And thus went the AGM of LTTS… !!
The event started with “L&T Anthem” played out on the giant electronic screens in the auditorium. Mr. A.M.Naik (Non-Executive Chairman) conducted the proceedings. The entire Board was seated on stage.
Mr. Naik started by stating that all the Directors are present for the AGM. He then read out a brief report on the last year’s performance, such as growth in revenues, profits and so on. He also mentioned that the company has a USD 1 billion target by FY2021. I found it a bit odd that a top corporate honcho like Mr. Naik doesn’t speak extempore, but reads out a bland pre-written write-up stuffed with usual platitudes. But wait… I am jumping the gun.
After the foreword, the customary resolutions such as adoption of annual accounts, declaration of dividend, re-appointment of directors etc. were passed. Then came what I was eagerly waiting for - the Question & Answer session.
Surprisingly, Mr. Naik already had a list, with names of people who would be asking questions! He began to call out the names one by one.
First was an old Marwari lady – an obvious fan of Chairmansahab, who thanked the Chairman for all his achievements and the glory he has brought to the company. The audience was entertained to a few shayaris dedicated to Mr. Naik, Dr. Panda and others.
Next, an old Parsi gentleman. He began by congratulating Mr. Naik for getting Padma Vibhushan. Then, he turned to ask some “ probing ” questions on the company’s financials. Why has the EPS increased? To this, the CFO replied that EPS has increased because the profits have increased. Okay. Then this gentleman pointed to an item in the P&L called “Legal & Professional Fees” and demanded to know - out of this, how much was Legal and how much was Professional? Wow, what a question! One more question, and Mr. Naik drove him away by saying don’t waste time, the CFO will meet you separately and answer all your questions.
Next. Another old gentleman walked up to the speaker’s podium. Once again, an obvious bhakt of Mr. Naik. Congratulations for getting the Padma Vibhushan and for expressing confidence in the company by investing in the company shares! (It is another matter that these shares are all ESOPs allotted by Mr. Naik to himself @ Rs.2 per share, making him the largest individual shareholder in LTTS)
Next.
Next.
Next.
One by one they were called, raised important issues and asked probing questions. Why don’t you split the stock to Re.1 per share? Next. The Annual report should have a Glossary & Abbreviations at the end. Next. Congratulations for the great CSR work the company is doing. Next. Why is the Corporate Office in Vadodara and not in Mumbai? Next. Renukaji (Ms. Renuka Ramnath, the sole lady Director on the Board, sitting on stage) is like Goddess Laxmi, may her presence shower us with lots of wealth! Next. L&T InfoTech AGM was at 11:30 in the morning and this one is at 3:30. What should we do in-between for four hours? Next. All this (pointing to the Annual Report) is okay but it is of last year. What about the current year? When are you declaring the first quarter results? (When this speaker told that Q1 results were already declared yesterday itself, he said ‘Sorry I did not see as I was busy “preparing” for this AGM’)
Then suddenly – and apparently having run through his full list - Mr. Naik called the AGM as over! All the business suits sitting on the stage got up and quickly walked away, perhaps having accrued their Sitting Fees and looking forward to their Gin & Tonic and a pleasant Saturday evening. No one had uttered a single word throughout the session. (Now I know why they call it “sitting” fees).
What about those like me, who came hoping to listen to an enlightening talk on the global slowdown, U.S. – China trade war and the future of technology? What about IoT, hybrid engines, solar drones, autonomous robots? What about digital factories, 5G, Artificial Intelligence and autonomous vehicles? Will someone talk about where the human – technology interface is heading?
Sir, please go to the ground floor, right hand side corner and use the coupon we gave you for a cup of tea. Thank you for attending.