Mahindra & Mahindra Chairman, Keshub Mahindra, said that it was time to break new ground.
After leading the group for 48 years of the 64 years he was associated with the company, Keshub Mahindra addressed his last annual general meeting as the chairman.
He will continue to be associated with the company as Chairman Emeritus.
Handing over the baton to nephew Anand Mahindra, he said it has been a very difficult year and a most challenging one.
“My innings as your chairman concludes at the end of this meeting. The Board has selected Anand Mahindra to be the next chairman,” he said, speaking to shareholders.
As is typical of most annual general meetings, the Chairman received his fair share of bouquets and some brickbats, with some poems thrown in as well.
One shareholder asked Keshub Mahindra to fill their tijoris (safes), meaning a bonus, before his exit. Mahindra, on his part, was quick to pass the buck to Anand Mahindra, seated to his left, saying it was up to Anand to decide.
The nephew, on his part, won the first round with the shareholders, when he touched his uncle’s feet at the end of the meeting, seeking his blessings, accompanied by loud shareholder applause.