Back-to-back Adani AGMs irk purists
In an ideal world, close to 400,000 shareholders should on August 11 come together at JB Auditorium on Ahmedabad’s Vikram Sarabhai Marg, for three listed Adani group firms are to hold their annual general meetings (AGMs) on that day.
According to the notices filed by the companies, Adani Ports & SEZ’s AGM at 9:30 am will be followed by Adani Power’s exactly an hour later. The shareholders of Adani Enterprises are slated to meet soon after, at 11.30 am. While the first two have over 300,000 shareholders each, the third has about 88,000. Taking the common shareholders into account, the total number of unique shareholders in the three companies should be about 400,000.
But the website of Ahmedabad Management Association (AMA), which owns the auditorium, clearly says: “AMA’s JB Auditorium is a well-equipped modern auditorium which can accommodate 400 persons.”
In the schedule for back-to-back AGMs and the choice of venue that can accommodate less than 0.1 per cent of invitees, many see the reality of the sorry state of corporate India’s AGMs.
For more visit: Business Standard
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