Adani Group AGMs lasting maximum 45min-a travesty? Not really.

Adani has 3 listed companies-Adani Enterprises and its two subsidiaries Mundra Port & Adani Power. While reading their annual reports, it struck me that all have scheduled their AGMs in the same hall on the same date. Evidently, they do not expect the AGMs to extend, nor any activist shareholders to attend.

1. Mundra Port  is holding its 12th AGM on Wednesday, 10th  day of August, 2011 at 9:30am. at J. B. Auditorium, AMA Complex, ATIRA, Dr. Vikram Sarabhai Marg, Ahmedabad – 380 015.
2. Adani Power is holding its 15th AGM starting 10:15am
3. Adani Enterprises Ltd is holding its own AGM at 11am, at the above venue

 One part of me wants to salute the group for saving costs and leveraging economies of scale by finishing 3 AGMs within 2.5hrs. Also, given that analysts/investors would overlap, it does seem logical to hold all 3AGMs together, so that travel costs are minimized for both management and investors. What I take issue with, is the short time, and the rather bold move of not having other standby venues in case shareholder questions/motions hold up the AGM. I do not have personal knowledge of the venue, and it may so happen that they may have smaller halls within the venue itself, but I doubt that.

Anyways, given that the AGM is being held just across the road from IIMA campus, I may even buy 1 share in each of these companies and attend. It would certainly be an interesting experience. Still, the way they are shepherding 3 AGMs of big companies(in their own right) does not portend well for corporate governance. AGMs are meant to be a place where lay investors can meet the management and have their queries resolved, as against analysts who can use calls/just drop in. And this being held in Ahmedabad, I would really have expected better attendance/participation than just 45min(that too it will be effectively 30min excl start/end formalities). If I do attend(exams/etc willing), I'll post my experience on the same.

Update
I attended the AGMs of Adani Power and Adani Enterprises, which lasted 30min and 15min respectively. To be fair, that was sufficient time, given that the company gave ample time and oppurtunity to ask questions-but despite the turnout of 200odd people, there were hardly any questions. So the companies may be given the benefit of doubt that given the Ahmedabad shareholder profile, they do not lose much by clubbing the 3 AGMs on a single day. Maybe cos like Zydus, Welspun etc can take a leaf from this book.