We have many occasions to celebrate, different times in the year earmarked to look forward to and enjoy. In December we have the Margazhi music season, when sabhas in Chennai open up to Carnatic musicians who showcase their talent. Similarly, from July to September, we have companies holding annual general meetings to showcase the hidden talents of their investors—the shareholders. For those like me looking for compliance with the regulatory provisions from the professional angle, it is a learning experience to savour, remember and cherish till the next year.
The meetings are usually held in prominent auditoriums in the city, unless the company has undisclosed problems and decides to hold it in some remote part of the city. Regardless of the location or the timings the interest evinced by some shareholders is really impressive. They make a beeline to the registration counters, clear two to three hours in advance depending on the reputation of the company in extending generous hospitality.
And there are some investors like Ram, who rides a two-wheeler and ensures his presence at every meeting. Claiming to be old and infirm, he will speak from his seat in the first row without walking up to the podium meant for speakers. Holding a copy of the annual report in his hand, he will not touch upon the financials or the performance vs projections that need to be discussed before voting is taken up on the proposed agenda, but will indulge in rhetoric—listing out failures of the firm in rewarding shareholders adequately or poor arrangements made for holding the meeting, from the choice of venue to the timing. Any request by the chairman to be brief and give others a chance would only have the opposite effect. Some companies—where he is a regular—over the years have learnt to keep him and others of his ilk in good humour and do so rather effectively, posting officials exclusively at the reception to receive and pamper them.
Of course, some firms have their own way of handling such people. In one company, when a known troublemaker rose to speak, the chairman asked him for his name and folio number and in the same breath directed the company secretary to take note. The investor in question, having risen to speak, pulled out his mobile from his trouser pocket and pretending to answer a call, left the place and just did not return.
M S Vaidyanathan
Email: maharajapuram.s.vaidyanathan@gmail.com