Tata Motors chairman Cyrus Mistry on Tuesday asked his unhappy shareholders to be patient as the company is passing through a tough turnaround amidst global uncertainty which may even impact its highly successful British operations under the JlR brand.
“Shareholders should have to be patient about Tata Motors. Please don’t expect big bonuses and dividends too early. I know that 0.20 per cent for the fiscal year 2016 is embarrassing. But it’s a signal of better times to come,” Mistry told the shareholders at the 71st AGM of the company here this evening.
The company on Tuesday declared a dividend of 20 paise for ordinary shares and 30 paise for ‘A class shares, which will be paid out of its reserves.
It can be noted that for the first time in 14 years, Mistry had told irate shareholders at the last AGM that the company was not in a position to pay dividends for 2014-15, a decision he had termed as painful. The company had declined dividends for two consecutive years in 2000-01 and 2001-02.