The annual general meeting (AGM) of IFFCO is going to take place on Monday, 16th May in NCUI auditorium. According to IFFCO sources there are about 950 delegates in which about 750 are expected to participate.
AGM of cooperative societies are important function as crucial issues are discussed and passed only in this meeting. There is euphoria in IFFCO as the fertilizer major has earned record profit in this financial year.
Following its tradition of sharing its profit, the board had earlier decided to reward each delegates with Rs 5 for each tonnes of fertilizer sold. For those who could not sell ,the board has decided to give them 2 per cent of its equity. It means a society who has Rs 10 lakh equity would get Rs 20 thousand.
The delegates are also going to be given imported gold coin, each roughly costing Rs 12500.
Iffco sources said that these pay-outs are over and above the bonus, cooperative giant has been giving to its member societies for past ten years.
The major agenda for the AGM is once again dual membership of societies with both IFFCO and Kribhco. Delegates have made acrimonious demand to oust them who are still attached to Kribhco. The General Body decided to ask them to surrender one, no matter be it iffco.
This time again the issue is sure to acquire heat. In rather disgraceful manner, Kribhco Chairman Baghchi Bhai Patel was returned his IFFCO share leading to further deterioration in relation between the two.
Strangely enough, about 80 per cent of societies are still holding dual membership.
The entire procedure of AGM is generally mechanical in Cooperative Organization. By the time the Managing Director or Chairman leaves his place on the dais to address the meet, resolutions are through. Let us hope IFFCO breaks the ice and make the process truly democratic and member driven.