The 38th annual general meeting at the Birla House in Mumbai saw a jamboree of the Reliance Industries shareholders led by the Chairman and Managing Director - Mr Mukesh Ambani, who entered with mother Kokilaben, wife Nita Ambani, two sons and daughter.
Anticipating major announcements on the buy back, 4G roll out and KG Basin output, the shareholders arrived much before the Chairman.
Entering the 35th year since the company's IPO (initial public offer), Mr. Ambani unveiled ambitious plans and re-assuring statements in his speech.
After listening to some praise and much criticism, Mr Ambani sounded undeterred. “For me, in 35 years, I am used to people being cynics and respect everybody's views,” he said.
Market expert Mr A.K. Prabhakar of Anand Rathi Financial Services said, “There was not much clarity on the cash surplus apart from the assurance that the cash will be invested in various businesses and the projects”.
A few regular shareholders visiting the AGM also recited poetry for the chief along with a demand for wife Nita Ambani's selection on Board.
Lighter moments
One of the shareholders questioned as to “why a company with Rs 20,000 crore profits paid a meagre Rs 8.5 per share as dividend to its owners”.
Some elderly shareholders showed displeasure about the company's diversification into retail and digital sectors to which Mr Ambani replied, “By being shareholders for a long time, you would understand what Dhirubhai Ambani stands for. If not for these expansions, we started as a textile company and would've remained a textile company,” he said firmly.
“We are one of the few companies to be at the top from textile to oil sectors. We believe in the business of the people in any economy,” said Mr Ambani. He added, “I am confident of the young people delivering and I want you, me and the entire country to support it.”