Banking News – Swastik Laghubitta Bittiya Sanstha has called its seventh annual general meeting (AGM) for its shareholders. The company has scheduled the meeting for Bhadra 27 at the Vishal Hotel in Lahan. The meeting will commence at 11 AM.

Under special resolutions, the company has included the agenda of approving amendments to certain articles and regulations of the financial institution’s memorandum and articles of association. Proposals have also been made to increase the issued paid-up capital and amend other necessary articles and regulations. The proposed amendment also includes a proposal to authorize the board of directors or the official designated by the board to make necessary amendments and modifications if any changes, suggestions, or directives are received from the regulatory body.

Similarly, the meeting will discuss the issuance of right shares to shareholders in the 1:2 ratio. The company has also put forward a proposal to authorize the board of directors or the person designated by the committee to carry out all necessary work regarding merging, being merged, or acquiring other licensed ‘D’ class microfinance financial institutions. Proposals to revise the allowances and facilities of directors have also been presented under special resolutions.

The meeting will also pass a proposal to appoint an auditor for the fiscal year 2082/83 and determine their remuneration, as per Section 63 of the Banks and Financial Institutions Act, 2073 and Section 111 of the Companies Act, 2063. Additionally, a proposal has been put forward to elect two directors including at least one female member, ensuring representation of public shareholders. The company has stated that the share trading will be closed on Bhadra 11 for the purpose of updating shareholder details. Shareholders registered after that date will be eligible to participate in the AGM.