If you don't like RIL stock, sell them: Mukesh
“If you don’t like the Reliance stock, sell them away,” an irate Ambani told a shareholder at Thursday’s AGM pestering him about bonus shares.
By ET Bureau |
���If you don���t like the Reliance stock, sell them away,��� an irate Ambani told a shareholder at Thursday���s AGM pestering him about bonus shares.
The shareholders argued that Ambani is spending Rs 8,000 crore in building the world���s costliest house, another Rs 600 crore to gift an aircraft to his wife and when it comes to rewarding the shareholders through bonus issue, he turns a miser.
Ambani tried to pacify him and invited him to have a cup of tea but the shareholder carried on and warned Ambani that he may come down to the earth one day. The shareholder also alleged that Ambani did not stick to his words and has not awarded a bonus despite having promised one in the past few AGMs.
This further angered Ambani and he banged on the dais and said, ���Don���t speak a lie at a corporate AGM. This is not a political meeting. The proceedings of every year AGM is recorded and I never promised any bonus issue. It is a decision to be taken by the RIL board. Corporates mein aisa hi chalta hai ��� (This is the way how corporates function).
Earlier while addressing the shareholders , Ambani said, ���All our businesses have delivered outstanding results and all shareholders have benefited significantly. Over the last five years, the market capitalisation has grown by 54% compounded per annum. This is a glowing assertion of our commitment to shareholder value creation. We have increased our dividend payout to 130%, amounting to Rs 1,631 crore ($407 million) for the year.���
RIL���s market cap has increased by Rs 1,30,274 crore ($32,471 million) to Rs 329,179 crore ($8,249) during the 2008 fiscal. Ambani also said, ���We are governed by the production sharing contract (PSC). The higher the price of crude, the more government gets in form of profit petroleum. Besides all price increase also goes back to the government embedded in tax.���
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This was in response to worried shareholders who are concerned with the windfall taxes being imposed on RIL for spiralling global crude oil prices. At least half-a-dozen share holders asked their billionaire chairman about the issue of windfall taxes being imposed on RIL as in US. Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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