I am a shareholder of dish TV. On 5th February 2019 q3 results where announced at 4 pm . After the results, conference call was arranged at 4.30 pm. the details to join conference was put up in website.
Accordingly I joined the conference. After about 5 minutes I was interrupted and asked to leave the conference. The reason given was that the conference was for institutional clients only.
I argued that as a shareholder I deserved rights to know what is happening in the company. It was of no use.
Now a day has passed and still conference transcript is not updated. Does this sound a bit unethical ?
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I think it wouldn’t have happened in normal circumstances but these are not normal times for Essel Group. They are in a soup given their pledges and probably concerned about those “negative forces” potentially using the information gleaned from the call for ulterior motives. That may have been why they restricted it. I wouldn’t think too much of it unless it’s a recurring thing. As you’ve duly noted, they always put transcripts on their website so this is probably just an isolated instance. If it happens again, you can bring it to the attention of SEBI.
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You should complain to the Company Secretary and Investor Relations at the very least. This was unprofessional on their part if they asked you to leave the call. The call is always for analysts and investors, and there is never a differentiation between institutional and individual investors.
I understand that these are extraordinary times for Essel Group stocks, but the least they could have done was allowed you to listen to what was being discussed on the call. They may not have taken your question and given preference to institutional investors/analysts in this case, but they cannot stop you from participating on such calls.
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This is wrong. Write a complaint letter to the company and mark a copy to SEBI.
It happened with me on Tata Steel call where I was asked to leave the call, in the same manner. You need to check whether the letter submitted to the exchanges mentions about “investors” or not. Many big companies do not provide conference call details if they don’t want common investors to attend the call. The conference call details should mention if the call is only for analysts or for analysts and investors.
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