Ending confusion raging among multi state co-ops over how to conduct AGMs, the fertiliser cooperative titan IFFCO has decided to hold the AGM on 26th August. “The decision was necessitated as more than 36 thousand co-ops which are members of IFFCO are dependent on our AGM”, said IFFCO Director R P Singh who looks after both HR and Legal cells.
Massive preparations are afoot to make the AGM follow the norm of social distancing. We have also done away with what is known as cooperative lunch, a bonhomie event in every AGM, underlined Singh, known for his meticulous planning.
R P Singh said that the IFFCO AGM will not see a gathering of more than 200 members. All other members can join the AGM on their mobile phones through a technology being worked out by the IFFCO IT team. Besides the state marketing offices, such gatherings under social distancing norms would take place at 115 places across the states, Singh added.
Though IFFCO expects about 200 members at its headquarters for the AGM, only 50 will be seated in the large auditorium and the rest of them would be spaced out in other halls and would remain connected to the main event through technology, revealed Singh explaining how seriously IFFCO is taking the threat of Covid 19.
There are hundreds and hundreds of small cooperatives across the country which depend on the IFFCO dividends to sail through and the delay of more than three months than its usual time is driving them to hardships, said the IFFCO Director. It bears recall that the IFFCO dividends are credited to the members banks’ account on the very day of AGM.
Being the first to hold AGM, mostly in May, IFFCO had to postpone the event in the wake of Covid. It has now informed the area DM by writing an elaborate letter seeking permission for an assembly of 200 members.
Though we have not received a reply from the DM, we are confident of a positive response, said Singh explaining the reasons behind his confidence. “On any given day the IFFCO headquarters has about 200 visitors and we have precisely requested for the same number as we intend to close our office for usual visitors”, stated Singh.
Referring to the issue of quorum, Singh said “it won’t be a problem as one-fifth out of the total number of delegates of 850 is less than 200”. “And even if the quorum is not available the AGM can be adjourned and called again within the next hour when the factor of quorum does not matter”, said Singh explaining the complexity of the issue. “In a nutshell, AGM would take place for sure”, he emphasized.
It is possible that some of the Directors may also not join the AGM in person. But the trio of Chairman, Vice-Chairman and MD would be around. Besides, more than six functional Directors are slated to be present.
Though IFFCO has sent invitations to all the delegates it expects participation mostly of delegates from neighbouring states such as Punjab, Haryana, Rajasthan etc.
The AGM may be small in size but not in spirit as this financial year IFFCO created history by posting the highest ever Production, Sales, Profit and Despatches of fertilisers. It recorded the highest ever net profit after tax (PAT) at Rs 1,005 crore as the group’s turnover in FY 19-20 stood at Rs 57,778 crores.
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