Reliance Industries Limited or RIL, the largest private company of India, announced on Monday that the Annual General Meeting (AGM) will be held virtually this year after Tata Consultancy Services (TCS) held its virtual AGM a few days ago. The Ministry of Corporate Affairs (MCA), owing to the current circumstances has permitted companies to hold their Annual General Meetings through video conferencing or other Audio Visual means to avoid large public gatherings. The meeting with all the shareholders will be held on 15th July at 2 P.M. through a video conferencing platform. This will be the 43rd AGM for Reliance Industries Limited.
Previously, the AGMs have been held by Reliance at many different venues that include auditoriums, football stadiums, and other big grounds. For the last few years, however, The Birla Matushri Sabhaghar has been the venue for the meetings. This year, however, owing to the Coronavirus (COVID-19) pandemic, companies are compelled to hold these meetings online through video conferencing.
This year, like all the previous years, the meeting will be held between the shareholders of the company. The annual report of the company is presented to them which contains the performance and strategies of the company. The new plans and features for the next year are also included. Furthermore, the shareholders get to ask questions and vote on topics that are related to the functioning and betterment of the company.
During the Annual General Meeting of 2016, Reliance Jio was commercially launched which changed the face of the telecom industry and brought about an internet revolution in India.
The previous meeting which was the 42nd AGM was held in The Birla Matushri Sabhaghar on 12th August 2019. The key points of the meeting were:
- Announcement of the launch of Jio-Fibre service
- Mukesh Ambani said that they have a clear roadmap for becoming a zero net debt company by 31st March 2021. This feat was achieved much earlier than expected and RIL have become a zero net debt company a few days ago after it raised around ₹1.69 lakh crore from global investors such as Facebook.
- The announcement of the launch of the new 4K supported Jio SetTop Box.
- Mukesh Ambani announced to the shareholders that the company's turnover has crossed ₹130,000 crores, making it India's largest retailer and 4 times larger than the 2nd retailer. The company became larger than all other major retailers of the country put together.
The annual reports, financial reports, and other documents for the past financial year which were provided as physical copies to the shareholders of the company will now be mailed to them before the start of the meeting.
Mukesh Ambani declared that Reliance Industries Limited has become net debt-free on Friday, 19th June. The 1.69 lakh crore rupees generated by investment through many global investors and rights issues were generated in a time-space of only 2 months. Reliance generated over 1.15 lakh crore rupees by selling a portion of stakes of RIL's subsidiary, Jio to many tech investors around the world. One of the major objectives for the AGMs is to attract investors for the company.
Mukesh Ambani, Asia's richest man, and Reliance Industries Limited are all set for the first virtual Annual General Meeting in the history of the company on the 15th of July after TCS successfully held its first virtual AGM on the 11th of June. Like in all other AGMs to date, some major announcements are expected to be made in this year's AGM as well.