Garima Development Bank Schedules Annual General Meeting with Dividend and Strategic Proposals

Garima Development Bank is set to hold its Annual General Meeting (AGM) on Kartik 27 at Hotel Pokhara Grand, Pokhara. The meeting will include discussions on dividend distribution as well as several special strategic proposals.

The bank has proposed a total dividend of 10.53% from the fiscal year 2081/82 profits: 6% bonus shares on the current paid-up capital and 4.53% cash dividend (including tax for bonus and cash distribution). Upon approval at the AGM, the dividend will be distributed to eligible shareholders.

The bank has also decided to close the share register on Kartik 18, meaning only shareholders holding shares by Kartik 17 are eligible to attend the AGM and receive dividends.

Special proposals to be discussed include:

• Relocating the central office from Lazimpat to Baluwatar

• Changing the bank’s seal and logo

• Granting the board of directors full authority for mergers and acquisitions of other licensed banks and financial institutions

Key general proposals include:

1. Approval of the Board of Directors’ annual report for FY 2081/82

2. Discussion and approval of audited financial statements, including balance sheet, income statement, cash flow statement, and changes in equity

3. Approval for cash dividend of NPR 25,73,27,434.94 (4.53% of paid-up capital)

4. Appointment of auditors for FY 2082/83 and determination of their remuneration

Key special proposals include:

1. Approval for bonus share distribution of NPR 34,08,31,039.65 (6% of paid-up capital)

2. Increase of the authorized capital to NPR 6,10,00,00,000

3. Relocation of registered office to Baluwatar, Kathmandu

4. Approval for change in bank’s seal and logo

5. Revising board allowances and reimbursement policies

6. Authorizing the board to pursue merger or acquisition of other banks/financial institutions, including due diligence, preparation of MoUs, and regulatory approvals

7. Amending the bank’s articles of association and bylaws in line with approved proposals

8. Granting the board authority to make further amendments as required by NRB, Company Registrar, SEBON, or other regulatory authorities

The AGM is expected to guide the bank toward strategic expansion while distributing profits to shareholders.