Tata Steel Limited (BOM:500470)

AGM 2025

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Jul 2, 2025

Good afternoon. A few mandatory announcements on safety for people present at the venue. This premises has been audited for safety protocol. There are 2 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 118th annual general meeting of Tata Steel Limited. This meeting is being conducted over audiovisual means. My name is Parvatheesam Kanchinadham, and I'm the company secretary and chief legal officer 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 audiovisual 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 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 earphones so that the narrative is clearly audible to all participants. Remember to minimize noise in the background. Ensure that you have a strong Wi-Fi connection, and the same is not connected to any other device. Ensure that there's no other background applications running on the device that you're connected from. Remember to switch on the video and ensure that you have adequate background lighting at your place. If you're unable to join through video for any reason, request you to kindly 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 to speak only after all the other registered speaker shareholders have spoken. During the course of the AGM, shareholders facing technical difficulties may kindly contact the helpline number provided in the notice convening this meeting. A request to all speaker shareholders. We have 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 all speaker shareholders to please be brief and avoid asking question if it has already been asked by an earlier shareholder. 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 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 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 of this meeting. Members who have already cast their votes through the remote electronic voting before this AGM shall not be allowed to vote again during the AGM or change their casted vote. Mr. P. N. Parikh of Parekh & Associates Practicing Company Secretaries have been appointed as scrutinizer to scrutinize the remote e-voting process before the AGM as well as during the AGM. Since the AGM is being held through the audiovisual means and the resolutions forming part of the notice convening this meeting have already been put to vote through the remote electronic voting system, 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. Thank you. Good afternoon, shareholders. I hope you and your family members are safe and in good health. I welcome you all to this annual general meeting of the company. As the requisite quorum is present, I call the meeting to order. All the board of directors who have joined over the video, I would like to introduce them. Now I request Mr. Noel Tata. Good afternoon, shareholders. My name is Noel Naval Tata. I'm 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 my residence in 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 am an independent director on the board of Tata Steel Limited. I am participating in this AGM through video conference from New Delhi. I am the chairperson of the Audit Committee and the Corporate Audit Responsibility and Sustainability Committee. I'm also a member of the Nomination and the Remuneration 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. I'm Vijay Kumar Sharma. I'm Independent Director on the board of Tata Steel Limited. I'm participating in this AGM through video conference from Dubai. I am also Chairperson of the Nomination and Remuneration Committee. Thank you. Bharti Gupta Ramola. Good afternoon, shareholders. I serve as an Independent Director on the board of Tata Steel Limited. I am chair of the Risk Management Committee and member of the Audit Committee, as well as the Safety, Health, and Environment Committee. Thank you. 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 Delhi. I am a member of the Corporate Social Responsibility and Sustainability Committee of the board. Thank you. Mr. Pramod Agrawal. Good afternoon, shareholders. My name is Pramod Agrawal. I'm an Independent Director on the board of Tata Steel Limited. I am participating in this AGM through video conference from Ranchi. I am the Chairperson of the Stakeholders Relationship Committee of the board. I'm also a member of the Audit Committee and Safety and Health Environment Committee of the board. Thank you. 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. With me present here are Narendran, CEO and Managing Director, Kaushik Chatterjee, Executive Director and CFO, Parvatisyam Kanchinadam, Company Secretary and Chief Legal Officer. I would now like to welcome the company's union representatives to the AGM. We value their contribution in maintaining industrial harmony at Tata Steel establishments and thank them for their support to the management. Today, we have with us Mr. Sanjeev Kumar Choudhary, President, Tata Workers' Union, Jamshedpur, Mr. Kumar Jaimangal, President, Rashtriya Colliery Mazdoor Sangh and Indian National Metal Workers' Federation, Mr. Rakeshwar Pandey, President, TISCO Mazdoor Union, Tata Growth Shop, President, Golmuri Tinplate Workers Union, Tinplate Division, and President, Wire Products Labor Union and JEMCO Workers Union, Wire Division, Jamshedpur, Mr. Indrajit Bose, President, Tata Employees Union, Marketing and Sales, Mr. Rabindra Kumar Jamuda, President, Tata Steel Kalinganagar Workers' Union, TSK, Mr. B.K. Dinda, President, Tata Kongu Union, Tata Steel Gamharia; Ms. Sinta Groes, Chairperson of the Central Works Council, Tata Steel Netherlands; Mr. Gerrit Idema, EWC Chairperson, Employee Representative, and Vice Chair of the Central Workers Council, Tata Steel Netherlands; Mr. Roy Rickhuss, Chair of the UK Steel Committee. I most sincerely appreciate all of you joining today and thank you for your support. Mr. Vivek Subramanian and Mr. Pinaki Chowdhury, representatives of the Price Waterhouse & Co Chartered Accountants LLP, strategy auditors of the company; Mr. Partha Sarathi Gheen, representative of Shome & Banerjee, cost auditors of the company; Mr. P. N. Parikh, representing Parekh & Associates, secretary auditors of the company are also attending the meeting. This annual general meeting is being held through audiovisual means. This format is in compliance with the directions of the Ministry of Corporate Affairs, Government of India, as well as the Securities and Exchange Board of India. 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 AGM. The company has received eight letters along with the 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 equity 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 write to the company secretary at 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 during the course of this meeting through the remote e-voting facility. Good afternoon once again. Also, many shareholder representatives have registered to speak at this AGM. Before we do that, I must begin by acknowledging the heavy loss we have felt in the recent months. Across the Tata Group, we honor all those who lost their lives, along with their families and loved ones affected by the Air India Flight 171 tragedy in Ahmedabad on the 12th of June. Late last year, we also bid farewell to Mr. Tata. His unwavering commitment has been pivotal in transforming Tata Steel into a global company. Under his stewardship, the company not only grew in size and scale, but reaffirmed its core values and responsibilities. He was a friend and someone whose guidance I always sought, whose humanity I admired, and whose focus on the importance of details I will always carry with me. He is being very dearly missed. Before we turn to the business of this meeting, please allow me to share a few thoughts on the performance of the company. The macro narrative in 2025 has been shaped by geopolitical uncertainties and shifting trade dynamics. The global GDP growth is now projected to slow down to 2.3% from 2.8% in 2024. Despite this volatility, fortunately, India has continued to outperform with an estimated GDP growth of 6.5% in the fiscal 2025, backed by strong demographic fundamentals, prudent economic management, and a series of structural reforms contributing to a favorable environment for both consumption and private investment. Against the generalized backdrop of uncertainty, global steel production held very steady at 1.8 billion tons. Despite a decline in coking coal prices, persistent supply chain volatility and subdued global realizations kept the margins under pressure. India's crude output rose by 4.7%, and the consumption went up by 10.2% on a year-on-year basis. This was primarily driven by the robust construction activity in the infrastructure, rapid urbanization, and industrial expansion. Tata Steel achieved a record performance both in terms of production and deliveries on a standalone and consolidated basis. In India, this came on the back of near full capacity utilization across sites and the successful commissioning of India's largest blast furnace at Kalinganagar. The Neelachal Ispat Nigam Limited, NINL, which we acquired some time ago, also delivered a very good performance and delivered INR 1,000 crore EBITDA on positive free cash flows. In the U.K., we progress towards our commitment towards low-emission steelmaking with the decommissioning of the two blast furnaces at Port Talbot, paving the way to transition to a state-of-the-art electric arc furnace-based steelmaking by FY 2028, supported by GBP 500 million funding from the U.K. government. In the Netherlands, the company is in discussions with the Dutch government for financial and policy-level support on our decarbonization project. The company has also launched a cost transformation program targeting savings of EUR 500 million in FY 2026. These efforts are being done to position Tata Steel Netherlands as one of Europe's most efficient and sustainable steelmakers, and we remain confident that the transition to the green steelmaking in U.K. and in Netherlands will happen as per our plans in the next few years. Going forward, we need to continue to focus on our safety culture, cost competitiveness, and operating efficiencies across geographies. Given our ambition for growth in India and transformation in Europe, we need to keep building our capabilities to execute large, complex capital projects, and many of them simultaneously. We will also keep our focus on cash flows so that our financial fitness and balance sheet remains healthy. On a consolidated basis, the crude steel production reached 30.92 million tons, while deliveries were 30.96 million tons, reflecting an year-on-year growth of 3.3% in terms of production and 5.3% in terms of delivery. The revenues stood at INR 218,543 crore, EBITDA grew by 10% year-on-year to INR 25,802 crore. Consolidated profit after tax was INR 3,174 crore. Operating cash flows rose by 16%, approximately INR 23,500 crore, providing the company with the ability to invest in its expansion, the Board of Directors have recommended a dividend of INR 3.60 per equity share for the fiscal year 2025. I want to thank all the Board of Directors for their support and you shareholders for your support and encouragement to the management and the board all through. Thank you very much. Since the notice is already circulated to all the shareholders, I take the notice convening this meeting as read. Since there is no observation, qualification, adverse remarks, or comment by the statutory auditors in their report on the financial statements for the year ended March 31, 2025, or matters which have any adverse effect on the functioning of the company, I take the auditor's report as read. Now, before we proceed with the shareholder questions, I would like to ask T.V. Narendran, CEO and Managing Director, to make a presentation on the company. Thank you, Chairman. Good afternoon, shareholders. During FY 2025, the global operating environment, as the Chairman mentioned, was complex leading to challenging market conditions and pressures on the steel spot spreads. Despite this, Tata Steel has been able to achieve meaningful progress on multiple areas. At Tata Steel, we are committed to creating sustainable value and are driving this through the six pillars which we have depicted on this page. On safety and health, which is our top priority, we are committed to a zero-harm workplace, and 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. We have set up safety alert command centers at operational sites and are leveraging AI to bolster safety practices. Safety and health considerations are seamlessly integrated into our monthly review processes, promoting accountability across the organizational levels. Social value creation is not just an ancillary responsibility, but an integral part of the way we define success in Tata Steel. We remain committed to building enduring relationships with communities, customers, partners, and stakeholders through inclusive engagement and shared value creation. During the year, our programs impacted the lives of more than 5.7 million people from vulnerable sections of the society. We are guided by the philosophy of responsible growth and are committed to net zero by 2045. Our route and pace of decarbonization will be calibrated across geographies based on local regulation, government support, and market demand, among other factors. We believe that the steel of tomorrow must not only be innovative and stronger, but also cleaner as well. In India, we are steadily progressing on the setting up of the electric arc furnace in Ludhiana and are also conducting various pilot projects to reduce our carbon footprint when we make steel through the blast furnace route. In the U.K., the scrap-based EAF is set to enable emission reduction of around 50 million tons over the next decade. In Netherlands, we are amidst advanced discussions with the Dutch government to decarbonize the existing operations. India remains structurally an attractive market. Tata Steel is actively scaling up its capacity in India to leverage the ongoing rise in the domestic steel demand. We have a land bank across manufacturing sites, which sets us up well to increase our capacity to 40 million tons and beyond in the existing sites. During the year, we achieved the highest ever production and deliveries, and this was complemented by disciplined cost management. Our volumes were aided by the commissioning of India's largest blast furnace at Kalinganagar in September 2024, and the ramp-up is progressing well. Our electric arc furnace project in Ludhiana, the civil and structural work has commenced. Overall, we are focused on steelmaking capacity as well as value-added growth in downstream to drive product mix enrichment over the next few years. At the same time, we are transforming our U.K. and Netherlands operations into an environmentally and economically viable business. In the U.K., we safely decommissioned the two blast furnaces, which aided in delivering fixed cost reduction of more than GBP 200 million compared to the year before. In Netherlands, improved operating efficiencies led to an annual liquid production of around 6.75 million tonnes, the highest in many years. We are focused on initiatives to remain amongst the most competitive sites in the EU while becoming green and clean as well. Technology and innovation are central to Tata Steel's strategy to build and sustain long-term competitiveness across our value chain. We have deployed over 550 AI models across critical areas such as process control, predictive and prescriptive maintenance, procurement analysis, boulder detection at the mines, and integrated operational management. 80% of our steel production comes from what has been identified as global lighthouses by the World Economic Forum, and we have been recognized as an advanced leader in digital by Gartner for 4 years consecutively. Overall, we are committed to paying our dividends consistently to our shareholders, and over the last 10 years, we have delivered a 22% CAGR on the TSR. Moving to financial highlights, our crude steel production and deliveries were around 31 million tons. Revenue was around INR 2.2 lakh crores or around $26 billion. A consolidated EBITDA improved by 10% to INR 25,802 crores, which translates to a EBITDA margin of about 12%. A dividend of INR 3.6 per share is placed for the shareholder approval. A future-ready culture is key to our long-term success, specific initiatives are underway to improve agility and the innovation mindset in the organization. On this slide, we have some milestones that we are proud of. FY 2025 marked the landmark achievement in terms of a century of mining in Noamundi, the iron ore mine, which is seen as one of the best iron ore mines in the country. One of our blast furnaces at Jamshedpur, what's called the H Blast Furnace, became the first in India to produce over 50 million tons of hot metal without undergoing any midterm repairs, and this is an outcome of the way we design and maintain our plants. I'm also happy to share that your company's initiatives and performances are well-recognized, and some of the prestigious awards and accolades received are mentioned on the slide. Thank you once again, shareholders. Over to you, Chairman. Now I would like to request the shareholders to share their views, as there are 60 shareholders who have registered. I would request everyone to be very brief and not repetitive. Dr. Arun Kumar Boppana. Dr. Arun Kumar? Yes, sir. Good afternoon, sir. You can hear me? Yes, Arun. First, a heartfelt thanks to the company secretary and team for enabling the moment in 2021 when the late Mr. Ratan Tata addressed us virtually. It was a moment for us to cherish. Today, we bow in reverence to his memory. His legacy, a legacy breathes through every fray furnace that forges steel, every value we uphold, and every life we touch. He had the courage to take bold bets, not for applause, but for the ages. Corus, once seen as a step into darkness, today stands at a brink of a bit of positivity. We are very proud of it. This turnaround is no stroke of luck. It is a fruit of disciplined restructuring, visionary leadership, and a bold pivot to electric arc furnaces. Steel is a long cycle industry. It carries the moral weight of national development, powered by the quiet strength of thousands of Tata Steel employees across continents. It is not just about market, it's about moments. J.N. Tata's vision lives on from barren land to a city of dignity. Jamshedpur was never seen just as a factory town. It became a living embodiment of shared purpose, a land flowing with milk and honey and hope. Tata Steel is a story of the furnace and the flame. From fire came not just steel, but dreams, not just a company, but an institution, not just a business, but a beacon. In conclusion, it paid to stay in the ring for us because turnarounds are born not only of strategy, but out of spirit. Tata Steel builds not just the future of steel, but it's steel the future of India. It does not count what it makes, but it makes what truly counts. Sir, this is, I have no questions to ask. I am pained with the comments made on Tata's. This is my answer to the critics of Tata Group. Thank you very much. Thank you, Arun. Mr. Biswendra Kundu. Can you hear me, sir? Yeah. Hello. Yes, sir. Yes. Respected Chairman, Mr. Chandrasekaran, members of the board, fellow shareholder, and friend, I am B. N. Kundu. My heart goes all out to remember our beloved late chairman, Ratan Tata, a man of wisdom, principle, and God-gifted nature of humanitarian. The love and affection he poured to the whole world has indebted all of us. We, the humankind, will always be obliged to his good deeds and values. He not only carried forward the legacy of great Jamsetji, but also achieved a niche for himself and truly made Tata a household name, not within the bricks and walls of a house, but in the hearts of the every person living in the house. Coming to the business, there is nothing to say to a company like Tata Steel, which has consolidated, achieved a consolidated revenue INR 18,545 crores and paid a dividend 360% in this challenging economy. Your consolidated profit was INR 3,174 crores. The company is booming on its path, and my congratulations to the team now led by Mr. Noel Tata. I hope your leadership will trust the same love and affection to all of us like a part of your family, and we will continue to feel protected as a shareholder under your guidance and umbrella. Sir, I have two specific question. What's your future plan next 5 years? Do you have any further CapEx plan program? Before I close, I would like to express my gratitude to Mr. Koushik Chatterjee, who always welcomed me to his office with unparalleled hospitality. I am also grateful to Mr. PK and his entire secretarial team for his help and support. At last, I convey my good wishes to all for the rest of the year. Thank you very much, sir. Mr. Bimal Krishna Sarkar. Yes. Very good afternoon. Sir, मैं Bimal Krishna Sarkar। मेरा residence Kolkata से join किया है। Sir, मैं पहले आप और आपका MD साहब को धन्यवाद देता हूँ। आपने valuable जो presentation रखा है company का performance के बारे में। Secretary department को मैं धन्यवाद देता हूँ, excellent investor. Sir, इस बार जो financial result on consolidated basis आया है, ये sir, ये profit loss year इस बार जो आया है, ये significant increase हुआ है। Last year ये loss में था, इस year profit में आया. Thank you, sir. Sir, मेरा question number one. Sir, power fuel और industrial gases expenses generally reduce नहीं होता है। Sir, ये 21% reduce हुआ है। Sir, ये कैसे संभव हुआ है, इसके बारे में थोड़ा details देंगे तो अच्छा रहेगा। Number two. Sir, capital expenditure plan क्या है for next two years? Sir, question number three. Sir, देखिए sir, ये war women के through CSR committee जो है ना, इनको मैं बहुत-बहुत धन्यवाद देता हूँ excellent performance के लिए। ये हमारा CSR committee ने ये हर घर पहुँचने का सोच लिया है। Sir, ये मेरा question एक है ये, ये war women and their dependent. इसका मतलब है कि जो जवान हो, जो war क्षेत्रों में जो उनको वीरगति प्राप्त होती है, sir, इन लोगों को जो विधवाएं हैं और kids हैं, इन लोगों के लिए sir, कुछ CSR committee के through कुछ करें, ये हमारा request है। Sir, आप सभी को बहुत खुश तो रहे, ये कामना करते हुए, ये pray करते हुए मैं मेरा वक्त को control कर रहा हूँ sir। मेरे को बोलने का मौका दिया है इसलिए बहुत-बहुत धन्यवाद। नमस्कार sir. श्री तमल कुमार मुजुमदार। तमल मुजुमदार। Respected Chandra sir, Tata sir, Narendra sir, Chatterjee sir, Mr. Sharma and other directors of the company. Myself Tamal Kumar Majumdar, an equity shareholder from Kolkata. My special thanks to our company secretary PK sir and his team for maintaining cordial relationship with shareholders. Thank you, Mr. Chairman and Narendra sir for sharing thoughts with us. I have no hesitation in saying that as regards disclosure is concerned, it is one of the best annual report I have read this year. Entire Tata Steel team must be complimented for preparing such an wonderful annual report with such facts and figures. Recently, the heartbreaking incident of Air India plane crash happened. Our prayers are with those bereaved families also. Sir, Ratan Tata sir's death is a personal loss to me. He had given so much love and respect to the small man. There are so many memories, mails exchanged between us. AGM is not the place to share it. Sir, I have gone through the 612-page annual report, have some queries and as always seek your indulgence. As per consolidated segment information, page F 259. Profit before other unallocables of Indian operation decreased from INR 31,167 crore to INR 28,217 crore during FY 2025. Huge steel dumping. Huge steel dumping. One minute. Huge steel dumping was from China, Indonesia, Vietnam and South Korea was to some extent responsible for the said decrease. Some steel importers using Vietnam as a conduit for steel import or originating from China. Taking note of the alarming situation, Government of India initiated safeguard duty at the rate of 12% on certain steel imports, namely flat steel products including hot rolled coils, sheets and plates. Starting from 21 May 2025 for 200 days. While Narendran sir congratulate the steps, JSW CEO Jayant Acharya demanded more safeguard duty. What is your view in this regard, sir? Regarding safeguard duty. Sir, do you expect that the projected robust growth in domestic steel demand driven by infrastructure and others, the safeguard duty will help us in booking better profits during first half of financial year 2026? Do you expect further extension of safeguard duty after its expiry on 7th October 2025? Please share your thoughts, sir. Sir, as per page 117, net debt as on 31st March 2025 increased to INR 58,973 crore from INR 37,181 crore as on 31st March 2020. Whether the company may go for further increase in debts during financial year 2026? What was the average rate of interest paid by us during financial year 2025? Sir, Neelachal Ispat Nigam Limited is really a price possession for us. It contributed profit before depreciation and other unallocables of INR 1,067.17 crore during FY 2025. Narendran sir must be complimented for making a closed steel unit taken over from consortium of state enterprises profitable within such short time. Would you please share thoughts on its future expansion? Sir, Honorable Supreme Court, vide its judgment dated 25th July 2024, and subsequent clarifications on 14th August 2025, 2024, ruled that Mines and Minerals (Development and Regulation) Act, 1957 will not denude the states of the power to levy tax on mineral rights. If the said judgment is being implemented, our company, as well as other steel companies, will have to provide huge amount in this respect, affecting our profitability in the negative direction. What status of our curative petition filed on 17th January 2025 in the suspect, whether the government is supportive of steel industry view relating to the matter? Whether Government of Odisha and Jharkhand raised any claim on us in the light of the said judgment? Please share your thoughts in this respect, sir. Sir, as per page F 97, note 30, the company made reversal of claims totaling huge amount of INR 1,860 crore. Would you please share details in the suspect? What prompted the company to reverse such huge amount? Sir, Our wholly owned subsidiary, step-down subsidiary, Tata Steel Europe Limited, TSE, as well as its subsidiaries, Tata Steel UK Limited, as well as Tata Steel Nederland, TSN, are money guzzlers for a long time, and both are mainly responsible for decrease in retained earnings balance from INR 380.01 crore on standalone basis to INR 34,816 crore on consolidated basis as on March 31, 2025. TSE, before considering non-allocables, booked a loss of INR 3,327 crore during FY 2025. Sir, it is nice to note that Grant Funding Agreement, GFA, for decarbonization proposal with U.K. government was signed on September 11th, 2024. Out of decarbonization proposal with U.K. government, out of the total capital cost of U.K. GBP 1.25 billion for the state-of-art electric arc furnace at Port Talbot site, U.K. government will contribute GBP 500 million. In this regard, I want to know whether U.K. government released any fund in the subject till date. What is the total expenditure incurred by us up to 31st May 2025? Sir, as far TSE is concerned, what is the present status of discussion regarding partial funding of modernization of the plant with Government of Netherlands? What is the present status of penalty of INR 239 crore imposed by the environment agency for non-compliance of emission norms, against which the company got injunctive relief? Please share your view in the subject. I have two other questions, sir. Sir, as per page 120 to 21, there were 657 whistleblower complaints, which includes 548 complaints received from Tata Steel Limited during financial year 2025. Out of the said complaints, 479 complaints closed during the year, keeping 178 complaints open as on March 31, 2025. What is the nature of such complaints? Whether these complaints help the management to correct any action taken by them? Whether it includes frivolous complaints also? Would you please share your thoughts in this respect, disclosing status of open complaints as on March 31, 2025. Lastly, sir, after fighting nearly 20 years for waiver of loan from Steel Development Fund, it is in page 82, 83, AF 82, 83, the company had to follow the instructions of the Steel Ministry and paid INR 2,824 crore in April 2025. What is the status of final settlement agreement, and what is the total amount due as on date in this respect? Thank you, Chandra sir, for allowing me to complete the question. Thank you. Mr. Subhash Kaur. Am I audible, sir? Yes, you are audible. Thank you, sir. Good afternoon, everyone. Respected chairman, sir, esteemed members of the board and fellow shareholders. I am Subhash Kaur joining from Kolkata. First of all, I would like to extend my heartfelt congratulations to you and the entire management team for the outstanding performance in this fiscal year reflected in the attractive dividend payout. I truly appreciate the team effort in developing a robust CSR framework. Congratulations once again to the team on this outstanding achievement and well-deserved awards. Your hard work and dedication have paid off. Sir, I wholeheartedly support all the resolution passed through remote e-voting. Sir, I have some of my question. What are the expected benefit and key milestone for the Ludhiana EAF project, and how will it support our company long-term growth strategy and sustainable goals in India? Next, sir, second, can you provide an update on the progress of your GBP 500 million low-carbon project in this U.K. is expected in commence operation by 2027. Lastly, sir, what is the current status of the Kalinganagar facility, and are there any plan to address potential challenges or expand production capacity on drive growth? I would like to convey my sincere thanks to respected Company Secretary and the entire team providing good investor services and registering my name as a speaker, and also keeping in touch with us and quick issues resolved. Nothing to add more. Continue with this busy in future and all stay safe. Thank you, sir, for providing this opportunity. Namaskar. Lily Pradhan. Am I audible? Yeah. Okay. Yes. Okay. Very good afternoon all chairpersons and all viewers. Myself Lily Pradhan, long time shareholder from Kolkata, attending the meeting through video conferencing. I am obliged that the management has given me chance to speak at AGM. First of all, I would like to thank the board of directors, respected Chairman, respected MD, respected CFO, respected Secretary with secretarial team for wonderful arrangement and giving me in advance for attending the AGM through video conferencing. Please must be busy in future because any part of the world, abroad persons can participate and express their views. Bharati Ma'am, very honors coordinate with me even all shareholders. Velona Ma'am, very good appreciative personalized human beings. Shanath Mahasa Mahatosad, overall very good investor services. Chairman sir, I am really proud to you for being a polite, decent, hardworking and patienceful behavior. I hope under your leadership our company will better to better in coming future. Go ahead, good wishes always waiting. I receive email of e-notice well in advance and also annual report. The deep theme cover page of annual report is very good knowledgeably and transparent also of balance sheet. I wholehearted support all resolution by your team. I am very happy to know that the company's performance is developing a lot, which is sustainable growth. I have put some specific question and request in present situation. What is the credit rating of the company? What is the status of export in present situation? What is aim and object of future development in all over country by AI technology? Have you any status of AI technology? What is by-product planning? What is CSR activities on challenging persons? Please micro-analysis of CSR activities on challenging persons. What is the status of cost-cutting management and measurement? What is the CapEx plan for future development which is sustainable growth? Please must be bifurcated analysis top line and bottom line growth. Must be micro-analysis and submit audit of cash flow management. Chairman sir, must we consider the planned visit as a factory visit and also felicitation policy for rewards, for appreciation and encouragement. As a woman speaker, request always support woman empowerment, which is most important and must be obeying by trusting for dignity and respect. Nothing more. Thank you. Thank you so much. With the best and warm regards. All the best. Manoj Kumar Gupta. Hello? Yes. Yes. Hello? Yes, Manoj. Yes, Manoj. Yes, sir. Good, good afternoon. Good afternoon. Respected chairman, board of directors, fellow shareholders. My name is Manoj Kumar Gupta. I've joined this meeting from my resident city of Joy Kolkata. I thanks to you and your entire team of the management for the excellent result of the company for the year 2024, 2025. For I thanks to our Vice Chairman and thanks to our MD and his team, include CFO Mr. Koushik Chatterjee, and for return to the employees and the investors, and thanks for his nice presentation. Before he start the question and answer, he has covered mostly questions which were surrounding in the mind of investors. Mr. T. V. Narendran has covered several question. He has given reply in his presentation. Thanks to the Company Secretary and his team, such type of people should be in the group to help the investors to take part in the AGM. Sir, follow the legacy of Mr. Ratan Tata. I'm deeply concerned about it. It's a great loss to me at a sudden demise of our beloved Chairman Emeritus, Mr. Ratan Tata. Sir, follow his legacy. Recently, I do not go in that matter. Keep continue that, and bring back the confidence of peoples on Air India under your able leadership. It's a Tata Steel under his leadership. Corus net steel. [Foreign language] What's your plan for Corus, sir? Thanks for your acquisition of Nilachal because people have celebrate the Diwali after acquisition the Nilachal from government by Tata. People have celebrated the Diwali in that area. Sir, after merger of 5 companies in Tata Steel, there is no reflection in the stock market. Our share price is still below. Our share price should be more than INR 500 and market cap should be near about INR 6 lakh crore. Today's market cap is INR 2 lakh 4 thousand crore. Our share price is very low because after merger these companies there is no reflection in the stock market. PE multiples is very low. PE multiple is very low, sir. You are being institutional presentations. Sir, is there any direct or indirect impact on our company due to geopolitical tension in the Middle East? Last but least, may I cordially invite you to come to Kolkata, sir. You are not coming to Kolkata. We are missing you to meet you Kolkata from last six years. Kindly make a plan to come to Kolkata, sir. With this, I strongly support all the resolutions. Thank you, sir. Thank you. Kamal Kishore Jhawar. Hello, मेरा आवाज़ आ रहा है sir? हाँ, आ रहा है sir. Okay, thank you, sir. [Foreign language]. Kamal Kishore from Hyderabad. मैं ज्यादा कुछ बोलना नहीं चाहता। मैं जो कुछ question करने वाला था, before मेरे साथी वो question कर दिए, मैं उसको दोहराना नहीं चाहता हूँ। और आपका secretary department, TK साहब, secretary department का team बहुत अच्छा है साहब। हम main जैसे कि दूसरे दिन ही हमको balance sheet मिल गया और हमारे को link भी मिल गया। तो हमको बहुत-बहुत धन्यवाद। उनका service बहुत अच्छा है secretary department का। और sir इसी तरह video conference रख के हम कहीं भी रहे meeting attend कर सकते हैं। जैसे आपके कोई director abroad भी रहे, meeting attend कर सकते हैं। और sir मैं एक latest बात सुनाना चाहता हूँ साहब। Recently Hyderabad में three days before research company, pharma company lost हो गया। तो अपना जहां भी factory का plant है, employees जो काम करते हैं worker, उस पर जरा safety का हमेशा-हमेशा ध्यान रखिए। वैसा काम ना हो कि आगे कुछ problem आ जाए। तो कल कम से कम Telangana pharma company, research company में कम से कम more than 35 men dead हो गया, मर गया और कोई घायल हो गए। तो अपना जिधर भी factory है, हमेशा safety का ध्यान रखिए। कभी अपने को ये problem नहीं आया है। उससे ज्यादा मैं कुछ बोलना नहीं चाहता हूँ साहब। हमारे को dividend मिला। Share price भी ठीक है। Management भी अच्छा है। हम तो इस group में साहब 40 साल से shareholder हैं। Company TISCO जब इसका नाम था TISCO, तब से मैं shareholder है साहब। Thank you. Mr. Kaushik Sahukar. Hello. Hello. Hello, am I audible, sir? Yes, you are audible, sir. Yeah, good afternoon to respected Chairman, esteemed Directors and key management personnel. It gives me immense pleasure to interact you once again this year. I am also deeply grateful to our Company Secretary for granting me this opportunity. At the outset, I would like to pay tribute to our greatest corporate leader and philanthropist Ratan Tata. He taught the world how to do business with society first as guiding principle. His passing is an irreplaceable loss to entire corporate fraternity. Leaders like him come once in a lifetime. Let us all pray that his noble soul rest in eternal peace. Life goes on, sir. Coming to the agenda of the meeting, I have already sent my question. I hope you have it. Now, you have it, right? Yes. Yeah. Before concluding, I would like to share a thought that I believe reflects our company's own inspiring journey. Like steel forged under pressure, true strength is built through resilience, vision and purpose. Tata Steel stands as a testament of turning challenge into enduring legacies. [Foreign language] Tata Steel [Foreign language] [Foreign language] Tata Steel [Foreign language] [Foreign language] Tata Steel [Foreign language]. I am personally committed to putting in my best effort. With organization support, the journey becomes more comforting full. In that spirit, I once again request your kind consideration and continuous association in the area of certification audit. I sincerely hope the management will extend the opportunity that enables me to remain professional resilient. Lastly, I kindly request the management to considering organizing a brand visit or a CSR initiative visit for speaker shareholders. This would offer us a firsthand view of the impactful work done by our company at the grassroot level, and allow us to celebrate the positive change being created by our CSR initiative. Additionally, I humbly request the saving from virtual AGM be thoughtfully utilized for shareholders' welfare, perhaps through a small token of appreciation, reinforcing our emotional connection with the company. Thank you all for your attention and continued support. I look forward to engaging with you again next year. Thank you, sir. Thank you so much. Mr. Hiranand Kotwani? Hello. Yes. Yep. Namaste. I am audible, gentlemen? Yeah. Yeah. It is a great pleasure to join you. Certainly, I am Hiranand Kotwani from Kalyan. Chandra, sir, what is our investment in Kalinganagar and Neelachal? Can you elaborate that, our total investment in Kalinganagar, Neelachal, and what yield will come in the years to year? The other thing, I will not waste time, but certainly I am concerned regarding the fatality. Some fatality has took place in Jamshedpur. How you see this audit, safety audit at regular interval in various geographies? What about our whistleblower policy at various geographies? How the complaints coming, you tackle it? It's a huge organization. Certainly we salute you people. You are carrying on this organization very well, in spite of so many challenges, difficulties. When the order from this director of Joda mine, some 1,563 demand notice is there. From this mine's director of Joda, demand notice is still pending. What is the status of that? Some penalty has been levied on particularly this foreign counterpart, this Netherlands. What is the status of that? Are we agreeing an appeal? Are there we have provided a amount in the contingent liability? Huge contingents. Apart from this, why you, how you see your contingents figures is too high. It may come or may not come. Is there any fund we are carrying on regarding the contingent fund for all these contingency? Are we are other funds regarding the shareholder? Sometimes we face the huge ups and down in operation. We are as a legacy of the dividend paying company rewarding to the minority shareholder. Is there any plan to continue that dividend in spite of the bad performance? How we see the future growth and prosperity will come and reward to the minority shareholder? Thank you. Good luck. Thank you. Mr. Ashok Subramaniam? Am I audible and visible? Yeah. Okay. Good afternoon. My tributes to Padma Vibhushan Ratan Tata. Greetings of the day and congratulations to Chairman, Vice Chairman, the MD, Company Secretary, the Board of Directors, Independent Directors, employees of Tata Steel, employees of Tata Steel Foundation, as well as my fellow shareholders for the turnaround story and an excellent results. Thanks to the entire secretarial department for providing me the annual report. I really enjoyed going through it. The best part was page number 40 to 47, the aligning business with purpose. I know this is a work of TSoF. I could make out from the because of my last year's interaction with TSoF. Having said that, they have impacted 5.77 million lives, and also their target is 10 million lives. Who also make sure the path for smooth operations of the mines and the plants. In that context, and also they have started a unique program of CSR leadership in collaboration with XLRI. The first batch is ready and which is likely to have the convocation in the next coming year, FY 2026. I hope you will be there for that in the convocation, sir. In that, considering that fact, so I think the key person of TS deserve a space in page number 25 where there is enough space. Coming to that, now coming to page 64 of material assessment, which was done in 3 years before in 2022, 2023. I think now obviously you'll be taking up for review this year, considering the current global scenarios, the tariff restrictions, stringent emission norms, and change in the generation of human capital, et cetera. In this point, I observe that KPI 7 and 8 needs to be relooked at it. I also looked at happy to see the future plans, and look at page 70, 71 of the future forward, which is a breakthrough in hydrogen transport. It titles that API 5L X65 grade pipes has been produced with the steel from Kalinganagar. I think it should be read as API 5L X65. The standard name is missing in there. If that is the case, API 5L X65 is the line pipes used for transportation of liquid pipe petroleum products. In what way this steel is different for transportation of hydrogen, may be slight kindly elaborated for an academic interest. A little concern for me, what comes in me is that page number 114 to 115, looking at the safety aspects. The increased fatality rate and the increase in high consequence incidences naturally gives a feel that we need to tighten our belts there and I hope the apex council under the leadership of Noel Tata will be immediately on the job and finish it off. Similarly is the case with the increase in the sexual harassment and complaints related to behavioral human across the human actions and across safety. I have one small suggestion. Maybe none other than the Tata Group can take it. Almost INR 17 crores has been passed on to IEPF and I don't think there is any great benefit derived out of this. Why cannot we transfer this fund into a disaster management relief under the guidance of Ministry of Corporate Affairs? With this, I once again thank you for the opportunity given and with all the best wishes to all the team members. Thank you very much. Santosh Kumar Saraf. Hello. Yes. Shri Man Sabapati Ji, Upasith Nideshak Mandal ke Sadhas Gan Adhikari Gan Karamcharik Gan. Mai Santosh Kumar Saraf Kolkata se aap sabhi ko Ram Ram kehta hu. Aasha karta hu aap log is samay achhe swasth mein honge. Sir mai sabse pehle Ratan Tata ko meri shradhanjali dete hue ki unke jaane se hamne Bharat mein ratna kho diya sir. Pata nahi iski purti kab hogi. Mere ko to lagta nahi hoga sir. Sir aage ye hai ki mai jitne bhi mere 1 lakh 16,000 karamcharhi bhai behan hai, employee hai, worker hai permanent unka bhi abhaar prakat karta hu jinki kari mehnat ka phal hai ki hamari company itna unnati kari sir. Sath mein unki family ka bhi abhaar prakat karta hu jo sada backbone ke roop mein unke sath mein khadi rehti sir. Mai secretary unki team ka bhi abhaar prakat karta hu jo sada hamse coordination relation banaye rakhte hai sir. Sir bahote ne bahut prashn kiye hai. Mere one or two prashn hai sir. Ek to sir ye jo aaj kal motor scrape ho rahi hai sir isme kaafi loha niklega. Iske liye aapne kya koi policy banayi hai jisse hame wo saste mein apne liye iron mil jaye sir. Kyunki abhi government ne niyam kiya ki 10 saal ki diesel aur 15 saal ki petrol kariyo ko ekdam dead ghoshit kiya jaye sir. Iske baarein mein bataiyega sir. Sir doosra sir ye TRF ka merger kis karan se ruk gaya sir? Pehle aapne announce kiya TRF ka Tata Steel mein merger hoga. Ye kya karan hai ye merger nahi hua iske baarein mein batane ka koshish kariye ga sir. Sir, ek to sir ye sexual harassment ki jaise Subramanian ji ne bola ki last year se 80% increase hua sir. Hum ye samajhte hai ki iske liye kuch kadam uthane ki jarurat hai jisse employee ko darr ho ki bhai aisa agar karenge to hame kaafi hoye ga. Mai samajhta hu ki unko plant ki aur restrict karne se nahi hoga. Unka character certificate aisa hi diya jaye ki unko koi further ki doosri jagah naukri nahi mile. Mai kahun isme nahi hai. Singapore mein correct step lagaye the, aaj wal Singapore mein kaafi kuch badal gaya hai. Hamare yaha bhi aap company mein aisa lagaye jisse ki unko dekh ke doosra aadmi seekhe sir. Sir, hamara division ka kya program hai iske baarein mein bataiyega sir. Ek hamari company ki ESG rating kya hai? Iska rating ESG rating kam achhi hai to hum kis tarah isko debt market mein utilize kar sakte hai? ESG bond green bond laake unko NSE mein ya BSE mein listed karwa sakte hai. Aisa agar kuch plan ho to hame kaafi achcha rahega aur hamare main samajhu to debt equity ratio bhi kaafi theek rahega sir. Zyada kuch nahi sir ek last mein aapse request yahi rahegi Chandrasekaran women empowerment kariye. Apne yaha sirf 9% women hai sir. Aapki chhatra shrayan mein agar zyada se zyada women ko karenge kya aapne dekha sir aaj kal women pilot bhi hai women military mein bhi kaafi kaam kar rahi hai. Yaha to women bade bade scientist bhi hai. Ek baar mauka dijiye unko hunar dikhane ka mauka jaroor dijiye aur zyada kuch nahi ek baar aap jitne bhi hai unko financial 2026 25th sukam kehta hu aur bhagwan se prarthna karta hu financial 2025 2026 hamare jitne stakeholder jitne employee hai unke liye samridhi leke aayega swasth achcha rahega aur sir BC meeting continue rakhiye jisse hum apne karamcharhi ke praty aapke praty apna abhaar prakat kar sake. Jai Jai Bharat. Ram Ram. [/Foreign language] Vinod Agarwal. Hello, can you hear me? Yes, Mr. Agarwal. Respected all. Good afternoon. Respect to everyone, sir. Chairman Mr. N. Chandrasekaran, Vice Chairman Noel Tata, CEO T.V. Narendran, CFO Koushik Chatterjee, and RCA Parvatheesam Kanchinadham. Sir, good afternoon. At the outset, my deepest condolences on the passing away of Padma Bhushan Ratan Tata. He was the doer of ethical and fair business practices. Under his guard, the Tata Group grew manifold, not just in India, but also internationally with the acquisition of JLR and British Steel. Sir, now on the observations of the balance annual report, sir. In spite of higher steel volumes and production and sale, our operating revenues were lower during the financial year that we are reporting was due to lower depressed prices. Sir, on the standalone, we produced 22.68 million tons and we delivered 20.9 million tons with a Revenues of INR 1.34 lakh crore and giving a company a PAT of INR 13,000 crore. My only query is one is that after having INR 85,000 crore of additional revenue on the consolidated part, we have got a lesser PAT from INR 13,000 crore to only INR 3,000 crore. We've lost about INR 10,000 crore in the consolidated part. I'm sure that we will be looking into it. Yeah. I'm sure we are looking into it. One second. It's also heartening to know that on the consolidated part, the last year the losses were INR 4,910 crore, you've turned around the consolidated loss into a PAT of INR 3,174 crore. Sir, it is good, sir. The CapEx for the current year are INR 15,000, most of which would be going into in India for the Kalinganagar expansion and the EAF furnace at Ludhiana. My only query, sir, by when can we expect the positive PAT results from the EAF CapEx being done in U.K., sir? We have already decommissioned the two furnace blast furnace plants furnaces out there, and establishing the EAF plant in U.K., sir, at Teesside, sir. By when can this be positive? I wish the company all the best for the future and the current CapEx giving strong results in coming year. The results for the new products and processes developed by our R&D team will add to the profitability of our company as we have made hydrogen steel for the hydrogen transportation. I would like to compliment the company for having received various awards as mentioned on pages 126 to 29 of the annual report. I would like to compliment PK's team for having prepared such a minutely detailed annual report, giving details of revenues from different sections and different areas of the world, sir. Thanking you. Signing off, Vinod Agarwal from Mumbai. Shashikumar Pathak. Shashikumar Pathak. Am I audible, sir? Yes, sir. Good afternoon, respected Chairman, MDs and CEO, CFO, Board of Directors, Company Secretary. Fell in bus joining at 188 AGM of Tata Steel Limited. My name is Shashikumar Pathak, joining from Dum Dum, Kolkata. Sirs, our secretariat department is very, very, very nicely conducted for attending the AGM and excellent their services by leading of Mr. P.K. Also our annual report is very informative in all parameters. Before I start, I have condolence to sudden demise of our respected Bharat Ratna Padma Shri Mr. Ratan Tata and his blessing Miss Pamina, who entered Tata Group of company, and next grief to all the victims of Ahmedabad plane crash. Sir, your opening remarks and also our respected MD, CEO opening remarks, very, very valuable to my company's performance and strategies. Also very nicely achieved in CSR activities and ESG framework. Sir, I have some brief views which I'd like to share. Financial year 2026, as same as the global economic uncertainties, trade tensions contributing to decline in steel prices, increased competition, domestic market and supply chain disruption, as well as high inflation of U.K. Share your thoughts. Positive government reported reduced to 5.5%, running debt cost will be, government use infrastructure allocation budget 2026, INR 11.27 lakh crore. Encourage higher private participations, IT relief. It mentioned difference to INR 15,000 crore India operation, 12% safeguard duty is very certain steel production. It is very positive. Share your thought about expected EBITDA and total revenue in the end of financial year 2026. Total cost, Mr. Koushik Chatterjee mentioned. I have same views. Total cost we have incurred on 31st, maximum 31st March 2025 to decongestion strategies at India, U.K. and Netherlands. Share your thoughts. In respect to cost optimization, any future plan to set up entire our domestic blast furnace other than Ludhiana by EAF for green energy strategy and other cost-effective strategy. Share your thoughts about this. Debt reduction, Mr. Koushik Chatterjee also mentioned. I have the same views. I know don't forget this. In respect to cybersecurity and data privacy, what strong step would I have taken? We have implemented Industry 5.0 and deployed 500 AI models, mostly cost optimization in RoC. Share your thoughts about data security. That is the very, very most important I'm sharing with you. Okay. Mr. Sharad mentioned about recycling scrap. You mentioned, annual report mentioned, see MTPA 2030. My view, 40% steel scrap at present, we are recycling as on March 31, 2025. Government also very prohibition, Mr. Sharad also mentioned. Voluntary scrap vehicle, it is the very most effective to our operation. What our strategies for capacity increase in this segment? Share your thought about this. I noticed promoter group holding 33.19%. It may be increased to 50% because promoters also interested in my company's activities overall. Present our domestic market share overall without all our product portfolios, and state second to increase our domestic market shares, as well as international market shares. Any acquisition plans in this plan in current financial year? Talent acquisitions, also manpower acquisition. Share your thoughts. Maybe take on social media platform for more business opportunities. This is my views. Social media is very active at present, and rural business many more prospective. Any plan to merger other major subsidiaries? Mr. Sharab also mentioned. Last year, three subsidiaries merged with our company. What is the present status of that merger? Share your thoughts. Finally, I notice our shareholders value is not so appreciating at present. Because net worth per share reduced to INR 98.97 against INR 110.58. Net worth reduced nearly INR 1 crore, INR 1,23,543.94 crore against INR 1,38,000, INR 100, INR 10, INR 1,38,041.53 crore. Share your thoughts about this for shareholders regarding policy as well as appreciations. Book value is nice, INR 22.21, PE ratio 5.58.91 as on today. Stock price near about very volatile. Very volatile stock price because the beta value near about I notice 1.37. Share your thoughts to streamline performance of my company as well as appreciation also shareholder. The plant visit Terry form here is pending, if possible, a plant visit to attending us. Thanking you, sir. Mr. Bharatraj? We seem to be missing Mr. Bharatraj. Mr. Sujan Modak? Namaskar, sir. You can hear me? Yes, sir. Yeah. Respected chairman, other board of directors, I'm Sujan Modak. I'm attending this meeting from my residence in Kolkata. Sir, if you see the performance, very nice performance, sir. For that, I really congratulate our management. Sir, our company secretary and his whole team doing very good investor services. For that, I really thank our company secretary and his whole team, sir. Sir, my previous speakers, they have already asked so many questions, so I'm not going all on that, sir. Sir, page 165. Sir recordable injuries is 677. Number of fatalities is 5, and high consequence injuries are also 22 total in this year. Sir, please share your thoughts on that, sir, please. Definitely we have to do something. I believe so. Sir, page 173, I can see so many pending resolutions for this year still. Sir, sexual harassment, there is 15 is left and pending, I mean to say, sir. Discrimination at the workplace, 3 pending. Also, voluntary labor, involuntary labor, and forced labor also 1. Sir, please share your thoughts on that, sir. Sir, if possible, please arrange a factory visit at Kalinganagar Steel Plant if possible, sir. Sir, page 1, F97. F97, I can see some other expenses. INR 5,361.15 crores. Sir, the details I could not find. Maybe it's my mistake, if you can please give us something on that, it will be very kind of you. Nothing to add more. Over to you for further proceedings. Thank you. Mr. Anindya Sundar Roy? Anindya Sundar Roy? Hello, sir. Hello? Yes, sir. Hello, sir, can you hear me? Yeah. Yes, sir. Hello? I can hear you, sir. Please speak. An industry whose global footprint started on Indian soil, crossing many obstacles, set an image in every heart of the customers, employees, business associates, social activists and consumers in our nation and beyond, whose presence we experience from secured shelters to transportation bridges across the globe, has completed its journey of 118 years with honor, dignity, pride and prestige. Good afternoon, Chairman and other dignitaries on dais, employees of the company, my online fellow shareholders. My name is A.S. Roy. I'm thoughtfully associated as member with this global brand. Sir, this year we have come across a very sad, two sad news. That one is, but, sad news, but inevitable, incident with the loss of our head of the Tata Group of companies, late Ratan Tata, and, in accidents of Timlina, we all know, and loss of so many lives. The nation mourn these two incidents. Sir, sir, the late Naval Hormusji Tata, whose uncompromising attitude for the service to the nation through setting up many industries and charitable organizations for livelihood, healthcare and support all over India and beyond. The nation as a whole mourn these two incidents, sir. Sir, about the operations, all the operations, the operational areas of this industry are very good, including newly acquired Nilachal Ispat Nigam Limited, and the overseas introduction of electric arc furnace in Port Talbot, U.K., and in Netherlands too our industrial activities are positive and promising. We have also faith. We have every faith with all the group of companies of Tata, sir, irrespective of the, I mean, entity. Sir, I have only one question about the input cost. How do you cater this? Sir, this is sometimes that if you are to implement some project, then the input cost being so high that you precalculated amount, the surplus is there. How do you cater this? Sir, CSR job is our an example to the industries all over India. Sir, we all know that how much trouble tussle turn, tussle and turn Tata Group of companies are being through. Nevertheless, Tata is a promise. Tata is a trust and dedication to only secure the nation and to keep its people healthy, charming, and promising generations after generations. Sir, all other things have been my pre-previous shareholders has said, I skip that. I wish you all, and I thank the host, the Webex and team and the company secretary, because one day I put my request for the annual report. The next day, I received that. I thank you all, sir, and I wish you all the very, very best out of my heart. Jai Hind, Jai Bharat, Jai Tata. Thank you, sir. Over to you. Mr. Tapas Kumar Dutta. Hello, am I audible? Yes, sir. Hello. You're audible, sir. Good morning, everybody. Respected Chairman, distinguished Board of Directors, esteemed KMP, H. Suvarna Vimal Shah, secretarial team, and my fellow shareholders visiting this BC meeting. I, Mr. Tapas Kumar Dutta, an equity shareholder of Tata Steel Limited. Sir, your profit information page is not included in the annual report. Stock price data of BSE and NSE are also omitted in CG report. Also, graphical representation in comparison with Sensex and Nifty are also omitted in CG report. At page 78, Tata Steel aim to increase its crude steel production in India to 40 MTPA through strategic routes for organic growth and acquisition. Sir, I would like to know, what steps do you made in this regard? Which are your targeted acquisition? How many year will you take to achieve crude steel production capacity to 40 MTPA? Page 297 to 300. Some of the subsidiaries such as Neelachal Ispat Nigam Limited, Tata Steel Germany, Tata Steel UK, Tata Steel Nederland, Tata Steel UK have been incurring losses. When will you make them profitable, and how will you make them profitable? Page 311. Capital investment on energy conservation equipment is about INR 11.84 crores. What benefit have you derived from this investment? It is not mentioned. Total R&D expenditure as a percentage of total revenue is abysmally low. It should be increased to at least 2%. Page 830. Your operating activities could not generate enough cash. Working capital tied up with inventory, trade receivable, and other sources and payables. How will you achieve your targeted CapEx program? Page 844. Total. Classification of property, plant and equipment only. Where is capital work in progress in page 844? How is it divided in page 826? It is not shown now. In 844, it is omitted. However, a schedule of capital work in progress have been shown in page 848. How much capital work in progress has been added this year, and how much capital this year, it is not shown. It is still unclear. With these few remarks, I would like to conclude and to look for business regarding for as far as possible. Okay. Thank you, sir. Mr. Manas Banerjee. Good afternoon, everyone. Honorable Chairman, esteemed board members and fellow shareholders. Myself, Manas Banerjee, joining the virtual AGM from Kolkata. I would like to extend my heartfelt congratulations and appreciation to the entire management team for delivering a mixed performance with strong growth in India and EBITDA growth improvement of 10% year-on-year, despite a challenging operating environment. Sir, our company has been maintaining consistent dividend payout, and our CSR policy was excellent. Congratulations to you, sir. I have some questions for your consideration. Number 1, what is our guidance for coking coal and iron ore consumption for the financial year 2026? My 2nd query, sir. I wanted to get a sense of how prices have moved currently, both in Europe and in India. Finally, sir, is it possible to state the impact of reduction in carbon allowances in the financial year 2026, and what would be the likely cost impact of that? Before I conclude, I convey my gratitude to our secretarial department for their exceptional investor service and dedication. Thank you, sir, for your patient hearing. Gautam Tiwari. Yes, sir. Can you listen me? Yes, sir. Yes, sir. Thank you very much, sir. Sir, good afternoon, sir. I'm sure you're fit and fine. I'm very happy to see you, sir. Fit and fine, sir. Fit. Yes. Sir, dear sir, good afternoon, honorable our Chairman, sir, Vice Chairman Noel Tata, other highly decorated, eminent directors, our CFO, Mr. Koushik Chatterjee, sir, MD CEO, Mr. T. V. Narendran, our popular CS, P.K., our team Tata Steel. Myself, Gautam Tiwari, and I am participating at this meeting from Mumbai. Dear sir, first of all, I would like to pay my real heartfelt tribute to our loss of our global icon and Bharat Ratna, Ratan Tata, whose legacy we have been following, and the loss of so many lives in that accident in flight from Davos to London. Dear sir, congratulations to our MD Narendran and CFO Chatterjee for their valuable achievements and meaningful progress in multiple areas of the company. I would like to congratulate the entire management team, sir, for their outstanding performance and for taking the company to greater and greater heights year after year. Sir, I would also like to congratulate our CS PK and his team for an elaborative, informative, colorful annual report, a physical copy of which I received in due time on request. Dear sir, secretarial team's investor care, investor service is exceptionally outstanding, with none of the shareholders' issues or queries remaining unsolved or unattended. Very polite, humble, cordial, harmonious and helpful is their service to all the shareholders all the time. Services of our NSDL and our Cisco Webex technical team is also excellent. Thanks to each and every member of their respective departments. Dear sir, I have got. I also congratulate the management, sir, for their best CSR activities and also for winning a lot many awards and accolades and for paying dividend of INR 3.60 as usual, rewarding the shareholders precisely well. Sir, only few, three, four questions I have got in hand. Sir, Yes. But still, for in order to satisfy my anxiety, I would like to know, sir: Sir, what is the breakup of DTA and DTL, deferred tax asset and deferred tax liability? Sir, how does our company use artificial intelligence for the speedy progress and profitability and, sir, incrementing revenues and for the overall business of our company? Sir, what is the roadmap of our company, at least for this year and the next? How many workers, sir, we have got on regular basis, how many skilled and unskilled workers and what is the total strength of workers with male to female ratio? Answer, sir, how much amount this time we have transferred to our IEPF along with shares? Sir, factory visit is pending since a long time. I'm very sure, sir, you will certainly pay some attention to get this factory visit precisely well. Sir, finally, I would like to conclude, sir. I propose as usual all the resolutions. I voted favorably for all the resolutions. I also support all appointments and reappointments of all our directors. We hope a very, very future of the company under your super fine management is very, very fine. Once again, I wish you all the best and thank you very much. Once again, all the best to you. Jai Bharat. Jai Hind. Vandematram. Thank you, sir. Ankur Chanda. Good afternoon to everyone. Sir, I just want to say that our corporate governance is too good. Sir, Sharad Kantilal Shah. One minute. Hello. Yes, sir. Can you hear me, sir? Yes, I can hear you. Sir, I'm very happy that Noel Tata is also in the meeting, a trustee of Tata Group of Companies, sir. Basically, I'm in Tata Steel. I'm happy with Tata Steel among all the companies of Tata Steel, because if you just see the page, particularly page number F5, the dividend is given by this company from 1995 to 2025. Even we have got U.K. Plant and Tata Motors have JLR Plant. I don't tell the details what is happened before in 1995. This year, the dividend is INR 3.60 when the market price is INR 150. This is all dividend. What is happening? If you just see all other pages, page number 22, 24, 25, the standalone performance is lower than the previous year. If you refer page number F 152, 153, the consolidated is in profit this year compared to last previous year. In consolidated, the employment cost is INR 24,888.89 crores when the PAT is only INR 3,447 crores. It is really something how a shareholder can accept this, whether Tata Steel is run for employees or shareholder. Still, I feel if you run company for shareholders because you give continuous dividends, sir. The net debit of two equity and the borrowing is also higher compared to previous years in both standalone and consolidated. What is my observation, sir, the dividend of JSW Steel is INR 2.80 for the price of 1,050. If I compare with that, my dividend is excellent. Only thing I have got observation or slight worry, sir, Tata Sons is holding only 31.76% shares in Tata Steel. Recently, this JSW Steel acquired company of paint. This may happen in future. He may disinvest his higher price shares and go into the investment of Tata Steel and the company will be with JSW Steel. Please look into this matter, sir. Also, dividend is excellent. Why I tell you another concept that the dividend is INR 4,491 crore against the INR 13,967 crore. Always I compare this thing with other group companies. If I compare with Tata Motors, whose PAT is INR 28,000 crore and the dividend is only INR 2,000 crore, sir, which also paid to the Tata Technologies dividend, where Tata Motors holds 53%. That record of Tata Motors dividend is not comparable with Tata Steel. The share price is lowest at present in Tata Group of Tata Steel. This may not continue, sir, for a long time, because if TML CV shares are listed in the market, it may be lower than Tata Steel, sir. Another thing, sir, that we had Tata Technologies IPO was in November 2023. The RHP was 453. 459 said allotment to TM and share, shareholder is proportionate, but the allotment not done as per RHP. In AGM of Tata Technologies 34, chairman not replied and all AGMs of Tata Group till 15th July 2024, chairman N. Chandrasekaran not replied. Now the position is slightly different. Now in AGM of 2025, chairman of Tata Technologies, Mr. M.A. Mukherjee. Mukherjee referred page number 459 out of RHP of IPO of Tata Technologies and he confirmed. Sir. No, no. Hello, you have to hear, sir. No, no, I will hear anything to do with Tata Steel. We won't talk about other companies. Now you talk about Air India, which was not related with the Tata Steel. I respectfully request you to stick to Tata Steel. You also speak to the Tata Steel only then. You are not speaking to the Tata Steel and one thing is there that you never reply to the question that why this has to do last one year because you never reply to the shareholders' meeting. I replied. I did reply in Tata Motors board meeting and AGM. No, in Tata Motors you said you have received my grievances. Sir, I think. No, that is why I stopped speaking. I respectfully. That is why I stopped in speaking in Tata Motors. Thank you, sir. I would respectfully request you to speak about Tata Steel. Thank you. Thank you very much, sir. I will not speak further. Thank you. Surekha Sharadkumar Shah. Sir, she will not speak now. Okay? Prakashini Shenoy. Ms. Shenoy seems to be facing network issues. Ranadha. Good afternoon, my respected Chairman. Hello. Good afternoon. Am I audible, sir? Yes, sir, you are audible. Okay. First thing, I'm very much grateful for my company. Yes, this year's performance is much, much better this because world scenario is changing day by day. First thing, in this 118th AGM reports, you have mentioned our founder's photograph, late Jamsetji Tata, and it is very excellent. Then you have mentioned the chairman, our then chairman, Ratan Tata, and definitely we lost a precious diamonds from our Tata Group, and we are getting all time his blessings. Unfortunately, you have not mentioned J.R.D. Tata. It is shock to me actually. There is no photograph also J.R.D. Tata. Perhaps you have seen also these AGM reports. This has shocked me. The awareness of the shareholders, this particular AGM reports, there is no actually our range of production name and all these things. In future, please include this one because we want to exhibit our production so that we'll get the many more customers from our shareholders. Page number 63, perhaps you will see the shareholders, list of shareholders. Safety. You know Sangareddy district Telangana recently happened that we have lost about 40 people from there. I know when Mr. Narayanan is here, he and you also there definitely will not compromise for the safety. You will do something for the betterment of our safety day-to-day work. CSR program. Yes, I should appreciate. I am proud of that this year actually 190,522 people they have engaged in our CSR program. Now I'm coming to ethics. The page number 120 and page number 173. Whistleblower complaint still pending FY 2024, 2025, 157 and sexual harassment, 14. Sexual harassment for the woman, all these cases are still there in the job. I don't know. Other grievances that 177. Number of complaints from employees and workers, page number 139. Still it is not yet resolved 192 cases. Kindly number of complaints is too much from the workers and our employees also, 1,502. Complaints from the customers. Yes page number 140. We are getting bread and butter from them. If customer is nowhere, we are the nowhere in this world. Kindly mitigate this issue very urgently because number of complaints pending resolution. At the close of the year, 901. Number of complaints actually we have received during FY 2024, 2025, 16,021. Definitely will do something. Expenditure on R&D, 317 pages. Yes, excellent. INR 349 crore you have spent. Unfortunately, we are not keeping reserve and surplus. Page number F4. INR 12,45,483 crore. We have to increase somehow. Property, plant, and equipment projects in progress, F47 page number and F174. The project temporarily suspended this current, the last financial year, INR 351 crore, and before that, INR 429 crore. When we'll start the any project, we have to cautious or yes, we have to complete the project within stipulated time. Now, I'm coming the old issue. Perhaps you know that our Mr. Noel Tata, also Chairman of Tata Trusts, that TEPS is actually Tata Employees' Pension Scheme. Still it is very pending position. After our retirement, we are not getting the return money from the LIC authority. Though this LIC, they are holding about 7.821% shares. Kindly look into this matter at your end. Now I'm coming this contingent liability. Yes, sometime we are keeping materials in our yard, and we are losing our capital day by day. Somehow, this we have to think about how to sell our materials very quickly and efficiently. Now I'm coming this dealers, customers, distributors, and other small customers also you can see. We can give them the proper training for how to sell the materials very quickly in the market. Tata Steel sister concerns and Tinplate, Tata Steel BSL, Tata Metaliks, Tata Steel Long Products, Indian Steel and Wire Products, Tata Steel Mining Limited, and S&T Mining Company. All these who have a sister concern, and they are very much doing the efficiently and diligently for the betterment of our groups. I am sure you will take necessary action against this. Now I am coming this awards and recognition Jamshedpur plant to redo their missions. Yes, we are very much proud of this. Golden Peacock National Training Award 2024 also recognized with National Safety Awards for their safety practices. I am sure when Mr. Narendran is here, and CFO also there, and PK also there, thanks to them. God bless you for further improvement, and we'll see the next year result same well in advance and very good result also. I hope that you will taken your very valuable time and hope and I'm very much grateful to our company's management that they are all time encouraging, including you also, my health hazards. Yes, I'm better by the help of the doctors and medical system of Kolkata. God bless them. Thank you. God bless you. Thank you. Mr. Ashish Bansal. You can hear my voice, sir? Yes, I can hear you. Little respect, chairman and Board of Directors. I thank you for giving us T. V. Narendran, also thank you for connecting to this AGM 210. Already is shared a lot and all spoken, so I will not repeat my question again. Only I request you, please keep the speaker number on the screen so after chair holder will ready. IOC is giving the message next speaker number and names hold the chair holder. Chair holder will ready for turn next speaker. If you are taking the plant visit, please add my name. Thank you so much, sir. Thank you. Umaya Puradehi. Can you hear me, sir? Yes, I can hear you, ma'am. Yeah, yeah. I just have two questions. We have so many speakers. Actually, one is, in the past, we used to have Chinese steel flooding in our country, and it was much lower price than ours, and we had higher duty. We were at the disadvantage. Now the latest what is the position and how is the government favoring us favoring the steel company favoring our company anyway you know by the rules, regulations, duties? Have they reduced the duty import duty to favor us? Only this question I want to know, and there are still many speakers to go, and I wish the company all the best and you personally also all the best along with the entire board management. Thank you very much. Thank you. Jaydeep Bakshi. Thank you sir. Thank you very much. जयदीप बख्शी। Okay, can we go to the next shareholder Sarvajit Singh। We seem to be missing Mr. Singh. Mr. कृष्ण लाल चड्ढा। Hello, can you hear me sir? Yes sir. Can you see me sir? Yes sir, please speak sir. Thank you so much to given me the chance to speak with you. Myself Chetan Chadha and I am joining this AGM from New Delhi at my home and I am really thankful to the Secretariat Department to given me the chance to speak with you. Sir, और मैं कोई भी sir, जो questions हो चुके हैं या जो shareholder हमारे पूछ चुके हैं, मेरे 29 speaker भाई, उनको मैं कोई भी repeat नहीं करूंगा। Sir, इस साल की हमारी annual report 554 page की बहुत अच्छी annual report हमने बनाई है। Sir, हमारी company का जैसे कई shareholders को एक regret रहा है कि share का price में, कई, मैंने क्योंकि तीन साल पहले जब मैंने आप लोगों को suggestion दिया था कि जो हमारी subsidiaries हैं उन्हें हम merge कर लें Tata Steel के अंदर तो एक हमारे लिए अच्छा good opportunity रहेगी। और कइयों का ऐसा मानना है कि merger के बावजूद भी share कुछ अच्छा market की तरफ से response नहीं दे पाया। हमारी EPS ₹11 की है, लेकिन sir shareholder को dividend ₹3.60 पैसे ही जो मिल रहा है उसका भी shareholder को काफी एक दुख है अपने मन में, क्योंकि ये दिल मांगे मोर है sir. तो shareholder की expectation पे शायद वो खरा नहीं उतर पा रहा क्योंकि shareholder को dividend शायद profitability का 50% मिलना चाहिए था ऐसा shareholder का मानना है। जहां तक sir हमारी turnover रही है ₹2,18,543 करोड़ जिसमें production की जो हमारी turnover रही है वो 30.92 metric ton रही है और delivery जो हमने की है वो 30.96 metric ton की है। तो sir जो चार metric ton का जो difference रहा है क्या वो हमने इसको direct delivery hired में दी है थोड़ा इसके बारे में जरूर बताएं। Sir जो ₹916 करोड़ की हमने R&D इस साल expenditure किया है। ये भी हमने एक अच्छा एक अपना एक अच्छा कदम उठाया है। Sir, जिसके अंदर हमने ₹585 करोड़ CSR activity में भी खर्च की है। लेकिन sir हमने सिर्फ another states में खर्च किए हैं या अपने nearby की states पर ही इसको खर्च किया गया है। कोई another जब हम हर साल उसी states में पैसा खर्च करते जा रहे हैं जहाँ हम regularize खर्च करते हैं। इसे हम थोड़ा सा expand करने की कोशिश क्यों नहीं करते कि जब एक जगह हमारा पैसा surplus उतना आगे demanding में नहीं है। लेकिन profitability बढ़ने की वजह से हमारी जो CSR के लिए पैसा बढ़ जाता है उसे हम another state में खर्च करने के लिए क्यों नहीं सोचते? इसके बारे में जरूर बताएं। Sir, हमारी women की workforce जो है वो बहुत ही शायद lower 10% है, इसके बारे में सोचने की बहुत ज्यादा जरूरत है। Sir, हमारी promoter holding भी बहुत कम है, 33% है। Insurance company और mutual fund की अगर हम holding मिलाएं तो almost हमारे बराबर बैठती है 33% और foreign investment में 18% है जैसा कि हमने बता रखा है। तो क्या हमारा sir, in future में कोई हमारा plan बना है shareholder से अच्छे price पर कोई buyback लेने का, valuation के तौर पर, क्योंकि हमारे पास reserve और surplus काफी अच्छा है। जहां तक sir मैं page number 90 और 91 पर बात करूं तो sir हमने Tata Kids of Steel Triathlon की जो लगाई है, हमने एक picture लगाई हुई है। शायद sir मेरे हिसाब से वो हमने थोड़ी गलत लगा दी है। हमने उसके नीचे लिखा है Urban Slums of जमशेदपुर। अगर sir Urban Slum of जमशेदपुर की हमने picture लगाई है तो sir उसमें कोई भी उस category के बच्चे नजर नहीं आ रहे। शायद सारे के सारे बच्चे foreigners ही नजर आ रहे हैं। तो इसके बारे में जिन्होंने भी लगाई है उस पर थोड़ा ध्यान करने की जरूरत है। जहां तक sir page number 116, 117 पर मैंने note किया कि Tata Steel Thailand और Netherlands, इन दोनों में हमने last year अपने जो employees हैं वो हमारे एक-एक हजार कम हो गए हैं। तो क्या वो छोड़ के गए हैं या हमने उन्हें निकाला है? इसके बारे में थोड़ा जरूर बताएं क्योंकि इससे हमारे ऊपर काफी 1715 जो है उसका benefit का फर्क पड़ा है। अगर sir हम last year देखें, total हमारी जो employees हैं वो 78,000 हैं जिसमें जो ladies employee हैं वो 6.6%, मतलब 6,600 ही हैं, only। तो rationalize volume में बहुत कम है। लेकिन sir page number 120 और 121, ये sir बहुत ही major part है, हमारी company को इसके बारे में सोचना होगा क्योंकि अगर हम 2024 की sexual harassment के cases के बारे में ध्यान करें तो sir last year 24 cases आए थे। लेकिन sir इस साल इतनी कम ladies होने के बावजूद भी इस साल हमने उसके अंदर double यानी 100% की growth की है। 47 complaints हमारे पास हो गई हैं जो almost double हो गई हैं। तो क्या हमारे को जो R&D पे हम पैसा खर्च कर रहे हैं, उसे हम अपने employees की पहले mental condition पे खर्च करने की हमारे को शायद ज्यादा जरूरत है कि पहले वो इन चीजों पे aware हो जाएं कि उन्हें किस तरीके का behavior — वैसे तो हम बेटी बचाओ और बेटी पढ़ाओ के बारे में बात करते हैं लेकिन जब हम उसको implementation में लाने की बात आती है तो शायद वो हमारी बेटियां हमारे घर में ही सुरक्षित नहीं हैं, तो company में भी सोचना उसके बारे में बहुत जरूरी है। हमने उसके बारे में क्या ठोस कदम बढ़ाए हैं क्योंकि last year की भी अभी चार जो complaints थीं वो resolve नहीं हो पाई हैं और इस साल की भी 13-14 complaints हैं जो resolve नहीं हो पाई हैं। तो ये total हो जाएंगी करीब-करीब sir 16-17। इसको हम resolve करने के बारे में कब तक सोच रहे हैं? इसका resolve कब तक आ जाएगा? जहां तक other grievances है, sir, वो last year में हमारी 1113 थी। इस साल उसमें हमने 500 complaints की बढ़ोतरी करी है। 1617 complaints अपने इस साल में हमने- Sir, I will answer that. Many people have already said it. Sir, दो-तीन points आपके लिए sir major बहुत है जरूरी-जरूरी। मैं सिर्फ ये पूछना चाहता हूँ हमारे export revenue जो है वो ₹7,700 करोड़ से बढ़ के ₹8,700 करोड़ जो हुए हैं उसका main reason क्या रहा है? उसके, क्योंकि हमारी sales में इतना ज्यादा differentiate नहीं आ रहा है। जहां तक sir हमारी investor complaint रही है और employees की complaint रही है वो तो बड़ी बात है ही है कि 1500 रही है पिछली बार 1000 के मुकाबले में। Sir, other complaints किस type की आती है हमारे पास जो 671 हो गई है last year जो 454 थी इसके बारे में जरूर देखेंगे। Sir, एक major point है और कि sir हमारे Koushik Chatterjee जी और T. V. Narendran जी जो हैं हमारी अच्छी एक मेरे हिसाब से ₹13,99,000 और ₹99,99,244 का remuneration ले रहे हैं। Sir, इसको पढ़ने में थोड़ा मुश्किल हो रही थी। अगर आप इसमें ₹760 और जोड़ देते तो उनकी remuneration के अंदर तो ₹14 करोड़ पढ़ने में थोड़े आसान हो जाते sir हमारे लिए। ये जो 39,999 की figure है ये शायद काफी मुश्किल है और हमारी company ₹760 का payout करने में शायद सक्षम भी है। और जहां तक sir T. V. Narendran जी की बात करते हैं तो 17 करोड़ 30 करोड़, 17 करोड़ और 30 लाख रुपए की हमारी उनकी भी remuneration है। शायद sir ये भी एक अच्छा point of view है कि shareholder को हम dividend के तौर पर ₹3 दे पा रहे हैं। Sir, page number 172 के ऊपर मैंने एक point देखा तीन number का। वो समझने में थोड़ा मुश्किल नहीं बहुत ही मुश्किल है कि sir 49,200 क्या चीजें हैं जो हमने जिसमें 12,42,308 को distribute किया है। ये थोड़ा समझ पाना मुश्किल रहा और 17,456 को 66,45,227 में हमने बांटा है। इस बारे में थोड़ा समझ पाना मुश्किल है। जहां तक 2020 से लेके आप हमें हर साल वादा करते आ रहे हैं कि हमने water harvesting के ऊपर, electricity को save करने के ऊपर और भी कई चीजों के ऊपर हमने अपने आप को अच्छे कदम उठाए हैं। उसके बावजूद भी sir हम every year अपने आप के जो हमारे ये water की consumption है employees की कटौती होने के बावजूद भी हम every year उसके अंदर करीब-करीब बढ़ा मतलब हर ton दो metric ton और कुछ electricity का भी इसमें बढ़ोतरी कर देते हैं। तो ऐसा क्यों होता है जब हम another sources से भी generate कर रहे हैं। हमने कई और चीजें भी water harvesting के भी plan out करे हैं। उसके बावजूद भी ये ऐसा क्यों है? Sir, page number 152. Sir, I think you have. Sir, page number 152 [Foreign language]. Sir please, if you have any questions we can talk offline. Sir, पौने ₹3 करोड़ की penalty खाई है इस financial year के अंदर। ये किसकी गलती की वजह से ऐसा हुआ है कि हमें पौने ₹3 करोड़ की penalty हमने, हमें लगी है company को। इसके बारे में जरूर कि ये shareholder का मेहनत का पैसा जो आप लोग है वो government की penalty भरने के लिए हम इसको तैयार करते हैं। Sir, page number 166 पे हमारे employees जो है sir health और safety के complaints आपको डालते हैं। Last year 81 डाली थी। उस पे अभी तक कोई सुनवाई और clearance हुई या नहीं हुई ये आपने कहीं mention नहीं किया। लेकिन इस साल 449 और आ गई है। यानी अगर total देखें totality में तो 500 कुछ complaints हमारे पास company के employees की health और safety को लेके हैं। उसके बारे में भी management का सोचना बहुत जरूरी है। Thank you sir. Thank you sir. Thank you. Thank you so much. मेरे पास ज्यादा समय अभी नहीं है। मैं अभी page number सिर्फ और सिर्फ 162 तक- Sir, I think- अगर मैंने 500 कुछ number 554 तक मैं चलूंगा आपके साथ तो शायद शाम हो जाएगी क्योंकि sir good morning, good evening पे 3:00 बजे meeting शुरू हुई थी। Good afternoon पे मैंने 5:00 बज के एक minute हो चुका है। मैंने पूरे आपके साथ एक घंटा और 50 minute बिताए हैं अपनी 5 minute की बारी आने के लिए और आपके पास 5 minute का समय नहीं है मेरे पास मुझे देने के लिए। तो आप इतने सारे question ही अगर छोटे से ही solve कर दें तो अगली query मैं फिर आपको mail में और लिख के दे दूंगा तो उसको आगे से resolve कर लेंगे। Thank you sir. बाकी मैं परोक्ष रूप से Parvatheesam Kanchinadham जी का उनकी team का बहुत-बहुत धन्यवाद करता हूँ जिन्होंने कम से कम मुझे आपके साथ जुड़ने का मौका दिया और आपको जो कुछ बातें शायद नजर में होंगी भी लेकिन आप शायद उस पे इतना गौर नहीं कर पा रहे होंगे। लेकिन आपने इस माध्यम से ध्यान करेंगे। ये एक अच्छा माध्यम है VC का। धन्यवाद। Thank you sir. Thank you. With this, we have now completed 30 shareholders. Before I call the other shareholders, I thought I will respond to the questions that have been raised so far. Firstly, I think, thank you for all your love and affection that you expressed for Mr. Ratan Tata. Also many shareholders said a lot of good things about the annual report and the overall performance, dividend, and so on. Now I'm going to skip that. The broad questions. There was a question regarding CapEx. See, broadly, Tata Steel has been spending last year and this year approximately about INR 15,000 crore of CapEx. The Tata Steel CapEx for the next few years will go in 4 or 5 big items. Number one is the maintenance CapEx for many, many of the plants that we have. There is a expansion in India which will continue to happen for the next seven, eight years. The third, which is in Kalinganagar, which is in NINL, et cetera. The third one is the EAF, which will be completed, the current project in Ludhiana by end of this year, but we will replicate a similar half a million ton projects in the west of India, in the south of India also. I think overall we have an expansion plan of about at least 2 million tons, from half a million to additional three or four projects of similar size. We have CapEx planned for the EAF project in the U.K. When the Netherlands project gets approved, we'll get a lot of funding from the Netherlands government, but there will be some CapEx from us also. I expect this 15,000 range to continue for quite some time. That's the overall plan. Tata Steel will make investments in buying any mining assets because our iron ore mine capacity and what we have today will come up for renewal auction again in FY 2030. With our increased footprint, we will need to increase our capacity, so we'll always look for opportunities. That's the CapEx. There was a lot of comments about the grievances, employee grievances, sexual harassment cases, shareholder queries, and customer complaints. There are three or four things I want to highlight. Tata Steel has a goal to resolve any issue that is raised within a maximum period of 90 days. That is the goal with which the team is working. Every time when we report, we report at the end of a period. We are reporting end of March, so many of the complaints that are open are complaints that would have come in the previous 2 months. That is why you see a number of open complaints, and I will suggest to Tata Steel to also provide the aging from next year onwards so that you know how many complaints are pending beyond the stipulated time for 90 days. The third point I want to explain on these complaints is, I think the fact that complaints are coming is something we want to encourage because we want a culture where people are able to speak up with the hope that their complaints will be taken up and resolved. We want to encourage that. That is one reason it is going up. The second reason it is going up, especially the customer complaints, is because Tata Steel has forayed into retail business. In the retail business, the individual customer complaints are generally large compared to the B2B business. Nevertheless, it is upon us to make sure that, as one of the shareholders said, we keep every customer happy so that customer is the very reason that we exist. We will work on all these fronts. The other point I want to make is there are complaints which are genuine, there are complaints which are not proven, and there are complaints which are serious and not serious. We take each complaint on its merit. Sometimes it results in process improvement, sometimes it results in strict action being taken on people who were found to be guilty or neglect. Each complaint is dealt with in the most strict and sincere manner. Since there are so many ideas that have come from the shareholders, we will definitely improve this section to provide more transparency. There was the item about safety. I fully agree, safety is a top priority, and 5 fatalities is unacceptable to us. In the Tata Steel board, the first presentation in every board meeting is on safety, what measures are being taken, and a very detailed analysis is done on each serious safety incident that we have faced. Our goal remains to have a no fatality company. This is something that the management is aware, we will overcome that. There was a question asked about the environment and what's the future is going to look like, about the spread, the China situation, et cetera. China continues to export about 100 million tons of steel, and that is definitely affecting the overall steel price, not only in global markets, but also in India. The Government of India had put a safeguard duty of about 12.5%, and obviously the industry was wanting more, almost double that of that. We are happy that the government took the step to put that 12.5%. In spite of that, the steel prices are remaining soft. Nevertheless, based on our overall performance, increased capacity and the current spread levels, we expect Tata Steel to post better revenues, better EBITDA, better profits, and better cash flow in FY 2026 than FY 2025. There was a question about U.K. See, U.K., now we have closed the blast furnace, so currently we are only supporting the downstream business of our clients. The slabs are being sent from either India or from Netherlands, or sometimes if it is cheaper, we buy from the open market. We expect U.K. this year to perform much better than last year, and it'll definitely be a bit of positive. The company has said it'll be a bit of positive. Like you, I also feel the company. I also feel that U.K. should be P.A.T. positive. The company is working towards making it profitable. There was a question on the share price. I mean, we can't really explain the share price. Share price is not only based on the current growth that we are seeing, but also it depends on the global sentiment, the geopolitics, the risks that they see, many of these things. My experience, and I'm pretty sure all of you are equally experienced, some of you are even more experienced, in the market, if you keep performing, the share price catches up. We don't have to get worried, we are all committed to the company, and we hold stocks. If you continue to perform, the stock price will catch up. I already answered the question on scrap. There was a question on the employees. The total employee consolidated is, the standalone in India is 43,100 employees, and consolidated is 74,430. Contract employees are 134,604 in India, and consolidated is 153,229. Coming specifically to the individual questions. Dr. Arun Kumar, thank you. Mr. Biswendra Kundu, I already answered your question. Mr. Bimal Sarkar, you asked about the power cost going down significantly. It is primarily because the heavy end was closed in the U.K. Since that was not operational, there is a significant drop in the power requirement in the U.K. In India also we are having a better rate at this point in time. Tamal Majumdar, thank you for your comments. I already answered the question regarding safeguard duty and answered the question regarding China steel. Standalone debt increase is primarily because we have made some of the overseas debts we have closed and we have brought it to India. NINL, either you asked another, Hiranand, I think Mr. Kotwani asked, the total CapEx that we have invested is around INR 12,000. That's the original purchase price is around INR 12,300 crore. Now we are able to make a INR 1,000 crore EBITDA and a cash of INR 1,000 crore. The expansion is, you know, long products. We want at least to expand it to minimum 5 million tons. Currently, it's 1 million ton capacity, fully operational, and the company is made efficient. Now we will look at expansion to at least 5 million tons. Overall long products has the potential to go to 10 million tons between NINL and the other plant that we have in Jamshedpur. You asked about the mine and minerals regulation and the tax. It is in the Supreme Court. Now we'll have to see the curative petition, what happens. The Odisha and Jharkhand, any claims that comes, we have to deal with it. At this point in time, we don't have an answer because we'll have to wait for the courts to opine. So far, we have not spent any CapEx on the U.K. project. The U.K. project, the groundbreaking is happening in next 10 days. In July first half, after that we will start spending the CapEx. I already answered your question on whistleblower. The settlement that we have done is we already paid, and it is closed. Mr. Subhash Kaur, I think I've already answered your question. Kalinganagar is fully operational at the current capacity, then we will be looking at expansion of additional 5 million tons. It is one of the proud moments that the blast furnace that we have opened this year, which is the largest blast furnace in India, and the team is very proud of that achievement. Once this whole 8 million tons starts fully, when we are performing consistently on rated capacity, we'll look at the additional expansion of 5 million tons. Lily Pradhan, thank you, the credit rating is triple B. A couple of people asked the question. The exports you see is also because currently Tata Steel is exporting to the U.K. because they are not producing the slabs, that is what you see. In terms of AI, the artificial intelligence, the company already has more than 500 deployments of AI agents across multiple areas in sales and marketing, procurement, operations, finance, HR, every part of the organization it's being embedded. Hopefully the company will gain a lot more experience and we will have a highly productive and AI-driven company going forward. Manoj Kumar Gupta, I've answered your questions. Kamal Kishore Jhawar, I've answered your question. Kaushik Sahukar, thank you for your comments. Hiranand Kotwani, answered your question regarding safety audit and investments, whistleblower complaints. Thank you. Ashok Subramaniam, thank you for your comments. The material assessment again will happen in 2026. Thank you for your appreciation for the CSR leadership program. I think it'll be very useful not only for others, but also for the group companies. This hydrogen one that we have developed is a unique technology. The hydrogen causes embrittlement of normal steel, and so a special type of steel has to be made. So that is what has been developed. To my knowledge, it is the first time in India it has been developed by Tata Steel in Kalinganagar. I don't think that we can direct the IEPF funds, that INR 17 crore to any of the other CSR or disaster relief, et cetera. I think it's a compliance issue, so it has to go to IEPF. Santosh Kumar Saraf, the TRF merger is I think was given up because we didn't get support, and it is unlikely to be taken up by us. Mr. Vinod Agarwal, say, you also talked about women employment. I think the company is focused on increasing women employment, but since we already have a very large employee base, as a percentage, it will take a long time for this number to move because the number of people we recruit in a year is far less compared to the number of people we have. Vinod Agarwal, you asked about the consolidated profit being lower than the standalone profit, and when this will change. We expect that the losses in U.K. will be wiped out. Going forward, this year or next year it will become PAT positive. The same thing, as we proceed with the Netherlands towards closure of the first blast furnace and then converting it to a green steel. Again, that should also get fixed. I already answered your questions on CapEx. Mr. Ashit Kumar Pathak, I already answered your question. Also you talked about our capacity increase in EAF. As I said, we will be replicating the Ludhiana project. Mr. Modak, I answered your question. Mr. A.S. Roy, answered your question. Tapas Kumar Dutta, the 40 million ton, you know, I can't say. I think the company would like to do execute this price. See, I think there is no doubt in our mind that we have to expand to 40 million tons. Except that we also need to see how many projects can be executed at any point in time, and also we need to make sure that our investment matches the cash flow. Every year we will be doing projects to increase the capacity, but we don't wanna give a definitive date at this point in time. The you asked about the capital work in progress. It is already there in page F 47. Mr. Manash Banerjee, I mean, we think the coal and ore price, ore, our guess is that it will be hovering around the current levels. They are all range bound now, our spread also will be range bound. We don't expect big volatility at this point in time. Gautam Tiwari, I already shared the data on artificial intelligence. You asked about DTA. Our deferred tax asset is INR 3,936 crores and deferred tax liability is INR 14,430 crores. I shared with you the permanent and contract workers. IEPF amount is INR 17 crores. Mr. Ankur Chanda, you asked about the profit volatility over the years. See, unfortunately, Tata Steel is in this commodity business and any price volatility in either steel or the spread makes a huge impact on the profitability. The company is constantly looking at cost improvement. It does many things in terms of keeping the company's cost structure better year after year. That is not enough to any huge swings that we will see in the price of input costs as well as the spread. Mr. Sharad Kantilal Shah, thank you for your comments. I'm sorry that you had to stop your speech because you wanted to speak about Tata Technologies. Since that is not related to this company, I had to stop you. Thank you for your other comments. Pranav Rai, take your comments regarding Mr. J.R.D. Tata's photo. The company secretary will do the needful. Safety is a top priority. Someone asked about the CSR, whether we will do the CSR projects in other states. The group between Tata Trusts, Tata Sons, and all the operating companies, we pretty much do CSR work, across all the states and all the union territories. We kind of leverage each company for their local presence in the area in which they are very present. For example, Tata Motors is heavily present here in Maharashtra. Tata Steel is present significantly in Odisha, Jharkhand, and in the east, Kolkata. We try to leverage all the companies, and we'll continue to do the best that we can do to make a social impact. Mr. Ashish Bansal, thank you for your comment. Actually, Tata Motors AGM, they did give the speaker number in the screen, so we'll have to make sure that our company will also do that. Humain Purdehi, I already answered your question on safety, safeguard duty China and all that. Mr. Kishorilal Chadha, I can't answer about the share price. CSR spend, I already answered. See, the picture that you're referring to is in the previous page. The right-hand side is the text. The left-hand side picture is the picture related, relating to that. We will see whether in the future whether we can align them better. Tata Steel employees in Thailand and Netherlands, actually these are markets in which we are not expanding. When there is retirement, we normally don't hire people. We are trying to do some restructuring in Netherlands as we go forward. You will see the number of employees coming down in these markets. Our export revenue looks high also because we export from India to U.K. for the slabs. Thank you. With those comments now I would like to move to the next set of shareholders. Shareholder number 31, Mr. Pramod Rungta. Mr. Rungta. Mr. Rungta. Hello. Yes sir. We can't get him. Can we go to the next? Hello. Yes sir. Sir, distinguished Chairman and distinguished Directors, नमस्ते। Sir, आपने IEPF scrap करने के लिए जो interest लिया उसके लिए मैं आपको धन्यवाद देता हूँ। IEPF में करीब ₹1 लाख करोड़ से ज्यादा रुपए के shares चले गए हैं और अभी भी हजारों करोड़ रुपए के share हर साल जा रहे हैं। तो आप लोग इसके लिए Company Secretary PK ने भी मेरे साथ एक meeting रखी थी और वो meeting में मैंने उन्हें बताया कि कैसे मैंने एक section 92 BMC Act का scrap कराया और लोगों को उससे हजारों करोड़ का फायदा हुआ। Sir, मैं आपसे request करता हूँ कि Ministry of Corporate Affairs से आप approach करके इसको आप जल्दी से जल्दी scrap कराएं जिससे कि करोड़ों लोग का फायदा हो। ये draconian act है और ये खाली पूरे world में खाली India में ही है। Sir, मैं secretariat team Mr. PK और Pooja K. Maru और सभी का बहुत धन्यवाद देता हूँ। काफी अच्छा काम करते हैं। Sir, मेरा एक request था page number F46 पे land का आपका land price show किया हुआ है। तो Tata Steel 119 year old company है। तो उसमें जो land price है, जो cost of land है वो ₹218 करोड़ है और जो भी remaining land है वो ₹1 करोड़ 50 लाख और इस तरह से है। आज Bombay में एक plot की कीमत ₹300-400 करोड़ रुपए है। तो मैं आपसे request करता हूँ कि जो land का revaluation करना चाहिए। जो आप अगर land का revaluation करेंगे तो ये revaluation से लाखों करोड़ रुपए इसमें balance sheet में आ सकते हैं। इससे आपकी company की जो net worth है बहुत बढ़ जाएगी और उससे shareholder का भी बहुत फायदा होगा। Shareholder का share price काफी बढ़ेगा। मैं company के CFO को भी request करना चाहता हूँ Mr. Agarwal को कि जो accounting principles होते हैं कि company annual report, company balance sheet depict true and fair view of the affairs of the company. तो ये true and fair view नहीं depict करती है। तो इस बारे में मैंने Reliance को एक बार कहा था तो Mr. Ambani ने कहा था कि वो करेंगे लेकिन उन्होंने भी नहीं किया। अगर एक आपकी company ये करती है तो एक ये landmark decision होगा। तो इसके बारे में क्या global practices हैं वो भी आपको पता करना चाहिए। Sir, logistic एक मैंने article पढ़ा था Mr. Narendran का कि logistic cost India में बहुत ज्यादा है। इसके लिए जो Indian industry है वो export में competitive नहीं होती और government का भी इस तरफ कोई focus नहीं है। तो मैं आपकी company को और इस meeting के माध्यम से government को request करना चाहता हूँ कि जो logistic cost है और जो transportation में जो goods damage होते हैं उसके ऊपर government को ज्यादा ध्यान देना चाहिए। तो आज world में commodities हैं वो बहुत competitive हैं। Tariff है, geopolitics है, बहुत uncertain है। तो logistic के ऊपर control होना चाहिए। Sir, आपने ₹1 लाख crore Odisha में invest किया है। तो मेरे जहां तक मेरी knowledge है India की कोई भी industry ने एक ही state में इतना बड़ा investment नहीं किया है। इसके लिए आपको और आपकी company को Government of Odisha का award देना चाहिए। इससे Odisha में काफी prosperity भी बढ़ेगी। एक Supreme Court judgement से Tata Steel को बहुत बड़ी royalty pay करनी पड़ी। उससे shareholder को भी बहुत नुकसान हुआ। तो Supreme Court को ऐसे judgement नहीं देने चाहिए कि जिससे corporates को loss हो। अगर government को जो revenue मिलती है वो 70 to 75% government waste कर देती है। अगर corporate develop करेंगे तो corporate काफी बड़ा tax government को दे सकते हैं। Sir, ये आपने जो Air India crash का जो आपने बताया तो उसमें मेरा जो personal opinion है, आज Times of India में भी आया कि जो engine power failure हो गया था। तो India में जो safety है वो चाहे road safety हो, चाहे aircraft safety हो, चाहे railway safety हो उसमें थोड़ा negligence है। आपने जो Air India को जो acquire किया उसमें जो plus point लोगों ने नहीं बताया कि आपने जो बहुत बड़ा taxpayer का drain हो रहा था उसको बचाया आपने। और आपकी वैसे जो services हैं, in-flight services हैं, snacks हैं वो काफी अच्छा है। और मैं request करूंगा कि इसे और अच्छा करके पूरे world में महाराजा का status है वो आप लोग वापस लाइए। मुंब्रा train accident है जो बहुत ही बड़ा train accident हुआ था। Last year में CSR के इसमें बोलना चाहता हूं। Sir, thank you. Government से आप approach कीजिए कि जो Mumbai Railway. Sir, आप Tata Steel के बारे में बात कीजिए। नहीं, नहीं। हां, ठीक है। तो एक ये जो Neelachal Steel का आपने जो acquisition किया उसका भी ₹1,000 करोड़ profit है। वो काफी अच्छा है। और एक मैं एक interview देख रहा था Deepak Parekh का कि corporate से बहुत कम investment कर रहे हैं। तो India का जो per capita investment है industry का globally बहुत कम है। तो इस तरफ से, इस तरफ corporate को ध्यान देना चाहिए। ज्यादा risk लेकर ज्यादा capacity expansion करना चाहिए। Thank you, sir. Mr. Venkatesh Mahale. I am audible, sir. Yes, okay. Respected N. Chandrasekaran, sir, Chairman. Pre Noel Tata, sir, Vice Chairman. Pre T. V. Narendran, CEO MD, Tata Steel Limited. Directors on the board, shareholders of Tata Steel Company, staff members and other participants. I am Venkatesh Mahale from Bangalore, a long-standing shareholder of Tata Group of Companies. I am a retired executive from Public Sector Bank in HR and IT department and I am small shareholder in Tata Group of Companies. My association with Tata Group of Companies is about 40 years when I had an opportunity to get allotted 13 shares of Tata Motors during 1984, then known as Telco and 17 SPN, Special Premium Notes during 1989-1990 of Tata Steel, then known as TISCO. I have not missed a single opportunity to apply for shares of Tata Group of Companies. I have reaped the benefits as a shareholder of Tata Group through capital appreciation, good dividends periodically and goodwill of being a shareholder of Tata Group, which my family members also feel and enjoy. Sir, I would like to give a suggestion related to problem faced by senior citizen shareholders who are yet to convert their physical shares into demat format. If found feasible, this can be introduced. Till 2023-2024, they were getting proper dividends, though shares were held in physical formats. There may be few shareholders of my generation who are not conversant with online system. This category of shareholders have contributed to the capital of Tata Steel maybe 30, 40 years back and still staying with the company. As a satisfied shareholder, they are holding the shares with a firm belief that the Tata Group of Company policies are welfare towards employees, shareholders, and society. Now, on account of non-dematting of these shares, they have stopped getting their dividends. As these shareholders may be minuscule in number and may need handholding and get their shares dematted. Of course, there is a outsourced share service department, MUFG. It is expected that shareholders have to log their requirements on their website and they will receive one-sided reply from a mail ID called Do Not Reply to My Mail. Further queries are again to be logged. They do not have any independent email ID to receive shareholders' queries and to reply in the same thread and continue the further queries. Non-availability of email ID makes them to feel that they are corresponding with a non-responsive entity. Sir, I take your point. We will definitely look into this. Yes, sir. Offline, we will connect with you. This point, we can go to next. Another 2 minutes only, then I will finish, sir. They have to take up with the Tata Steel secretariats, whose staffs are very cooperative, patient, and try to resolve issue with human consideration. My suggestion is step towards shareholders is company may, if possible, identify senior shareholders whose dividends are pending for more than 2 years and who are in the age category of 60, 70 or more, and take steps to help senior citizen shareholders who are not being paid dividends by addressing a personal letter to their address where their dividend intimations used to be sent. Even 10% or 20% such shareholders are continued and helped their shares. In getting their shares dematted, it is a success and satisfaction for having helped few long-standing senior shareholders. If successful, this method can be replicated in other Tata Group of Companies. If these category of shareholders are helped by companies to getting their shares dematted. Otherwise, these shares will go to Investor Education Fund, which is not a very healthy indicator. As most of their lines are all the time busy. If possible, they should have one email ID to receive email from shareholders, investors to have a continuity in correspondence. There are mismatches in information provided in IER and websites of MUFG. If permitted, I will study the entire cycle and give a feedback to the registrar, Company Secretary's office, sir. Sir, my entire suggestion has emanated by my own experience in getting dematted only one company share TISCO which are allotted in physical format during Tata Steel rights issue in 2018. The process is on and I am sure the way which I am getting responses from the company's office this process will be completed. Thank you for the printed annual report sir. I thank Board. I thank Chairman, MD, CEO and Board members for having a patient wait for last two three hours. You are waiting. I am really very much thankful to you with patience. You are waiting and having given an opportunity to speak at AGM and express my view. Thank you sir. Thank you. Mr. Dinesh Bhatia. Hello. Yes sir. Am I audible, sir? मेरा आवाज सुनाई देता है, sir. हां, सुनाई देता है sir. First तो Chairman जी मैं आपको और आपकी entire team को धन्यवाद कहूंगा। Congratulations. आप लोग बहुत बड़ी मेहनत करते हैं। अच्छी मेहनत है जिसके हिसाब से ही हमारा जो share का आज ₹1 का हमारा ₹1 share आज market में ₹165.90 में close हुआ। यह हमारी company की प्रगति दिखा रही है। आप लोग की मेहनत दिखा रही है और मैं आपको उसके लिए भी धन्यवाद करूंगा कि आप शांति से जो इतने मेरे आगे जो 32 speaker आ गए सबको आपने शांति से सुना। यह भी एक हमारे लिए गर्व की बात है कि आप shareholder को respect करते हैं। Thank you for that. आज मुझे भी बोलने का मौका मिला है और इसमें आपके साथ बात करने का मौका मिला है। अभी मेरे आगे भी कई speaker होने का। मैं भी यह चीज एक repeat करता हूं। बाकी तो ठीक है कि आप हो सके तो sir यह hybrid meeting रखिए ना। तो hybrid रखेंगे तो हम आपको sir personally मिल सकते हैं। आपको मिलने का हमारे लिए साल में एक ही मौका है sir और हम मानते हैं कि अगर आप हो सके आपके under में जो यह हमारी अभी दो company जो बाकी है meeting 9 तारीख को Tata Communications है और 8 तारीख को हमारा Voltas है। तो अगर हो सके अगर Noel Tata भी इसमें meeting में बैठे हुए हैं, हाजिर है तो उसको भी मैं आपको भी request करता हूं। दोनों को कि आप हो सके तो एक meeting अभी अपनी last meeting जो है next week में उसमें आप hybrid कर दीजिए तो काफी लोग को आप लोग को मिलने का मौका, हमारे जैसे लोग को बोलने का मौका मिले। मैं Dinesh Bhatia मुंबई से बोलता हूं। आपका secretarial department को भी thank you कहूंगा और आपको भी thank you कि आपने हमें बोलने का मौका दिया। आपने 30 जन का जवाब दिया। बहुत अच्छी बात है। हमको कोई repetition करने का जरूरत नहीं पड़े। यह भी अच्छी चीज है कि और आपका department जो speaker number भी जो WhatsApp से भेज रहे हैं वह भी अच्छा है। हमारे लिए बहुत अच्छी चीज है कि हमें मालूम पड़ता है। secretarial department को भी मैं thank you कहूंगा उसके लिए कि बहुत अच्छा काम किया है। अभी मेरा sir आपको खाली दो तीन suggestion है जिसमें एक suggestion है कि हमारी जो finance cost है वह finance cost sir बढ़ रही है तो आप कुछ finance cost में कुछ control का कुछ कीजिए क्योंकि हम देखते हैं sir कि हमारा जो debt जो है वह बढ़ रहा है और हमारा जो standalone में जो debt है वह last year हमारा ₹36,715 करोड़ का था। यह साल का हमारा जो standalone जो borrowing है वह भी non current ₹51,040 करोड़ है और consolidated में तो और भी बढ़ गया है sir। तो बस मैं आपको खाली आप तो ऐसे expert है हमारे finance department में भी सब एक से बढ़कर एक। आप लोग तो काफी अनुभवी और इसके निशनात है। पर मैं खाली एक ध्यान जोड़ता हूं कि आप जो इसमें control थोड़ा करेंगे तो हमारे balance sheet के ऊपर काफी फर्क पड़ जाएगा। क्योंकि last year का हमारा जो consolidated का जो finance था debt था non current ₹51,576 करोड़ था। जो यह साल में बढ़ गया है सीधा 20% के आसपास बढ़ गया है ₹68,551 करोड़ हो गया है। जिसके कारण हमारी finance cost जो है उसमें ही हमारा काफी पैसा चले जा रहा है। क्योंकि आप देखेंगे तो हमारी जो finance cost है वह consolidated में जो last year sir ₹7,507 करोड़ था उसके सामने यह साल में थोड़ा सा control हुआ है। ₹7,340 करोड़ हुई है। जो हमारा काफी मुनाफा खींच जाती है तो आप उसके ऊपर control करेंगे। बाकी तो मेरा एक सवाल आपने शायद जवाब दिया अपना। अभी मैं वही शायद मेरे को समझ में नहीं आया कि foreign exchange जो है हमारा page number 317 में दिया है। Foreign exchange earning वह ₹7,266.71 करोड़ है। Last year ₹8,317 करोड़ था। लेकिन हमारा जो import outgoing है। Sir import outgoing जो दिख रहा है वो ₹37,210.4 करोड़ sir import outgoing क्या हमारा कि हमारा raw material import ज्यादा हो रहा है ना हमारा export कम हो रहा है। क्या है उसके बारे में थोड़ा आप जानकारी देंगे क्योंकि हमें लगता है कि इसमें काफी हमारा पांच गुना जो हमारा earning है उससे पांच गुना हमारा outgoing है। और यह भी चीज हमें जानकारी चाहिए थी कि हम जो amalgamation जो किया है काफी, जो acquisition किया है। जो page number 306 में दिखा रहा है। तो उसके हिसाब से यह जो क्या-क्या हमारा amalgamation, हमारा investment क्या है sir? के foreign में हमारा जो investment है वो कितना है और हमें income कितना है। थोड़ा इसके बारे में आप जानकारी देंगे। बाकी तो Tata Group के आप लोग सभी director, chairman सब लोग बहुत बढ़िया ही है। किसी के बारे में कुछ बोलना या उंगली चींदना, मैं सवाल नहीं पूछता हूँ। मैं खाली जानकारी चाहता हूँ। तो बस आप इतनी जानकारी देने की कृपा करना। और मैं हर एक resolution में support देता हूँ। company आगे बढ़ती रहे ऐसा हमारा wish है। Thank you. All the best. Mr. Sunil Kumar Modak. Hello. हाँ। I am audible, sir? Yes, sir. Hello. Yeah. Thank you. Good evening to everyone. Respected Chairman, Vice Chairman, MD, Secretary, employees of the Tata Steel and my fellow shareholders. Myself Sunil Modak joining this VC meeting from my residence, Kolkata. I congratulate the entire board of management and employees of Tata Steel for remarkable performance for the fiscal year 2024, 2025. I thank Company Secretary and his team for remarkable investor service and enabling me to join this meeting for speak something. Sir, 2 and a half hours all have already been passed since the AGM is started. Most of the questions have been already raised by my predecessors here, speakers, I am not repeating them. Sir, I support all the resolutions and cast my vote accordingly. I also pay my homage to sad demise of Dr. Naval Tata and as requested by the shareholders earlier for the factory visit. If it is arranged, please include me. Thank you. With this I conclude. Over to you. Thank you very much, sir. Mr. Jahangir Batiwala. Can you hear me, sir? Yes, I can hear you. Sir, very good good evening to you, sir. We are meeting after a long time, sir. Good evening, sir. Thank you. How are you, sir? It's been a long time since seen you and met you. I'm fine, sir. Thank you for asking. I feel glad to see you on this position. Sir, first and foremost, before I start anything, I should compliment you that you are sitting since last about almost 3 hours without a break, listening to everybody patiently and replying them. Sir, compliments to you. Chairman N. Chandrasekaran, Vice Chairman Mr. Noel Tata, MD T. V. Narendran, CFO Koushik Chatterjee, sir, Company Secretary, Parvatheesam Kanchinadham. I'm sorry if I'm pronouncing the name wrong. Other very distinguished dignitaries on VC platform. Fellow shareholders, good evening to all of you. My name is Jahangir Batiwala and a pleasure to address this august gathering. Sir, now just I would like to just share a small news that my father, whom you know, was a huge support. He just passed away in March. Very sorry to hear. Very sorry to hear. Very much, sir. Till the end, he was a very ardent supporter of Tata Group of companies. Yes. He was happy under your dynamic leadership that whole group was progressing. Honest, Thank you very much for your patient hearing, sir, and I wish you all the best for the future. Thank you. Thank you. Deepak Kumar Jaiswal. Deepak Jaiswal? Okay, can we go to the next person? Tarak Nath Chakrabarti. Mr. Tarak Nath. We seem to be missing Mr. Tarak Nath Chakrabarti. Mr. O.P. Kejriwal. O.P. Kejriwal? Hello, sir. Am I audible, sir? Yes, sir. Thank you, sir. Good evening, sir. Good evening. Good evening everybody attending this AGM. Myself Om Prakash Kejriwal, a repeated shareholder from Kolkata. Thank you, Sarji, for providing me the platform to speak something before you. Thanks to our secretariat department for helping me registration as a speaker shareholder. Especially thanks to Velona madam for calling me and taking my knowhow. Also thanks to our secretary, PK sir, for updating the speaker number during the AGM. Sarji, this is my third AGM only due to virtual, though I'm your very old shareholder. If possible, please follow this virtual AGM and next year also, so that more and more investor could participate in our AGM from different parts of the world and express their views. Sarji, I want to give thanks to you people for two things. First, for maintaining a dividend of INR 3.60 in a difficult business environment. Second, for finalizing the accounts on 12th May 2025, though you have 124 subsidiaries, direct and indirect, working in so many countries. Sarji, in Statement Account, our revenue as well as profit is down compared to previous year. In consolidated account, though our revenue is down, our EPS has improved to INR 2.75. Previous year it was negative INR 3.62 on face value of INR 1. Thank you, Sarji, once again for coming in profit. What is your expectation for coming quarter? Please share your view, sir. Sarji, I have few suggestion for CSR committee. Please use some of CSR fund to provide drinking water nearby your business points, nearby your factories and villages. Second request, please use some of CSR fund for betterment of cancer patients, because we know after corona disease, 1 or 2 member of each family is suffering by the disease cancer disease. Sarji, physical share. Hello. Am I audible, sir? Yes, you are audible, sir. Sir, thank you, sir. Thank you. Good evening, sir, and good evening to all the shareholders attending this virtual meeting at this platform. Already, this is a marathon meeting, and I think the 3 hours has been gone since the meeting started. Nothing about to say in the meeting, no query left in the meeting. Most of the queries has already been covered and spoken by the elders shareholders. Just there is a 1 query in respect of the IEPF, Investor Education and Protection Fund. इसमें sir बस एक थोड़ा सा यह कहना चाहते हैं कि मान लीजिएगा जो हमारे सात साल पहले कोई dividend आता था या किसी postman की वजह से मेरे घर में वो deliver नहीं हो पाया। तो वो क्या होता है कि shareholders का इसमें क्या fault है कि हमें कभी कोई notice नहीं आता या वो IEPF में transfer करने को चला जाता है फिर वहां से कभी नहीं आता। जब हमारे share demat में हैं तो उसकी verification जहां पर हमारा DP है, DP ID है वहां से भी verify कर सकते हैं कि क्या वो shareholder आज की date में active है कि नहीं है। तो company को भी थोड़ा सा यह एक step लेना चाहिए कि वो DP से भी confirm कर ले कि क्या यह shareholder वहां पर active है। Before sending the fund to the IEPF. तो एक मेरी request है और आगे के लिए सलाह भी है कि भाई इसको थोड़ा सा ठीक है physical shares में तो हो सकता है एक shareholder यहां से shift होकर कहीं और चला गया। वो company के पास intimation नहीं है। But DP में तो होती है कि भाई वो एक active है या नहीं है। तो इसलिए थोड़ा सा इसमें हमारा देखा जाए कि demat shareholders का fund कैसे वहां transfer हो जाता है। एक यह थोड़ा सा सुझाव है। बाकी तो सब कुछ अच्छा है। थोड़ा सा profit कम है तो एक question यह है कि भाई how do you reward in the coming days to the shareholders? यह थोड़ा सा बताएं and I would like to convey my best wishes to the company also for the coming days and hope for the best. Good day, sir. Thank you. Mr. Amit Kumar Banerjee. We seem to be missing Mr. Banerjee. Mr. Bimal Agarwal. Hello, can you hear me, sir? Hello. Yes, I can hear you, sir. Thank you. Thank you, sir. Good evening to all. I'll thank the company secretary, PKG, and informing me, like, each and every speaker getting over is informing that this is the speaker number is gone. Thank you, sir, also his team. Sir, Bimal also had spoken regarding the IEPF. I just want to know how many years, 7 continuous if you don't re-receive the dividend, it goes in the IEPF or suppose I have not taken the dividend of say 2018 or 2019. 1 dividend I have not taken it. The share also goes in the IEPF or dividend will go. I just want to know also what is the valuation of our company. That's all from me. Thank you very much, please continue with the video conference always. Thank you very much. Thank you. Mr. Ravichandran. Am I audible, sir? Yes, sir. Good evening, sir. Good evening. Good evening to the chairman and all, the other board members, and also those who are attending, physically as well as from outside. Sir, I may be digressing a bit. I registered for Tata Consumer AGM as a speaker. I sent the mail on. Sir, you. No, no, I understand, sir. Since you are the chairman there, I just want to bring it to your notice. I'm not getting into the details. I sent the mail on time, and I did not get the link. You know, when I checked, they said, "You're not registered," which was not correct. I'll look into it, sir. That's all. I want to bring it to your notice. That's it. I will come back. I'll look into it. Sir, my first point is: What was the need for changing the accounting policy to, you know, route it through fair value of fair value through P&L? What was the necessity? See, this year, you adjusted some INR 2,372 crore. Whether this is going to continue for a long time? This is my first point. Second point is this. Overseas recent report said overseas direct investment, you have transferred nearly $3 billion to your Singapore subsidiary. What is the purpose? Are you planning to acquire some companies abroad, or is it to fund the losses in your European subsidiaries? This is my second point. Third point is you mentioned last year about producing gallium, I think. What is the status of that, and what is its contribution to the top line and the bottom line? My fourth point is: You are lobbying with the government for anti-dumping duty on China, because China has been dumping in many countries. At the same time, you are also funding losses of your European subsidiaries. Though the Corus acquisition was made in 2007, the funding keeps continuing till date. Is there an end date to this? Because of all this, you know, you have been maintaining just INR 3.6 as dividend for the last 3 years. There is no upward movement in that. I've been talking about the bonus also. The company has not given any bonus for I don't know how many decades. In between, you came with 2 rights issues, but bonus has not been given to the shareholders. This is, bonus and higher dividends are, you know, relevant for long-term investors. I am a long-term investors. I don't, you know, just trade in companies like yours. For long-term investors, bonus and higher dividends are relevant. Motilal Oswal, you know, came out with an annual report, annual study last year, in which Tata Steel has been listed as a, you know, value eroder. This report came in December. Tata Steel has been listed under the category of value eroders. I don't know, what steps are being taken by the company to, you know, change this perception. I don't want to get into this, you know, share price and all because company doesn't have any, you know, role over it. My last point is this trade payable. Again, you know, beyond due date, INR 1,789 crores of trade payables is shown. There are no disputes, so I don't know why they have not been paid. Though the overall context, the amount is not sizable, but still, there is no dispute why the amount has not been distributed. This is my last point, sir. I wish the company to do better next year and also reward shareholders with higher dividends and probably a bonus. Thank you. Thank you, sir. Savita Rani. We seem to be missing Ms. Rani. Narendra Jhaveri. The chairman and other director. Uh. Sir, it is reported that iron ore price has gone down. We would like to know, is it a true or false? All our plant are dependent on the principal raw material of the iron ore. We would like to know, all plant dependent outsider supply or we have got our own mine? Secondly, you reported you are able to secure GBP 500 USA grant. Please can you let us know terms and condition and duration of the loan, sir? Will you please enlighten us about the duration of the loan? Sir, another things, you got a plant at Khapoli. Can you arrange the plant visit for the Khapoli nearby? It's all right, sir. Now, thirdly, physical meeting is permitted, sir. Larsen & Toubro and other companies hold a physical meeting. If you hold a physical meeting, there is no penalty, there is no punishment. Sir, you should take a lead in holding a physical meeting next year. It's all right, sir, for dividends. INR 3.60 for last three years it has been stagnant. You see, the inflation is going up. Shareholders are finding it difficult to make the both ends meet, dividends should be stepped up, sir. Sir, earning per share has gone down from INR 12 to INR 11. You see, with all this commissioning will improve or not, we would like to know, sir. Thank you. Wish you best of luck, sir. Thank you. Mr. Reddepalli Gundluru. Sir. Host, please enable video, sir. Yes, sir. Video sir. Okay, okay. Video high. Sir, I'll close one minute Narendra Jhaveri. Annual report is very wonderful. Annual reports I see. I received the annual report couple of days through the company secretary team. Thank you so much. Sir, corporate governance is very transparency. Thank you so much, sir. The thank you so much for entire the company secretary. I have only one question that is, sir, will there is we any metal which can replace steel? Any risk for the Tata Steel? These are my only view. Thank you so much for wonderful opportunity to speak in front of the professional board, proud board. Sir, please allow to plant visits. Sir, last year also we requested. Please think about that, sir. I would like to Parvatheesam Kanchinadham, sir, our company secretary, such a nice person. He's one of asset to us, sir. We have faith on the board, trust on the board. Go ahead and take appropriate decision to my company growth, sir. No questions. Sir, where is it? Where there is a trust, no questions. There is no questions. We have faith on you, sir. You are almost the supporting the Indian IITs also. Please continue the CSR through our India Hyderabad IIT also. Thank you so much, sir. I wish the good health to you. I pray God to give the wisdom, strength, happiness to entire your family members, our staff members, our company secretary peoples, sir. I don't have any question. Thank you so much for the patient hearing the all the shareholders. Namaskar. Reddepalli Gundluru from Hyderabad. Thank you and all the best. Mr. Gautam Nandi. We seem to be missing Mr. Nandi. Yusuf Rangwala. Sir, good evening, sir. Can you hear my voice? Yes, we can. All right. All right. Good evening, sir, Natarajan Chandrasekaran, sir. Sir, how is your health, sir? Today health is good. That is why you're smiling, sir, today. I'm very happy to see your health, sir. I pray every day to the morrow is going on. I pray for your health, sir. You are the asset for this company, sir. Sir, today I will come directly main point. Our PK, sir, company secretary, We are very lucky to have just like a Company Secretary, PK, sir. Sir, Noel Tata, Ratan Tata, our Vice Chairman, sir. How is your Vice Chairman, sir? Is he there, sir? Give my regard to Vice Chairman, sir. Is he there, sir? Our Noel Tata, sir. Good evening, sir. Sir, INR 3.60 dividend on face INR 1. Sir, our market had opened INR 160 or upper INR 166. Upper. Sir, U.K. business. We are having a U.K. business. Sir, we are having a Netherlands business. Sir, what are the total number of staff, sir? Total staff. Netherlands staff or U.K. staff. Or Chairman, sir. Factory visit. Jamshedpur, sir. That is a very excellent plant in Jamshedpur. Our friend. It is a world-class factory, sir, and well-managed by you, Tata Steel, sir. Sir, nothing more to add. I end my speech. Sir, today there are many speech, 3 hours have passed. Sir, I end my speech praying for your God. Sir, wishing you good luck and I thanks very much. Jai Hind, sir. Jai Hind, sir. Jai Hind. Thank you, sir. Adil Irani. Adil Irani. Hello, have I been on? I'm not with a message. Yeah. Have I been unmuted? I can hear you. Yeah, I can hear you. Okay. I can't hear myself. Thank you. Thank you very much for allowing me to speak. I'm a proud shareholder of the company. I don't question what takes place because that is my normal thing. I only invest basically in small Tata companies. Just like previous shareholders number 32, 42 and 45 mentioned about the Investor Education and Protection Fund. All this thing has started after the COVID, sir. I mean, we are not becoming younger. Okay. When you advertise in the papers, this 7-year, this money is going to go into the government scheme. All I request in the same advertisement, you can just put, the dividend which was declared in the year, say, in 2021 was deposited into your bank account on this particular date. All I have to do is check my bank account to see whether I have received dividend on. Sir, say at least move your head or something so I can locate. I mean, you're understanding what I'm saying? Because physically I'm not able to. No, I'm noting down. I'm noting down what you're saying. I beg your pardon? I am taking notes of what you're saying, Adil. Okay. Okay. Thank you. Thank you. No, no. It's just, as I said, we are all now 70 plus. Basically, only thing in the advertisement, all the company secretaries can put, okay, the dividend was declared, the percentage and it was deposited in your bank account on such and such a date. I mean, the previous shareholder also mentioned there are so many things now which are taking place basically. Okay, they are going to take our shares and all. They Anyway, I mean, and, I mean, he's a very good this thing, managing director. I hope he becomes the director of Tata Sons now. I mean, you. It's not. Okay Narendra deposit I mean that feeling of Mr. Ratan Tata no longer is there. It makes us really sad. I don't know why you all were not able to take care of him. What was the reason that nobody could take care of him? I mean, he was a Parsi and I mean, how could he die so young? It's a real sad thing. I mean, that's it. I mean, as I said, I don't question and that's it. Thank the company secretary, of course, and the whole team. I mean, he has been very nice. He's been telling us the speaker number one, two, three. We are ready by speaker number 52. Okay, sir. Thank you. Thank you. Have a good day. Take care of your health. Vimal Bhatt. Vimal Bhatt. Good afternoon. Good evening. Am I audible, sir? Yes, you are audible, sir. Honorable chairman, sir, respected directors, key managerial personnel, senior management, and my dear colleagues. Good evening. Thank you, PK and his entire team, as always. Excellent integrated annual report as always. As per my understanding and analysis, it is a mammoth task. Of course, it is a necessity in globalization, but great work by entire team. Hearty congratulations to the entire team. As a co-creation and collaborative efforts, I have only 3 observations. Board of Directors, page number 22, 23. Should we have a young independent director below 50 years of age as a part of succession planning in next 3 years? Second, executing with excellence, page 24, 25. Out of 20 KMP and senior management, only 2 women representatives. Is it in good proportion? Lastly, statement of profit and loss, page F 27. Fair value change on investment in equity shares, it's -INR 23,729 crores as compared to -INR 8,711 in previous year. What it reflects on the financial condition of such investment? Thank you very much for allowing me to share. My best wishes for a happy, fulfilling, growing, and peaceful life to all the stakeholders. Namaste. Satish Shah and Lekha Shah. We seem to be missing Mr. and Mrs. Shah. Mita Shah. Sir, आवाज आ रही है? हां, आ रही है, आ रही है। Hello. Hello. आ रही है, आ रही है। हां जी, हां जी। Thank you, sir. माननीय Chairman sir, श्री Noel जी और MD श्री Narendran जी और सभी उपस्थित मा- Not able to hear you, ma'am. हां sir, आवाज आ रही है sir मेरी? हां, अभी आ रही है। Thank you, sir. Sir, पहले मैं Company Secretary श्री पार्वती जम जी और उनकी पूरी Secretary team का मैं बहुत-बहुत आभार व्यक्त करती हूं कि आज हमें आपके साथ बात करने का मौका दिया और बहुत ही very good investor service देते रहे। आपके साथ जो AGM अभी चल रही है तो हमारे साथ अभी भी follow up कर रहे हैं पूरी team. तो मैं उन पूरी team की सराहना करते हुए मैं PKG के मेहनत और hard work की मैं सराहना करती हूं और पूरी team को मैं बहुत-बहुत good investor service की मैं धन्यवाद देती हूं। Chairman साहब हमारे आगे काफी सारे shareholders बहुत कुछ बोल चुके हैं, काफी questions भी हो चुका है। तो हमारा कोई अभी questions नहीं है, ना तो कुछ है। लेकिन आप जो company बहुत hard work के साथ जो चला रहे हो, वही हमारे लिए अच्छी बात है। Chairman साहब आपने जो dividend भी दिया है तो बहुत अच्छी बात है। बस हम आशा करते हैं कि हमारी company future में भी ढेरों तरक्की करके आगे बढ़े और dividend भी हमारा always बढ़ाते रहे। और बस हमारी always शुभकामनाएं आपके साथ है कि आप बस ऐसे ही good health well के साथ हमेशा आप future में ढेरों सारे तरक्की के साथ आगे बढ़ते रहे। यही मेरी शुभकामनाएं हैं। और हमारा always support भी रहा है। आज के सभी resolution में मैं support करती हूं। और Chairman साहब हमारी एक request है कि मेरे-- हमारे आगे कई speakers ने बोला कि visit के लिए और अपना bonus के लिए तो जरूर आप visit और bonus के लिए जरूर सोचिए। बाकी तो always support के साथ। धन्यवाद sir. चालू रखिए। भरत साहब बात करते हैं। चालू रखिए। अन्य Chairman श्री चंद्रशेखरन जी, आवाज आ रहा है ना? आ रही है, आ रही है। हां। माननीय Chairman श्री, अन्य माननीय Director sir, मेरा नाम भरत sir, मैं बरसों से issue time से आपका Tata Group का shareholder रहा हूं sir. और आज तो sir बहुत time हो गया है तो मैं ज्यादा time न लेते हुए, आपने जो dividend दिया बहुत व्यवस्थित sir है। खाली मेरी bonus के लिए एक request है sir और आप sir factory visit आप क्यों नहीं कराते? आपका सब Tata companies में आपने factory visit sir बंद कर दिए हैं तो factory visit जरूर करिए shareholder को। बरसों से factory visit कराते थे। मैं आपका Jamshedpur का plant भी देख के आया हूं तो जरूर factory visit कराने की मेरी heartily request है sir। और next year physical meeting रखिए या get together कीजिए sir। पांच साल से अपन रूबरू में नहीं मिले हैं sir तो कुछ रूबरू में तो मिलने का सोचिए sir तो जरूर रूबरू मिलिए sir। और next year physical meeting जरूर रखिए। और PK sir, पार्वती sir, PK sir की service best investor service sir दे रहे हैं। उनकी पूरी team best investor service दे रहे हैं। बहुत बढ़िया service दे रहे हैं। हमेशा shareholder को respect देते हैं। Shareholder की query solve करते हैं sir। और ये भी इसी माध्यम से भी उन्होंने उनकी team ने joining के लिए बहुत मेहनत की है sir। अभी भी मेरा number आने वाला था तो मेरे को पहला phone किया आपकी company sir से। तो मैं बहुत बहुत धन्यवाद मानता हूं PK sir की बहुत hardworking service को मैं सराहना करता हूं। बहुत धन्यवाद देता हूं sir। और sir आपकी health wealth अच्छी रहे। अपनी company बढ़िया प्रगति करे। बस भगवान ईश्वर को मेरी प्रार्थनाएं sir। Thank you very much sir। जय हिंद। वंदे मातरम sir। जय हिंद। वंदे मातरम। Thanks sir. Thank you Mr. Bharat Pratapsinh Negandhi. Mr. Negandhi seems to be facing network issues. Lata Negandhi. We seem to be missing Miss Negandhi. Mahesh Kumar Bubna. Hello. Yes sir. Sir, can you able to hear me? I can hear you, sir. Okay. Sir, first of all I will come on the issue of Investor Education and Protection Fund. You see this Investor Education and Protection Fund started few years back. Since my childhood when I seen that your share was I am a Calcutta based shareholder. I was living in Calcutta. That time Calcutta Stock Exchange was very much parallely doing business like Bombay Stock Exchange. People will not say the entire name of the Tata Steel. [Foreign language] Only Steel [Foreign language] Tata Steel इतना famous था। तो अब बताइए उस time से लोग share में deal करते थे। उनका पैसा safe रहता था। Dividend अगर unpaid भी है तो उनका पैसा safe रहता था। उनका share भी safe रहता था। ये 1991 के बाद से ही सारा लफड़ा चालू हुआ। और उसके बाद में जब से internet based और ये सब जब आया तो कभी भी कोई कानून जो बनता है वो अपने आप नहीं बनता है। Ministry को भी सारा कानून बनाने का कुछ मालूम नहीं होता। उसका भी base होता है। क्या तो court में कोई case वगैरह हो, क्या कोई litigation आता है, कोई disputed correspondence होता है Ministry के साथ या कोई ऐसा market में कुछ union वाले लिख करके भेजते हैं suggestion के हिसाब से। या फिर professional Institute of Company Secretaries of India, Institute of Chartered Accountants of India ये सब जो professional जो है वो लोग government को suggest करते हैं कि आप ऐसा करिए। तो ये सब हुआ था। Government के interest में नहीं हुआ है। Investor Education Protection Fund हुआ कुछ लोगों के समझाने पर हुआ। तो ये professional लोगों की बेईमानी थी। जो ऐसा कर दो तो हम लोग काम नहीं करेंगे companies में। हम लोग का काम कम हो जाएगा। अब 20 साल का record किसी company का dividend है या उसका share है तो इसको government में भेज दो। ये सब suggestion किया गया था। तो इसके चलते investor मर गया। और slowly small shareholder अब कम होते जा रहे हैं। और बड़े बड़े corporate sector और foreign वाले आते हैं। तो अब बताइए अगर ऐसा रहेगा तो क्या परिस्थिति होगी? आपके ये सब Investor Education Fund में जाने का मतलब है कि उसका सारा property गया shareholder का। मैं एक बात बताता हूं। मेरे पास एक record है। Last year ITC में मैं थोड़ा late हो गया था apply करने में। आपके यहां Tata Steel में तो मैं दो दिन पहले भेजा मेरा। ये लोग accept कर लेते हैं। कोई दिक्कत नहीं है। मेरे को link भी भेज दी है। लेकिन ITC में। साहब सुन रहे हैं मेरा बात। Yes, yes. You are not concentrating on my point. No, I am listening to you. I am listening to you about your ITC last year. Okay. You got delayed. Last year ITC में मैंने apply किया था कि मैं भी बोलूंगा। तो वो लोग हमारा नाम consider नहीं किए। तो तीन-चार दिन पहले मैंने CR department का जो incharge है Tunal Ghosal उसको मैंने phone किया। तो वो बदमाशी से क्या किया मेरा phone को receive करके रख दिया। बात नहीं कर रहा है। फिर मैं line cut करके फिर जोड़ाया। तो फिर वापस वही किया। तो मैं बोला अच्छा ठीक है। मैं microphone लगा करके उसकी बात सुन रहा था। तो तब पता चला कि वो अपने staff लोग के साथ बैठ करके meeting कर रहा है AGM के पहले। तो उसमें बात कर रहा है कि तीन-चार दिन के बाद तो AGM हो जाएगा। तो investor education fund में जो पैसा जाने का है सात साल के बाद का वो सब चला जाएगा। तो हम लोग का काम बहुत easy हो जाएगा। वो मैंने record कर लिया। मेरे phone में recorded है। तो अगर इस type का corporate sector में अगर इस type की problem create करें shareholder के साथ तो shareholder का दिल कितना दुखेगा। आप बोलिए मेरे को। मेरे पास record है। Phone का record है। मैंने record करके रखा हुआ है। मैं आज ही खाली ये disclose कर रहा हूं आप लोग को। मेरे पास है record. तो उसकी voice मेरे पास recorded है। तो कंपनियों में अगर इस type से है तो आपकी तो बहुत सी company है। आप तो India की top corporate sector है। इतनी सारी company है। आज India में नाम है। आप लोग government को representation करिए कि यह सब चीज ठीक नहीं है। आप इसको cancel करिए। मेरे को मालूम है कि investor education का fund का पैसा maximum professional लोग उठा-उठा करके खा रहे हैं, मजा कर रहे हैं। मैं एक example दे रहा हूं। Institute of Company Secretaries के कुछ लोग मिलकर के हबड़ा chapter एक तो unit बना लिए private. उसकी photo मैंने देखा था Facebook में। मैं नाम नहीं disclose करूंगा। पर वहां पर वो investor education का पैसा उठा करके मौज कर रहे हैं। Maximum वही हो रहा है Institute of CS में। Unit बना ले रहे हैं separate private-private institute के नाम से और donation उठा-उठा करके property खरीद ले रहे हैं और वहां पर office बना करके library खोल दी है। Classes, coaching class कर business चल रहा है। और investor education से पैसा उठाकर बताते हैं कि हम लोग तो investor को education दे रहे हैं। उसका photo, student लोग का photo उठाकर बोलते हैं हम लोग का education है। यह सब चल रहा है। पूरा दो नंबरी धंधा। कितना दिन चलेगा? एक litigation आपकी annual report में है 1973-74 का litigation तक है। तो सात साल बाद में आप लोग क्यों नहीं ऐसा कानून बनता कि जितना भी litigation है बंद करके जो पैसा है government को दे दीजिए with full interest. वो कानून भी होना चाहिए। जब promoter लोग को यह कानून बनेगा तब आग लग जाएगी दिल में कि यह क्या हो रहा है। खाली shareholder का पैसा पॉकेट जाता है। Professional लोग काम नहीं करना चाहते। आपकी company में overstaff है। इतना heavy overstaff. सब कुछ computerize हो गया। तो आप लोग यह सब चीज को क्यों नहीं control करते हैं। Mismanagement है। अभी चार दिन पहले मैं एक Oncube YouTube पर एक तो video देख रहा था। वो ईरान और ये सब war और ये सब दंतमान। Deepak Sharma कभी आता है, Ashish Chanchlani कभी आता है। बहुत दिन का मैं सभी deal करता हूं। तो उसमें court का भी करता हूं। Samachar Express. तो अब बताइए daily मैं discussion होता है, मेरा भी note होता है online. तो अब बताइए उसमें बोला गया था कि Tata Chemicals का ऐसा person बता रहा था, professional आदमी जो कि debate में आया था, online debate में आया था। वो बता रहा था Tata Chemicals वाले अपना promoter interest के लिए सारा वो उसका कचरा dump उठाकर के सारा 32 village में throw कर दिए। क्योंकि वहां special वो chemical अपना-अपना यह करने के लिए। उनके यहां कोई यह compliance बोलकर कुछ नहीं है Tata Group में। बहुत सारे का ऐसा case है मेरे पास में। वो बता रहा था। तो अब बताइए compliance बोलकर है ही नहीं कुछ। ITC का example दे दिया। Government ने एक तो कानून बनाया था। Ministry ने circular issue किया था कि आप लोग जितना भी physical share है वो physical share को escrow account में बनाकर के डाल दीजिए। Demat में रखिए उसको। और जब कोई shareholder अपना detail देगा demat का, आप उसमें transfer कर दीजिए। तो कोई company ऐसा नहीं किया तक। बार-बार छह-छह महीना से extension होते जा रहा है। अगर बड़ी-बड़ी organization अगर ये सब नहीं करेगी तो छोटे-छोटे company तो करेंगे ही नहीं, कभी भी नहीं करेंगे। इन सारे professional लोग का एक अड्डा है institute जहां से सारा ये सब काम होता है shareholder के against का। अब बताइए तो इस ढंग से shareholder तो face करते हैं। Face करते हैं professional लोग के चलते। मैं एकदम खाली बात बोलता हूं। मैं गलत बात नहीं करता हूं। सारा market का report बता रहा हूं। मैं कभी नहीं बताना चाहा आज तक AGM में। तो अब समझ लीजिए आपको अगर अपने shareholder से अगर दया है, उनसे प्रेम है, लगाव है तो आप लोग क्यों नहीं demat account खोल लेते हैं? Physical share को उसमें क्यों नहीं डाल देते हैं? और shareholder को क्यों नहीं लिखकर annual report में बड़ा-बड़ा अच्छे से headline में लिख करके भेजते हैं कि अगर आपका demat account है, आप demat का detail दीजिए। Same नाम same address सब कुछ same रहेगा। हम लोग को bank account वहां से मिल जाएगा। We will transfer your unpaid. तो उसका share भी बच जाएगा। Why you are not doing this? मेरी बात सुन रहे हैं, समझ रहे हैं तो। तो shareholder को interest नहीं देखिएगा तो share company चलती कहां से है? Shareholder के पीछे चलती है। Promoter का share कितना है? 33%. उसमें भी आपका Tata Sons का 31% है। और एक बात हमको बताइए कि जब 90 के पहले आपका 4% holding था Tata Steel का तो उस time पर market में बहुत चर्चाएं हुई थीं कि 4% equity में Tata Steel चल रहा है। Promoter 4% में अपना यह दबदबा बना रखा है। तब slowly slowly आप लोगों ने उसको increase किया share capital को और उस time ₹100 का share था जो 90 के नीचे है। ₹10 discount में market में चलता था। फिर आप लोगों ने capital बढ़ाकर के धीरे धीरे slowly slowly आपने उसको split किया ₹10 को ₹10 में 100 को और फिर आप लोगों ने right issue लेकर के आए और अब आप देख लीजिए कि आपका right issue 92 में आया, 2007 में आया, last 2018 में आया तो उसके बाद आप लोगों ने पैसा raise किया और उसमें आप अपना stake बढ़ाया, कुछ कुछ market से purchase करके बढ़ाया। लेकिन आपका bonus कितना हुआ? 118 साल का company में आपका bonus कितना हुआ? First bonus issue हुआ था 1959 में, second bonus issue हुआ था 1967 में, third bonus issue हुआ था 1981 में, fourth bonus issue हुआ था 1987 में, और last bonus हुआ था 2004 में। उस बात को भी आज 22 साल हो गया bonus issue को। तो क्या company का shareholder का पैसा ऐसा ही है क्या? कितना dividend देते हैं आप? आज market में value क्या है आपकी? ₹160 जो भी इतना 84,000 Sensex में तो अब बताइए मैं तो बचपन से ही shareholder हूं Tata Steel का। मेरी पूरी family है। जब मैं छह सात साल का था तब से मैं समझता कि हां हम लोग का shareholding है Tata Steel में। तो अब बताइए कैसा दुख होता है किसी आदमी को कि मेरा सारा जिंदगी आज मैं 70 के करीब हूं तो अब बताइए अगर Tata Steel का यह अवस्था देखता हूं तो मेरे को तो रोना आता है। नए नए लोग आते हैं नए नए आपको ज्ञान दे देते हैं। वह Reddepalli Gundluru अभी आपको इतना thanks दिया हम तो बोलते हैं shareholder fund से उसको बड़ा सा rose flower का गुलदस्ता देना चाहिए। मैं किसी को thanks नहीं बोलता except God because all people are the puppet of the — all this living people on this world is the puppet of the God. मैं अगर किसी को thank दूंगा तो खाली God को दूंगा। अब चले आए अपने और दूसरे काम की बात की तरफ तो अब बताइए 33% में भी आप लोग company चला रहे हैं और कम से कम यह 118 साल की company है और 115-18 साल की हम last year लिखे थे detail आपकी subsidiary associate company की। बहुत से shareholder बोले आप merge क्यों नहीं करते तो क्यों नहीं करते merge? खाली foreign company को छोड़ कर के बाकी सब को merge कर दीजिए तो सारा accounts उसका main stream में आ जाएगा Tata Steel के main stream में तो उसका तो main stream का अलग से आप account बना कर देते हो उसमें affect हो जाएगा properly तब actual condition सबको मालूम होगी कि Tata Steel की यह condition है। Last year मैंने जब Larsen & Toubro में join किया था तो last year chairman change हुआ था। S. N. Subrahmanyan आए थे उनके पहले जो chairman थे A. M. Naik के बदले में तो वह मेरा काफी लंबे time के बाद में मेरा speaker था तो वह बार बार बोलते हैं कोई shareholder ज्यादा question मत करो। दो तीन question से বেশি मत करो। मेरा brain काम नहीं करता। मेरे brain में इतना question आता नहीं है। मैं इतना रख नहीं सकता brain में। अब बताइए एक मैंने कहा कि you are a mad person, you are a mad person. अगर आपका brain नहीं है तो आप Chairman कैसे बन गए, MD कैसे बन गए? तो आपको Chairman होने के लिए 25 subordinate staff चाहिए। आठ Executive Director, nine Independent Director, six professional, one CFO, one Company Secretary — 25 people। ऐसे Chairman और MD की जरूरत नहीं है company में। हम लोग दूसरा एक दो आदमी को रखेंगे, वो पूरा काम संभाल लेगा। तो इस type की बातें हम लोग सुनने को मिलती है corporate sector से, तो कैसा लगता है shareholder को? आप भी हमको नहीं बोलने देते थे। मेरा video cut दे देते थे। मैं तो अब यही कर लिया। मैं तो कोई meeting में नहीं आया। आपका Tata Motors में नहीं आया, इसमें नहीं आया, Tata Consumer में किसी में नहीं आया। मैंने तो अब यह decide कर रहा हूं कि जो कुछ है orally नहीं बोल कर के black and white में बोलना है। तभी समाधान होगा और वह जो black and white करेंगे वह public forum में ले जाकर के रखेंगे, government department में रखेंगे। वही सबसे better होगा क्योंकि जैसे गोदी मीडिया गोदी मीडिया हो रखी है वैसे गोदी shareholder हो रखे हैं AGM में। वह बोलने नहीं देते हैं। कोई बोलता है अरे हमारे chairman तो ₹90 करोड़ का flat खरीद लिए। कोई बोलता है वह Dinesh Bhatia बोलता था मेरे लिए कि आप उसको इतना देर क्यों बोलने देते हैं। अरे वही constitution बनाया क्या है India का, वही Companies Act बनाया क्या? ऐसे ऐसे लोग गोदी shareholder आकर के सब बात करते हैं। फालतू फालतू meeting में आकर बात करते हैं। meeting का मतलब क्या होता है? आप इतनी बड़ी इतनी INR thousands of crores की company चला रहे हैं company वह भी 33% stake में जिसमें foreign का पैसा है। 70%-80% कितना foreign stake है। financial institution का 18%-19% है public का है तो उसकी कोई value नहीं है। The financial institution ki, bankon ki, ye sab ki jo hai public ki money, woh public money hai. Toh ye sab shareholder ka mazak karna bade post par ho k करके, ye sab shobha nahi deta. This is 21st century. 3rd World War hone wala hai. 2025 mein sure World War hone wala hai. Puri duniya change ho jayegi, likh lijiye. Aapka foreign ka jitna bhi investment hai. Sir, sir, I understand. Sir, I understand. Shareholder ki value rakhne ki koshish kariye. Main toh yahi bolta hoon. Sir, I understand. Maine last year aapko show cause notice diya tha. Aap jawab diye? Aaj tak nahi diye. Sir, I understood. I think you made your point, and we have to move on. Thank you. Main game mein aaunga toh achcha rahega phir. Thank you. Main ek bhi letter nahi likha sal bhar mein. Sir, thank you. You have made your point, and we have noted your point. Next shareholder. Dekhiye- Prakash Chand- Ye- Prakash Chand Galada. Mr. Galada seems to be facing network issues. Mr. Daiten. Sir, can you hear me? Am I audible? Yes, sir. Yes, sir. First of all, I congratulate the management on the eve of annual general body meeting. Sir, trust all is well with you and your family. After completing more than a decade of successful operations, profitability, and becoming one of the strongest brand in the respective segment. I would like to know, as of date, how many employees are there in the company, sir? What are the steps being taken by the management to reduce the other expenses, legal professionals' others, and the audit fee? Myself and my team are running a legal firm in the name and style of Seven Oaks Associate in Chennai. I request the management to kindly enroll the firm in the employment of the company, and we will be glad to extend our services. I would request the management to kindly arrange for a plant visit for the investor fraternity, sir. More than 60 speakers have already covered most of my questions. Your reply also was really enlightening, and your Chairman's speech also covered most of our question. I shall not repeat the same questions again in the interest of time. I just congratulate the entire secretarial team for having conducted the virtual meeting in a well-organized manner by giving all input to the shareholders time to time. I really appreciate their hard work and sincere effort, and we are really thankful to the entire Board of Directors for the sincere efforts in bringing the company to this particular extent and rewarding the minority shareholders in large numbers. I wish the company and the board of directors a great success and prosperity in the coming future. Thank you for giving the opportunity, sir. Hope to see you in the hybrid AGM next year. Thank you very much, sir. Thank you, sir. Mr. Jaiswal. J- Mr. Jaiswal? I think with that we come-. Mr. Jai- Yeah? Mr. Jaiswal seems to be facing network issues. Okay. With that, we have completed the section where the shareholders, they have given their views. I had answered the questions up to questions raised by up to shareholder 30. The remaining I'll try to answer now. Mr. Pramod Rungta. See, the cost of land and the land revaluation is not possible because all our lands are in the industrial area with a long-term lease. It is not possible to do that. Venkatesh Mahale, I think many people have raised this issue on this IEPF. We are doing the best we can, and it's a government regulation. We'll try to take it up again with the Government. All those shares which are not demated and where the shareholders have not taken the dividend for seven years, only after that it goes to IEPF. Anyway, many concerns have been raised, and we will see what is the best we can do. Also, there was a very good suggestion made by one of the shareholders. We will see what we can do in terms of doing the analytics in terms of individual shareholders and then see what is the best support we can do, not only in Tata Steel but across the group. This is an issue that we will try our best to address. Dinesh Bhatia, I think you talked about the debt. See, the debt in standalone is primarily because we are, we brought the foreign debt into Anso. On the foreign exchange, I think, the amount of export we do is very less because our raw material import is very significant from abroad, especially coal. Whereas the exports that we do is very little. We do only about 8% of our exports, of our steel, to exports. Mr. Bhattiwala, thank you for your comments, and very sorry to hear about the passing of your father. CapEx, we are roughly running about INR 15,000 crores a year. That's likely to continue. Defense sector, currently we are not doing much because there is not many opportunities. Hopefully, Tata Steel will get opportunities in the future. Mr. Kejriwal, thank you for your compliments. Drinking water you mentioned, Tata Steel is doing a lot in terms of providing drinking water in all the areas where it is present as a CSR initiative, but we'll try to increase that. Cancer is a big theme supported by the group, not only Tata Steel. Tata Trusts do significant amount of work to help the cancer patients. Tata Steel also works closely with Tata Trusts. If there are anything specific that you have suggestions, we'll definitely look into it, but the group has made significant investments in cancer care. Mr. Anil Mehta, you asked about the impact of trade war and steel tariffs. The only impact we have is the U.S. tariffs. We export about 100,000 tons of steel from Netherlands. 1 million tons of steel from Netherlands to the U.S., and we will see where it ends, otherwise, that will be an impact that we have to deal with. Otherwise, the rest of it doesn't directly affect Tata Steel. Mr. Ravichandran, the accounting policy change is primarily to reflect the value of the investments that we had made overseas. To represent it the fair value, we had to revalue that investments, and that is why we have done that, and that's accounting policy that we had to adopt. Now the value that is reflected is a fair value of those investments. The way it has been done, there is no direct impact on the financial statements, and it has been done through the OCA route. Then your question in terms of the investment in the Singapore subsidiary, that INR 3 billion, was primarily to onshore the offshore debt for better rates and better management. Motilal Oswal report that you said, we'll certainly look at it. Last year, I had not talked about Gallium, I talked about Graphene, but that business is very, very small. Still very, very small to make any impact at this point in time. You talked about how long we are gonna be funding Corus. I think the transformation that we are going through to make it a electric arc furnace, with that, I think we shouldn't be making losses going forward, and that's what we will aim to achieve. In terms of Mr. Narendra Jhaveri, the GBP 500 million, we will get it during the course of this program, which should end by end 2027. Dividend stagnant, I understand that. This was also made by Mr. Ravichandran. Tata Steel is also a long-term promoter of this company, so our aim is to always see how we can give better returns. Hopefully, with the capacity that has been added in India and the U.K. problem getting resolved, we should see much better performance going forward. Thank you, Mr. Reddappa. Thank you, Mr. Rangwala. Mr. Adil Irani, your suggestion on IEPF on how we can publicize it in advertisement, et cetera, noted. Company secretary will do the best he can. Mr. Vimal Bhatt, your suggestions on independent director, and also more women in the management is noted. Mr. Bharat Pratapsinh Negandhi, thank you for your comment. Mr. Mahesh Kumar Bubna, we noted your comments on IEPF and the general issue that you face. And your point of view is noted, but we will see what is the best we can do. This is something that we've got to work with the government. Mr. Jai Chand, thank you for your comments. We've noted your comments. With that, we have completed the shareholder session. Now, I would like to authorize Mr. Parvatheesam Kanchinadham, Company Secretary and Chief Legal Officer, to conduct the remote e-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 two working days from the conclusion of this meeting, and the same will be intimated to the BSE and the NSE and also uploaded on the website of the company under NSDL. I thank the shareholders for attending the meeting and for their continued support. I also want to thank the directors for joining this meeting remotely. With your consent, all the board members and I would like to leave the meeting now, and I would like to give my best wishes and wish all the shareholders a stay to stay safe and healthy. Good evening. The e-voting was kept open for 15 minutes, as was 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, along with the scrutinizer's report, will be declared within 2 working days from today. With this, I declare the meeting as closed. Thank you.

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