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Story so far: With the storm of events behind us, we get busy with the company business and the immediate thing to attend to is the Board meeting. With Govind on the run and hiding, the secretarial work devolves on me. The Holy Grail to follow, the boss says, is that honesty pays, and transparency saves time for all of us. There is no use putting a smokescreen over our fears and deluding the media and ourselves.

Episode 28

The Board meeting went on without a hitch, after all that planning we had done for the event. The advantage of a dummy band of directors, many perceive, is that it is easy to push through the agenda without much opposition and all those present are happy with small talk, snack and sitting fee, plus the travel handout.

To tackle one of the important components of corporate governance - viz. the Board - as a necessary evil to be accommodated as mandatory adjunct, though as a sham, is but a waste of time and a fraud on corporate form, as most corporate failures have shown us. And this was what boss told me when we had a brief break during the meeting for refreshments.

"I know you must be groaning under pressure of extra work," boss said, "but Swati, the advantage of having a professional Board, with people who make a difference with their presence is what we want. Take for instance, Oswal Omega who is from Punjab. He may not be in business but he knows the people, working as he does in microfinance projects stretching through thousands of households."

"But Patel Babu is here just because he is ex-Department?" I asked.

"So you perhaps think we get government orders with his contacts?" boss could fathom me. "I don't deny that, Swati, but more than that, he is a mind reader - to advise us on what could be running in the psyche of the policy makers, factoring in the global and national developments. We don't try to lay our hands of secret sarkari papers with his help, as was alleged against some of the big corporate groups in India. That sort of thing is just not in our ethic."

"Well, sir, it's time to resume," I reminded him, "how are you going to tackle that last question from Ballahuddin - on what our strategy is to clear stocks in view of the ongoing transport strike?"

"Ladies and gentlemen," the boss addressed the board - yes, there were a couple of women directors on the Board, drawn from medicine and law - "we have an immediate problem on hand - as Balla bhai aptly raised, the ongoing agitation of transporters."

Everybody nodded sombrely, looking at the presentation screen that showed figures of inventory build-up at the warehouses; tonnes of raw materials piled up at the harbour; orders yet to be executed; demurrage; and more numbers to make the head spin. The only consolation was that our company was not alone in the misery; the whole nation's economy was getting a big kick below the belt because of adamant truckers and their netas.

"We are handling the problem at the micro level and macro," boss explained. "At the company level, we have spoken to individual truck owners who are willing to transport the goods at an agreed premium in rates to offset any loss occasioned by mob action. State governments have extended police support to ensure safe transport. As an added measure of caution, we have worked out a special policy with insurance companies to handle the risk."

"At the macro level?" asked Balla.

"I have been in touch with the office bearers of the AIMTC - the industry body of transporters - and with the government representatives," boss said, "to help in reaching a quick settlement. There are indications that the strike may fizzle out because of fissures in the ranks."

Then, there was the brief presentation by Gupta, and when his proposal came up for consideration all directors were in favour of the new project. Oswal insisted that we fund it in such a way that the cost of capital didn't impose a big burden on the project. And Patel pointed out how the government could bring in more fiscal benefits for the sunrise bio-research. There were other routine jobs to take care of and the meeting concluded.

That evening, we had a press meet and the mood was generally relaxed. As expected, reporters were more eager to know about Chandru's time in jail than about company's results.

Gupta fielded questions about new products. Boss answered queries on profit guidance. I had put all essential data on a laptop and put the thing for my people on the dais. I was having fun with a camera I had bought at the duty-free shop, clicking right and left and storing images on the memory stick.

"Thanks, Swati," boss told me after the last reporter had left the hall. "For all the stuff you put on the computer. I liked the stock market ticker you had put on the screen. The bourses were reacting positively to the announcements and that is something to celebrate." One more click, and I said, "Congrats!"

"Boss," Gupta intervened, "the cops have arrested Govind." And sadly, I watched the ticker showing a slide as if to spoil our party.

(To be continued)

swati_CA@hotmail.com

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