It was Monday morning I left my home early by 7:40 AM to reach to AGM location at Mapple exotica in Chattarpur in South Delhi but caught up in early morning Gurgaon rush. As I drove at snail pace throughout the journey I was bit relaxed by thinking that even if I arrive 20 Minute late to the AGM it won’t matter because they will be starting AGM by Indian timing ie, half hour late of original timing of 9 AM.
I reached the location crossing lot of well built Mandirs near Chattarpur , It was a resort kind of place with NIIT Tech’s AGM notice for 3rd Aug 2015 at the entrance. As I was pulling car inside I was relaxed to see not much of crowd at the resort.
As I entered into convention hall it was already 9:35 AM & I saw some NIIT Tech people sitting with their workstations & lots of office documentations at the entrance, I approached one of them with my Proxy form & attendance slip for the AGM & to my surprise he said that AGM is already over but you can enjoy the buffet set up in convention hall.
I was surprised to the core that howcome a Listed National Company with more than 230 Crore of profits in FY14 can complete its AGM in less than 30 minutes.I mean a multibagger stock in india is not telling what they did in the whole year & what are they planning to do in the next, what are the challenges. What about questions of investors who have poured in there hard earned money into this over-valued company NIIT Tech.
I mustered strength to enter the hall to find lot of family enjoying the party kind of environment, It was more like a birthday party bash than to be called as a professionally conducted AGM. I was shocked to see investor brought up families with them to enjoy the resort & were only interested in buffet.
So what did I do as a smart investor/Delhite. I took out the plate & enjoyed the buffet too :) as I was bit exhausted too after a 90 minute drive. I returned home after that & was wondering the whole journey about what did just happened with me. I leave it to you to decide what AGM is, Is it really meant for investors or just a eye wash for SEBI guidelines.
I am passionate about 3 things in my life Financial System, Fitness & Photography
I got introduced to Financial system through Forex Trading back in 2007 during my 3rd Year of Engineering & It was too complex yet magnificent. Officially I entered Indian Stock Market in early 2008 at the very beginning of Global Financial Crisis, but what the hell did I know for me it was the last semester & time to get serious about my passion ie, Counter Strike