HDFC Group Chairman Deepak Parekh was missed by the shareholders at HDFC Bank’s 20th Annual General Meeting in Mumbai on Tuesday.
“We did not see the Hanuman of HDFC today. Generally he comes for about 30 minutes at least…AGM comes once a year,” said one of the shareholders who took to the podium.
To this Aditya Puri, MD and CEO, replied that due to ill-health Parekh was unable to attend the AGM. The shareholder said he could understand considering that the “climate is bad” and conveyed his wishes for a speedy recovery.
Shareholders' queries
As the bank’s board of directors including Puri, Paresh Sukthankar, Deputy Managing Director, Kaizad Bharucha, Executive Director, and Keki Mistry, CEO of HDFC Ltd, sat on the stage, one of the other shareholders demanded bonus, while some questioned why the dividend was not in proportion to the earnings per share of the bank.
Some complained of not receiving the annual report, some used the podium to address issues relating to loans and penalty charges on non-maintenance of balance in senior citizens accounts. A lady highlighted the “frivolous expenditure” on decorating the stage with flowers but the bank not revoking unnecessary fines charged to its customers.
Share of fun
AGMs of companies always have their share of fun with over 30 shareholders asking questions that make the corporate honchos patiently listen to them as a matter of protocol and respect.
Also taking cues from the Prime Minister’s working style, a shareholder went to the extent to say, “If Narendra Modi is making his ministers work for 18 hours and six days a week… When will we reduce the number of bank holidays and increase working days at the bank?...What is our bank doing to gear up to the competition? ” asked another shareholder.
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