Hat Tip: Jiten Parmar
Sign at Venky’s AGM held on 11 September, 2017
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Category: AGM
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AGM Timepass Question
It is now AGM season in Mumbai with various companies conducting their AGMs.
One of the risks of attending AGMs is to undergo the torture of listening to the nonsensical and irrelevant questions of one’s fellow share holders which have no bearing on the company’s business or prospects.
Such questions are usually asked for timepass and because the questioner loves to think he has put the Management/Board in a tight spot
One such question was asked today:
“Sir, the Company has spent only 1.71 Crores out of the Rs.5.84 Crores allocated for CSR. Is this correct behavior on the company’s part?
And secondly, all the money is spent in Maharashtra.There are soooo many poor states in India, there are soooo many poor people else where, why we are not spending money on them?”
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AGM in a Temple
Attended and met management of a unique company … K G Denim about 70 kms away from Coimbatore …
Scheduled to start at 4 pm on 28th Sept … Reached at 4:05 pm … Not a soul was there except management … All over.
One needs to deposit mobile, shoes, bags before entering AGM hall …
It was part of a massive temple built inside factory premises
In temple building it is written “Only ISO certified temple in India” … Never knew ISO certifies temples !!
Management had no interest in serious discussion except showing temple and distributing Prasad and talking about divinity.
-wrote Aveek Mitra
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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:
- 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.