J&K Bank hosts 83rd AGM
Excelsior Correspondent
JAMMU, Oct 1: J&K Bank hosted its 83rd Annual General Meeting (AGM) of shareholders for the financial year 2020-21 at its corporate headquarters through video-conferencing mode. The meeting was webcast live on the Bank’s website.
Financial Commissioner (Additional Chief Secretary) J&K Finance Department, Atal Dulloo represented J&K Government i.e. promoter and majority shareholder of the Bank, in the virtual meeting attended by Bank’s Chairman and Managing Director (CMD) R K Chhibber, Directors-on-board, Executive President, Presidents, Vice Presidents and Company Secretary besides a large number of shareholders through video-conferencing mode.
Capping Bank’s performance at the AGM for FY 20-21 themed ‘Braving Headwinds: Achieving Newer Heights’ the CMD asserted, “Going by the numbers, the Bank has performed quite well and delivered profits for all the quarters of FY2020-21 despite tough market conditions. The Bank has vastly improved its numbers in terms of key financial parameters like NIM, Gross NPA, Net NPA, PCR, CASA, and Capital Adequacy besides gradually improving bottom line”.
Chhibber said today the Bank really stands stronger, shouldering more responsibilities while reaching out to more people and ready to meet new challenges. Apprising the shareholders about Bank’s capital planning and position, the CMD said that the Bank proposes to raise Equity Share Capital up to Rs 1000 Cr besides Tier-2 Capital up to Rs 1000 Cr by way of Non-Convertible, Redeemable, Unsecured, BASEL III Compliant, bonds in the nature of debentures on a private placement basis.
He also recalled that the promoter and major stakeholder, Government of J&K recently infused additional equity of Rs 500 Cr in the Bank through preferential allotment. “In addition to this, the Bank recently launched Employee Stock Purchase Scheme (ESPS) which received an overwhelming response from all the employees resulting in over-subscription of the issue culminating in allotment of 5.17 crore equity shares worth Rs 150 Crores”, the CMD added.
Earlier, the Company Secretary Mohammad Shafi informed the shareholders about the conduct and proceedings of the AGM. He also read out the Auditor’s Report, comments from Comptroller and Auditor General (C&AG) besides placing agenda items for approval of the shareholders at the AGM.
The meeting concluded with a question-answer session, wherein the CMD listened and responded to different queries to the satisfaction of participating shareholders.
Regarding recruitments from UT of Ladakh, the CMD replied that the modalities of undertaking a special recruitment drive for UT of Ladakh were being finalized and would be announced soon.
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