Kathmandu. The 14th and 15th annual general meetings of Sindhu Bikas Bank have been concluded. The meeting was held at Hotel Mirabal, Dhulikhel.
The meeting discussed and passed the annual reports for the fiscal year 2079/080 and fiscal year 2080/081 presented by the Chairman on behalf of the Board of Directors. The Assembly has discussed and passed the balance sheet for the month of Ashadh 2080, the profit and loss account and cash flow statement for the fiscal year 2079/080 ending on the same date, and the schedules related to the financial statements for the same period, along with the auditor’s report.
The Assembly has discussed and passed the balance sheet for the month of Ashadh 2081, the profit and loss account and cash flow statement for the fiscal year 2080/081 ending on the same date, and the schedules related to the financial statements for the same period, along with the auditor’s report.
The Assembly has appointed Mr. Sujan Kafle & Co., an external auditor from the Office of the Registrar of Companies, to complete the audit of the fiscal year 2080/081, in accordance with Section 113 of the Companies Act 2073. The meeting has passed a resolution to approve the appointment of Associates, Chartered Accountants and their remuneration, to appoint an external auditor to complete the audit of the financial year 2081/82 and to determine their remuneration in accordance with Section 111 of the Companies Act, 2063 (the current auditors Sujan Kafle and Associates, Chartered Accountants are eligible for re-appointment).
The meeting has discussed and passed a resolution to approve the appointment of Bharat Bahadur Karki as an independent director, to issue 116 percent of the current paid-up capital to meet the minimum paid-up capital of Rs. 120 million required to become a provincial-level development bank as per the NRB guidelines.
The meeting has approved the resolution to approve the appointment of Bharat Bahadur Karki as an independent director, to issue 116 percent of the current paid-up capital to meet the minimum paid-up capital of Rs. 120 million required to become a provincial-level development bank. The resolution passed includes appointing a recognized appraiser to evaluate the movable and immovable assets and liabilities of the bank and any other suitable bank and financial institution in connection with the merger or acquisition, determining his/her remuneration, drafting a memorandum of understanding for the merger or acquisition, and designating an officer to sign it after completing other necessary procedures, granting full authority to the board of directors to complete all other necessary procedures related to the merger or acquisition, making other necessary amendments to the bank’s articles of association and regulations, including capital increase, and providing full authority to the board of directors to do so if there are any instructions from regulatory bodies to make additions or changes.
