One could have easily mistaken it for a scene at the Tirupati temple, which Mukesh Ambani and his brother Anil Ambani visit regularly. Chaos reigned supreme at the RIL AGM, with shareholders shouting down and elbowing each other to gain entry into the auditorium.
People came from Kurnool, Kolkata, Jamnagar and Kutch… ranging from 20 to 84 years of age. A stampede looked imminent. As Mukesh Ambani began his speech, those left outside the auditorium started getting agitated. After all, this is the company some of them have been with for 30 years or more. A handful was allowed to go inside after much pleading.
More than 40 shareholders got a chance to speak, and most of suggested inducting the Ambani matriarch, Kokilaben, as chairman emeritus or a board member. Some shareholders were also regulars at AGMs of Aditya Birla Group, ACC and Larsen and Toubro. Some started with shayari, shloka and muhawara and blessings and good wishes. One regular attendee, who comes in traditional attire, said Ambani’s ears resembled those of Lord Ganesha and gifted him a paper plane, signifying the only industry he hasn’t entered yet. Another talked about his association with UDCT college, where Ambani studied engineering, for 17 years and 17 days. “This AGM is more like a drama where action unfurls every moment,” quipped a shareholder sitting in a corner.
Profit first
Shareholders who had hoped to find the younger Ambani brother, Anil, at the meet, were disappointed, for speculation that he will attend had been intense. But a lady said, “Jab ye good news aya, RNRL Rs 48 mey kharida tha aur Rs 64 pey nikala (When the news came in I bought RNRL at Rs 48 apiece and sold for Rs 64).”
Environ focus
Most shareholders were concerned about the steps being taken by the company in the wake of the oil spill from a well of British Petroleum (BP) in the Gulf of Mexico. Ambani reassured the audience about the company’s safety protocols.
Hanging queries
Would Mukesh Ambani invest in the younger sibling’s business? What would be the quantum of gas extraction in the next three years? When would the broadband rollout begin? What is the status of the Haryana SEZ? What would be the impact of the direct taxes code to be implemented from March 31, 2011? Will RIL buy 26% stake in RCom? Is the company getting into manufacturing of bulletproof jackets and construction of underground channels for storage of petrol? Were bonuses and dividends in the offing, given that ITC has turned out to be the highest dividend payer this year? The questions kept coming, not answers.
Long-term focus
No one questioned the balance sheet or the financial performance. After all, Ambani had declared in the very beginning that it was a record result. They just requested for more hospitals and schools. Ambani announced the company would consistently increase its services portfolio, which will include retail, broadband and infocom, which he expects to build as a large portfolio. “These investments are long term and it will create value which has never been seen before,” he said.
Comments