Suzuki Attends First Maruti AGM Post Public Issue

New Delhi, July 27 | Updated: Jul 28 2004, 05:43am hrs
Maruti Udyog held its first annual general meeting on Tuesday after going public, amidst protests from some shareholders over the quantum of dividend for the year 2003-04. The company had declared a dividend of 30 per cent.

The proposals regarding the appointment of various directors on the board were passed. Marutis parent Suzuki Motor Corp chairman O Suzuki had flown down from Japan for the AGM. Mr Suzuki is also a director on the Maruti board.

When contacted, a company spokesperson said all items on the agenda for the AGM were passed by the shareholders. Amongst the proposals which were cleared were the re-appointment of directors such as Junzo Sugimori and Kinji Saito. Appointment of independent directors such as RC Bhargava, Kumar Mangalam Birla and Manvinder Singh Banga was also passed by the shareholders.

Mr Shinichi Takeuchi was re-appointed as the joint managing director of the company for a period of three years.

Subsequent to government nominee Mr Pradeep Kumar resigning from the board, appointment of Mr SV Bhave, joint secretary in the heavy industry ministry, was also taken up.

Maruti Udyog also passed a resolution proposing that independent/non-executive directors should be suitably remunerated by way of commission not exceeding 1 per cent per annum of the net profit of the company, subject to a ceiling of Rs 40 lakh per annum.