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Jinxed venue

Our Bureau

KOLKATA, July 23

IS G D Birla Sabhaghar, the auditorium forming part of the imposing Laxminarayan Temple built by Mr K.K. Birla, a jinxed venue for shareholders? At least one shareholder does think so.

Participating in the discussion on the accounts of Exide Industries Ltd at the company's AGM held at the auditorium here today, the shareholder pointed out that the companies that held their AGMs in the auditorium in the past had all gone downhill, bring ing little cheers to their respective shareholders.

He named some of the companies such as India Foils, Light Metal Industries, India Steamship, Eveready, Saregama, to name only a few, which held their AGMs at the auditorium over the years, leaving the shareholders shattered.

The shareholders of Usha Martin, as long as its AGM was held at Ranchi, were well rewarded; but ever since it started holding the AGMs at G.D. Birla Sabhagar, the company's share price started declining, he said. The shareholder, therefore, suggested the Exide management not to hold AGM at this venue from next year.

The point was well-taken, said Mr S.B. Ganguly, Chairman of Exide, in his observations on the shareholders' remarks. The management was really at a loss why the Exide share price was at such a low.

After all, the company's performance, profits, growth and dividend, everything had been satisfactory to the shareholders. Mr Ganguly, however, refrained from indicating whether the company's next AGM would be held at the same venue or not.