Shareholders attack Gujarat Gas management

Vol 18, PW 8 (04 Dec 14) People & Policy

Angry shareholders of former BG company Gujarat Gas are unhappy about the company’s steady decline under new owner GSPC.

They verbally attacked Gujarat Gas management at the 34th Annual General Meeting (AGM) in Ahmedabad on November 20 for failing to send out copies of the annual report and for failing to arrange a ‘plant visit’ as promised by former chairman Varesh Sinha. Newly-appointed GSPC managing director Atanu Chakraborty and GSPC Gas boss PPG Sarma - who holds dual charge of Gujarat Gas - struggled to placate shareholders.

Chakraborty presided over the meeting at the Ahmedabad Management Association (AMA) to fill in for chairman DJ Pandian who could not attend. Most anger centered on missing copies of the 2013-14 annual report.

One shareholder alleged that neither he nor his adult children who are also shareholders had received copies. Perplexed, Chakraborty and Sarma asked company secretary Rajeshwari Sharma to explain.

But all she could say was the reports had been sent by courier. “Give us the name of the courier and proof of delivery!” shouted shareholders from the floor.

Sharma asked shareholders to contact her at the company office. Shareholders then complained GSPC had not delivered on former chairman Varesh Sinha’s promised of a ‘plant’ visit.

Sarma responded calmly that Gujarat Gas has no ‘plant’, that gas installations are highly flammable, and cannot be visited by the public.

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