The largest fertilizer cooperative in the world IFFCO organized its 49th AGM remembering Mahatma Gandhi and dedicating its annual report to him on Wednesday at its headquarters in Delhi. It delivered the highest dividend of 20% yet again for the 19th year to the share-holders.
Neat and clean, transparent and tech-enabled the AGM was unique in many senses. It was perhaps the first Co-op AGM which was conducted through a Hybrid model- digital as well as physical. While about 112 AGM points were active across the states, the three top leaders-Chairman, Vice-Chairman and the MD held the fort at IFFCO’s headquarters in Delhi.
“The quorum is not complete and we need to wait for some more time for the delegates”, announced Joint MD Rakesh Kapoor at 11 am, underlining while 167 members make quorum, only 57 members are present.
Following the MSCS Act in both letter and spirit, the AGM was adjourned for half an hour when the quorum criteria could not be fulfilled. Later, after a lapse of another 30 minutes the AGM was reconvened at the direction of Chairman B S Nakai. Kapoor did so citing the relevant clauses of the MSCS Act 2002.
The IFFCO AGM proceedings also reflected the spirit of national integration in its majesty with members from different states donning their local dress, spoke in a tone and tenor that announced their regional identity loud. Bengalis, South Indians, Odiu, Bihari, Manipuri -you name it – they were there.
In his presidential address B S Nakai listed the achievements of IFFCO in the preceding year and thanked everyone for their contributions. He lauded the MD and his team for working tirelessly for the growth of IFFCO.
Speaking on the occasion IFFCO MD Dr U S Awasthi explained why IFFCO has dedicated its Annual Report to Gandhi. Gandhi invoked principles of cooperation (Jan manas ka sath in freedom struggle) to free India and this being his 150th birth anniversary IFFCO is contributing its bit, said Awasthi announcing that on 2nd October IFFCO plans to distribute Nano fertilizer to one lakh fifty thousand farmers at the same number of places across India.
Awasthi touched on the issue of Nano extensively during the AGM announcing that having acquired the global
“I promise you that by the next Kharif season IFFCO will make available 3 crore Nano bottles and by the next Rabi this figure will go up to 10 crores”, said Awasthi amidst thunderous applause. Nano is 10% cheaper without affecting the commission of dealers, the MD underlined.
It was also an AGM in which IFFCO (being house to crores of farmers) tried to popularize the Agriculture Infra Fund as its MD explained threadbare how to utilize these funds for agri-entrepreneurship. A stickler for rules, Awasthi had ensured that social distancing is followed in the strictest terms leading to seating arrangement for just two persons in a row of the IFFCO Auditorium located at the ground floor of its building.
This AGM also saw participation of more speakers than usual. More than 25 speakers from across the states shared their views. Interestingly, Kribhco Director Sunil Kumar Singh also spoke on the occasion lauding the IFFCO MD for his exemplary achievements and requesting him to launch Nano from Bihar- a state where Mahatma Gandhi and JP had launched their political experiments.
Proposing a Vote of Thanks IFFCO’s Vice-Chairman Dileep Sanghani said “I am grateful to all the delegates for their active participation. I would like to express special thanks to Dr Awasthi for organizing this AGM successfully during the Covid-19 times.”
A mention of IFFCO’s IT team also merits attention for providing seamless connectivity. Another star of the AGM was Tarun Bhargava who not only executed the MD’s vision from the word go but also anchored the AGM on Wednesday quite successfully.
