Thursday, June 29, 2006

I am a stockholder. I am in Mumbai. And I think I could make it. And I did.

This was my first attendance at a company's Annual General Meeting. I was extremely curious to know what the AGM is all about and took some time off to attend the TCS AGM at the Birla Matushri Sabhagar, near Marine Lines. I thought it would be a very sombre affair with people in pin-stripes and well-ironed suits discussing the proceedings silently. Well, most of that variety were up on the dais. A small fraction were helping themselves to the complimentary refreshments outside and couldn't care less about the proceedings inside.

Ratan Naval Tata at the TCS AGM

An imposing and calm, Mr. Ratan Naval Tata sat at the centre of the dais, flanked by other members of the Board of Directors of the company. I got in just when the first stockholder was allowed to put forth her questions. It felt like a Parliamentary Q&A session. The Lady recited a few quotes in Hindi and showered praises on the company. The rest of her slow and elaborate speech was in English. It didn't feel one bit like a professional meeting. The other speakers spoke at lengths and their speeches consisted mostly of prose and poetry, interjected with two or three questions. Some of the agitated ones were loud and demanding. Nobody on the dais spoke a word on the microphone, though people whispered, and everyone seemed to be excitedly scribbling on papers. Mr. Tata gently invited each of the speakers one at a time. And he made it a point to stand-up every time he announced a name, inviting a stockholder to speak.

One gentleman in his senior years, was extremely graceful. He had been escorted to the Speaker's stand by an attendant. He spoke softly and mentioned the fact that he had lost his eyesight and had reviewed the company's Annual Report with somebody's dedicated assistance. The man had dissected the company's financials in his mind and quoted figures from his memory. His questions seemed pertinent and his sense of ease, masterful. He even made suggestions, with a subtle amount of humour. The man didn't radiate the kind of aura as Mr. Tata did, but I liked the way he spoke. Strangely, Mr. Tata conducted everybody, from the irate, to the downright polite, like this elderly gentleman, with the same brusqueness - every second of his time was accountable.

The voting session, towards the end of the AGM, was another interesting highlight. People seemed over-eager to second a motion or oppose it. Mr. Tata would cast a quick glance at the number of hands up and announce, motion passed unanimously, or motion passed with clear majority. There was opposition too, but never in majority. Everything was executed swiftly, but the AGM still lasted over a few hours - I guess the man chairing this one had a reason to do so - there are 93 companies under the Tata Group, and I suppose he attends as many, if not more, AGMs every year.

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