Kathmandu. Shangri-La Development Bank has concluded its 22nd Annual General Meeting. The meeting was held at Alice Reception in Gairidhara, Kathmandu.
The meeting approved a total dividend of 10.5263 per cent of the current paid-up capital of Rs 3.73 billion proposed for FY83. This includes 4 per cent bonus shares and 6.5263 per cent cash dividend (inclusive of tax).
The meeting also passed a special proposal to increase the paid-up capital to Rs 3.88 billion after the distribution of bonus shares. The meeting also approved a proposal to amend the memorandum of association and regulations accordingly as the paid-up capital will increase after the distribution of bonus shares.
The meeting also approved a special resolution authorizing the Board of Directors to amend the Memorandum of Association and Regulations, if any, if directed by the regulatory bodies. The meeting also passed a resolution authorizing the Board of Directors to go for merger with other banks and financial institutions or to proceed with the entire process if the bank deems it appropriate to merge with other banks and financial institutions.
The meeting approved the annual report and the auditor’s report for the last fiscal year 2083. Approved the proposal for the appointment of the auditor for the year 84 and the determination of his remuneration.
Due to the strong trust and confidence of the general public, Shangrila Development Bank is currently providing services through 109 branches and 30 ATMs across the country. It has been following the best practices of corporate governance, risk management and internal control system,
