Bidding Adieu
During the decade and a half of my association, the company went
through periods of heady heights and depressing lows. But the Promoters and the management
were unflappable.They were steadfast in their adherence to values. I particularly remember
the dark days when the company had to go through the process of Corporate Debt
Restructuring.
Dear Shareholders,
It is said that all good things have to come to an end. How true it is
in case of my association with NCL Industries Ltd.! As you may be aware, my tenure as an
Independent Director and Chairman comes to an end on 27 September 2024, and it is time to
bid adieu.
It all started in the year 2008 when Mr. Ravi invited me to join the
company's Board as an Independent Director. It was an offer I could not refuse. As an
investment banker onstraints watching the company, I had developed a regard and admiration
for the NCL group. It was not a large corporate by way of size or operations. But it was a
group with strong core values and ethics of corporate governance. I had no hesitation in
accepting the offer, though it would lose a potential client as an investment As years
passed by, my admiration and regard were only reinforced. The Promoters never tried to
impose their will. On the contrary, they would drop pure business proposals with no
personal interest, which they considered beneficial to the company, on the sole ground
that the Independent Directors thought otherwise. This was a tacit acknowledgement of the
fact that independent directors represent the interests of non-promoter shareholders, and
their views need to be respected. Here's a Company which understood the philosophy
and the purpose behind the institution of Independent Directors. During the decade and a
half of my association, the company went through periods of heady heights and depressing
lows. But the Promoters and the management were unflappable.They were steadfast in their
adherence to values. I particularly remember the dark days when the company had to go
through the process of Corporate Debt Restructuring. When the lenders forced the Promoters
to infuse funds through a Preferential Issue of Shares which actually was a Sufferential
Issue, the Promoters willingly obliged by raising private funds at personal risk. This
spirit of trusteeship for the common shareholder is a feature which sets them apart. Bold
and innovative financial management entailing expansion plans coupled c
withretirementofdebttogetoutofrestricting imposed by the CDR mechanism helped the company
to make a spectacular turnaround. I had the privilege of working alongside some
outstanding individuals in the Board of NCL. The meticulous financial acumen of Late Mr.
Kanna Reddy, the sage advice of thatI banker. veteran business expert Mr. Anand whom I
succeeded as chairman, the incisive questions of scientist the imposing soldier Gen.
D'Cunha enriched my experience and leave me with fond and pleasant memories of my
tenure in the Board.
And to you my dear Shareholders, I will always cherish the co-operation
and goodwill that was extended to me in ample measure.
| Thank you. |
| Kamlesh Gandhi |
| Chairman |