Good afternoon. A few mandatory announcements on safety for people present at the location of this meeting. This premises has been sanitized and audited for safety protocol. There are two exits in front of the dais. In case of an emergency, kindly use the exits and assemble at the assembly point at the ground floor and await for further instructions. Please do not reenter the premises. Dear shareholders, welcome to the 117th Annual General Meeting of Tata Steel Limited. This meeting is being conducted over audio-visual means. My name is Parvatheesam Kanchinadham , and I'm the Company Secretary and Chief Legal Officer, Corporate and Compliance of the company. I would like to take you through certain details relating to your participation at this meeting. The facility of joining this AGM through audio-visual means is being made available for members on first-come, first-serve basis.
All members who have joined this meeting are by default placed on mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once we commence the question-and-answer session, the chairman will sequentially announce the names of shareholders who have conveyed their desire to speak at this meeting. Upon being called, the host will give appropriate access to the concerned shareholder to speak. Before you commence speaking, please be mindful of the following: Use the earphones so that the narrative is clearly audible to all participants. Remember to minimize the noise in the background. Ensure that you have a strong Wi-Fi connection, and that the same is not connected to any other device. Remember to switch on the video and ensure that you have adequate background lighting at your place.
If you are unable to join through video for any reason, request you to please speak through the audio means. If the speaker shareholder has a connectivity problem, we will call on the next speaker to join. Once the connectivity improves, the speaker shareholder may again be called upon to speak, but only after all the other registered shareholders have spoken. During the course of the AGM, shareholders facing technical difficulties may kindly contact the helpline number provided in the notice of this AGM. A request to all the speaking shareholders, there are many shareholders who have registered to speak today. Therefore, in the interest of time and in the interest of providing all speaker shareholders a fair opportunity of being heard, we request that all speaker shareholders to please be brief and avoid asking question if it has already been asked by the earlier shareholder.
Further, as you're aware, the Companies Act of 2013 and SEBI Listing Regulations, 2015 provide for electronic voting. Accordingly, the company has provided to its members the facility to cast their vote through the remote electronic voting system administered by the NSDL. Facility for voting at this meeting is also being made available for those members who have not cast their vote through the remote electronic voting system and are participating in this meeting. This remote electronic voting system will be made available during the meeting once announced by the chairman. Members who have not yet cast their vote and wish to do so may please visit NSDL's e-voting website and cast their vote while continuing to watch the proceedings. Mr. P.N. Parikh, Practicing Company Secretary, has been appointed as the scrutinizer to scrutinize the votes cast at this meeting and through remote e-voting.
Since the AGM is being held through audio-visual means, and the resolutions forming part of the notice convening this meeting have already been put to vote through the remote electronic voting, the practice of proposing and seconding of resolution is not required and will not be followed in this meeting. Thank you for your attention. Over to you, Chairman.
Good afternoon, shareholders. I hope all of you are safe and in good health. I welcome you all to the 117th Annual General Meeting of the company. As the requisite quorum is present, I now call the meeting to order. Before I proceed further, I would request all the directors who have joined today to introduce themselves. I will now request Mr. Noel Tata to go first.
Good afternoon, shareholders. My name is Noel Naval Tata. I am a Non-Executive Director and the Vice Chairman of the Board of Tata Steel Limited. I am participating in this AGM through video conference from Mumbai. I am also the Chairperson of the Safety, Health, and Environment Committee of the board. Thank you.
Mr. Deepak Kapoor?
Good afternoon, shareholders. My name is Deepak Kapoor. I'm an independent director on the board of Tata Steel Limited. I'm participating in this AGM through video conference from Mumbai. I'm the chairperson of the Audit Committee and the Corporate Social Responsibility and Sustainability Committee. I'm also a member of the Nomination and Remuneration Committee and the Stakeholders' Relationship Committee of the board. I also serve as the chairperson of Tata Steel Minerals Canada, and as independent director on the board of Tata Steel Europe. Thank you.
... Mr. V. K. Sharma?
Good afternoon, shareholders. My name is Vijay Kumar Sharma. I'm an independent director on the board of Tata Steel Limited. I'm attending this AGM from my residence in Delhi through video conference. I am Chairperson of the Nomination and Remuneration Committee and Member of the Safety, Health, and Environment Committee of the board. Thank you.
Ms. Farida Khambata?
Good afternoon, shareholders. I'm Farida Khambata, and I'm an Independent Director on the Board of Tata Steel. I'm participating in this AGM through video conference from Mumbai. I am the Chairperson of the Risk Management Committee and a member of the Audit Committee of the Board. Thank you.
Ms. Bharti Gupta Ramola?
Good afternoon, shareholders. I am Bharti Gupta Ramola. I am participating in this meeting of the AGM of Tata Steel from my residence in Gurgaon. I am the chair of the stakeholder committee of the company and also a member of the Audit and Safety, Health, and Environment Committee.
Dr. Shekhar Mande?
Good afternoon, shareholders. My name is Shekhar Mande. I am an Independent Director on the board of Tata Steel Limited. I am participating in this AGM through video conferencing from my residence in Pune. I am a member of the Corporate Social Responsibility and Sustainability Committee of the board. Thank you.
Mr. Saurabh Agrawal?
Good afternoon, shareholders. My name is Saurabh Agrawal. I am a non-executive director on the board of Tata Steel Limited. I am participating in this AGM through video conferencing from Mumbai. I am a member of the Audit Committee and the Risk Management Committee of the board. Thank you.
Thank you, all directors. With me here present are Mr. T. V. Narendran, CEO and Managing Director, and Mr. Koushik Chatterjee , CFO and Executive Director. I also have with me Mr. Parvatheesam Kanchinadam, Company Secretary and Chief Legal Officer. Now, I would like to welcome the company's union representative to the AGM. We value their enormous contribution in maintaining industrial harmony at Tata Steel and also thank them for their continued support to the management. We have with us Mr. Sanjiv Kumar Choudhary, President, Tata Workers Union, Jamshedpur; Mr. Kumar Jayamangal, President, Rashtriya Colliery Mazdoor Sangh and Indian National Metalworkers Federation; Mr. Rakeshwar Pandey, President, TISCO Mazdoor Union, Growth Shop, and President, Colliery Tin Plate Workers Union, Tin Plate Division; Mr. Probal Mukherjee , President, Tata Employees Union, Calcutta; Mr. Rabindra Kumar Jamuda, President, Tata Steel Kalinganagar Workers Union; Mr. B.K. Dinda, President, Tata Kamgar Union, Tata Steel Gamharia.
We also have with us Ms. Cilla Groos, Chairperson of the Central Works Council, Tata Steel Netherlands, and Mr. Roel Rickers, Chair of the UK Steel Committee. Mr. Vivek Subramaniam and Mr. Pinaki Choudhary, representatives of the Pricewaterhouse & Co Chartered Accountants LLP, statutory auditors of the company. Mr. Partha Sarathi De, representing Shome and Banerjee, cost auditors of the company, and Mr. P.N. Parikh, representing Parikh & Associates , Company Secretaries of the company, are also attending the meeting. The annual general meeting is being held through audio-visual means. This format is in compliance with the directions of the Ministry of Corporate Affairs, Government of India, as well as the SEBI. A live streaming of this meeting is also being made available through the website of NSDL.
The company has taken requisite steps to enable shareholders to participate and vote on the items being considered at this annual general meeting. The company has received nine letters, along with board resolutions from the corporate shareholders, appointing and authorizing representatives under Section 113 of the Companies Act 2013, in respect of 413 crore 19 lakh 10,850 fully paid-up shares, representing 33.1% of the total voting capital. Since the physical attendance of the shareholders is dispensed with, the requirement of appointing proxies is not applicable. The registers, as required under the Companies Act 2013, and other documents as mentioned in the notice convening this meeting, are open for inspection in electronic mode.
Should you wish to inspect, please message or write to the company secretary on the email address mentioned in the notice convening this meeting. Shareholders who have not cast their vote earlier through the remote e-voting can do so at any time during the course of this meeting through the remote e-voting facility. Now, I would like to share a few thoughts on the performance of the company and what is ahead. Despite the events that we have gone through in the past four, five years, be it since the pandemic or the economic instability, rising inflation, and geopolitical situation, military conflicts, et cetera, the global economic cycle has a positive outlook, with the global growth improving steadily and the disinflation underway.
The baseline forecast for the world economy is to continue to grow at around 3.2% during the current calendar year, 2024, and the next year, 2025. The U.S. economy is expected to grow in 2024 at 2.6%. However, compared to the U.S., the Euro area and UK is likely to grow at a slower pace of less than 1% each. India continues to be a very strong market. After a very strong growth of 8.2% GDP in the last fiscal, 2023-24, the country is expected to grow in excess of 7% for 2024-25.
Now, coming specifically to the steel industry performance during the fiscal 2024, the year gone by, while the demand remained steady, backed by strong infrastructure projects and recovering economies, the steel industry faced supply chain disruptions, which resulted in pressure on steel prices, rising input costs and regulatory costs. However, India appears to be an exception in the global steel market, primarily owing to the robust government spending, resurgence in private sector investments, and very strong consumption. India's steel production grew by about 13% to approximately 144 metric tons in the fiscal year 2023-24, and we expect this trend to continue, with the domestic steel demand remaining buoyant in the current fiscal year 2024-25, and the subsequent years to follow.
All of this is due to a heavy investment in infrastructure development, an increasing level of urbanization, and the government's continued policy support. Coming to the performance of the company now, let me look at the standalone performance and the consolidated performance separately. At the standalone level, the revenues stood at 140,000, nine hundred and eighty-seven crore, rather INR 1,40,987 crore, as compared to INR 1,42,932 crore the previous fiscal, a slight drop. The standalone EBITDA for the year was at INR 31,004 crore, and the profit after tax was INR 4,807 crore.
The profit after tax was lower compared to the previous year, significantly, primarily on account of an impairment charge of INR 12,560 crore, taken in the standalone financial statements on account of the restructuring of the UK operations. While on a standalone basis, the company performed reasonably well, the financial performance of the company on a consolidated basis was impacted primarily by the weaker sales realizations and elevated raw material costs, sharp fall in volumes at our Tata Steel Netherlands, due to blast furnace relining, and high cost of operations on the back of declining reliability and productivity at the end of life, heavy assets in the Tata Steel UK.
During the fiscal year, the company's consolidated revenues stood at INR 229,171 crore, which was lower by close to INR 14,000 crore to the previous years of consolidated revenue of INR 242,353 crore. The consolidated EBITDA of the company was INR 23,402 crore, while the consolidated bottom line was a net loss of INR 4,901 crore. For the financial year ended March 31, 2024, the board of directors have recommended a dividend of INR 3.60 per equity share. Now, looking into the future, the company is continuing to invest in capacity as well as transformation towards new steelmaking to reduce decarbonization. In India, the company's Kalinganagar Phase Two expansion is swiftly in progress.
We look forward to the commissioning of the second blast furnace at Kalinganagar, which is expected to take place during the second quarter of this fiscal year, probably in September 2024. This expansion will take the overall production capacity of hot metal to 8 million tons per annum at the Tata Steel Kalinganagar site, thereby expanding the flat product portfolio of the company. We are also looking to increase the Tata Steel Kalinganagar's capacity further with the third phase, by adding additional 5 million tons, to go from the 7 million tons capacity to 13 million tons per annum capacity in the future. NINL, which was acquired by the company, is very much part of the Kalinganagar ecosystem, and it is strategically positioned to grow in the future. NINL has already ramped up its rated capacity during the fiscal 2024.
We plan to begin the engineering work towards first expansion of NINL, which is at currently 1 million tons to increase it to 5.5 million tons over the next coming years. In the long product segment, 0.75 million tons per annum, scrap-based, low-carbon, electric arc furnace plant in Ludhiana, is also expected to be commissioned early in 2026, and will expand the long product portfolio of the company. As you are aware, the company has successfully completed the consolidation of six strategic business entities in India, and expects to complete the consolidation of two more entities during this year. This consolidation marks a pivotal step towards fortifying our position in value-added segments by leveraging our marketing and sales network across product lines. We are also now looking to enhance our downstream capabilities and related businesses.
Now, coming to overseas, we have had an important year in the U.K. We have adopted a clear strategy to transition to a sustainable and profitable future by exiting the existing end-of-life heavy end assets, both from a decarbonization perspective, and more importantly, also from a safety perspective. This will eliminate our losses. The coke ovens in Port Talbot closed on March 2024, and one of the two blast furnaces closed early this month. To mitigate the impact of the announced restructuring, a generous voluntary redundancy program has been developed, and is being offered to the impacted employees in the U.K.
In September 2023, the company announced the proposal to invest GBP 1.2 billion pounds in a new electric arc furnace to be commissioned in 2027 at Port Talbot, GBP 400 million pounds of which will be a grant by the U.K. government. The EAF project will reduce the carbon dioxide emissions by 5 million tons per annum, and will also ensure continuity of steelmaking in Port Talbot, and preserve the majority of the jobs, although there will be job losses. The company will maintain the full capacity of around 3.2 million tons, even in the new technology.
Until this transition is complete, we need to protect the operation of the downstream assets and rolling mills in Tata Steel, Tata Steel UK, and they will be fed with imported slabs and coils, ensuring steady supplies for the production of downstream, products, and also supplies to our customers. Coming to Netherlands, the company is in discussions with the Dutch government for financial and policy-level support on a major decarbonization plan to replace one of the two blast furnaces. As we embark on the transformation journey, the management team will continue to focus on research and innovation initiatives, and leverage technology and advancement in manufacturing to enhance the company's competitive position and maintain its market leadership.
The company recognizes that this transformation is difficult, from an execution perspective, and also difficult for some of the employees who will not have a future with the Tata Steel, especially in the UK. The company is working with the government and with the unions to make sure that we do sufficient level of investment to be able to support them in their skill development so that they can have a better future. To conclude, I would like to say Tata Steel is on a major expansion and transformation journey. The India capacity will not only be going up in Kalinganagar, but also will go up due to the electric arc furnace this year, and also additional expansion that will happen in the next phase of Kalinganagar, as well as NINL.
And we are also trying to see how to leverage the investment we have done in R&D in Netherlands, in IJmuiden, to be able to reduce the carbon emission. And the transformation with UK, will be very significant because we have to build out a new plant to have the capacity, that will be required to support our customers in the UK and other closer geographies. And I want to thank all the board of directors who have been very closely working with the management in evolving the strategy, and I want to work with all the employees during this transformation journey, and more importantly, want to thank all the unions for their support in India, and especially in the UK, during this transformation phase. Thank you all very much.
With those words, I would like to state that the notice for the meeting has already been circulated to all shareholders, so I take the notice convening this meeting as read by the shareholders. I would like to say that there are no observation, qualification, adverse remarks, or comment by the statutory auditors in their report on the financial statements for the year ending March 31, 2024. I take the auditor's report as read. Now, before we proceed to take the observations from shareholders, I'm going to request Mr. T.V. Narendran to make a presentation.
Thank you. Thank you, Chairman. Good afternoon, shareholders. In a competitive global landscape, Tata Steel recognizes the need for constant evolution and is driven by a clear vision to create sustainable value. FY 2024 has been a year of progress towards the stated goal. We have achieved the highest ever annual crude steel production in India of around 21 million tons, and are progressing with respect to the portfolio shift towards this high-growth market. Presently, as the chairman mentioned, we are in the midst of commissioning of the phase 2 in Kalinganagar. In the U.K., we have proposed a transition plan to sustainable business in September last year, and since then, we have made steady progress in discussions with all the stakeholders. We have also successfully completed the merger of three listed and four unlisted subsidiaries in India.
On safety and health, it remains our top priority, and we are committed to zero harm. Our Lost Time Injury Frequency Rate has come down significantly over the last decade and a half, and we remain steadfast in our endeavors to further improve. Needless to say, as we've acquired new assets, we've also had to work with some of them to really bring the culture to the standards that we want Tata Steel to have. Our initiatives extend not just to our employees and workers, but also to our value chain partners who enter our sites, and we are focused on leveraging technology. And even on areas like wellness, we've done a lot of work to help our employees.
In terms of CSR, we believe that true success is measured not just by the bottom line, but also by the positive impact we create in the communities we operate in. And during the year, our programs impacted the lives of more than 4 million people from vulnerable sections of society, while enabling steady progress on the prioritized UN SDGs. Sustainability is at the core of our strategy, and we are committed to net zero by 2045. The route and pace of decarbonization will be calibrated across geographies based on local regulation, government support, and market demand, among other factors. In India, we have multiple initiatives underway, ranging from process improvement to carbon direct avoidance, to carbon capture and utilization, in a bid to re-reduce emissions over time. In UK, our decarbonization plan involves transition to scrap-based electric arc furnace.
And in Netherlands, we are looking at a DRI, direct reduced iron, and EAF-based steelmaking in phase one of our transition. India remains a structurally high-growth market, and we have been scaling up our steelmaking capacity to retain and/or attain re-leadership across chosen segments. We have an adequate land bank across our multiple sites now to increase our capacity to 40 million tons and beyond, and presently, work is underway at Kalinganagar, Ludhiana, and select downstream locations. On the 5 million ton expansion at Kalinganagar, I'm happy to share that the commissioning activities are continuing in a phased manner, and out of the 4 stoves, 3 have already been lit, and heating of one of the coke oven batteries has also started, and hence we are progressing well towards the blast furnace start-up in September 2024.
Separately, the 6 million ton pellet plant and the cold rolling mill, which were commissioned last year, have ramped up during the last financial year and have aided our performance. Apart from the capacity growth to 40 million tons in India, we are also focused on value-added growth in the downstream businesses to enable product mix enrichment. Our tubes business, wires business, tinplate business, and the ductile iron pipe business, have plans to scale up in the near to medium term. Tata Steel is also at the forefront of technological transformation through integration of artificial intelligence and Industry 4.0 technologies. AI solutions aid operators in better process control, and predictive models assess the remaining useful life of assets, preventing unplanned downtime by preempting equipment failures. At the same time, the adoption of Industry 4.0 technologies is creating unique, hyper-personalized experiences for customers and stakeholders.
Ashiana, our e-commerce platform for the home building segment, has witnessed a 20% reduction in transaction time, with analytics-based insights to simplify the consumer's purchase journey. We have established an integrated remote operations center to enhance synergies within individual plant operations and reduce the physical footprint at the hazardous shop floor locations. Tata Steel is one of the lowest cost producers of steel in the world, and we remain focused on consolidating this position via a range of initiatives. For instance, the recently commissioned 6 million ton pellet plant has significantly reduced our dependence on external purchases while positively impacting productivity. We continue to focus on financial management, encompassing the balance sheet, capital allocation, and operational excellence to enable returns across the cycle, and I'm happy to share that our market capitalization crossed INR 200,000 crore for the first time on first of April 2024.
As far as the financial highlights of FY 2024 are concerned, our crude steel production was around 30 million tons, while deliveries were around 29 million tons. Revenues were broadly stable at INR 230,000 crore or approximately $27 billion. Our EBITDA stood at INR 23,402 crore, which translate to a margin of 10% and an EBITDA per ton of about INR 8,000. Dividend of 3.6 per share is placed for the shareholders' approval.... Before I close, a future-ready culture is key to our long-term success, and specific steps are underway to improve the agility and innovation mindset in the organization. We initiated a Women at Mines initiative to provide technical training to unskilled women workers and enable them to work in core jobs in our mines.
By doing so, we became the first Indian company to deploy women in all shifts in mines, as well as the first Indian company to integrate transgenders into our mining operations. These focused initiatives have also helped us achieve a 19% diversity mix at our India operations. On this slide, we have some milestones we are proud of. We continue to lead the way in sustainable steel making with Jamshedpur, Kalinganagar, and the Meramandali plants receiving the Responsible Steel Certification. Today, Tata Steel is only, is only Indian steel company, which is rated investment grade by both international and domestic credit rating agencies, and a well-established retail brand, Tata Tiscon, crossed 2 million mark on an annual basis on sales, and we have 2 million tons, and we have also witnessed broad-based improvement in volumes across market segments.
I'm happy to share that some of your company's initiatives and performance are well received and recognized, and some of the prestigious awards and accolades received are mentioned on the slide. Thank you very much. Over to you, Chairman.
Now, I would like to invite comments from the speaker shareholders. We have a very large number of shareholders who have expressed their interest to speak today, almost 70 speakers. So I would request each of the shareholders to be brief and not repetitive, and try and keep their comments only to the specific issues or observations or comments for the fiscal year 22... 23/24 performance. And I will be responding to the questions at the end of 20 shareholder speakers, and post which any speakers who are speaking, please refrain from asking questions which have already been addressed. I would like to start with Dr. Arun Kumar Boppana.
Hello.
Yes, Arun.
Good afternoon, sir. Good afternoon, everybody. Thanks to PK and team for sending the annual report, such a huge one. Sir, I opened the annual report. I saw three of you. You kept your hands close to the chest and heart. In body language, it says defensiveness. I don't know why you're defensive with such large supporters for you. I always keep Tata Steel close to my heart, sir. I hope to see smile on your face and the colleagues on your next left and right. Compliments for helping 9,000 farmers with increased incomes and Masti Ki Pathshala to improve the lives of children, and I congratulate. As you say, we also make steel. I hope you will excel further in future. Just two questions: Who is the author to introduce transgender into mining for the first time in the world?
What were the challenges and how is the progress? And who is the author of continuous injecting of large quantities of oxygen in the blast furnace for the first time globally? Kudos and hats off to him. Lastly, sir, Tata Steel Kalinganagar has made Odisha number two to Maharashtra investments, resulting in transformation of Odisha. Tata Steel is unique in working for equity and equality for all stakeholders for equal outcome. And I'm very proud, sir, Tata Steel has given three CMs to India and maybe many MPs and two chairmen to Tata Group. And Tata Steel cost of production is the lowest, and I hope my speech is the shortest in AGM of Tata Steel. I wish you all the best, sir. And I miss the pre-AGMs.
I see Kaushik and Naren are like Ram and Lakshman to us, with PK Dharma, and we miss all that, sir. I'm 74 now. Time is running out for me. Thank you very much. I wish you all the best. And I'm happy seeing you smiling, sir.
Mr. Bimal Sarkar? Mr. Bimal Sarkar?
Hello.
Yes.
... , sir?
Yes, .
Very good afternoon. Sir, I am Bimal Sarkar, equity shareholder of the company, my residence, Kolkata. Sir, Chairman Sahib, management, thank you very much. You have given excellent and valuable presentation. You have cleared everything about our company. And I am a very old shareholder. I am a small shareholder, I have been with this company for a long time. And, sir, this time the result is a little worse than last year. Sir, this time the 5 companies that have been amalgamated, the result of this will not be known now. I think it will take 1 or 2 years for the effect of the amalgamation to be visible to us.
Sir, the most important thing is that despite the result being a little worse, in the last year, as you have given INR 3.60 per equity share, fully paid up equity share, this year also, the same rate has been maintained. So I thank you.
Sir, CSR Committee, Committee को मैं धन्यवाद देता हूं। इसलिए उन्होंने excellent performance किया है। Sir, ये जो हमारा annual report है, इसमें जो आप जो photograph के साथ, जो community program है, जो लिया है, आपने hosting community, ये community को बढ़ावा देने के लिए इसका effect, इसका बहुत अच्छा impact पड़ा है। Social, positive social effect आया है। इसलिए जो आप लोग ये community जो program ले रहे हैं ना, इसके लिए मैं बहुत-बहुत धन्यवाद देता हूं, हमारा CSR Committee को। Sir, CSR obligation 508.02 crore हमारा committee ने spend किया है। INR 548.58 crore। Sir, excess spend किया है। बहुत-बहुत धन्यवाद। Sir, मेरा एक request है। Sir, ये तो आप लोग जो excellent performance दिया है, इसके ऊपर हमारा कोई शुभ, शुभ अच्छा ही किया है तो एक request है।
Sir, जो लोग blind हैं, जो लोग specially abled person है, Sir, हमारा ये CSR Committee के through इन लोगों को कुछ किया जाए तो यह अच्छा रहेगा। ये मेरा suggestion भी है और request भी है। थोड़ा संभव हो तो इसको देख लीजिएगा। Sir, company secretary ये excellent investor service देते हैं। Sir, उनको department को मैं धन्यवाद दूंगा। Seema Madam ने बहुत बार-बार मुझे telephone करके my alert कर देते हैं। ये सब जो good relation रखते हैं shareholder के साथ। Sir, पूरा team को, secretary department को मैं धन्यवाद देता हूं। Sir, Chairman Sahab, आप healthy रहिए। मैं इस से यह प्रार्थना करता हूं, आप, आपका पूरा team, company, secretary department, employee of the company, उपस्थित shareholder, सभी लोग healthy रहिए और आप healthy रहिएगा। हमारा company आगे बढ़ेगा। Namaste Sir, Namaskar.
Tamal Majumdar. Tamal Majumdar, you are on mute. We can't hear you, Tamal.
Majumdar seems to be facing technical issues.
Okay, Doctor Dhaval Jamdar.
Greetings of the day to respected Chairman and all the board members of my company. I am Doctor Dhaval Jamdar from Surat. First of all, I would like to congratulate my company on performing tremendously well in this type of environment, wherein many companies are facing macro headwinds and are performing badly. So first of all, some of my questions which I would request you to answer, sir. With recent weak industrial data of China and weak economic scenario of Europe, along with political turnover in UK, what view should we have for our international business in the current scenario?
Furthermore, if things doesn't turns out favorable and doesn't turn out favorable, can we expect some more amount and number of changes in the credit rating agency similar to the one we had last week. Second, with respect to capacity expansion, can you please elucidate what amount of CapEx can be expected in this fiscal year for both domestic as well as international business and what would be the capital structure in this process?
Because we are targeting to double our capacity by 2030. And furthermore, will it hinder our plans of reducing the debt level in our balance sheet. But as the industry we are operating in is quite cyclical in nature. What are your views on which phase are we in currently and how well are we preparing ourselves for bracing smoothly through all the macro headwinds, prevailing and exacerbating in the economy right now. Additionally can we expect of further new impairment charge this year too, which we had in this last fiscal year. Last, what new sustainability, sustainability measures is our company going to take in this fiscal year and how will it help in decarbonize the whole manufacturing process? Furthermore, how will going green help us in improving our financial. Thank you sir, for providing this opportunity.
विनोद अग्रवाल।
Hello, can you hear me? Yes, my question is very similar to Dharu. It is... We go to debt of 80,000 plus consolidated and 77,000 net debt. So now, we are going to make 1.25 billion investment in UK for steel plant over by 2027 for 3 million ton EAF, electric arc furnace. So, how are you going to finance that? Will it be more debt and because debt is already there and will it be financed through debt and how much would be through internal accrual and the rest is good. You have got a lot of R&D expenditure, you got patents and all. I have read the annual report. I like to be brief. I don't want to go into each and every page, sir. Thank you.
Mr. Kundu?... Mr. Biswambhar Kundu? Mr. Kundu? Okay, I move on to the next shareholder, Manoj Kumar Gupta.
Hello, sir. Can you hear me?
Yes, I can hear you.
Yeah. Yeah, good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I'm a security shareholder of Tata Steel Limited. First of all, I thanks to you and your team for the excellent result of the company for the year 2023-2024. Sir, this is the first AGM after the merge of five companies, and we shareholders feel proud of all companies that we will get good return after the merger. And we are getting a good dividend, INR 3.60, and we will get a handsome dividend this year. And we thanks to our beloved MD, Mr. Narendra, and his team, the entire team of management, for the excellent result. Sir, my question is that: what will be your next target to make the Tata Steel more strong?
What's your plan for the Tata Steel global business, sir? There is everyday news in the papers about the UK business, so what's your view in that regard, sir? And what have you any plan further to acquire or greenfield project or brownfield project in next two years, sir? And I thank the company secretary and his team for the excellent services to the shareholders to help us to join this meeting through VC. Even that, today, I've got four calls to join this meeting, sir. So such type of services should be there. And convey our best wishes to our beloved Chairman Emeritus, Sri Ratan Tata Saab, for his healthy and prosperous, safe, long life, sir. And, sir, you have merged the two Calcutta-based companies, Tinplate and Tata Metaliks. So what's your plan for Calcutta, sir?
Have you any plan to shift one or two registered office in Kolkata? Have you any plan to shift one or two registered office in Kolkata? Because you have merged two Kolkata-based company in Tata Steel. We have a strongly support to hope that company will be more strong and all employees will be benefited. So what's your plan for Kolkata, sir? I've already asked you in other AGM that these politicians may come or go, but Tata Group will be there forever. So kindly think about that we can meet you physically if you come to Kolkata, sir. And I always pray to God for your healthy and prosperous, safe, long life, because you have turned around the entire group and scenario. So I pray to God to give you more success. Thank you, sir.
Mr. Tamal Majumdar? Mr. Majumdar? Okay, next speaker, Pooja Narang. Pooja Narang? Okay, next speaker, shareholder, Kaushik Sahukar.
Respected sir and distinguished guests, good afternoon to all. I hope I'm audible, sir.
Yes, you are.
Thank you, sir. It is an honor to stand before this estimable gathering today. I extend my heartfelt gratitude to the board for granting me opportunity to be part of this important event. I can imagine the chairman might feel a bit frustrated when our name is announced, perhaps whispering, "Not again." However, as a shareholder in your company, we are here to stay, whether you like it or not. My concerns are: how is company addressing the debt issue? Recently, I studied a report by Prabhudas Lilladher, raising concerns that company will miss its target to reduce debt by $1 billion in fiscal year 2023-2024 by a significant margin. Could you please provide insights into debt management plan the company intends to adopt? By when can we expect to see our company free from debt trap?
Is our market benefiting from the surge in demand in realty market? Could you please provide a breakdown of revenue in percentage terms from the realty sector? I feel the company has been reluctant to support individuals in need during crucial times. I have personal support from company for several years, but my request seemed to be ignored. I was previously supported by Tata Steel, but upon the completion of employee tenure, my work also halted. Could you please look into the matter and consider resuming our association as before? I once again urge our company to support me with certification audit, including Form 15G. I'm hopeful that my plea will be considered with empathy and justice will be done. Finally, I believe that the savings from conducting meeting in virtual mode should be utilized for the benefit of small shareholders.
You might consider organize small get together or site visit or even distributing sweets during festival. Thank you for your time and consideration. Thank you, sir.
Thank you. Mr. Tamal Majumdar. Is he able to join? Mr. Jaspal Chopra. Tamal, you are, we are not able to hear you. You appear in the screen, but we can't hear you. Sorry, we can't hear you. Seems to be something wrong. Mr. Jaspal Chopra?
Oh, yeah. Am I audible now?
Yes, sir.
Okay, sir. Myself, Jaspal Chopra, calling from Delhi. I am a shareholder of the company since 1980, when the face value of the share was INR 100. At that time, I had bought 20 shares only, and now my holding is more than 11,500 shares. I'm a loyal shareholder of all the Tata Group companies, not only Tata Steel. I have got all the companies in my portfolio. And, sir, as a, and I'm very much proud of the management, the dynamic decisions and strategies you have taken this year. This strategy of reorientation and consolidation of the company, this is an excellent strategy, and that shows that the vision of 117 years ago, which was taken up by Mr. Jamsetji, that has been repeated.
Now, our, the size of our company is going to stand from magna to magnum size. So this is a very big thing. So I am very much proud of that. As regard the performance, I know that the performance is little bit affected, but for that, we have got a reason. The first, that we have spent a very big amount on impairment charges of more than, I think, 12,560 crore, you know? So this is a very big amount. And then the policy of the Chinese government export policy that has also impacted our sale.
But no problem, sir, because our company is on a path of excellence and the industrial climate under our PM that is very much congenial, and the timing and the future of our company is excellent, because now we are adding some more furnace units, projects. One is that you yourself have said, one is at Ludhiana and the other is at Kalinganagar. So this will definitely add to all that. So I'm very much proud of the dynamic management team you are holding it, sir. But I have got something food for thought for the management. The first thing is that why Tata Group as a whole is very much conservative in case of awarding bonus to the shareholders?
The other day, as I wanted to speak in the Voltas meeting, where I was holding the shares since 1995, at the time of IPO, and since at that time the capital was INR 33 crore, and now the reserve against that is more than 2,000 times, and still the company has never given any kind of... They have never had any kind of corporate action, never been given any bonus, any right, anything like that. So, sir, that is not only with Voltas, even with our companies like Indian Hotels and other hotels, you see, why you are shy of coming out with a liberal bonus? After all, we are the partners of the company, we are the investors of the company, we are your members of your family, so you should must think on that thing.
The second thing is that I have, I must be thankful to the corporate governance under our CFO and our Mr. PK for sending me that, our balance sheet, copy of annual report. That is just like a big Bhagavad Gita. So that is containing all that. But I'm sorry to say that as regard the directors of the company, only two women are there out of eight directors, and as regard the executives of the company, only two women are there out of the 23!... execute this. I do not understand that, why do you not want to complement the dreams of our Prime Minister, who want the women to be just on the front side, just need to come forward. So please just look into that matter, sir.
These are mainly these are the two queries, and as regards the corporate governance, I will say that is excellent. They are very much responsive. Because even today, I had just sent a mail because I had got some problem with this ITR as regards the dividend and all that. And within a few minutes, I can call it, I just got a reply. So this is a very good thing. I am very much proud of the management over there. And I remember that the culture of our Tata Group is excellent as regards the management and handling of the company, and our investment is growing day in, day out.
So, before I wind up, I pray God for the positivity, positivity for the entire team, our chairman, our MD, and the dynamic team we are having it, because their positivity will give us more action, like this reorientation and, and consolidation you have done for the seven companies. You have just consolidated and made our company from Magna to Magnum, size. So this is a very big thing. And, definitely, the products which are, will be coming out of that, those will be consumed in our country, because, our, our PM is very much, is having a solid dream of, solidify infrastructure of the country. And, your company is just contributing a lot. That, that is our steel plants are just bone, bone, for the industrial structure of our country. So we are very much proud of that.
Before I close, I pray God for the positivity. Thank you, thank you very much for getting me a chance to speak. Best of luck to you. Thank you.
Mr. Gundluru?
Thank you, sir. Mr. Chairman, N. Chandrasekaran, sir, and all the T.V. Narendran, sir, MD Garu, Kaushik Chatterjee Ji, and my company secretary, Parvatheesam, and all other non-executive directors, independent directors. Good evening, Namaste, sir. My name is Reddeppa Gundluru from Hyderabad. Sir, as a shareholder, I am very happy about the company performance of last financial year. Chairman sir and MD sir, you have given a very wonderful speech. Your presentation was excellent, sir. Sir, I, as a requester for the physical annual reports, received well in advance through company secretary department. After receiving the annual report, I've gone through every page. There was wonderful information, colorful photographs, everything is there. Also I found there is wonderful corporate governance, like transparency of governance. It was, I can say it was a world-class.
Ethically, good manner, accountability is there, transparency of accounts, integrity is there. Just again, special kudos to all the, the annual report preparation department and head of the department, special kudos to them. Sir, yes, sir, and also the CSR also very wonderful you are doing, sir, and, keep it up, sir. Financially, you are strong, sir, and thank you for a wonderful dividend continuously you are, doing, sir. Congratulations for the wonderful awards also. Here, my question is, Mr. Chairman, your what is your vision? And also, second question is sales growth, sir. I'm talking about CAGR, little bit, I'm not satisfied with the CAGR growth. So what is your, steps or any strategy to increase the, CAGR growth, sales growth? Please comment, sir. Apart from this, I don't have any financial queries, specifically.
So I'm very much happy about, company progress. I have already supported all the resolutions. I have done the e-vote, sir. Thank you for company secretary, for a wonderful corporate governance, and also your, the, the way of the shareholder is very unique, Mr. PK. Special appreciation to you and your team, also very wonderful, I mean, updating the every day. So, if you have any queries also, always available, all our team. You're also doing the, the speaker numbers, one by one, so WhatsApp you are calling. It's a unique thing. Not, everybody is not doing this. That's the reason our company is unique, Tata Group. Thank you. So, Chairman, sir, last year I, requested for this, plant visit, sir. So, so please take some decisions, sir, why?
Because we are waiting for the plant visit. From Hyderabad, the financial advisor, I would like to... I mean, waiting, interested, sir. So that's the reason, please ... approve and also let us know, company sec.
Thank you, sir. Santosh Kumar Saraf.
Hi, Ji. Ram Ram.
He is not. He's on there.
Ram Ram.
Yes, sir.
Honorable Chairman, present board of directors, officials and employees, I, Santosh Kumar Saraf, respectfully greet you all. I hope that all of you, directors and all our employees, whether in the factory or in the field, are in good health, sir. I express my gratitude to those employee brothers and sisters whose hard work has made our company shine brightly today, sir. Sir, first of all, thank you for the dividend. I have two small questions, sir. First, about our AI. Sir, how can we use our AI technology in our company so that our company's productivity increases and profits increase, sir? One. Sir, TRF was to be merged, sir. Suddenly, what happened that TRF was not merged with Tata Steel, sir? If you can say something about this, please let us know, sir. Not much more. I would say, continue the BC meeting, so everyone can attend.
And once again, I wish you all a happy financial year 2024-25, and I pray to God that all our directors, all our employees, and all our Tata Group employees have a good financial year 2024-25. May it be good, and may they stay with health, wealthy, and prosperity, sir. Along with them, I also express my gratitude to their families, who are the backbone of our employees. I also pray for them. Please work in a way that our employees can bring more and more productivity to our company. Jai Hind, Jai Bharat. Namaskar.
Thank you, sir. Ashok Subramaniam.
Am I audible?
Yeah.
I am visible. Namaskar to one and all, one and all, especially to the Board of Directors, Chairperson, everyone. My long waiting wish of that visit was accomplished this year, thanks to Narendran and his team. My sincere appreciation for the same. I was subjected to a good safety protocol there, so I really enjoyed that. Being a safety professional, I hope it's extended to all the visitors and to see. Happy to note that we are committed to zero harm, and that so is achieved as reported by Mr. Narendran in his presentation, that LTI frequency is on a downtrend. However, there are a couple of concerns in that aspect. The number of fatalities in the workmen categories are still a concern, though it is on a downtrend.
And high consequences, consequences, reporting is also on a, concern. And number of complaints, as reported in page number 191 of annual report. Number of complaints with respect to health and safety and working conditions in the last two years, combined together, it is around 160 and 160 each, under each category. Now, under... I hope there is an in-depth analysis would have been done on the type, nature and, location-specific complaints, and they should have been disseminated to all the plants. And I'm putting this point across in the context of the merger of other, companies into this Tata Steel fold. So it's, this is a point in which we can look at it. So during the thing, I also feel that, referring to page 190, there's no your PPE.
I think there is a good scope for creating much awareness on this, as evidenced by me. Also there is a specification on the use of PPE that can also be strengthened among the employees. In the new annual report, I am happy to see that there is a hydrogen injection into blast furnace pilot was done in April 2023, but there can be some kind of way forward that can be explained on that. Now, as an end user, I have an experience with Tata Steel DuraShine. So in general, I find that there is not an automatic choice; choice is not among the public to go for DuraShine. Maybe because of its prominence is not there or because of the visibility. So everybody goes for Jindal, so that gives me a concern as a shareholder.
So I was very adamant to go for this, so I have to meet the concerned person, so PK helped me for that. In that process, I went for it. And also, I enjoyed the Tata BlueScope picture in Kaise Banta Hai. So in that, probably, maybe we can look at that all our employees and all our stakeholders have a first choice of this thing. Whenever we have a thing, there can be a specific mail format, or there can be a call center where which we can reach them for further details. With this, I take this opportunity to thank one and all for your opportunity, and wishing the management and all the employees and everybody a safe time ahead. Thank you very much.
Mr. Ashit Kumar Pathak
Am I audible, sir?
Yes, you are.
Good afternoon, respected Chairman, MD Board of Directors, Company Secretary, fellow members joining at 117th AGM Tata Steel.
... limited. My name is Ashit Kumar Pathak, joining from Dum Dum, Kolkata. At first, my extreme gratitude to our company secretary, Mr. P.K., and secretarial team for sending me the hard copy of annual report very well in advance and allowing me to speak, and excellent your opening remarks and also respected MD Sir. I have some brief views which I like to cover in three minutes. Our production also mentioned 2.28% higher. Delivery is also 5.60% higher, and EBITDA also 7.83% higher. And why sir, PAT drastically fell down 67.26%? What is the key reason behind it, if possible, throw some highlights.
Next, through your view, how we cover the impairment charge you mentioned, INR 12,560 crore in respect to UK operation. And your view, and through your view, UK business face same challenges, first half of financial year 2025, as per media report. If throw some, throw some your views, and also charter team expresses concern of UK media reports on policy difference between UK government and the opposition transformation plan. If possible, throw some highlights about this. Also, stock price impacted by the news wind down cost could affect UK operation and GBP 50 million, which was on account carbon credit. If possible, throw some highlights. What positive step we take in Netherlands operation? Mostly environmental health concern, emission, decarbonization plans, operational high cost and tech upgradation and sustainability efforts. Also, Dutch government support green transition plan also.
Are we facing any challenges in Thailand operations? If possible, throw some highlights. Any new subsidiaries in amalgamation pipelines? If possible, throw some highlights. Mr. Shah also mentioned, what plan about TRF amalgamation, where management team initially planned to do so? If possible, throw some highlights. Any further acquisition plans in international steel companies? If possible, throw some highlights. Present our domestic market share, other recognized steel making players, and present capacity utilization of our two integrated steel plants, TSJ and TSK, and other non-integrated steel plants. Indian government working on PLI 2.0 to enhance adequate raw material supply, focus promotion, use of scrap, where we recycle scrap only 8%. What plan we are taking? And government plans use of AI, new edge tech boost steel output, reducing carbon emissions. What possible step we are taking this?
Also, in a media report, Indian Steel Association anticipated that domestic steel requirement will reach 120.9 MT in financial year 2027. Our CapEx plan, if possible, throw some highlights. Sir, what is our debt reduction plan? I noticed our gross debt increased to INR 87.082 crores and net debt, INR 77.550 crores. Mention capital allocation for growth and totally volatility of earnings, if possible, our debt reduction policy. Also cost optimization, other expenses, INR 45,661 crores standalone basis, and finance cost also higher than previous year, 16% higher than previous year. Sir, any plan to enhance our charging station or recycling plants? If possible, throw some highlights.
Regarding, finally, regarding export, our standalone mentioned INR 8,749.44 crore against INR 13,296.69 crore previous year, previous year. But sir, I noticed in media report, 2023-24, finished steel export, 7.5 million metric ton, increased 11.5% than previous year. What strategies we've taken for steel exports? Our government's also very, supporting for steel exports. Nothing to say more. I pray to God for your good health and prosperity of my company by your leadership. Thanking you, sir.
Mukesh Rajmira. Mukesh Rajmira?
Namaskaram and namaste to all. It is a delight to see Mr. Kaushik Chatterjee, with whom I had spoken last year at Tinplate, and also Mr. Kaushik Seal, who has been a very nice company secretary, as much as Mr. P.K. is, whom I have come to know only for the last couple of days. We have been Tata Steel and Tata Tinplate customers for almost 40+ years, from 1960s, as we had an engineering manufacturing unit many years ago in Chennai. I would like to thank Mr. Kaushik Seal for the help he has rendered in enabling my paltry 35 shares of Tata in Tinplate-...
Which took me 8 to 9 years on my, in my name only, but the original certificates were destroyed by termites, for which I was being asked to lodge an FIR with the police, which didn't make human sense, because only human beings have sixth sense of reasoning and logic when it comes to out of 84 lakh variety of live species on Earth. That also leads to Mr. Chandrasekaran, I, you are a very renowned person in India, in corporate India. You also meet the Prime Minister, and you are in various teams. This is some kind of a request I would like to make on behalf of, I would say, lakhs and crores of people who have been losing their own wealth.
As you might be aware, about INR 600,000 crore of claimable and unclaimed money is locked in multiple assets in India, and that is in shares, mutual funds, dividends. While I'm alive, it took me 8-9 years, 3 times I had to submit to TSR Darashaw and 2-3 times to Link Intime to get my 35 shares transferred in my own name. And there are people who have... And I have another problem with a large south-based company, where 25 years since my mother passed away, my dear mother passed away, and I've not got shares from that company. And primary reason for this is archaic, redundant, and most cumbersome, impractical laws, rules, and regulations for transfer and transmission of all these assets.
What really bugs me and lot of other people who are victims to all this is, when Bharat can launch rockets, satellites to land on moon, is it a rocket complex? It is, is it more complex than rocket science to discover the owners of all these assets? And, my sincere request to you, Mr. Chandrasekaran, is for 75 years, this is a very serious matter which has been hidden under the carpet, and, large groups like yourself and eminent personalities like you can impress upon Prime Minister Modi to do something about it, because, so far nobody had taken serious interest. Prime Minister has already, you know, scrapped around 3,000 British-era antiquated rules, acts, and laws, and this is one of the major ones that has not yet been looked into. I would very much appreciate if you can take some initiatives.
As a victim myself and having done a lot of research, I have lots of insights. I can work with lot of other people whom you may recommend or whom you may suggest, regulators, finance ministry. And if it goes to the Prime Minister, I'm 100% sure this has to be done, and it will be done. So it's my sincere request if you can take personal interest in this, please. Thank you very much. One of the questions I had, a very small question I have is, where does Tata Steel stand in terms of global ranking right now? And, what are our plans to, you know, compete with the Chinese, steel produce that is being produced? Because, they have been the biggest, international competitors for everybody, and, we in India are close to them.
If we can have any insights into this, please. Thank you so much.
Gautam Tiwari? Mr. Gautam Tiwari.
Mr. Hiranand Kotwani.
Yes, sir.
Sir, Gautam Tiwari is here.
Yeah, please speak.
Yes, sir. Yes, sir. Yes, sir. Sir, start my video. Sir, you can see me also, sir.
Sir, you have to be quick, please.
Yes, sir. Yes, sir, very quick. Very quick, sir. Don't worry. Just one minute, because there are so many meetings going on, sir, at the same time. Very quick, I am, sir. Sir, first of all, very, very good afternoon with our honorable dear chairman, sir. You are, you are very much our, to our heart, sir, you are after five companies of five mergers, you have turned around the, our Tata Steel, like in the, there is, there is no words. Words are insufficient, to speak about you, sir. Words are insufficient. Sir, good afternoon. Myself, Gautam Tiwari, as I said, I, all dignified directors and other directors also, and, to our team, Tata Steel, I wish, good afternoon, good evening, and very much happy about it.
Sir, please convey our feelings to our Ratan Tata also. We always pray for his healthy, wealthy, and good health, and sound health, and his long, happy, joyous life. We really miss him very much. But the way you have taken the company to its growth, we are very much proud of you, and we are very much happy with you. Sir, few small things, sir. Just in order to appreciate, understanding myself, few things I would like to know, sir. Sir, compliments to our company secretary for the excellent and colorful annual report also, and for his very good service, harmonious and delicious service throughout, along with his team. Sir, please elaborate if the company is involved in any shareholder suit, sir.
Sir, what is the nature of the suit, if at all, and if it, and what is its probable effect on the other shareholders, sir, if at all there is a meaning? Sir, under the head Online Dispute Resolution Portal, ODR portal, it was observed that company have provided the reference of the circular dated July 31 and December 20, 2023. Has the company taken any steps to inform our shareholders? Sir, if our company has taken out any D&O policy, and if it was, it is taken out, what is the amount? Sir, how many concerns were received or resolved under the Tata Code of Conduct? Sir, what is the R&D expenditure of our company, and what are the major projects capitalized, and they are in progress? Sir, please tell us about the daily debt equity ratio about the company.
Please give details of borrowing, if at all you can give now. Sir, what is the company's goodwill, consolidation, and capital reserve? Please elaborate, if you can give. And sir, have you, last, please, have you received any notice from any regulatory, sir, like any, our regulatory authorities like BSE, NSE, MCX, MBS, AB, et cetera, and was there any penalty that the company has paid? Sir, that's all. Sir, what are the primary challenges that we are facing right now? Please anticipate. Sir, that's all is very good. Sir, in fact, there is no need to answer right now. You can send me by email also, and I'm very much proud of you, sir. I support all the appointments and reappointments of all our directors.
I voted for all the resolutions favorably, and we have a total trust in the management and our lifetime support is assured. Sir, I wish and pray for your long, happy, healthy, wealthy, sound life, long life, healthy, peaceful life to each and every member of the management along with you and each employee, by, employee, executive, officer, in the way, on the way of Tata Steel. We are proud of being with you, sir, and with Tata Steel. We, the very proud moment we are experiencing. Thank you very much, sir, from our side. Jai Hind. Jai Bharat. Vande Mataram. Thank you very much, sir. Sir, here's a grand salute to you, sir. Please look. Thank you, sir.
Thank you, sir. Hiranand Kotwani?
Are you audible?
Yes, you are audible, sir.
It's a great pleasure, Mr. Chandra. Namaste. I am Kotwani from Kalyan. Sir, all is well. Nothing more to ask for. Certainly, the tension in the mind regarding the foreign operation in Netherlands. अगर वो लोग ऐसा हमारे country में होते तो parliament को हिला देते और policy change करके profit लेके जाते हैं। आप कैसा करेंगे, वही अभी बाकी है। बाकी तो अच्छा चल रहा है। Netherlands और England में से profit क्यों नहीं आ रहा है? आप लोग क्यों इतना carry कर रहे हैं? उधर representation क्या कर रहे हैं?
जरा उसके बारे में कैसा आगे होगा, क्योंकि इतना time से loss आया, ये वो लोग profit कर लेंगे जब तक हम लोग। If something is wrong, we should represent them, otherwise, हम बंद कर देंगे। तो इसके ऊपर ही जरा बताइए और एक अपनी subsidiary है, Tayo Rolls, वो करती है काम नहीं करती है, listed company है, INR 100 भाव है, Tayo Rolls करके है। उसके बारे में थोड़ा बताइए, बाकी तो सब कुछ हो गया है। मेरा धन्यवाद और आपका future के लिए good luck. अच्छी company है, अच्छा compliance है। अभी दो-तीन company, आपका company में problem नहीं है, मगर एक Noel Tata की company में compliance का issue था, Titan में। वो मेरे को last connection ही काट डाला। Hello, thank you. Good luck ahead.
Thank you, sir. Unmesh Kantilal Shah?
Am I audible, sir?
Yes.
Yeah. Good afternoon, sir, chairman, respected Chairman, Vice Chairman, and distinguished Board of Director. Good afternoon to all of you. Myself, Unmesh Shah from Mumbai. Sir, thank you very much for giving me opportunity to be here to present before you. First, let me thank PK and his whole team throughout. He has been with us to see that with a smooth connection with you, and we can present our views to you. Also, sir, thank you very much during the challenging this year, INR 3.6 dividend you have paid to all the shareholders. It's a very good gesture on your good part. I have all supported the resolution in the favor of the company.
Sir, my first question, you elaborated as far as the UK is concerned, because there are news coming to and fro from a lot of things, and again, the government has changed since the negotiation was done for proceeding towards the electric arc furnaces from the year-end timeline of the year, the life end. We are closing down these blast furnaces. Sir, my point is, you know, laborers are, as usual, you know, there are difficulties with the labor for accepting the voluntary retirement about loss of 2,800. What is... And we are very steadfast about whatever our plans are there.
Sir, can you elaborate in now with the new government, now labor is in place with the UK, any changes or there will not be any change, and whatever you have discussed earlier so far, GBP 500 million pounds of support to us will continue? That is one question. Second question, sir, in your speech, you have said that also the company encountered delays in large projects like re-aligning blast furnace six in Netherlands and Kalinganagar downstream. The insight gained from these delays will contribute to the smooth and timely execution on the ongoing projects. Sir, I'm surprised, sir, we are more than a century-old companies, more than, you know, from the you know, colonial time. Why there should be delay even now, or we have to find the reasons or, you know, we can get insights.
We already should have insight by this time. That is my point. And how was the debt situation? How we further try to reduce it? That is another thing, you know, my question is. And sir, last year, last year also, I request you, because now the virtual, you know, meetings are the reason for the time, and I am from Mumbai, and always earlier, before one month, one week before, you know, AGM or all, there used to be a small physical meeting somewhere in the South Bombay. If that can be, just request to you, it can be continued, you know, so that we can at least have personal meeting with some small group of shareholder. I will request you to look into it if it is possible, because that time we used to meet your top management. Thank you very much, sir.
Thank you very much and all the best wishes to all of you and the company. Thank you very much, sir.
Thank you, sir. Pranab Das?
Good afternoon, sir. Good afternoon.
Good afternoon.
Have you seen me, sir?
Yes, I can see you, bro.
Okay. First thing, I'm very much proud that I got a chance, actually, ex-colleague, ex-Tata Steel man, got a chance to tell something about the our AGM meeting. Hats off to Mr. PK and his all team members. They are all time coordinating each and everybody and including me also, for to join the our annual general meeting. So, I've personally regards to CEO, CFO, EU, and all board of directors, my fellow shareholders and friends and colleagues. So now I am coming one by one question that is the import steel from other countries. You know very well, we are enough producing our materials, and this is a very serious issue that other countries and they are selling the our steel items very cheaper and ultimate we will suffer very badly.
Last year, FY 2023-2024, imported from other countries, 80,31,900 metric tons. Have increased about 38% import materials. It is not only that we'll suffer the—we'll suffer the sale of our materials in our country. Not only Tata Steel, this all the main steel producers, including SAIL also, they are suffering. We must take necessary action and discuss with the immediately with the industry minister as well as the prime minister of our country to stop this practice. Otherwise, we may lose in the future also. We may produce the materials, but we are unable to sell in the market. Second thing, sir, I will tell you in the para four, page number 184, that is the Tata Steel Employees Pension Scheme, TESP, with LIC.
A brief description of this scheme for employees of Tata Steel. Perhaps you know, when we are retired, actually, we got one-third of the pension amount and two-third rest lying with the LIC. In the end, not only that, we are getting very mere percentage of interest annually. Sir, would you kindly look after this case and a refund of all LIC lying in, LIC office lying in Jamshedpur, to ease the process, refunds can be directly dispersed to the bank account in which we receive annually from the LIC office. My earnestly appeal to you, you please take up this matter because these, all these thousand after thousand people, retired people, we are suffering. Kindly, sir, chairman is the father of any organization, so please look after your kiddies also. Please.
Second thing, sir, I will tell you, in case of this, import of materials, this is a safety. You know, perhaps, you never compromise. I know Mr. T.V. Narendran also, you will never compromise the safety matters. National Safety Day on fourth March, you are requested to conduct safety drives in our respective areas, godowns and factories, mines, collieries, and all offices in whatever small or big way or raise awareness. The team members would be distributing safety badges on the first day and maybe follow the entire week to mark the occasion. This is, coming year, yes, we must do that.
Regarding the compromise of our price, perhaps you know, in the Indian market, if any materials, say about INR 50, INR 100 below price, if you, if we can sell, so price brand of our all items so that we may able to more capture of the local market as well as the entire Indian market. So price brand should, should be there. This is my another personal appeal to you as a, as a, Chairman. You know, nowadays, that we are getting— First thing, I am very much grateful to our company's medical system, and, really, it is, nice of the system for that I am living in this world here, Pranab Das still living in this world. Now, it is the Tata 1mg, our own concern.
They are actually supplying the medicine, but we have to go and collect from the Tata Center. It is not possible for all the time because of the health problem, health hazard, all these things. So would you kindly tell them to send the medicines through courier? If necessary, we will not actually burden to the company. INR 100, say, courier charges we may given. And not only that, in case of our death, that currently the family members must submit the prescription at medical department, Tata Center, Kolkata. There are family members who are not quite accustomed to using email or submitting prescription. Moreover, they must travel and collect the medicine from the medical department, Tata Center, Kolkata, which is again a hectic journey due to health and age-related issue like me.
Please take up this matter very shortly so that I shall be grateful to you. Now, I am coming this points. Page number 50, the Tata DuraKool. Yes, our blast furnace slag, we may converted bricks in various sizes. The excellent idea about this utilization. Various sizes of bricks, maybe we may cover the market also. Page number 50, Tata DuraKool. Now, I am about the CSR program. Yes, hats off, hats off to our employees. Hats off to our employees for this program, CSR program. FY 2022-2023, 18,494 hours, but this, this year, 2023-2024, they have actually sacrificed for us 67,799 hours. It is absolutely excellent job done by our own people. Hats off to them!
So now I'm coming another page number 222, item number 3: Number of consumers complaints in respect of the following. That FY 2022-2023, unfair trade practices, 16, and pending cases, nil. FY 2022-2023, 2 only, these unfair cases, pending cases, nil. Now, the others. This is a very alarming for us, as a Tata man, I should tell. Others, actually, 19,258 cases are there, consumers, customers, and pending at the end of the year, 1,117. Please take up who is the helm of the affairs, because I have a good panacea. You can send, I, I tell him how to, how to cut down the, this thing.
If they feel that I'm a small man in this world, yes, I am dreaming for the Tata always betterment, from morning to night. This is the, yes. Now, the page number 1991, item number 13: Number of complaints on the following made by the employees and workers. FY 2023-24, 59, and pending cases 11. FY 2022-23, only 1, this working conditions complaint, and pending resolution, 0. Health and safety, this complaint by the, by our colleagues, 81, and pending cases, 3. So kindly, take up this matter very seriously. Otherwise, we may... We may, next year also, our budget, we have to keep this, this thing, this annual book. Now, the number of complaints during the year, that is the number of complaints pending, 160, page number.
This is a 22-23 number of complaints, 882, and pending 184. This year, actually, FY 2023-24, 1,033,125. My, my, honestly appeal to you, sir, we have to minimize somehow the complaint. Otherwise, we cannot able to run very smoothly in our company. Because, you know, healthy that, I am giving you a small slogan: Keep our customers healthy and fine, tomorrow we will see better sunshine. Tomorrow we will see better sunshine. If customers remain with Tatas, business will flourish like lotus. It is a two slogan must be there. I'm very happy, and, also, that you have taken a very good decision. Sometime hats off to you. New innovative ideas. Our competitors are taking innovative ideas and motivating the customer to capture more and more market.
We must adapt new ideas and pay more attention, and aggressive new marketing strategy as per the requirements of the local market, as well as the international market. The region to sell our various products continuously. In future, actually, we have to take necessary action for this. So I, honestly appeal to you, sir, these two cases, actually, Mr. Narendran is here. I know him last, more than 30 years. I know you about 80 years, and we are keeping very cordial and sweet relation, and I want to keep forever also like the relation. But, please take up this, Jamshedpur case, this LIC case, very sensitive. We are now facing lot of actually financial crunch.
You know, this last 10 years I have retired, and I'm facing really—not only me, like that, actually, over 1,000 of the people, ex-colleagues, they are also facing similar problems. Please mitigate this issue as far as as early as possible. Now, I am coming to the-
Mr., uh-
Yes.
Pranada.
Last but not the least. Please allow me, sir. The manpower. The process of manpower planning involves two parts. First, one is the estimate of the quantity requirements of employees for any organization. Secondly, in the quantitative analysis, this is the assessment of qualification and skill level requirements of the employees for performing the jobs and the volume of work involved. More training and knowledge to be required for more system to be developed, otherwise company will not able to make huge profit near future. Thanks. I have thanks to Mr. Narendran, thanks to Mr. Kaushik Chatterjee and PK, and also regards to you for patiently you just heard my appeal. Thank you. God bless you, and we will see your smiling face all the time. God bless you again.
Thank you.
Thank you.
Sunil Kumar Modak? Sunil Kumar Modak?
Hello?
Yes, please.
Hello.
Yes, sir.
Okay. Good afternoon to all dignitaries, respected Chairman, Vice Chairman, Company Secretary, CEO, MD, Executive Director, and CFO, Mr. Kaushik Chatterjee, and my fellow shareholders. Myself, Sunil Modak, as joining this PC meeting from my residence, Kolkata. I am also a member of KWAS, Kolkata Welfare Association for Small Shareholders. Thanks to KK and his entire team for the excellent investor service, and he has given the opportunity to join this PC meeting. Sir, our company, Tata Steel, is one of the most diversified, integrated steel producer in the world. Company's manufacturing assets are spread across India, Netherlands, UK, and Thailand. INR 140,987 crore turnover, INR 31,004 crore EBITDA. Dividend declared at the rate of INR 360 per equity share, same as previous year. Thank you. Thank you, management, for offering such good dividend.
Sir, global economy with geopolitical uncertainties hampered to some extent our performance. Indian operations delivered the highest ever crude steel production and delivered the highest finished steel. What about our abroad plants' performance? What did they achieve? Sir, has the amalgamation of the five subsidiaries been completed, and how will our shareholders be benefited and as well, the company will be benefited by this? Sir, child labor is a pressing problem in our economy. Our company's community-based education programs have significantly given the fight against child labor, and 444 panchayats as child labor free zones in Keonjhar, Odisha, declared this year. This sets an example for the eradication of child labor in India. This is an example set out. Congrats to the management and employees of Tata Steel Limited.
I have cast my voting and support all the resolutions in favor and hope bright future is waiting for us. Excellent investor services, so many times, officers from the Tata Steel and secretary department contacted us and inquire about the receipt of notice, physical copy, et cetera, et cetera. And even by WhatsApp, they are giving the seat ticket serial number so that we are able that when our turn is coming. Our investor service is very helpful and investor-friendly. Sir, what is the next target, global ranking? Sir, you please see the planned visit or memo for the speaker shareholder and please continue this VC meeting. That is why the members from every corner of our country, even from abroad, can join this meeting, VC meeting. Thank you very much.
I conclude my speech with the hope that our company will do better in the coming future, and the prosperity of the company will go top of the top. Thank you, sir. Thank you very much.
Arti Tekriwal?
Good evening, respected Chairman, sir, and the board of directors. I'm Arti Tekriwal, a proud shareholder of Tata Steel and a very proud member of Millennium Mams, Indonesia. Sir, of late, you've been breaking the tradition of meeting Millennium Mams in Bombay House. Please consider our request to continue that tradition, sir. So today I have two questions: With the European Union's implementation of the carbon border adjustment mechanism, how does Tata Steel foresee the impact of these carbon taxes on its exports to the EU from India? Additionally, sir, what strategies is Tata Steel planning to adopt to mitigate any potential negative impacts on competitiveness and market access in the European market? And, sir, my second question is that you've mentioned that the capacity will be 40 million tons per annum by 2030. What will be its impact on the debt equity ratio, sir? Thank you.
Bimal Kumar Agarwal.
Bimal Agarwal?
Hi, Nira.
Yes, sir, can you speak?
Hello? Hello.
Hello, hello.
Can you hear me?
I can hear you, sir.
Good afternoon to everyone. First of all, I thank the company secretary, his team, management, and the staff also, and the shareholder. Again, I thank the company secretary. Every time he was reminding my your number is so and so and so. Thanks again to company secretary. Only one question I got: What is the China factor on our company? That's all from me, and I have supported all the resolutions. That's all from me. Thank you very much. Again, I can thank the company secretary.
Rashmi Chhawchharia?
Am I audible?
Yes, ma'am.
Good evening, respected Chairman, sir, and members of the board. I am Rashmi Chhawchharia, a proud member... a proud shareholder of Tata Steel and a member of the Millennium Mams Kolkata chapter. Sir, my question is: How do you see commodity prices moving forward? Thank you, sir.
Swapna Anuj Poddar?
Hello.
Yes.
Yeah. Good evening, sir. Good evening, respected Chair, sir, Chairman, sir, and the board of directors. I am Swapna Poddar, a proud shareholder of Tata Steel and a proud member of Millennium Mams from Mumbai. My question, sir, is: How will the ramp-up of the new five MTPA capacity propel growth in Tata Steel, Tata Steel's volume over FY 2026, 2027, 2026 in India? Thank you.
Mr. Jaichand? Mr. Jaichand? We can see you, but we're not able to hear you. Can you check your speaker?
Technical issue. Now, now it should be fine, sir.
Yes.
Yes. First of all, I congratulate the management on the eve of Annual General Meeting. Sir, I trust all is well with you and your family in this challenging situation. Our company deserves much more respect than the current market cap after completing more than a decade of successful operations, profitability there in the company, and what are the steps being taken by the management to reduce the other expenses, legal professional charges, and the audit fee? Myself and my team are running a legal firm in the name and style of Seven Hills Associates in Chennai. So I would request your good selves to kindly enroll the firm in the empanelment of the company, and we will be glad to extend our services, sir.
Then, most some of the questions are sent via email also, and the company has a very good corporate governance practice, and you can see that you are giving opportunity to more than 30 speaker shareholders in the annual general body meeting, and, meeting is going on for a very long time. So we really appreciate the management sincere efforts in bringing the company to this particular extent and rewarding the minority shareholders in large numbers. I would request the management to kindly arrange for a planned visit for the Investor Fraternity, sir, and it will be a get together for the shareholders as well as for the management as well.
Since the management and the shareholders have not met for the past five years, so if you can arrange a planned visit during the year, it will be helpful for the Investor Fraternity to come and look, look into our plan. Nothing much to ask.
Thank you. Thank you, sir. Mr. Jatinder, Jatinder Ahuja.
Am I audible?
Yes, you are.
Good evening to you all, sirs. Once again, I am before you. I have spoken quite a few times before, and particularly I have requested all the board members to take the case, which I have quoted many times, and which is still a matter of conflict, because it is still under sub judice before Supreme Court of India. And coming to that-
Sir, can you continue? Mr. Ahuja?
Mr. Ahuja seems to be facing technical issues.
You may want to try him after some time, because he's trying to raise some issues, so... Lily Pradhan?
Miss Lily seems to be facing technical issues.
Rajesh Sainani?
Am I audible, sir?
Yes. Yes.
Yeah. Respected Chairman, Mr. N. Chandrasekaran Ji, and a very highly distinguished eminent board of directors, my fellow shareholders. My name is Rajesh Sainani, and I am speaking from Mumbai. So first of all, I thank our secretary department, Mr. Parvatheesam, for sending me the physical annual copy very well on time, which is full of facts and figures in place, sir. I have heard your opening remarks, sir. And on page number 22, the chairman message, I have gone through. Page number 26 and 27, Mr. Narendran and Kaushik Chatterjee also, their message I have read, sir. So you have given a very good presentation, and Mr. Narendran has also given a very good presentation. So there is nothing much for me to ask, sir, and I thank you for the dividend of INR 3.60.
I suppose this was the same dividend given last year also. So before that it was INR 5.20. Correct me if I'm wrong, sir. So all our, many of our TRF, Tata, Long Steel, all have been merged with now Tata Steel. So can I expect next year the dividend should be much better, sir? Because now we are on the face value of INR 1, so future can be only bonus. Till the, till we receive the, get the bonus, so every year, if I think, little betterment of the dividend will be much better. I hope my revenue and the profits of the company does very good, and we, do much, much better, sir. And sir, from the high of 184, today also the share price is INR 169.
So under your leadership, I hope, sir, we touch the much, much scale, because, sir, JSW Steel and all, they are rocking, sir. So only the Tata Steel, sir, we are still, you know, we have to catch up, sir. So, nothing much to add, sir. I have supported all the resolutions, and I just want to know, sir, the promoter holding is 33.19%. So are we planning to increase our promoter holding? Because the SEBI has permitted us for 75%. So if you can throw the light on that. And sir, FIs are holding 19.61, and DIs are holding 24.34. So DIs are trusting us more, sir. So I hope the FIs also increase their holdings, sir. And, thank you very much, sir, and wish my, all my very best wishes to the team, sir.
Tomorrow, I'll meet you again, sir, at Tata Power, sir. Thank you very much, sir.
Manjit Singh? Manjit.
We seem to be missing Mr. Singh.
Mr. Kankanala Bharatraj?
Hello?
Yes.
Hello.
Yes, sir.
Yeah, very, very good evening, Chairman, sir. I'm Kankanala Bharatraj, Hyderabad. Sir, second, sir, I'm very proud, sir, a dynamic chairman, sir. What is the secret of your success, sir? Always and dynamic, sir. I wish that God bless you, 100 years of age, sir.
... A genuine, sir, wonderful performance and thanks for a wonderful dividend CSR program. Sir, there's no need to raise any question, sir, because your leadership and entire board of directors are working hard for Tata Steel, sir. Sir, one thing, sir, our consolidated net profit has come down, sir. This year also, this financial year also we will accept the net profit, sir. Sir, last year, first of all, the plant visit, sir. Sir, once again, sir, try to arrange plant visit of the speaker shareholder, sir. Not for everyone, sir, at least 30 or 40 speaker shareholder, sir. They tell to our company secretary to arrange a plant visit, sir. We'll be more happy, sir, and thanks to the secretary department. Link Intime sent me the link, and he is updating every minute who is the speaker number, sir. Wonderful timing, sir.
Thanks for secretary department. Once again, Mr. Chairman, take care, sir. God bless you, entire board of directors. All the best for coming years. Sir, next year we'll have a physical and hybrid, sir. So please do the physical and hybrid so that we can meet you personally, sir. Thank you very much for giving this opportunity. Bharat, signing off.
Mr. Manoj Agarwal.
hear me? आवाज आ रही है?
आ रही है।
Ji ji, main Sangam Nagri Prayagraj, Allahabad se Uttar Pradesh se bol raha hoon. Manoj Agarwal bol raha hoon. Sir, first of all many thanks to your good self along with your entire team for presenting excellent results as well as consistent and reasonable dividend at the rate 360% in favor of equity shareholder for the financial year 2023-24. Sir, main eighty-seven se aapke juda hua hoon. Aapki jo hai, public issue aaya tha, usme jo hai 3,000 ka matlab sixty, fifty share diya gaya, 50 share INR 60 mein aur debenture diya gaya tha, jo... to stock aur bonus hote hue usme jo diya hai, uske liye two line pehle bol raha hoon. Shahar tradition ke roop mein ki bhari jholi sada saugat se jyada, sumedhe se jyada. Mere Ishwar!
तेरा आभार बारंबार करता हूँ, क्योंकि तूने हदम दिया मुझे, मुझे सौगात से ज्यादा दिया है। मेरी कुछ क्लेरिटी है, जिसको मैं आपको बता रहा हूँ। टू द मीडियम जो है, मेरी कुछ क्वैरीज़ हैं। क्वैरी नंबर वन है, एज़ पर एनुअल रिपोर्ट फॉर द ईयर 2023-2024 इन पेज नंबर 50, एफ 50, नोट नंबर 6 फॉर इक्विटी इन्वेस्टमेंट इन सब्सिडी कंपनी वन कोटेड 558,7372 शेयर्स ऑफ टेयलर लिमिटेड शोइंग कॉस्ट और फेयर वैल्यू INR निल फॉर बोथ द ईयर 2022-2023 एंड 2023-2024। काइंडली क्लेरिफाई, व्हाई कॉस्ट और फेयर वैल्यू ऑफ 558,7372 शेयर्स ऑफ टेयलर लिमिटेड नॉट बीन टेकन और considered फॉर बोथ द ईयर 2023 एंड 2024।
एज़ पर एनुअल रिपोर्ट फॉर द ईयर 2023-2024, इन पेज नंबर ए 54, नोट नंबर 6 फॉर इक्विटी इन्वेस्टमेंट इन सब्सिडी कंपनीज़ वन अनकोटेड 1,354,131,574 शेयर्स ऑफ नीलांचल स्पार्क निगम लिमिटेड, शोइंग कॉस्ट और फेयर वैल्यू INR 641.22 करोड़ फॉर द ईयर पेज 2023-2024, इन कंपैरिजन विद INR 488.34 करोड़ फॉर द ईयर 2022-2023। आउट ऑफ टोटल 1,354,131,574 शेयर्स एडिशनल, 23,928,347 शेयर्स एडेड दिस ईयर इटसेल्फ एंड कॉन्सिक्वेंटली कॉस्ट और फेयर मार्केट वैल्यू इन हाईड बाय INR 152.88 करोड़। काइंडली क्लेरिफाई दैट आफ्टर मर्जर ऑफ दिस सब्सिडी कंपनी ऑन व्हाट बेसिस कॉस्ट और फेयर वैल्यू एनहांस, एंड हाउ मच इक्विटी शेयर ऑफ टाटा स्टील लिमिटेड वाज गिवेन अगेंस्ट सच ट्रांजैक्शन टू इक्विटी शेयरहोल्डर्स ऑफ द थर्ड नंबर, सर। एनुअल रिपोर्ट फॉर द ईयर 2023-2024, इन पेज ए 54, नोट नंबर 6 फॉर इक्विटी इन्वेस्टमेंट इन-
... We will take a look at that. We will take a look at that.
जी, ओके।
We'll take a look at that, sir.
Yes, yes. Sir, third is, as per annual report, note number 6 for equity investment one unquoted 26/21/01/91/08/3 shares of Tata Steel Holdings Private Limited, newly added in investment portfolio on conversion of loan showing cost fair value INR 34,168.90 crore for the year 2023-24, in comparison with INR nil for the year-
Sir, sir, you have to, you have to talk little slow and audible. Otherwise we can't follow you.
Okay, okay, okay sir, okay. Again bolta hoon sir, number sir. Please okay sir. Sir, page number A 54-
Yes, yes, we are, we are on the table. We'll answer you.
Yes, okay, okay, okay, okay. Sir, for equity investment in subsidiary company one unquoted 26,210,191,083 shares of T Steel Holdings Private Limited, newly added in investment portfolio on conversion of loan showing cost and fair value INR 34,168.90 crore for the year 2023-2024, in comparison with INR nil for the year 2022-2023. Kindly clarify that on what basis cost or fair value considered and how much equity shares of Tata Steel Limited was given against such transaction to equity shareholders of T Steel Holdings Private Limited. So last question is, last query is as per annual report for the year 2023-2024, in page number A-55, A-55, note number 6C2, note number 6C2, for equity investment in associate companies one unquoted 13,000 shares of TP Vardhaman Surya Limited , newly added in investment portfolio, showing cost and fair value of INR 0.01 crore....
For the year 2023-2024, in comparison with rupees nil for the year 2023. Kindly clarify on what basis cost or fair value of unquoted 13,000 shares, TP Vardhaman Surya Limited considered INR 0.01 crore. Sir, before that, I want to say two lines. It's a tradition and belief. Tata Group has given me 90% of my wealth, whatever I have. I live in a small city, sir, it's in crores, which Tata, Tata Group has given. Tata Investment also has my holding, you also have a holding in Tata Steel, so the bond of trust is also very strange. The more fragile it is, the stronger it is. Those who take it up, carry roses in their hands, deserve abuse and insults. Sir, keep that faith. Last question, sir, from me is: Maximization of shareholders' wealth must be ultimate aim of top management.
At present, share capital of Tata Steel Limited is INR 1,248.60 crore, whereas general reserve is standing to the tune of INR 12,726.70 crore, as per page number F-79, F-79 sixteen C. Current market price is around INR 168-INR 170. Sir, at the present scenario, it is necessary for the top management to take any one corporate action, such as either bonus issue, that is at least 1:2 or 3:5 at least, because after eleventh August 2004, no bonus has been given.
Thank you. Thank you, sir. Thank you. You have made your point. Thank you.
Sir, last question, sir. Yeah, buyback or a potential for the next one. Sir, just one minute allow me, sir, first. Any of the above action of the top management will not only enhance the shareholders' wealth in equity market, but participation of small shareholders will also enlarge, as in the case of bonus share, free quantity of equity shares will be enhanced automatically, and in the case of buyback equity share, shareholders will be directly benefited through active participation. Sir, I hope that in future also, entire management of Tata Steel Limited will take utmost care of shareholders' interest as same as always done in past. Sir, many thanks, sir.
Thank you.
[Inaudible]
Not at all. Not at all. Thank you. Thank you. I'll record it. Humayun Pouredehi?
Can you hear me, sir?
Yes, I can hear you.
Yeah. Hello, good afternoon, sir. I just have only one question, because I've been hearing, you know, so many people have spoken. I'm speaker number 34.
Yes, you are.
Now, after that, I just have one question is: you see, in the past, we, you, we had suffered a lot. We had losses because of the cheap import steel from China. You see, and then we, our company made a representation that our domestic steel should be protected, right? Domestic industries should be protected. And then after so many representations, finally, the government took steps, and, you know, the Chinese steel imports were cheaper than our Tata Steel. That is the reason that was one more challenges we have. Now, sir, I want to know, being a layman, what is the latest position and situation? As of course, this had been overcome last year, I think, but has this issue been resolved, about Chinese steel imports being cheaper? And we know, along with the taxes, it was more expensive.
Naturally, people will opt for Chinese steel imports. I just want to know; you may answer me as to what is the latest position with respect to this? I close. I wish you all the best, and so many people have spoken, and sir, I wish you also personally all the best. All our board members, also all the best. We have lots of Tata Steel shares, along with all my family members, so naturally, we are very much concerned about this scrip. Thank you very much.
Thank you. Sujan Modak?
Hello, you can hear me?
Yes, sir.
Yeah. Good afternoon. Namaskar, sir.
Namaskar.
Sir, this is Sujan Modak. I'm attending this meeting from Air Residence in Kolkata. Speaker number 35, backbenchers all the time, sir. Anyway, so many people-
You are not, you are not a backbencher. There are a whole lot of shareholders yet to speak.
Yes, yes. Yes, sir. Yes, sir. Thank you, sir. Thank you, sir. So many people, they have already asked questions, and you are really... Where from, sir, you get so much, meaning, patience comes from? I don't understand, sir. With what patience you keep listening, sir. Hats off to you, sir. Sir, one small thing, sir. In Odisha, your new, our factory has come. If possible, a factory visit, at all possible. So you can please have that. And sir, geopolitical tensions are really going up. Supply chains disruption and commodity prices are staying up. Even the, our inflation, our, interest rates are staying high. Sir, in this scenario, sir, what, what is the guidance to the investors community, if you can please tell us, sir? Sir, one small thing I want to say, sir, page 189, 189.
Sir, work-related injuries, number of fatalities, high consequences, work-related injuries, and number of permanent disabilities. Sir, I don't want to go to those numbers. Quite high, actually, sir. I know our company is very serious. They are definitely doing a lot, and they are definitely trying to minimize that. There is no doubt of it, sir. Sir, I wanted to know, sir, what percentage of these things is due to human error, human failure, or it is a system failure, material failure? And just if you can please tell us, sir, if at all it's possible, sir. Sir, if you can do this actual practice, avoid accidents, prevent injuries, don't take shortcuts. Sir, what we have learned, taking shortcuts can shortcut our life.
Sir, I know, sir, you are you definitely practice all these things, so I, I'm not in a position to teach you. Definitely not, absolutely not. With all this, high respect to you, sir, if you can please, put these numbers back to as minimum as possible in next year, it will be very nice of you, sir. Nothing to add more, sir. Thank you. Over to you for further proceedings.
Thank you, sir. Bimal Bhatt?
Good afternoon, sir. Namaste. Am I audible, sir?
Yes, you are, sir.
Okay, namaste to all. I am Bimal R. Bhatt from Vadodara, the Gujarat, the land of Mahatma Gandhi and Sardar Patel. Honorable Chairman, respective directors, key managerial personnel, senior management, and my fellow colleagues, good afternoon and good morning also for our European shareholders. Hearty congratulations for achieving the results within the risk appetite and the geopolitical issues. Happy to glance at our integrated annual report, as always, a fabulous and educative choice. Thanks to Secretariat Department team, as always, for necessary and excellent support. Thank you, PK. I have only one or two observations. May I draw the attention to page number 14 and 15 for business model reporting, more so for inputs and outcomes. I think these two pages are the heart of the entire annual report, as per my understanding. Should we have more disclosure or no? Another issue is relating to the stakeholder engagement process.
As a part of river stakeholder engagement with guiding process from my side, and also as a partner in nation building, I am repeating, as a partner in nation building, I am happy to share about my latest book, Business and Governance Inside, which is already pre-reviewed by Honorable Suresh Prabhu Ji, ex-Cabinet Minister, Honorable K.V. Kamath, ex-Chairman, PK, your ex-Chairman, and, Mr. Dinesh Khanna, my global business advisor, and others. It's a practical guide. Its recent review is also published in the May 2024 issue of the Director Today magazine of Institute of Directors, New Delhi. There are more than 130 references from India as well as the global, including from Professor Ramcharan and Digital Nation also. How can I ignore our Tata Group as a case study for the positive attributes towards excellent governance practices?
I have also considered the views of Honorable Chairman, Shri Narendran Sir, from the book Digital Nation in my preface for three technological solutions to the country. I hope it should help our all esteemed directors, senior management, key managerial personnel, and others also, because I believe in co-creation. I believe CA PK is very much about my book. Let's have a two-way communication, PK. And lastly, sir, I am waiting for your good wishes and views because I've already shared printed copy of my book to you, sir, at Tata Sons in February 2024, sir. I want your blessings, sir. Let's co-create a better society and planet through sound governance practices. My sincere wishes for an exciting future ahead. Of course, looking to the geopolitical tension for shareholders and stakeholders, thank you very much for allowing me to share my issues. Namaste.
Smita Shah? Smita Shah.
Hello?
Uh, hello.
Sir, ..., ki?
... ma'am.
Okay, thank you, sir. Hon'ble Chairman, sir. Sorry, sir, one minute. Hon'ble Chairman, sir, Sri Chandrasekaran Ji, Vice Chairman, Sri Noel Ji, MD & CEO, Sri T.V. Narendran Ji, and CFO, Sri Koushik Ji , and CS, Sri Parvatheesam Ji, and any other Board members, Hon'ble Directors. ... आज सालों पुरानी कंपनी सेंचुरी के ऊपर से भी ऊपर, सुपर से भी ऊपर और वेरी सुपर हिट वर्क के साथ कंपनी आगे बढ़ने के लिए और एक से बढ़कर एक मोर देन अवार्ड भी प्राप्त करने के लिए आपको पूरी बोर्ड टीम को मैं अभिनंदन देती हूं। आज सर, आपकी लीडरशिप बहुत लाजवाब है। साथ में पूरी टीम का सहयोग, सभी एंप्लॉई वर्कर्स, इन सभी का हार्ड वर्क।
आज कंपनी की रौनक बढ़ गई है। बहुत बहुत अभिनंदन सर! सर, आपने गुड डिविडेंड दिया, बहुत बहुत धन्यवाद सर। सर, मेरे आगे बहुत कुछ लोग अ..
बहुत कुछ बोल गए हैं तो सर, हमारा यह नंबर भी थोड़ा पीछे रहा है तो कोई बात नहीं, लेकिन मैं अभी कोई repeat नहीं करना चाहूंगी। बाकी तो हमारा सर, सालों से support भी आपके साथ सदा रहा है, so आज भी मैं fully support करती हूं। साथ में मेरी हृदयपूर्वक शुभ भावना के साथ शुभकामनाएं। मैं आपके साथ मेरी रही है और रहेगी। बस आप ऐसे ही good health well के साथ दिन प्रतिदिन प्रगति की ओर आगे बढ़ते रहें और सर, तरक्की के साथ कंपनी जो आगे बढ़ती है और हमारा पूरा विश्वास आपके साथ है, तो हमारा कोई सवाल भी नहीं बनता है और हमारी टाटा स्टील कंपनी सदा market में अव्वल नंबर में रहकर तरक्की के साथ बढ़ती रहे और आने वाला future तेजोमय उज्जवल बना रहे, यही मेरा शुभाशीष देते हुए मैं शुभकामनाएं करती हूं और सर,
मेरी एक नम्र विनंती है कि सर हमारी plant visit जरूर कराइए। पनी इतनी कंपनी तरक्की के साथ आगे बढ़ती है तो सर shareholder की भी visit काफी time से नहीं हुई है तो जरूर कराने की कृपा करें और last में सर मैं जरूर कहूंगी कि हमारे CS team का बहुत बढ़िया अच्छी excellent service दी है। So helpful हमें, अच्छा report भी जो physical भेजा और साथ में आज 5 साल से हम जो virtual AGM कर रहे हैं तो उसमें बात करने का मौका भी दिया और हमेशा shareholder को बहुत अच्छा follow up करती आ रही है तो बहुत अच्छी good investor service की मैं सराहना करती हुई पूरी CS team को मैं धन्यवाद करती हूं और साथ में specially हमारे company secretary जो mainly hard work और particular और very good nature and very helpful nature।
श्री परवथीसम कंचिनदम जी को मैं बहुत बहुत heartily धन्यवाद देती हूं, शुभाशीष करती हूं और बस उनकी team से मैं मैडम भक्तावर मैडम जी, मिस वलोना, मिस विनया पूरी team को मैं धन्यवाद करती हूं। सर, very good investor service की सराहना करती हूं। हमेशा shareholder का बहुत ख्याल करते हैं, respect करते हैं और हमेशा बहुत helpful करते हैं। हमारी जो भी कोई query है, हमें कोई भी तकलीफ है तो always हमारी solve करके देते हैं। तो really मैं heartily पूरी CS team को मैं बहुत बहुत धन्यवाद करती हूं और बस सर, आप सभी स्वस्थ रहें और सदा मुस्कुराते रहें और आगे बढ़ते रहें और हमारा सदा साथ आपके साथ रहेगा। So fully support करते हुए मैं धन्यवाद करती हूं। सर continue रखें, भरत शाह साहब बात करें। Thank you sir।
Mananiya Chairman Shri, MD Shri aur anya mananiya directors, sir, mera naam Bharat hai. Sir, jyada time nahi loonga sir, ek dedh minute loonga sir. Sir, meri koi query nahi hai, kyunki aap itni acchi vyavasthit company chala rahe ho sir. Accha return de rahe ho sir, dividend bhi chhapar phad ke de rahe ho sir. Bahut bahut dhanyavad abhinandan deta hoon sir aur sir aane wale future ke five years ke future program ho sake to jaroor batana sir aur saare awards ke liye bhi bahut bahut dhanyavad abhinandan deta hoon sir. CSR activity bhi ek acchi vyavasthit chal rahi hai sir, bahut badhiya chal rahi hai to main uske liye bhi dhanyavad abhinandan deta hoon sir aur sir factory visit bhi to abhi bahut time ho gaya to jaroor factory visit karane ki meri namra vinanti hai. Heartly request, ye saal jaroor sir factory visit karana.
Baaki sir, Company Secretary Parvati Sharma ji, unki team ke Velona ji aur poori CS team ko bahut bahut dhanyavad abhinandan deta hoon sir. Hamesha best investor service de rahe hain sir. Aur hamesha shareholder ki query ko solve karte, shareholder ko respect dete hain to poori CS team ko main bahut bahut dhanyavad abhinandan deta hoon sir aur sir, pehle aap pre-AGM karte the, bahut saal tak pre-AGM hua to ab abhi to corona nahi hai sir. To wapas pre-AGM shuru karen to company ke baare mein aur jo speakers shareholder hain to wah usko barobar vyavasthit khayal aayega to next year jaroor pre-AGM karne ki meri heartly request hai aur physical meeting bhi sir kijiye kyunki abhi to government ne bhi haan bola hai sir, physical meeting ke liye to jaroor physical meeting kijiye.
Hum aapko har saal bolte hain to ek shareholder ko to varsh mein ek baar hi milne ka hai sir. Yearly one time milne ka hai aur yah VC mein kuch nahi hai sir. Face to face milte hain to aatmiyata bada rahta hai sir. To jaroor physical meeting next year kariye aur agar bahar wale ke liye hai to sir hybrid kijiye. Hybrid ki karenge to bahar wale ko bhi chance milega. To meri heartly request hai, jaroor sochna. Next year physical physical AGM karne ki meri heartly request hai sir. Baaki aapki health wealth acchi rahe sir. Apni company bahut badhiya tarakki karen aur company din do guni, raat chauguni aage badhe sir aur vyavasthit chale is company. Isliye main bahut bahut dhanyavad abhinandan deta hoon. God bless you sir, God bless you!
Thank you sir, Jai Hind. Thank you sir. Saare resolutions mein mera poora support hai sir. Thank you very much, Jai Hind.
सर्वजीत सिंह।
Hello Chairman Sir, can you hear me?
Yes, sir. Yes.
Chairman sir, first of all good evening to you, all the Board of Directors, all the staff of Tata Steel Limited and my co-fellow shareholders. Chairman sir, jis tarike ne aapne apni opening remarks mein company ke baare mein bataya to sir humein poora vistar hai ki aane wala jo future hai, hamari company ka woh sir ek bright hai and sir jis tarike ke steel ke price mein upar neeche jis tarike se hote hain, fluctuate hote hain, to sir uska hamari company mein kya asar padta hai? Sir thoda sa is baare mein bataayein and sir jis tarike se sir hamara share price 52-week ka low raha, around INR 114 ka and high raha, INR 186 ka and around aaj bhi hamara share INR 170 mein trade kar raha hai.
यह सर एक अच्छी बात है और सर, जिस तरीके से आप लोगों ने डिविडेंड दिया है, INR 3 कुछ पैसे का, वह भी सर एक अच्छा डिविडेंड है। सर, थोड़ा सा यह पूछना चाहेंगे सर, जिस तरीके से हमारी प्रमोटर होल्डिंग जो है, वह तकरीबन 33% के आसपास ही है और सर सरकार के द्वारा जो निर्धारित है, सर वो 75% तक भी कर सकते हैं। तो सर आप कोई बाय बैक वगैरह के बारे में सोच रहे हैं?
सर, थोड़ा सा इस बारे में बताएं। बाकी चेयरमैन सर, किसी भी कंपनी में जब कोई भारी निवेशक का निवेश आए या म्यूचुअल फंड का निवेश आए तो सर उससे क्लियर होता है कि आने वाला जो टाइम है कंपनी का वह अच्छा है। सर, जिस तरीके से हमारी कंपनी में म्यूचुअल फंड ने अपनी होल्डिंग बढ़ाई, around 9.83% से उन्होंने 10.10% किया। तो सर, हमें आने वाला अपना टाइम जो है वो कंपनी का वह अच्छा है। बाकी चेयरमैन सर, यही कहना चाहूंगा आपकी मीटिंग बहुत लंबी खिंच गई है। मुझे लग रहा है आप खुद भी थक ही गए हैं सर। तो सर धन्यवाद कि आपने हमें बोलने का चांस दिया।
Thank you. Mr. V. Ravichandran.
Am I audible, sir?
Yes, you are.
Good evening, Chairman and all those present in the AGM.
यस सर।
My first point is on the Form 15G sir. Every year, you know, people are facing problems. They file the Form 15G, but when they see confirmation, some of the, I am not saying it is with respect to all, they get a confirmation that the form has not be filed. My suggestion to you and to the company is your MD and CFO. They are meeting Finance Minister and Minister of Corporate Affairs. So this they can give a suggestion to them to make it to file this at the Depository Participant level. This will abate the need for, you know, filing so many documents, not only for Tata Steel, but also for all the companies. So in one stroke, you know, the problem will be resolved. This you can take it as a suggestion.
Second point is on the China factor. Last year I asked, are there any, you know, products that we are importing from China that we can produce ourselves? But you know, the response I got was totally different. My point is, ah, Tata Steel has got more than 100 years of experience. It has seen two world wars, India's independence, emergency, several government changes. So why the company is not thinking on replacing imports from China by producing locally? We have got all the resources. Maybe you may have to engage with the importer from China. So that is the suggestion. Next point is again from the same last year question. I asked about any, are you planning to get into any other metal?
See, you have done so much in steel, whether there is any plan to enter into, say copper or lithium ion. Because recently, you know, lithium mining government had gone for two levels of bidding, but there were no takers. And government is also trying to, you know, reduce the import on several, you know, metals and materials being imported from outside. So, are there any plans? You gave an example of, ah, you know, some metal, which is not very large last year. So my question was specifically on any other metal, like copper or aluminum or any other metal. So whether there are any plans?
Maybe, you know, you will have to change the name from Tata Steel to Tata Metals, in that case. My next point is on the dividend. See, last year around this time, the share price was INR 120. Today closing is INR 166, but the dividend paid is INR 3.6 only. So, there is no, you know, company does not have any, you know, anything to play on the stock prices. But at least there must be some correlation, because performance is, you know, expected to be better. People are investing in Tata Group companies, but that does not seem to be happening. And the next point is, some of the shareholders have already expressed the views on the bonus. I check with, you know, BSE website.
There is no record of any bonus being given to shareholders. There is no record in the BSE website. I don't know when the company paid bonus last. See, long term investors expect higher dividend and bonus. That is why, you know, they are remaining with the company. Otherwise, you know, it become, the company become traders delight. I don't think that is the intention of Tata Sons or Mr. Ratan Tata or group, you know, thinking. So, once it becomes traders delight, I don't have to explain the consequences. So, my sincere request is please consider bonus and higher dividend, at least from the long term investors perspective. And the next point is, see the incremental revenue of INR 88,184 crore has given a loss of INR 9,717 crore....So this is happening every year.
I don't know when there is going to be a full stop for this. The, you know, international business is being cross-subsidized by the standalone entity. See, in life, there has to be some, you know, full stop for all these events. So I don't know when. Last year also I asked, but there was no response to this. So there, there may be some plans, for ending this, so if you can provide some, clue to this, it will be great in understanding the future of the company. And you, same, same thing you have told, this INR 12,971 crore of loss. That was another question that I wanted, but you have clarified. So that's all, sir. But, my sincere request is, please respond to all the queries of, at least the specific queries of shareholders.
Otherwise, you know, it leaves a doubt on the shareholders' mind. Thank you, and wish you all the best.
Thank you. So far, we have covered 40 shareholders, so I'll take a brief break to respond to all the key questions before we proceed with the remaining shareholders. I think there are broadly about close to 10 major comments. I'll first respond to them. People asked in different ways, "What is the future strategy of Tata Steel?" This has been articulated multiple times in multiple forums, but nevertheless, I will try to give a succinct, succinct response. In India, Tata Steel has an ambitious expansion plan. It was around 12 million tons 5-6 years ago. Now we are about 23 million tons, and we are on our way to go to 30 million tons in the next few years, and then expansion towards 40 million tons. It is happening through 4 or 5 different strategies. One, we have gone through major acquisitions.
We have acquired in the last few years, Bhushan Steel, Usha Martin, and Neelachal. And we are increasing the capacity in all these locations. Kalinganagar went from 3 million tons to 8 million tons, and we'll have an expansion towards 13 million tons. Second, there will be expansion later on in Bhushan Steel, in Meramandali. Then we are also expanding NINL from a current 1 million ton to 5 million tons. So these are all the organic expansion initiatives, both for both flat products and long products. The second strategy is to create electric arc furnace-based steel. The first plant of 500,000 tons is coming up in Ludhiana. We expect to do a similar model, at least in three other sites, totally going to another 2 million tons of expansion. So these expansions will happen over the next 5, 8, 10 years.
Second strategy is to do a transformation of Tata Steel by decarbonizing the Tata Steel. One part of it is the expansion of the electric arc furnace, and the other part in India is to try different technologies like hydrogen, like HIsarna, and we will pivot towards that transformation, mostly on a large scale, after 2030, and that will be the decarbonization initiative for longer term. The primary reason is we are in expansion mode. Second thing is we need to prove the technology, and also we want to make sure that we are using the right technology with the most cost-efficient manner. And currently, the blast furnace is using coal for reduction from iron ore to iron, and this can be done through hydrogen, and there are other methods which we are experimenting, and when we are ready, we will do that.
In between, if the HIsarna technology works in scale, that will also reduce carbon emissions significantly from the current levels. So decarbonization will be the second most important initiative over the next 5, 10 years. Then the third one is our transformation of international sites. And people ask about, U.K. in multiple ways. We have answered this question, and it has been loss-making, primarily because it has been an inefficient plant, and also it has been very old, and there are also safety issues. Given all that, a decision was taken to close down both the blast furnaces. The first blast furnace has been closed as of early July, and the second blast furnace is set to be closed in September.
But as I said in my remark, this will be replaced with equivalent capacity in Electric Arc Furnace, with an overall investment of GBP 1.25 billion over the next three years, including a support that we have secured from the UK government. There has been a question whether there is any impact because of the change in government. I must say, we have had very good discussions with both the previous government and the current government, always, and we have been working very closely with the government, the unions, and the local government in Wales, and everybody is working together to make sure the project is on track, and we don't see any change in direction.
But at the same time, we are constantly looking at how we can not only deliver to our downstream product commitments, but also any other expansion opportunities with the right financial metrics, so that we are able to serve the market, customers, and also keep the employment. But we do not see any change in strategy. And the impairment that we took last year was primarily because we had to make this call to close down the blast furnaces, and some sort of losses will continue for the first two quarters of this year. And going forward, in the second quarter onwards, things will slowly change, and we should start making financial turnaround from the third quarter this year onwards. Then coming to Netherlands, again, we have a very important steel plant there.
That plant has been a bit of positive, but there has been losing money at the PAT level, but at the operating cash level, it has been positive, all most of the times, and we expect a turnaround there. But having said that, we have an urgent need to conclude the deal with the Netherlands government to be able to transform that plant to be a decarbonization plant, with most likely the hydrogen based DRI technology. And that discussions are going on, and they are going well. So this will be the international footprint. Then Tata Steel is definitely focused on more and more retail products, branded products. We will try to increase the branded products portfolio primarily in India, and we expect the growth will continue. The related question is: How is the future?
See, Tata Steel's rated plant capacity will continue to increase year on year for several years to come, which essentially means our delivery will continue to increase. And barring situation where the steel situation and commodity prices becomes very seriously impacted, I expect Tata Steel's EBITDA and the operating cash flow will continue to grow year on year for a long period of time. And there will be great years where the steel prices go up, and the commodity cycles works in your favor, where the cash flow will be significantly high, and there will be years where we'll be under pressure, where we've got to minimize the impact of cash flow losses by don't be loss, drop in cash flows at the operating level. See, Tata Steel has committed to this expansion plan, so there will be a CapEx.
We have been averaging around INR 10,000 crore ±10% of capital expenditure, and that CapEx plan will continue. People asked about whether it is being done with increasing debts. Tata Steel, we have put a rule to keep our debt to EBITDA ratio. That is a more relevant ratio, because how much is the operating cash flow that we can generate, that should decide the amount of debt that we take. We have put a discipline of keeping it under 3, and we will manage it. As we make more cash flows at the operating level, after paying the interest, we will try to pay down the debt year after year. The management has been paying down about $1 billion at least, and we will continue to keep that focus.
I hope this clarifies our capital allocation, our expansion, our growth plan, and also the potential opportunity for Tata Steel to produce a lot of operating cash flows and spend part of it in CapEx and part of it in debt reduction and part of it paying to the shareholders. We are focused on the total shareholder returns, TSR. It will come either through dividend or a share buyback or through share appreciation in the marketplace. So that is how you should think about Tata Steel's future. I have covered the strategy, the production, volume, revenues, the UK situation, debt levels, and Netherlands. The second one is about questions about fatalities. We are very concerned. We do not want any fatalities. Employee welfare, worker welfare is topmost in the mind of myself and also of the board.
board starts every board meeting reviewing the safety, and the management is committed. We have to be a zero-fatality institution, and the work is on our way. Several comments were made. We have taken note of those, and there are many human errors which are causing and more education required. The company is working not only with workers, but also contract workers. The complaints, whether it is related to workplace safety, health, is also because we are running a campaign to encourage employees to register any possible complaints and suggestions. We are taking them on board. Our interest is to address these concerns most effectively, so that we have a much more safety-rich culture and work culture that actually brings the best out of employees. Your comments about the pre-AGM and factory visits, multiple people have made, has been noted by the management.
Factory visits has always been a problem to organize, but the company will think about what is the better way to engage with the shareholders. Any face-to-face opportunity, that is something that the company will give its thought on. But the company is likely to, as long as the virtual AGM is allowed to be continued by the government and SEBI, the company's preference, taking into account all the inputs, is to do the virtual AGM, because it enables participants and shareholders from all parts of the country and outside of India, to be able to participate. We will continue to encourage that, but we hear you loud and clear that you would like some physical meeting with the company, and company will think about what is the better way to do it.
So those are the major comments I have received, but specifically to individual comments, I'll just go through. Thank you, Mr. Arun Kumar Boppana. Mr. Bimal Sarkar, your question regarding disability, disabled persons and blind, the company has a program called SABAL, which is to encourage blind people and disabled people to be employed by the company, and that is going well. Tamal Majumdar, we couldn't hear you today. Mr. Majumdar , I already answered your questions. Vinod Agarwal, answered your questions. Mr. Manoj Kumar Gupta, thank you for your comments. Answered your question. The Tata Group has a good, strong presence in Kolkata, so we will see what else we can do, too. Next one, Mr.
Kaushik Sahukar, the MD has taken note of your request, and they will try and get in touch with you. Mr. Jaspal Chopra, your comments have been noted. See, I think there are a lot of people making comments about bonus issue. I think you have to see what is the total shareholder value the company is trying to create, and whether a bonus issue can be given by individual company will depend upon the capital structure, other investment plans, and the ability to continue to provide a higher level of dividend on increased equity base. So but your comment is noted. Mr. Reddeppa, your comments, your questions have been answered. Mr. Saraf, AI is something that is being deployed by all companies.
In Tata Steel also, it is being employed to make the real-time monitoring of all the plants and real-time performance, safety monitoring, plant maintenance, and many other areas. Every areas of the operation is going to leverage AI, and the company has no plans to merge TRF. Ashok Subramaniam, your comments have been answered. Your comment about Durashine has been noted. We'll look into that. Ashit Kumar Pathak, I explained why the PAT has gone down. All other questions on India capacity, debt reduction, finance costs. See, the company, you asked about steel exports. The company predominantly sells most of its production in India, within India. Almost 90% plus is sold in India.
But any import that is unfairly affecting the Indian market, many people pointed out, the company is working through this Indian Steel Association on taking up with the government. Mr. Raj Mehra , you made a passionate point about the impractical rules, et cetera, where the claimable money is locked up. I think we will reflect on it and then see what policy advocacy role that we can play as a group. Gautam Tiwari, there is- there are no... See, many of the questions you asked about R&D expense, et cetera, is available in the annual report, the relevant pages. If you have questions, the company secretary can walk you through those pages. And I answered your questions on debt equity and other things. The company does not have any legal cases with the shareholders. Mr.
Hiranand Kotwani answered your questions on Netherlands. We hope that with the restructuring that is happening in U.K., the cash loss and the profit loss will significantly come down, and hopefully, we'll start making profits in the coming, if not in the immediate quarters, definitely in the coming quarters. Mr. Unmesh answered your question. Pranab Da, I think you made some important requests. We have taken note of your suggestion or questions regarding the Jamshedpur situation with the LIC. The company will see what they can do. Your comments on Tata 1mg, we have taken note. We will pass that on to them to see how best we can serve the retired employees better there. Other comments have been answered. Sunil Kumar Modak, thank you.
Arti Tekriwal, we have already agreed to meet with the Millennium Mams, and a date has been worked out. And Vimal Kumar Agarwal, thank you. Rashmi Chhawchharia, thank you. Commodity prices, I cannot predict. It goes through a cycle. I hope that we are currently at more or less in the bottom end of the cycles. Hopefully, things should get better. Swapna Anuj Poddar, see, the question is how the increased capacity will help? Because we will make more deliveries. Hopefully, we should be producing more cash flows and more EBITDA and more operating income. Mr. Jaichand, thank you. Rajesh Sainani, already answered your questions on dividend, et cetera. Mr. Bharadwaj, thank you. Manoj Agarwal, thank you. Humayun Pouredehi, I answered your questions. Mr. Modak, answered your question.
Bimal Bhatt, you made some suggestions, and you asked us to look into your book. Certainly, we'll look into your suggestions and many things that you suggested in your book. Definitely, we'll take a look at. Smita Shah, thank you. Barsha, thank you. Sarvjeet Singh, thank you. I think the promoters are holding is at 33%. It's not easy to increase. Whenever there is an opportunity, the group is always looking to increase the holding. Mr. V. Ravichandran, some of your suggestions can be taken. We'll look at what we can do on Form 15 . But, with regard to your view on Tata Steel getting into other businesses, Tata Steel has no plans. I did answer your question, but you make the same point, so nevertheless, I will make the - I'll give the same reply.
Tata Steel has no plans to get into copper or aluminum or any other metals at this point in time. If in the future, Tata Steel has a different plan, they will come back. But Tata Steel has committed its capital towards expansion because the steel demand in India is going to more than double, and so it is going to be focused on its path. And every Chinese import product cannot be replaced by Tata Steel. All the suggestions that you give are taken, but the company evaluates and whatever ideas that come from either from you or other shareholders or other consultants or employees or markets, all these are debated. But the company has to take a call based on several filters.
One filter is the focus, capital allocation, what returns can we produce, and what are the increasing risks, and what is the demand, and what is the talent that the company has? So many filters are there. These things are not taken because there is an opportunity somewhere. But nevertheless, thank you for making those suggestions. We will take those suggestions to evaluate. Thank you. With that, I go to the next set of shareholders. I only request that if I have already answered your question or this has been covered, please avoid repeating them. Swaran Lata. Swaran Lata? Okay. Vimal Jain.
Mr. Jain seems to be facing technical issues.
Deepak Kumar Jaiswal?
Yes, sir.
Yes, sir.
Respected Chairman, Chandrasekaran Sir, and our Managing Director, T.V. Narendran Ji, Mr. Koushik Ji , even PK, and tamam shareholders, and board of directors.... सर आप, आपके और नरेंद्र जी के टाटा स्टील के मार्ग को आगे बढ़ाने में एक हिस्टोरिकल काम किए हैं, आप कर रहे हैं और टाटा स्टील का जो मार्केट वैल्यू भी जो आज की डेट में है, हिस्टोरिकल मार्केट वैल्यू आया है। कंपनी का ग्रोथ भी बहुत ही हिस्टोरिकल है और काफी अच्छा प्रदर्शन कर रहे हैं और बहुत ही अच्छा है हम सभी शेयरहोल्डर के लिए। और इसके इसके अलावा। सर, टाटा स्टील में सर जब एंप्लॉई जब रिटायर करते थे तो सर उनका लीव इन्कैशमेंट में सिर्फ INR 3 लाख का एक्जेप्शन हुआ करता था और गवर्नमेंट के जो भी एंप्लाई हैं, चाहे स्टेट गवर्नमेंट हो या सेंट्रल गवर्नमेंट हो, उसका लीव इन्कैशमेंट में 100% का छूट मिलता था।
तो ऐसी स्थिति में हमने इस बात को अपने MD नरेंद्र साहब को ध्यान में लाया। तो उन्होंने इसके लिए हमारे मुंबई से चीफ सूद जी को और हेड गुप्ता जी को और इसके और भी लोगों के साथ में हमारे साथ मीटिंग कराई कि हमारे एंप्लाई को किस तरह से उनका पैसा लीव इन्कैशमेंट से बच सकता है। तो फिर इन सब बातों से सर फिर हमने आगे बढ़ा और इसके हमने झारखंड हाईकोर्ट में इसको पेश कर दिया और साथ ही साथ मैंने प्रधानमंत्री को और निर्मला सीतारामन को अपनी बात से अवगत कराया। तो हमने जब अवगत कराया तो PM नरेंद्र साहब ने भी मुझे कहा कि अगर यह से छूट मिल जाता है तो मुझे भी ऐसा बेनिफिट होगा।
तो फिर उसमें क्या है कि निर्मला सीतारामन जी ने मेरी बातों को समझी और उसने, उसने जो है INR 25 लाख, INR 3 लाख रुपए एक्जेप्शन था, उसको बढ़ा करके INR 25 लाख रुपए एक्सेंप्ट कर दिया। इससे क्या हुआ कि जितने भी टाटा स्टील के एंप्लाई आज के डेट में रिटायर करते हैं, तो 2023 से अप्रैल से जो रिटायर कर रहे हैं, उनको INR 25 लाख का एक्जेप्शन मिलेगा। ये मैंने जो इसे लड़ा ये टाटा स्टील ही नहीं सर, पूरे हिंदुस्तान के सभी पब्लिक सेक्टर, प्राइवेट सेक्टर सभी के लिए फायदेमंद हो गया। और दूसरी बात है सर, कि हमारे जो टाटा वर्कर्स यूनियन के जो प्रेसिडेंट है, सेक्रेटरी और वाइस प्रेसिडेंट है, काफी अच्छा काम कर रहे हैं। अपने कंपनी के साथ में कंपनी के बहुत ही मदद कर रहे हैं और आगे बढ़ाने में उनका भी बहुत बड़ा योगदान है।
हमारा R&D भी बहुत अच्छा काम कर रहा है और सर और मैं एक एक और आपको ध्यान में लाना चाहता हूं सर, कि हम हमारे एंप्लाई का अगर वेज में कुछ डिले हो जाती है, वैसे लापरवाही में उसमें जो कर्मचारी के साथ लापरवाही हुई है तो उसका खामियाजा उस कर्मचारी को भरना चाहिए। ये नहीं कि कंपनी भरे। मेरा आपसे यह है निवेदन जैसे कि मुझे कहीं सुनने में मिला है कि किसी का वेज जो है, फरवरी में देने का पेमेंट का समय था और उसे फरवरी में ना देकर मई में दिया गया। तो ऐसे में तीन महीने का जो डिले हुआ है, उस डिले के लिए उस लापरवाही एंप्लाई को इसका खामियाजा भुगतना चाहिए।
सर और मेरा सर एक सजेशन और है कि सर, मैं हमारा जो तारापुर में जो एक कंपनी है, उसमें हम लोग जो लॉन्ग प्रोडक्ट जो बना रहे हैं, बार बना रहे हैं तो उसमें सर मेरा सुझाव है कि सर, हमें उसमें थोड़ा सा एक प्रोडक्ट और आगे हमको बढ़ना चाहिए, चाहिए उसको ब्राइट स्टील बार में, हम उसको ब्लैक स्टील बार को ब्राइट स्टील बार में उसको कन्वर्ट करें। सर, ब्राइट स्टील बार का जो मार्केट है, काफी अच्छा और काफी बड़ा है। नॉर्थ अमेरिका, यूरोप, एशिया, पैसिफिक, मिडिल ईस्ट और अफ्रीका, साउथ अमेरिका। सर, काफी अच्छा मार्केट है और हमको इसमें बहुत ज्यादा खर्च भी नहीं पड़ेगा।
एक से एक आगे से एक डिपार्टमेंट को थोड़ा आगे बढ़ाना पड़ेगा और एक मैनेजर ही इसको कंट्रोल कर सकता है। और इसमें सर क्या है कि हम एक एक डाय से हम इस बार हेक्सा, पेंटा और राउंड का प्रोडक्शन कर कर सकते हैं। सर, ArcelorMittal भी ब्राइट स्टील बार का प्रोडक्शन करता है सर। तो हमें टाटा स्टील को ब्राइट स्टील बार को एक छोटी कंपनी नहीं समझना चाहिए। ब्राइट स्टील बार अगर हम बढ़ाना चाहेंगे, बनाएंगे तो एक प्लेन जैसा एक फैक्ट्री बनकर के निकलेगा और बहुत ही अच्छा होगा और धन्यवाद सर। मैं इस अपनी बात को रखते हुए धन्यवाद।
Amit Kumar Banerjee ji.
हेलो!
सर।
Good afternoon to everyone, it's a long lasting meeting. Respected Chairman of the meeting, other board members present. Thank you for this patience for such a long meeting. Myself Amit Kumar Banerjee from city of Kolkata.
...Thank you for getting me connected and opportunity to speak at a wonderful meeting today, organized by your company, Tata Steel Limited. It is our 117th annual general meeting of the company. As regards the performance is concerned, it is good. Profit after tax stood with a tune around INR 4,807 crore. EBITDA is also 3.85. CSR activity is also there for good welfare measures. Dividend is also there, 3.60. Sir, the dividend is very poor, sir. Dividend is very poor. Last year, last year it is also the same percentage of dividend we are getting. Sir, what is the key reason for, declining the total revenue as well as drastically reduced profitabilities during this year on the view as visible in the balance sheet? Kindly share your views. Non-current long-term borrowings also, it appears, increased.
About INR 36,716 crore. Current liabilities is also there. Current liabilities also there, about INR 3,481 crore. How you plan to reduce debt? Kindly share your views. What is the market, current trend for the growth of the business, and steps taken to increase the profitabilities? Kindly share your views. I hope our company will definitely perform much better result year ahead. Upgrade infrastructure, technology, and definitely keeping in mind shareholder's rewarding policy. Do consider interim dividend out.
Sir, sir, I think-
[Inaudible]
I think you are, you are just raising the points for which I just finished answering all the, all the points. You are raising the same, same points again. I wish to listen to what I was saying.
Okay, sir. I thank our company secretary for his good investor service, and also thank all team members for such a wonderful meeting today. Myself, Amit Kumar Banerjee, over to you for further proceedings. Thank you, sir.
Mahesh Kumar Bubna?
Hello, sir. Am I audible?
Yes, yes, you are audible.
Okay. Today, only I speak audible, not visible. First of all, I thanks to all. I am also waiting since 3:00 P.M. Okay. First of all, tell me, how many time you will allow me to speak without cutting my mid this speech? Will you cut my speech today?
Sir, my request is you please focus on the points that you have to make. I am listening to you.
I am focusing. Every time I am focusing on the company's affairs, shareholders' affairs, et cetera. We are the sleeping partner, and you are the working partner. So now management.
कंपनी एक्ट है। कंपनी एक्ट में आपने सेक्शन 110 में हमको इनवाइट किया है। 21 क्लीयर नोटिस में कि आप आइए डिस्कशन के लिए। यह मेरा अकाउंट से यह मेरा डायरेक्टर रिपोर्ट है तो आप तो डिस्कशन करने ही नहीं देते हमको। आप तो खाली बोलते हैं कि बस 2 मिनट बोलो, 1 मिनट बोलो, ये बोलो, हम वीडियो काट देंगे। सबसे पहले तो आप तो शेयरहोल्डर लोगों का इंसल्ट कर रहे हैं। अभी अभी अमित बनर्जी क्या बोला तो आपने तुरंत उसका मुंह बंद कर दिया। मनोज अग्रवाल हम तो देख करके घबरा गए कि कहीं उसका हार्ट अटैक न हो जाए। मैं जल्दी जल्दी स्पीड में बोल रहा था कि कंप्यूटर भी क्या कम करेगा?
इतना स्पीड में बेचारा बोल रहा है और जब आपने कहा कि थोड़ा धीरे बोल लो, हम सुन नहीं पा रहे हैं तो वो बेचारा जब बोल रहा है तो फिर भी वो स्पीड में ही थोड़ा बोल रहा है और उसका चेहरा हम देख रहे थे। उसका मुंह पूरा फूल गया तो शेयरहोल्डर का भी कोई मर जाएगा हार्ट अटैक हो गया तो कौन जिम्मेवार होगा?
सबसे पहले हमको यह बात बताइए। Tata Steel का बोर्ड होगा, क्योंकि online platform में ये सब हो रहा है। पहले बात को समझ लीजिए। एक तो shareholder का constitutional right है, Companies Act का right है, LODR Act का right है। SEBI Act का right है। Other lot of acts are there with support to the shareholder right and you without my consent on the online platform you are switching off it means it is a criminal offense done by the board of directors on the online meeting। ऐसा काम मत करिए, बहुत गलत काम हो रहा है। अगर suppose करिए आप बोल रहे हैं और आपका switch off कर दे, आपको कैसा लगेगा? आपको कैसा लगेगा?
स्विच ऑफ कर दीजिएगा तो फिजिकल मीटिंग हो रहा है। आप शेयरहोल्डर को धक्का देकर हटा दीजिएगा। क्या माइक से तो ये सब गलत बात हो रहा है। अभी जो मार्केट में ना, ये सब आप लोगों के जो इंडस्ट्रियल और कमर्शियल जो ऑर्गनाइजेशन है, वहां से हो रहा है तो ये सब काम गलत काम मत करिए, नहीं तो क्या खाली मार्केट फटका पर रह जाएगा और मार्केट पर रहेगा और सारा फॉरेन इन्वेस्टर और सारा बड़ा बड़ा कॉरपोरेट आकर के आप लोगों को जो करेगा ना, वो माइनॉरिटी शेयरहोल्डर तो आहिस्ता आहिस्ता निकल ही जा रहा है। जो सेंसेक्स इतना बड़ा है, आपको तो बहुत से शेयरहोल्डर बोल रहे हैं।
आप एश्योरेंस दीजिए मेरा कितना शेयर का प्राइस होगा, कितना बोनस दीजिए तो आपको तो जैसे अभी मोदी साहब ने कहा कि इलेक्शन के बाद में मेरा तो अभी देखिए ना, शेयर मार्केट में कितना हाई हो जाएगा एकदम। तो आप भी बताइए कि आपका कितना हो जाएगा? आप उसका रिजल्ट बताइए ना कि आप कैसा वर्किंग करेंगे, क्या करेंगे?
Main to jab 100 rupees ka share face value tha to 90 rupees market mein 90 ke bhi neeche share price tha. Tab main shareholder banta tha aur waise to bachpan se main father ka to bachpan se hi by birth dekh raha tha. To ab bataiye us time par discount mein chal raha tha aur jab Tata Steel ka 4% holding tha, bahut chilla mili hota tha. AGM mein bahut lapda hua tha market mein. Tab aap logon ne dheere dheere investment badhaya aur abhi bhi 36% hi hai. Koi itna bada lamba chauda hai nahi aur Tata Steel to core company hai, core sector hai, first company hai Tata Group ka. To uska yeh avastha hai. Aap humko bataiye, aapka 10 rupee ka share jab tha to bhi aap logon ka to loss chalta tha.
Barson barson tak aap log dividend nahi diye aur pura life. Aaj 117 AGM ho raha hai. Pura life mein aap log kitna bar bonus humko bata dijiye aur aap log kitna bar rights issue laaya, wah bhi bata dijiye. Aap log khali paisa lene mein hai, paisa dene mein nahi hai. Yahi to hai na, jab INR 4,000 crore aap log hum logon ka fund se loss settle kiye, us time par bhi hum shareholder the. Aap abhi bahut se shareholder aap log se pooch raha hai ki bonus ke bare mein aap to un logon ko assurance bhi nahi de rahe. Aap to buyback ki baat kar rahe hain. Aapne kaha ki investment ka acha investment hoga to acha investment karke kya bonus diya jata hai?
Acha profitability karke acha working karke bonus diya jata hai. Company ka jo debt equity ratio hai, jab reserve fund hai, ye sab investment se thodi bonus milta hai. Bonus to milta hai company ka financial status ke upar mein to aapne to galat baat bola. Abhi abhi shareholder ko aur 40 shareholder ko aapne to bhaga diya. Pehle hi dusre logon ki baat nahi sun sake. Ab jo aadmi itna time se baitha hai, wo aadmi kya karega? Ye sab galat baat ho rahi hai aur sabse pehle to aap log ek wording bahut illegal wording use karte hain.
Sir, sir, sir, sir, you have made your point. It's already about 10 minutes.
No, no, no, no.
I am telling you.
If you start like this, I will come in writing, I will come in writing. And I will put on all the legal platform.
So please, so please, do you make your point.
Listen to me. Shareholding aur kitna shareholder hai, mere ko bataiye kitna rakam ka share issue kiya hai?
Sir, please wait a minute.
What do you mean by Millennium shareholder? Aapne kabhi koi Millennium shareholder ka issue kiya gaya share? Aapka to advocate hai na. Wo Dinesh Bhatia us din jo bol raha tha ki do minute upar.
You can make your specific points. I am sorry, I am sorry. I have to go to the next shareholder. Thank you. Om Prakash Kejriwal.
Too did not want.
Hello sir, am I audible sir!
यस सर।
Thank you sir. Good evening sir, Chandra sir and good evening, everybody attending this AGM. Myself Om Prakash Kejriwal, an equity shareholder from Kolkata.... Thank you, Sirji, for providing me the platform to speak something before you. Thanks to our Secretariat Department for helping me in registration as a shareholder. Sirji, this is my second AGM, only due to virtual, though I'm your very old shareholder. If possible, please follow this virtual AGM in next year also, so that more and more shareholder could join our AGM and express their views. Sirji, India is growing. Real estate sector is booming. Infra sector is booming. But sorry to say, sir, our company is not growing. In a standalone account, our EPS is INR 3.85 on face value of INR 10. Previous year it was INR 11.76.
Our revenue is INR 1,10,144 crore. Previous year it was 1,45,443 crore. In consolidated account, our EPS is negative INR 3.62. Previous year it was positive INR 7.17. Our revenue is INR 2,30,979 crore. Previous year it was INR 2,44,390 crore. Why so weak performance, sir? And what is the benefit to expand our capacity? Because our revenue is decreasing every year. Sirji, in India, every steel company is doing very well except ourselves. In consolidated account, we are facing problem from Tata Steel UK Limited, but in external account, where are we facing problem? Please share your views. Thank you, Sirji, for maintaining the dividend in troubled time.
Sirji, we are also downgraded by Fitch, only due to UK plant, Port Talbot site. What is your plan regarding its upgradation? Plant visit. If possible, please organize a factory visit so that we can see our plant. I am your very old shareholder. Sirji, we are 10 days late in conducting our AGM compared to previous year. Please try to call AGM at an early date. At last, Sirji, please maintain your smile and be cheerful. We are always with you as a long-term investor. Thank you. Thank you, Sirji.
Thank you, sir. Mr. Sharad Shah?
Hello? Hello, sir.
Yes, sir.
Can you hear me, sir?
I can hear you.
Can you see me? Hello, sir.
Start speaking. If you turn on your video, I'll be able to see you.
Yeah, video is already on, sir. Okay, I will start now, sir.
Yes.
What I wanted to say, I will not raise many points or very no more points, sir, because it is too late now. We are very happy with your Vice Chairman, Noel Tata, as he looks at the interest of the shareholder. What has happened in most of us meeting, he told all shareholders to make shares demat because steel growth, there is no ban from the government and you can still do it, so don't worry and complete your demat work. That's a good thing, what Noel Tata said in the meeting, sir. The next, sir, is our company secretary is now number one company secretary in Tata Group, and V.P. Malhotra of Voltas is retiring from this year. That is very important thing, sir. The third thing what I observed, sir, you called all union leaders.
In the meeting, you talked about them, but you have not talked about the union leader of Europe, Netherlands, or some other countries. So why this is a partiality we are doing with other union leaders, that I have not followed, sir. That you should also look into this matter. At present, three days back, in the news, that there is a strike in Tata Steel UK plant. Another thing, sir, what I observed is that the book value of the share is INR 108.32, and the share price of share, share price of the share is in 2023-2024, was around INR 108, sir. The promoter holding is extremely 31.76%, is extremely low. When the price is low, when it is close to book value, why promoters, Tata Sons, have not invested in the shares?
Today's price is INR 168. So still, what I will say, that the share of Tata Steel is the best in all Tata Group companies for a return on share price even at this INR 168 today. Now, what I wanted to tell you, sir, I have sent you the comparison of JSW Steel and Tata Steel for standalone, and not for consolidated, because consolidated we are all the time in the loss. And if you just see the performance of the JSW Steel standalone and our company, because our revenue is more of the same, but their earnings per share is very high compared to us. Another thing that their debt is equal to us, but debt equity ratio is 0.93, but the share capital is 1/4 of us.
Because of that, their debt equity ratio is higher, and beauty of this balance sheet is they only not making profit, sir, but at the same time, their PAT is higher than the employment cost. Not this year, previous year also, sir. So please look into this aspect, sir, and do revenue from that angle, it improve it, because what people are not reading the balance sheet, so definitely our performance is extremely poor, but still you are maintaining the dividend, and that is why what I'm saying. Today, Tata Steel is the best company in Tata Group to invest. Another thing, sir, people talked about physical meeting. So there is a one solution, other company, other group has found out. They don't have physical meetings, they don't have any other thing, but what they do? They call shareholders for marriages.
That is the only solution you can help people to satisfy them. Another thing, sir, I have written to you. I'm sorry to say, I have written one mail to you around twelve o'clock, and whatever I say, it is with my anger. And please consider my anger, and please do needful to me, because it is not too needful to me, but it is all the holders of Tata Motors. In this case, it has happened, and that need to correct. First thing, don't correct. First thing is accept, which you are not accepting. Last so many days, and so many meetings, and so many reminders, even mails are passed, and that is why I have written a letter to you, sir, today. Email, today. So please look into it, and I'm not going to speak more because I have to go to the marriage, sir.
Thank you very much, sir.
Jaideep Bakshi?
Good evening, and board of directors and myself, Jaideep Bakshi, connecting from the city of Kolkata. Thanks to our comprehensive application for giving me an opportunity and maintaining good investor service and also to the interest equity team. Thanks once again for the...
Sir, your voice is not audible. We can't hear you, sir.
More, steel scrap under waste management and thoughts regarding the FRP business. Nothing to add more. I supported all the resolutions. Continue with the DC in the coming years, and wish the company with trust of all the stakeholders. Thank you, sir, for giving me an opportunity.
Mr. Adil Irani? Mr. Adil Irani.
I'm Adil Irani, speaking from my residence in Bombay. Hello?
Adil. Can you... Yeah. Hi, Adil. We can hear you. Please speak.
Hello?
Yes, yes, I can hear you.
Okay. Thank you. Thank you for allowing me to speak. I mean, I'm a Tata shareholder for a long time, and thank you very much for everything. Before I go on, let me turn to page number 18 and 19. Nineteen, right-hand top corner, Mr. Ratan Tata, Chairman. So wish him all the best. I hope everything is all right. Page number 19, right-hand top corner, sir. Mr. Ratan Tata, thank you very much. And Mr. Noel Naval Tata, on page number 18. Honest, humble and hard work, handsome, Mr. Noel Tata, in Tata Steel. Thank you very much. And then let us go to page number 26 of the annual report. Our two handsome, Mr. Narendra and Mr. Kaushik Chatterjee. So thank them for taking care of the company. And I will not repeat everything what the previous...
All the good things that the previous shareholders have said, I will not repeat. If there's anything, if there's any problem with the other shareholders, please let me know. I'll come and help you out. Before I forget, page number 4. Again, Mr. Sinha and Mr. Narendra, both smiling and shaking hands. One is Tata Power, the other is Tata Steel. Tomorrow, I'll meet Mr. Sinha in Tata Power. Sir, one thing I always want, sir, now that we've got Bhushan Steel, our water from Tata Power comes down to Khopoli, and Bhushan Steel can use the water for the this thing. So what have you planned? Are we using the water which Tata Power is discharging from the Valvan Dam? It is our forefathers built that dam 100 years ago, and they were selling water, power in Bombay, nobody want.
Anyway, you must be hungry, you must be tired, you must be, you know, after three hours. And we're also waiting. So thank you, everything. I hope we are using the water from Valvan Dam in the Bhushan Steel. And of course, you can have a shareholders meeting or a shareholders visit to Bokaro, Bhushan Steel, and from Bhushan Steel, then we can go to Valvan Dam. So if Tata Steel and Tata Power can, in combination, have a meeting, shareholders meeting at Valvan Dam. With shareholders visit, sorry. And okay, water harvesting. Are we doing any water harvesting? Because water is going to be very, very, very expensive in future. I am a poor farmer from Danu, and I know the cost of water.
Water is the source of life.
Tata Power.
Another thing, so I would like to know how many percentage in number shareholders are there from Bombay. We've got 48. Last time we had 38 lakh shareholders. This time we've got 48 lakh shareholders. The number of shareholders have gone up, maybe because the other 5 companies which have joined us. So out of 48 lakh shareholders, that is now on page number 320. Page number 320, if shareholder from number 1 to 5,000, that is only 92% of the shareholders. So I've done that math. So 92% of shareholders are owning only 4.36 of our share capital. You understand? So, and, another thing, the company secretary has been very nice, okay. I mean, he and his team, they've been very nice, very kind.
Mr. Kanchinadam, he has been very nice with us, and he has been following it up. So I would like to know how many percentage of shareholders are from Bombay. Okay? And now, as I say, on page number 320, 92% of the shareholders own 4.36% of the share capital. It's a sad thing. So I would like to know. Okay, that's all. I mean, thank you very much. You understand what I'm trying to say, no?
Yes, yes, yes. Thank you.
So exactly. So now the next point is, if more than 50% of the shareholders are from Bombay, then you can have a physical meeting in Bombay, and then percentage-wise, say, out of, say, 50 shareholder speakers, 25 can be from Bombay. And then, next, percentage-wise, we have what is called a hybrid shareholder meeting, where Infosys and other people, they used to have a meeting. In Bombay, we used to go and have a meeting where the original AGM was being held in Chennai or wherever the company is registered. So our company registered in Bombay, so you have the shareholders AGM in Bombay, and the people in Kolkata, Madras, they can have their own saying. They can come and have a speaker. You understand, you understood my point?
Yeah.
Thank you very much. Chalo, bye, have a good day.
Thank you. Mr. Narendra Zaveri? Mr. Zaveri?
Our attention to the conducting the meeting through audio and visual, video conference. You see, sir, this virtual meeting has created a lot of problem for you and for the shareholder also. See, there is no justification for the holding meeting through the video conference since COVID has gone. Now, why does authority want to perpetuate COVID? Sir, there is no penalty or no warning has been issued to any other company who has hold a meeting through the physical meeting. You must, sir, know it. It is advisory in nature, sir. Compliance is only in an advisory nature, and it is not legally binding, or it does not entail a penalty on the part of, on the company, sir. I hope you will keep in mind, sir. Sir, I come to the next, sir. Sir, we have got an annual report of 600 pages.
Now, SEBI, in his enthusiasm, keeps on adding number of disclosures. Now, under this, 600 pages, it is difficult to find where is the profit loss account. Sir, in this context, I'd like to invite your attention to the page number 1, index. In index, in index, you mentioned F, F1. Just see the F1. There is no profit or loss account, only financial statement. Sir, the heart of the matter of the annual report is the profit and loss account and balance sheet. Now, shareholder has to go through the torturous, lengthy procedure of finding out the profit loss account. Sir, may I request you, in future, next year annual, along with the financial statement you write, profit loss account, financial statement to balance sheet. Sir, this is necessary. Profit and loss account is an important point that cannot be ignored.
That's right.
Sir, I'd like to come to another matter. Sir, our plant in UK and Netherlands. Sir, we have got a plant in UK and Netherlands, they are not giving satisfactory report, working or profit for last many years. For quite some time, they are incurring losses also, sir. Sir, in the past, we would like to know, this plant is operated by British people, or this plant is also supervised and under instruction of our Indian technician. You see, sir, in the past, Nani Palkhivala used to tell us that Indians are second to none in intelligence.... So I think when the plant, we are the owner of the UK and Netherlands plant, so why not we depute our own technician regularly on basis, stay there one month and look after their operation?
Sir, this is a worthwhile incurring expenses instead of incurring INR 12,500 crore losses, sir. I hope you will keep in mind, sir. Sir, I thank you very much. In the face of 160% down profit, from earnings per share has gone down to INR 3.85, you are declaring INR 3.60 dividend. We appreciate this very much. I hope you will keep up this, but, policy of dividend paying in the future, too, sir. Sir, we would like to know in this context, you have also stated in your chairman's statement that weaker sales realizations of the steel prices. Sir, could you please enlighten us about the major five items for which the steel prices has comparatively gone down from the previous year, sir? So we would know when did the price can improve.
Can you tell us confidently, the steel prices are likely to improve in the near future? After all, in the ultimate analysis, pro-- higher dividend or bonus or anything can come only from the better price realization. Prices are not rejuvenated, it's a fact of the life. Correct, sir? Am I, sir? Sir, will you please enlighten the house, that the pricing when it can improve significantly? Sir, we would also like to know about the Bhushan Steel plant. Sir, there's not, no, very little is stated in the balance sheet. Bhushan Steel plant is working at its full capacity or not, we would like to know, sir. Sir, whether it is incurring profit or loss, that also we would like to know. In the range of items are Bhushan Steel in Bombay and at other places manufacturing, sir. Sir, on page number 173.
On page number 173, unfortunately, Registrar of Cuttack has been unkind to us. Page number 173, right in the middle. Registrar of Cuttack has been unfortunately unkind to us, and may I say it is very cruel to us, too, also. They have imposed a penalty of INR 6,141,000. Sir, could you throw some light how the Cuttack Registrar come in the picture, and how on what ground they would leave it so high, heavy penalty on us? Will you please enlighten us, so we will not go ignorant about it. Sir, many shareholders spoken about the visit to the plant. Bhushan Steel plant is the nearest to Bombay. Is it possible to make arrangement in the future for the Bhushan Steel plant for the shareholder, sir? Thank you.
Wish you best of luck, sir, and I hope you will maintain this dividend policy of paying 19% of the available profit in the future, too, sir. Thank you, sir.
Mr. Anil Mehta.
Hello? Hello.
Yes, yes, Mr. Anil Mehta.
Am I audible?
Yes, you are.
Thank you, sir. Good evening. You have already given the answer to so many questions, so my question is, it come down to four only, sir. This Anil Mehta, attending this meeting from my residence, Kandivali, Mumbai. Sir, my first question is that with increase the globalization, what has the company done to increase the international breadth of knowledge and experience on the board? Second question, how does the management monitor intercompany transactions? My third question, how does the company assess its liquidity and availability of funding sources for operations? And the last question is: What is the company doing to improve the shareholders relations? With this, we are supporting all the resolution, and thanks to the secretary department for their cooperative and supportive nature. All the best. Thank you.
Mr. Rungta. Mr. Pramod-
Good evening, sir.
Good evening. Good evening.
Namaste to all dignitaries on the dais, workers of the Tata Steel company, workers at the Netherlands and Port Talbot, U.K. Sir, last time I raised the issue of IEPF transfer. Now the physical dividend has been stopped. So now this year I saw the balance sheet, INR 100 crore worth of shares and dividend has been transferred to the IEPF fund. From next year, it will keep on increasing. So last time you promised me that you will hold a CS meeting, please hold it. Sir, this I feel this decision of SEBI, of Madhabi Puri Buch is a foolish decision. It's like an insane decision. Many people, they have an earning of dividends only.
Personal interference, personal support ke karan mere demat ho rahe hain. Main aapse request karta hoon ki jo aapka jo Link Intime aati hai, usko hata ke in house isko kijiye. Abhi ek bahut common problem aa raha hai logon ko name mismatch ka. Aapko bhi maine do letter likhe the. Mera naam Pramod Kumar Rungta hai as per PAN. Generally main aapke DGM se 45 year se bol raha hoon, jabki maine karib 15-20 meetings attend ki hain aapki. To wo Pramod Rungta ek maine generally naam use kiya hai. Abhi Pramod Kumar name mismatch mein aata hai. Uске liye minor mismatch hai. Uске liye kya rehta hai ki koi government official document chahiye, lekin wo log affidavit ke liye insist karte hain. RTA unke joint name mein agar share hain to minimum INR 800-1,000 ismein expenses involve hai, jo ki middle class ke liye bahut hi jyada hai.
Doosra sir, main yah public interest mein yah matter lena chahta hoon. You are also corporate citizen. Ek to main yah bolna chahta hoon ki apni jo company ke jo 117 year hue hain, wah listed company ke life mein hardly 1% hai. 50-50 year mein karib 90% companies list delist ho jaati hai. Last time maine aapko metro ke baare mein bataya tha. Mera ek aapse request hai ki Tata Steel mein CSR mein time rakhein. Abhi jo maine iske baare mein study ki, last kal Modi ji Bombay mein the. Unhone bola ki main Bombay ko world ka finest city banaunga. Maine apne bete se kaha to bole mazak achha hai. Bombay mein Borivali se port jaane mein ek hour mein minimum 3 hours lagti hai aur abhi jo bullet train hai, bullet train ko Maharashtra mein 3 station hai.
Thane, Virar, Boisar. To usmein kya hai sir ki jo connectivity hai. Jo connectivity hai, agar koi aadmi samjho Virar par utarta hai aur wah apne Kandivali, Borivali samjho Gujarati area Ahmedabad Gujarati jyada hain. Wo yahan aana chahta hai Kandivali, Borivali to usko minimum 3 hours lagenge aur agar wo China Creek jo aapne dekha hoga, Ghodbunder pe China Creek karke ek rasta divide hota hai, ek rasta phat-ta hai. Wahan to kabhi kabhi 2-3 ghante jam hota hai. To inhone ye nahi socha ki bullet train ka jo outflow hoga, jo passenger aayenge, jo Bombay mein aayenge, wo kaise aayenge?
बांद्रा से पोर्ट जाने के लिए भी तो अभी ठीक है, लेकिन अगर विरार पर कोई पैसेंजर या ठाणे पर उतरता है, अगर ठाणे से वो कोई सिटी में जाना चाहता है, सिटी में दादर या और उसके लिए मेट्रो होना जरूरी है। ठाणे क्या है?
Thane se, Thane se Churchgate, Thane se tak ka jo survey hua, 2019 mein wo metro man ne government Maharashtra government ko report submit kar di hai. Uske liye only 40 hectares land required jo ki bahut hi kam hai aur Bombay ka jo aage chalkar five years mein jo itna worst transportation system ho jayega ki koi bhi aadmi mere ko lagta hai, move nahi kar sakta. Aur ek sir, yeh ek capital market ke liye Harsh Goenka ne kal ek tweet kiya tha ya X pe bola ki Kolkata ke andar itna jyada manipulation hai, share mein ki Ketan Mehta ka time aa gaya hai. Ek chhoti steel company ke share 30 times appreciate ho gaye to capital market mein jaise aap logon ka dialogue rehta hai.
Madhuri, Madhabi Buch aur SEBI aur finance ministry to yeh aisa nahi ho ki jo aapke shareholder hain, generally shareholder sab company ke ek hi rehte hain. Ki yeh market phir scam ke andar jakar phir logon ko jo middle class hai, wo they should not burn finger. Yeh bahut bada loss hai. Agar capital market India ka kharab hoga to India ki reputation bahut down ho jayegi. Aur yeh yeh jo bolte hain na, aati ki gati jo price rise kuch script mein jo bahut jyada manipulation hai, jo unhone bola ki Kolkata side mein bahut jyada ho raha hai. To kya aata hai, Bombay bhi usse link hai. Agar wo hoga to pura capital market kharab ho jayega. To please please look into this matter.
Sir, ek main aapko ek iske liye aapke Tata Group ko bahut dhanyavaad dena chahta hoon ki aapne Museum of Temples maine padha hai. Article mujhe bahut achha laga ki pilgrim aur tourist logon ke liye aap Ayodhya mein bana rahe hain. Bahut hi achha hai ki logon ko ek bahut hi innovative, bahut hi ek alag cheez dekhne ko milegi. Aur mera aapse ek request hai ki aap jaise Kashi ka bolte hain, kaafi achha development hua hai. Pehle main koi political slogan, slogan, slogan nahi kar raha. Ayodhya to jaati hai, Kashi Mathura baaki hai. To kya hai ki Ayodhya mein bahut achha development ho raha hai. Kashi ka bhi kaafi achha hua hai.
Abhi Mathura mein Mathura ka jo infra hai, jo Yamuna River hai, wo bahut gandi hai, bahut pilgrim se aate hain, wahan par ghat wagairah bahut kharab hain. To main aapse request karta hoon ki jo Ram Krishna hain, wo ek hi hain. Wahan par bhi Mathura mein bhi aap aisa kuch Tata Group ki taraf se spend karo. Kuch tourist jayen, jyada logon ko facility mile. Low middle class middle class ka tourist wahan ja sake. Aur ek main aapko uske liye jo brand brand last mein jo brand aapka jo INR 29,000 crore jo aapke Tata Group ka brand tha, jo aaya hai, wo dekhkar mujhe bahut khushi hui. Thank you sir!
... Mr. Gautam Nandi?
Am I audible, sir?
Yes, you are, sir.
Thank you, sir. Thank you. Good evening, respected Chairman, Board of Directors, and my online fellow shareholders. Myself, Gautam Nandi from Kolkata, very old equity shareholder of your company, and also a very proud shareholder of 634 shares of your company. Sir, firstly, I'd like to give thanks to your secretariat department for sending me annual report along with notice and necessary joining link through email well in advance. So specially thanks to our respected Company Secretary, Mr. Parvatheesam Kanchinadam, and his whole team for rendering very good services to our minority shareholders. Sir, you are organizing your annual general meeting through video conference, and I find it's a grand success like the previous years. So thanks again, sir. Sir, I'm very pleased to receive your wonderful annual report, consisting 600 pages, which is very, very attractive and also very informative.
Sir, you have provided everything regarding your accounts part and the performance of your company in your annual report, and my previous speakers also covered the same thing. So no repetition from my side. Sir, I find very good performance almost in every segment, even in this challenging year. Sir, now, the situation is still very tough. COVID-19, geopolitical situation, Russia, Ukraine war, ye sab ka effect, sir, abhi tak khatam nahi hua. Every company is suffering till the date. Still, you are paying dividend, very good dividend, to our minority shareholders as the previous year. Sir, I am very happy. Sir, your, your CSR is also very, very, very good, so please keep it up. Sir, I'd like to know: What is your roadmap for the next three to four years?
Sir, ek cheez, request, ek, request, sir, please continue the VC meeting, henceforth. As we may able to join from anywhere, sir, please. Sir, your factory visit is requested again from my side also. Almost every speaker has expressed their views, and I am also making the request, please. Please, sir. Sir, last bonus of 2004 mein hum log ko issue kiya tha for the minority shareholders. May we expect a bonus share from your end in the next one or two year? Sir, I got a huge price appreciation in your company stock. Obviously, I am very happy, sir. Sir, I am very proud to be a shareholder of your company. Sir, ek cheez mujhe bolna hi hai.
Aapka secretary, sir, aapka jo system hai, ye bahut badhiya cheez hai, aap log, sir, WhatsApp pe hum log ko jo message deta hai, serial number such and such, ye hum log ke liye bahut needful hota hai, so thank you for that, sir. Sir, I'm very proud shareholder of your company. I have full trust with our strong management, sir, like you. And so I, along with my family, wholeheartedly support your all resolutions, which we have already casted through our e-voting. Sir, main toh soch raha tha ki, 40 tak aap toh answer de rahe the. Hum log ko eliminate kar diya. Mera number hai 54. But you have great patience, sir. You are really a great person, sir. We must appreciate it, sir.
I am looking forward with a positive outlook towards our company, with higher profit margin and some dividend, 1:1 bonus and return. Sir, may God bless you, sir. Stay safe, stay healthy. Thank you very much, sir. Myself, Gautam Nandi, signing off from Kolkata. Thank you, sir.
Mr. Yusuf Rangwala?
Good evening!
Good evening.
Good evening, sir. I am very proud of Kolkata, sir, but number aaya der se, sir, koi mann nahi hai, sir. Kyunki aapka scheduling hai, sir. Kal Tata Power hai. Sir, main directly coming to point at 117 annual general meeting. Having good profit, that is why declare a dividend INR 3.60. Last year, same dividend, but not to worry, sir, on 1 rupee share, aaj apna market at 166.76, 1 rupee paid up. So this shows how our company's growth is going on, and I, I will come directly on point. Sir, manufacturing unit, construction, automobile, and engineering, all, all, all in the annual pages. Sir, we are having 78,321 employees in the, as mentioned in the annual report.
So we are having around 48 lakh shareholders. And our Kanchinadham , I am very thankful, and I am very thankful to our excellent company secretary, PK sir. Aaj unke bagair, sir, ye meeting nahi ho sakti hai, sir. He's a very hardworking company secretary. Sir, unke jaisa humne secretary nahi dekha hai, sir, very particular to work, and is a very... Sir, Chairman, sir, how is your health, sir? Health is good? Sir, today, you are looking like a smile, like a flower, sir, because I am very happy to see your health, sir. I prayed to God every day for your health well. Today, morning is going on, but I, I'm very-- I was giving my few words. Sir, Tata Steel ka factory kaha hai sir?
Ye apna nazdik mein aapka Bhushan Steel, jo Lonavala ke pass hai. Sir, I end my speech praying to God, thanking you, you and all your team, wishing you a happy Raksha Bandhan and happy all the festival. Thank you very much. Jai Hind, Jai Maharashtra. Thank you very much. No more questions, sir. I end my speech here only, sir. PK sir, ko bahut bahut dhanyavad, sir, aur unka jo number dene ka system sir, achcha bahut achcha hai, sir. Thank you very much. Jai Hind, sir. I end my speech here only, sir.
Saroj Mascarenhas?... This is Mascarenhas. You can speak, ma'am. You are not unmuted. You have to unmute. Can't hear you. Ma'am, we can't hear you.
...and his team for giving this link and registering me. The annual report is full of information and adhering to all the norms of corporate governance. As many speakers have spoken, I limit my questions. I want to know there is—I congratulate for that. We have 23 women firefighters in the steel plant. So all these women are in one plant or how many average in one plant? And is there any bond taken, and what is their average age? My another question is, five Indian subsidiaries has been merged. How many more to be merged? I support all the resolution. I wish my company all the best and especially you and the entire team, good health. Thank you. I shorten myself. Okay, thank you very much. Now, Mr. Mascarenhas, he's also registered, he'll speak.
Hello? Hello.
Hello, sir.
I'm the next speaker in the queue. Can I proceed, sir?
Yes, please, sir.
Yeah. Respected Chairman, sir, very distinguished members of the board, and my fellow shareholders. Good evening to you all. My name is Aloysius Mascarenhas. At the outset, I thank the management, company secretary, and the team for sending me such a beautiful balance sheet, which is full of information, knowledge, self-explanatory, transparent, and adhering to all the parameters required for a good corporate governance. Our results are excellent, as shown in facts and figures in place, and a good market cap and a good dividend. We are very good in our CSR activity and also good risk management. Many things have been said. I have only one question: that seeing is believing. I would also join, like other shareholders, to visit a factory which is closest to us, so that we get a first-hand knowledge of our products and the manufacturing process.
Rest, I don't want to repeat, since many questions or all questions have been asked by my fellow shareholders. So I end my speech wishing you personally and all the board members, and more importantly, all the employees, all the very best in the days and years to come. With this, sir, thank you very much for patiently hearing. Thank you. Goodbye, and good luck.
Thank you, sir. Mr. Krishan Lal Chadda. Mr. Chadda?
Hello.
Hello, sir.
Can you hear me, sir?
Yes, I can hear you, sir.
Thank you, sir. Thank you so much to giving me chance speaking you. First of all, I really thank you to the entire secretariat team, who giving me chance to speak with you.
First of all, sir, ye sabse mere hisab se pichle 5 saal ki VC AGM mein, ye baat main pehli baar bolne ja raha hoonga. Main kai AGM attend kar chuka hoon, lekin secretary department ne har shareholder ko speaker number to diya hi diya hai, aur sir sabhi shareholder ko follow bhi rakha ki wo, wo kitne number speaker shareholder tak pahunch chuke hain. Ye mera speaker number 59 tha, aur shayad aaj ki date mein mere ko ummeed bhi nahi thi ki 59 shareholder ko aap mauka bhi denge. Iske liye main aapka bahut-bahut dhanyavaad karta hoon. Sabhi question jo hain, wo saare shareholder bhai kaafi kuch pooch chuke hain aapse, aur agar humein kuch aur query bhi hogi, to hum aapse jaroor poochenge.
Kyunki mere ko lagta hai ki humne spashtata bahut dikhai hai, lekin maine aapse ek chhoti si request, yaad hoga aapko, Tata BSL mein ki thi, jo humne Bhushan Steel ko overtake kiya tha, jis samay, tab aap log Delhi mein EGM aur AGM karne aaye the, to maine aapse kaha tha, in sab companies ko merge kar dijiye, to aapne ab ye step thode saalon baad uthaya hai, aur is varsh mein humne kaafi saari apni subsidiary ko merge kiya hai. Aur Bhushan Steel ke shareholder ko, sir, jo ab tak loss ho raha tha, mere hisab se abhi wo samay aa gaya hai ki wo apne nuksaan ko poora karne ki taiyari kah sakte hain ki hone wali hai.
Aur aapki overtaking mein aapki to jo capital badh rahi hai, wo to badhi hi hai. Lekin sir, dividend ke taur par dekha jaaye, to wo sabhi shareholder ko kaafi kam lag raha hai, 60%. Agar kyunki sir, INR 0.60 dividend agar dekha jaaye, to bahut minimum hai. Aur kai saare shareholder yahi bata chuke hain ki jo hum log, ye kai saari activities aur participation mein, CSR activity mein karte hain, wo bahut badhiya hai. Lekin sir, shareholder ke baare mein bhi dhyan jaroor rakhein. Unse communication...
जब आप कोई इवेंट करते हैं दिल्ली में, तो शेयरहोल्डर, दिल्ली के शेयरहोल्डर को भी उसमें पार्टिसिपेट करने के लिए मौका दें। जैसे बॉम्बे या कहीं other state में करते हैं, तो वहां के शेयरहोल्डर को भी अगर आप CSR activity में मौका दें, ताकि उन्हें भी पता लगे कि आप किस तरीके से अपने part पर एक अच्छा कार्य कर रहे हैं, और शेयरहोल्डर भी उसमें involve हो सकता है। क्योंकि अब physical AGM तो नहीं हो रही, तो कम से कम इसी बहाने से अगर हम एक annual day function करते हैं, उसमें किस तरीके से शेयरहोल्डर को involve कर सकते हैं अपने—ताकि सर, जिस तरीके से हम अपने behavior को अपने staff के साथ रखते हैं, we keep our shareholder also, because they are also our family member like. In what way can we make such arrangement that shareholder can meet us once a year?
Sir, this is a good step. That's it, sir. Thank you very much, and if I have any query, I will definitely ask you.
Thank you, sir. Mr. Santosh Chopra?
Hello?
Hello, sir.
Am I audible, sir?
You are audible, sir.
Thank you very much, Chandrasekarji. I am senior citizen investor from Delhi, NCR, Kaushambi, Ghaziabad, and have invested my family funds in company like Tata Group and PSUs. I'm very much confident that I get the returns as I expect in FD or otherwise. I'm thankful to CS and secretary department for listing me as a speaker, and congratulate the management for providing all the information of the company well in detailed annual report. As speaker, as chairman, sir, you have already covered most of the points which I wanted to ask in my questionnaires. I have nothing to ask any more further question. My previous speakers have already covered my views. Thank you very much.
Thank you, sir.
Best of luck, sir.
Thank you, sir. Narendra Singh Chauhan? Narendra Singh Chauhan?
Mr. Chauhan seems to be facing network issues.
Mr. Babu George?
Tell me. Hello?
Hello, sir.
I am Babu George from Kerala, south part of India. Perhaps I may be the only speaker who is attending this meeting. On this occasion, first of all, my congratulations to the chairman, managing director and director board members for the splendid performance of the company. Our country is going to celebrate 75th anniversary of Indian independence next month, and on this occasion, I request honorable chairman to grant one additional agreement to all the staff of the company. Moreover, I request your goodness to grant bonus shares to the shareholders. CSR fund is used, utilized, and given to different parts of the company. Whereas, for Kerala, nothing is given. Our state is facing lot of problem after the 2018 flood. A number of houses are lost. Lot of poor people are struggling for a house.
Hence, I request your goodness to give a portion of the CSR fund to Kerala state and help our poor and needy people, and show some sympathy and empathy towards that people. The number of complaints increased this year comparing to previous year. Take steps to solve the complaint at the earliest. Please, again, request to consider my request favorably, and wishing you all a happy and prosperous festive year. Thank you. Thank you.
Thank you, sir. Mr. Ahuja, if you are still online, you can speak now.
Yes. At that time, there was network... Am I audible, sir?
Yes, you are audible.
At that time, there was network connection, and that's why I got out. And now, after a patient waiting of two hours, my name has come. That's... Thank you very much to the entire team. But I, I think it's a sheer waste of time for you and all others, of your team, giving four hours to five hours to this, useless and buttering exercise. Yes, very well done. Very well done. What well done you have done? There is hardly anything to be appreciated. There was a saying, "Bapu ke teen bandar." I don't know what to say about Naresh, Natarajan, Chandrasekaran, how many? It's really shameful. And one thing I would point out here is that you have made a false statement if you say that there has been no shareholder litigation as of now.
You are unaware or you have been misinformed. The matter is already before Supreme Court of India after NCLT. NCLT has failed us and NCLAT has failed us, and now we are before Supreme Court of India. And you are saying there is no litigation from shareholders. How stupid! It's really very shameful for your entire team to misinform you. And here, I would also like to point out what were the... Why we are fighting? Why are we fighting? We are fighting like the way you have withdrawn TRF merger, because you were sure that TRF merger is, you are not going to get voting, enough voting in favor. That's why the merger was withdrawn. And as far as Tata Steel BSL merger with TSL, I have written hundreds and hundreds of letters to you and your entire team, to your board.
Even in person, I have addressed so many meetings, raised every time without any positive response. It's... I have sent all the letters, and now-
Sir, sir, sir, please, one minute. Your situation, the case you are fighting is, this one is in legal situation.
Sub judice-
It has gone through.
Please, please, please let me-
One minute. One minute, I will, I will allow you to speak, just one minute.
Yes, you give me two-
One minute, let me give you some input-
Right.
And you speak. I'll, I'll listen to you. It has gone through NCLT, it has gone through NCLAT, now it is in Supreme Court. So there is no point in discussing it. It is sub judice now, so there is no point in that particular issue, you bringing it up. Anything else you have to say?
Yes, yes, yes.
This one.
Yes, but-
We are not going to solve it here. I respect you, but the case is sub judice.
Sub judice. What I wish to say here is, how the many things have been manipulated, how a big fraud has been done on the shareholder, minority shareholders of Tata Steel BSL. The entire voting was a fraud. I would say fraud here because the individual shareholders who voted in favor, 492 shareholders, they have just 3.94 lakh shares, as against 17 shareholders who are fighting this case, and we hold 7.65 lakh shares. And we have lost because of locus standi issue. That is, this is the biggest fraud in the history of corporate India, that, 492-
Sir, as I said, the case is in Supreme Court. I think we should not discuss it here. It's sub judice.
We should not discuss-
Sir, if you have any other point, I will listen to you. But on this particular case, the matter is in Supreme Court, we leave it at that.
But you have said there is no litigation pending before any court.
This one, sir, this one is known, it is disclosed, and you have... Yeah, so, yeah, so it is not we are. Sir, we said there's no dispute, but the case is there.
But I can very well point out what are the anomalies. I, you are wrong-
Sir, we are not going to solve this. We are not going to be-
You are not going... It is you only who are going to solve this. Just give me two minutes.
Sir-
Just give me-
This matter has to be discussed in Supreme Court or argued in Supreme Court.
I want to make one submission, which needs to be heard by you. The merger date when the valuation was taken was 25th April 2019. Afterwards, pandemic has... COVID started, and there was a wait of almost more than two years. The scheme fructified in 2021 after two years, and in the meanwhile, swap ratio valuation was based on 2019. You are yourself on record having said if there is inordinate delay, there can be reconsideration. You are yourself on record. I have in one of the meeting you have admitted where there is inordinate delay. Two years is not an inordinate delay. And I am sure-
Please.
I am sure... Give me one minute.
Sir, please understand, this is a legal process. It goes through the regulator, and the time it takes through the process, it takes. We have no control over it. We have no control over it.
Okay.
We are not delaying it.
Okay, okay, okay.
Whenever there is a merger, whenever there is a... Please understand, whenever there is a merger, there is a process, legal process, which we go through.
The process is manipulated.
I really can't... Really, it's not that we are delaying it or we are taking a call.
You, Tata management-
As I said-
Manipulated the entire show. Tata manipulated, played a big fraud, and I am no words-
I have to-
Less than fraud.
I have to-
You have fitted the entire, and you are not willing to listen to... Now, both the companies are on record having gone to the exchanges.
Sir, please understand, this matter has been disposed of by SEBI, has been dismissed both at NCLT and NCLAT. Now, the matter that you have referred to the Supreme Court, so it has to go through the process. I do not want to engage on this. Please understand. If you have any other point, we can talk, otherwise, I would submit to you that-
I-
We don't discuss this matter. Thank you.
You, you can't take a refuge in this, that matter is sub judice and no one can do, ultimately-
Thank you. Thank you, sir. Thank you.
Ultimately, it is the company.
Thank you, sir. With that, we have come to the end of all the shareholder comments. All the major level comments were already answered, so I will only focus on the comments additionally raised from shareholder 41 onwards. Mr. Deepak Kumar Jaiswal, you talked about leave encashment policies, and you referred to your discussion with Mr. Narendra. Mr. Narendra does not remember having discussed with you, but nevertheless, he's willing to have a meeting with you or speak with you, so you may contact his office and discuss that matter. Amit Banerjee, you talked about dividend, and you know, the company has a dividend policy, and we are paying as per that policy. Mahesh Kumar Bubna, you've talked about bonus and rights issue. Last bonus was given in 2004, but your point is noted.
Om Prakash Kejriwal, you have talked about the rating. The company's rating is by Moody's and S&P. Fitch, we are not engaged with, so the Fitch report is their own report. But both S&P and Moody's, they have given us—they kept us an investment grade with a stable outlook. Sharad Shah, thank you for your comments, and I did acknowledge the presence of the union leaders from UK and Netherlands. We will look at the mail you have said. You seem to have sent a mail today. That's what he said. I will definitely look at it.
Adil Irani, thank you for your comments, and you talked about shareholder visit, and I don't have ready-made data about the percentage of shareholders from Bombay, but the spirit of the message that you gave will be looked into. Narendra Zaveri, your comment about making the index user-friendly, I've already passed on to the company. On P&L, balance sheet, et cetera, how they can be included in the index, they will look at it. I cannot have a view on when the steel price will increase. I will not be able to tell you about the commodity prices, when it will go up and can give you any certainty. The comment about Cuttack, this is a case, this is something that happened pre-acquisition. It is before our time. It's a past one.
Bhushan Steel, yes, now it is working on rated capacity. Anil Mehta, I think we have a very strong board, and every time there is a vacancy, the nomination and remuneration committee looks at the skills required for the company, and a candidate is chosen. The company has a very strong board. Management, you talked about the intercompany transactions. Every intercompany related party transaction is looked at by the audit committee and auditors. Company has liquidity, and generally out of the debt of about INR 88,000 crore, INR 17,000 crore is for long-term debt for capital, for CapEx, and the INR 10,000 crore is related to working capital. Mr. Rungta, the IPF fund, we had taken your comment last year.
The companies are looking at it, but still, I understand the issue is not resolved, but we will do the best we can. I will again stress with not only Tata Steel, but other board, other, company secretaries. We will see how we can work with the regulator to see, this issue is resolved and the demat, dematerialization of the shares happen in a faster way. Mr. Gautam Nandi, thank you for your comments. Rungwala, thank you for your comments. Mrs. Mascarenhas, the 23 firefighters are all in Jamshedpur. But your point is noted. We will try to see whether we can increase more women in other plants. Mr. Mascarenhas, thank you for your comments. Mr. Krishan Lal Chadda, you talked about the returns for the Bhushan, Bhushan Steel, shareholders.
Currently, the Bhushan Steel is functioning to rated capacity. We hope with the increased EBITDA, the shareholder returns will start to look better. Mr. Babu George, thank you for your comments. I think with that, we come to the end of all the shareholder speakers. Now I will authorize the company secretary, Parvatheesam Kanchinadam, to conduct the voting procedure and conclude the meeting. The remote e-voting facility will remain open for the next 15 minutes to enable shareholders to cast their votes. The results will be announced within 2 working days from the conclusion of this meeting, and the same will be intimated to BSE and NSE stock exchanges, and will also be uploaded in the company's website and that of the NSDL. I would like to again thank all the shareholders for participating in today's meeting and for your continued support.
I also want to thank all the directors for participating today and also for their support to the management. With your consent, now, the board members and management and all of us will leave the meeting. Thank you. Be safe.
Good evening. The e-voting was kept open for 15 minutes, as has been announced by the chairman. We now close the e-voting process. I confirm that the requisite quorum was present throughout the meeting. The results of the AGM will be announced on or before July 17, 2024. With this, I declare the meeting as closed. Thank you.