Meanwhile, shareholders expressed fears Birla could be planning a merger of Indal with Hindalco. Explaining their fears, the shareholders pointed at the fact that Indal Chairman, Mr Kumar Mangalam Birla, not attending the company's AGMs since the controlling stake of the company was bought in 1999-2002. Hindalco today controls 74.62 per cent equity in Indal. With the exception of this point, the 64th AGM of the company was a tame affair. Though A.K. Agarwala, who presided over the meeting in the absence of Mr Birla, allowed minority shareholders to speak freely, he took only a few minutes to wrap up the proceedings without answering any "specific" questions of the shareholders. In fact, Mr Agarwala asked the company's President and CEO, Dr S.K.Tamotia, to respond to some of the questions raised by shareholders.
NSTL
