli. I was amused to see that the only thing that was served was a cup of chai/small cold drink. In a way, it was comforting that India’s largest AMC is not spending unnecessary money. Such a strong culture can come only from the top.
All in all, this Guru Purnima was a HIT for me !