Cochin International Airport Limited (CIAL) 19th Annual General Body Meeting
The 19th Annual General Body Meeting of Cochin International Airport Limited (CIAL) was held under the Chairmanship of Hon’ble Chief Minister of Kerala, who is also the chairman of CIAL. Besides CM, the AGM was attained by Ministers Shri K. Babu, Shri. P.K. kunjalikutty, Directors shri.C.V. Jacob, Shri.Yusuf Ali, Dr.P Mohammedali, Shri.N.V. George, Shri.E.M. Babu and Managing Director Shri.V.J. Kurian IAS.
The AGM approved the Balance Sheet and Profit & Loss Account of CIAl for the financial year 2012-13 ended on 31st March 2013. In the current fiscal, company registered a revenue of Rs.306.50 crs as against Rs.276 in the last fiscal and this is a growth of 11% in the turnover of CIAL. The expenditure of CIAL in the current fiscal was Rs.164.28 crs which showed a gross profit of Rs.142 crs. After tax and depreciation, the net profit was Rs.111.41 as against Rs.102.03 which is over 9% increase in the net profit of CIAL. The company also declared 17% as the dividend which was the highest in the CIAL’s declared dividends. The Chairman also highlighted the fact that while CIAL’s paid up capital was Rs.307 crs, with the present payout, CIAL would have paid over Rs.338 crs in dividend over the past years, thus ensuring that the entire share capital put in by the investors have already been repaid to them in full, which is a huge achievement and esp. mentionable in the PPP model.
The AGM approved the reappointment of Director C.V. Jacob, M.A. Yusufali, Dr.P.Mohammedali and also approved the resolution to seek the approval of the Central Govt. to declare them as non-retiring directors for a period of 5 years from the date of reappointment. The Chief Secretary of the State Shri.Bharat Bhusahn IAS was also appointed as Director of CIAL.
The proposal of CIAL to grant shares to the minority shareholders in 1:1 for minority shareholders (shareholders who have upto 2000 shares) and to other share holders 2000 shares irrespective of their holding, was opposed by the Public Sector undertakings like HUDCO, Air India, IOB, SBT, BPCL etc. who wanted proportional rights issue. In this regard the Chairman stated that these public sector undertakings would be taken into confidence and the matter would be sorted out amicably. Moreover, the Chief Minister also took strong note of a paper report which stated that such move would lead to dilution of stake holding of the state. The Chairman stated that this matter would be explained in an all party meeting to be scheduled soon. After clearing all doubts and arriving at a consensus with the Public Sector undertakings, the resolution would be taken up in a separate extra ordinary general meeting and would be forwarded for approval. He stated that the small and minority shareholders were the primary supporters of this project and their support and contribution are to be recognized and it is the state desire and the unanimous decision of the CIAL Board to acknowledge such commitment made even when the project was just in papers.
The Chairman also stated that CIAL would also consider participating in the bids invited by the Airports Authority of India for management, development and operation of airports in various parts of the country. He also emphasized on the new terminal coming up.
He also pointed out that even though Air Kerala could not take wings due to the restrictions imposed by the present policy guidelines of the Civil Aviation Ministry, even the Ministry has now considered that such restrictions are not very healthy for airline development and hence we have requested them for making suitable modifications. If the proposals are accepted, Air Kerala could also take wings.
Chairman’s Speech also indicated that the rehabilitation programme of CIAL for the house evictees are reaching a completion stage and the others would be given a livelihood offer within the coming year.