Kathmandu. Garima Bikas Bank is organizing its 19th Annual General Meeting (AGM) on Thursday. The meeting will be held at Hotel Pokhara Grand, Birauta, Pokhara and Kaski at 11:00 am.
The AGM will discuss and endorse the annual report of the Board of Directors for the fiscal year 2081/082, the financial statements related to the financial statements of the development bank along with the auditor’s report and the financial statements related to the profit or loss account, cash flow statement, profit and loss distribution account, changes in equity and other schedules.
The AGM will approve the distribution of 4.53 percent cash dividend (including tax on bonus shares and cash dividend) of the current paid-up capital, appoint an auditor for the auditing of the fiscal year 2082/083 and fix his/her remuneration.
The AGM will endorse the proposal of the Board of Directors to distribute bonus shares equivalent to 6 percent of the existing paid-up capital of the development bank and increase the existing authorized capital of the development bank as per the proposal of the Board of Directors and approval of Nepal Rastra Bank.
The meeting will also endorse a proposal regarding shifting the registered office of the development bank from Kathmandu Metropolitan City, Lazimpat to Kathmandu and Kathmandu Metropolitan City-3, Baluwatar.
The meeting will endorse a proposal to change the logo and seal of the development bank, increase the amount to be provided for meeting allowance and telephone, newspapers and internet expenses.
Garima Bikas Bank Limited shall prepare and sign a memorandum of understanding (MoU) relating to merger and acquisition of other banks and financial institutions, to appoint an assessor auditor to evaluate all movable and immovable assets and liabilities, to determine his remuneration and to evaluate all movable and immovable assets and liabilities of the bank and to acquire or acquire him/her. It shall pass a resolution authorizing the Board of Directors to carry out all the works relating to merger or acquisition, by following all the procedures including obtaining consent from the regulatory bodies, making necessary amendments to the Memorandum of Association and Articles of Association and Acquisition, if necessary.
The AGM will endorse a proposal to authorize the Board of Directors to make additions, modifications, amendments, language and other improvements as per the need from the Nepal Rastra Bank, Office of the Company Registrar, Securities Board of Nepal and other regulatory bodies in course of approval of the works related to the amendment of the Memorandum of Association and Articles of Association of the Development Bank.
The bank had closed its book on November 18 for the purpose of Annual General Meeting and Dividend. This means that only the shareholders who have remained in the bank as of November 1 will be eligible to receive the dividend and participate in the meeting.
