Kathmandu. The 14th and 15th annual general meetings of Sindhu Bikas Bank, scheduled to be held today, Falgun 28, have been postponed. The bank has stated that the general meeting was postponed due to lack of quorum.
The agenda of the meeting was to discuss and approve the annual reports for the fiscal year 2079/080 and the fiscal year 2080/081 presented by the chairman on behalf of the board of directors, and to discuss and approve the balance sheet for the month of Ashadh 2080, including the auditor’s report, 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.
The meeting was to discuss and approve the balance sheet for the month of Ashadh 2081, including the auditor’s report, 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. There was also a proposal to discuss and pass it.
The agenda of the meeting was to approve the appointment of Mr. Sujan Kafle & Associates, Chartered Accountants, as an external auditor from the Office of the Registrar of Companies, pursuant to Section 113 of the Companies Act, 2073, to complete the audit of the financial year 2080/081, and to approve his remuneration, and to appoint an external auditor to complete the audit of the financial year 2081/82, pursuant to Section 111 of the Companies Act, 2063, and to approve the proposal to re-appoint the current auditor, Sujan Kafle & Associates, Chartered Accountants.
The meeting approved the appointment of Bharat Bahadur Karki, an independent director 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 proposal to issue right shares in the ratio of 21 (1 right share for every 2 shares) to the current paid-up capital in the first phase was discussed and passed.
The meeting resolved to appoint a recognized appraiser to evaluate the movable and immovable assets and liabilities of the bank and its transactions in connection with the merger or acquisition of Sindhu Bikas Bank and any other suitable bank and financial institution, to determine his remuneration, to formulate a memorandum of understanding related to the merger or acquisition and to designate an officer to sign it after completing other necessary procedures, to provide full authority to the board of directors to complete all other necessary procedures related to the merger or acquisition, to make other necessary amendments including capital increase in the bank’s articles of association and regulations, and to obtain additional changes from regulatory bodies. A proposal was put forward to pass a resolution granting full authority to the board of directors to act accordingly if directed to do so.
