Shareholders of Tata Motors expressed their displeasure at the company’s leadership at the annual general meeting on Tuesday for denying them dividends and questioned the deterioration in investors’ wealth.

“When will the company be back on the dividend paying list?” asked a shareholder.

Tata Motors last paid a dividend of 20 paise in July 2016. Another shareholder, while also raising concerns over the erosion in investors’ wealth, said, “The Company’s market cap today stands at pre-Jaguar Land Rover (JLR) level. Shareholder value has been deteriorating.”

One equity investor questioned the high compensation package of the management — CEO Guenter Butschek (Rs 16.44 crore) and CFO P B Balaji (Rs 10.23 crore) — when the company is making losses.

A member suggested that Tata Motors should look at selling stake in JLR to private equity to reward shareholders, while another submitted sale of parent Tata Sons shares to unlock value. “I fail to understand the company’s vision, how do you plan to be profitable?” queried an investor.

Responding to the shareholders, Tata Motors chairman N Chandrasekaran said that it pained the management that they haven’t been able to pay dividend for the last four years. Unfortunately, there wasn’t any room for this on a standalone basis. Dividend payout and value creation are the top most priority for the company, he said.