Kerala: Amid service decline and mounting losses, Kannur airport AGM to be online again
The ongoing crisis at Kannur International Airport is marked by reduced services and growing financial losses, compounded by a lack of Comptroller and Auditor General (CAG) audits since 2017. The annual general meeting (AGM), crucial for the 18,000 shareholders to address these issues, will once again be held online.
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FollowKannur: The crisis at Kannur International Airport seems unending, with a reduction in services and increasing financial losses. Since 2017, there has been no audit by the Comptroller and Auditor General (CAG), and the company’s financial transparency is questionable. The annual general meeting (AGM) is typically the platform for the 18,000 shareholders to discuss and question such issues.Â
However, since 2021, due to COVID-19, the meetings have been held online, and despite the pandemic's decline, this practice has continued. This year, the AGM is scheduled to be held online on September 23, and the company has only published the notice in the CPI(M) mouthpiece.
Shareholders of Kannur Airport Company have objected to the company's decision to conduct its annual general meeting online once again. They accuse the company of using this format to avoid answering questions. In protest against this decision, a group of shareholders gathered in Kannur.
Online meetings are only viewable for about 10 to 20 minutes, with a capacity for around 1,000 participants. Shareholders are limited to asking questions if they are among the 20 selected, according to shareholder CP Saleem. The criticism is that this setup is an attempt to avoid direct shareholder participation and limit questions on various issues. In protest of the online format, a group of shareholders gathered in Kannur, aiming to highlight the company’s shortcomings to the Ministry of Civil Aviation. The annual general meeting, which is chaired by the Chief Minister, has only been held in person twice since the airport’s inception.
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