Nepal Investment Bank's 35th Annual General Meeting Concluded, 16 Percent Dividend Passed

Dec Fri 2021 10:27:17

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Nepal Investment Bank's 35th Annual General Meeting Concluded, 16 Percent Dividend Passed

Kathmandu. The 35th Annual General Meeting of Nepal Investment Bank has been concluded. The meeting also passed 12.611 percent bonus share and 3.389 percent cash dividend including tax on bonus shares as proposed by the board of directors. The meeting has discussed and passed the report of the Board of Directors of the Fiscal Year 2077/07. The balance sheet of the year ended on 31st July, 2078 along with the report of the auditor, and the profit and loss account and cash flow statement of the fiscal year 2077/078 ended on the same date have been discussed and passed.

NIBL S Capital Limited, a subsidiary of the Bank, has approved the consolidated financial statements for the financial year 2077/078. As per Section 111 of the Companies Act, 2063 and Section 63 of the Banking and Financial Institutions Act, 2073, a proposal has been passed to appoint an auditor as per the recommendation of the Audit Committee to audit the Fiscal Year 2078/07 and to fix his remuneration and conditions of appointment. Election of 4 (four) directors has been completed on behalf of the founding shareholders.

A special resolution has been passed to increase the authorized capital of the bank to Rs. 18.50 billion by amending Article 5 (a) of the management letter. As the issued capital and paid up capital of the bank will also increase after the issuance of bonus shares, a special proposal has been passed to increase the issued capital and paid up capital by amending sections 5 (b) and 5 (c) of the management letter.

The bank will identify and select suitable banks or financial institutions for the purpose of acquiring or merging any other bank or financial institution, sign MoUs, apply to Nepal Rastra Bank for in-principle approval, evaluate assets and liabilities as required by consultants, appraisers and Will appoint auditors.