Gangtok, November 27th (IPR): The 21st Annual General Body Meeting of Sikkim State Co-operative Bank Ltd was held in the hall of a local hotel, today.
The meeting was presided over by the Chairman of SISCO Bank Shri Dup Pintso Kaleon, Registrar of Cooperative Society,(RCS) Cooperation Department Smt. Jabi Thapa, NABARD, General Manager Shri Diwakar Hegde and attended by all Directors of Sikkim State Co-operative Bank. The Officers and Staff of SISCO Bank and members of the various MPCS also attended the programme.
The Chairman, SISCO Bank while addressing the gathering expressed his joy and immense pleasure on being part of the 21st Annual General Meeting of SISCO Bank. He talked about his responsibility as a Chairman to forward the legacy of the bank and congratulated the employees of the bank who maximized service to the customers despite the Covid-19 pandemic. He further assured everyone that the Indian economy will create more opportunities for which the bank will be able to reach to the next level.
Talking about the development of the bank, Shri Kaleon said that the bank had taken various internal decisions and initiatives to deliver long term growth. He concluded his speech with sincere appreciation for the unconditional support of the bank by the stakeholders.
During the welcome address, Managing Director, SISCO Bank, Smt. Pema Chenzom gave a brief history of SISCO Bank and informed about its journey which had started 22 years ago in 1998. Talking about the 14 SISCO branches around the State, she emphasized that the ultimate goal of the Bank is to expand further.
RCS, Co-operation Department, Smt. Jabi Thapa apprised everyone about the SISCO Bank of Sikkim doing better than the other states of India. She talked about the new changes in the structure of the bank which are sure to take the bank to greater heights in the future. She stressed on the importance of today’s meeting which will select new board members of the bank. Touching on the subject of roles and responsibilities of the new board members, she said that they also should focus on the objectives of the bank.
Smt. Thapa gave a brief report of the statistics of the bank by informing everyone about 4,118 co-operative societies with 1.17 lakh members. She also requested support from all the stakeholders and the new board members to take SISCO bank to new heights.
General Manager, NABARD, Shri Diwakar Hedge, congratulated the bank on the growth of deposits and appreciated the profits through it. He emphasized expanding the bank through new products, by adopting new technology and diversification to help the farmers. He concluded his speech by congratulating the bank for positive statistics this year and wishes them to reach greater standards next year.
DGM, SISCO Bank Shri R.L. Sharma welcomed the guests and placed the agenda. While placing the agenda he highlighted on Clause 6(d) of the Bye-Laws as per the guidelines of RBI states freely transferable on payment of a transfer fee of Rs. 50 for every share to be transferred subject to the provision that the shares held by the Government of Sikkim shall not at any time be more than 25% of the total issued and paid up capital of the bank.
Perhaps, this has been replaced by the BR Act (amendment) 2020 under section 2 which states that:
1. “No person shall be entitled to demand payment towards surrender of Shares issued to him by a Co-operative Bank, and
2. A Co-operative bank shall not withdraw or reduce its Share Capital except to the extent and subject to such conditions as the Reserve Bank may specify in this behalf.”
During the programme, the following agenda was approved and passed by the 21st Annual General Meeting.
1. The proceedings of the 19th Annual General Meeting held on 17th September 2018-19.
2. The Annual Report of the Bank for the year 2018-19.
3. The Audited Balance Sheet, Profit and Loss Account and Auditors Report of the Bank on 31 March 2019/ for the financial year ended on 31 March 2019- 20. The Balance Sheet, Profit and Loss account for the year 2018-19 as approved by the General Body which was published in the local newspaper as per statute and requirements of the regulators.
4. Sanction of the profit to various reserves for the year 2018-19, as recommended by the Board of directors- the appropriation of profit as approved by the General Body was duly accounted for.
5. Dividend for the year 2018-19 as recommended by the Board of Directors. The divisible approved by the General Body was distributed to all the shareholders as per their eligibility.
6. The capital budget of the bank for the year 2019-20 along-with the vis-s-vis the estimates during 2018-19. The capital budget for 2019-20 as placed before the General body was duly approved and the same has been reckoned as the basis for such capital expenditure during the relevant period. The actual position has been depicted as a separate agendum in the current meeting.
7. Annual Business Budget for the year 2019-20 along-with the budget estimates vis-a-vis the actuals for 2018-19. The Annual Business budget for 2019-20 as placed before the General Body was duly approved and the same has been reckoned as the basis for such business expenditure during the relevant period. The actual position has been depicted as a separate agendum in the current meeting.
8. Income and Expenditure Budget of the Bank for the year 2019-20. The Income and Expenditure budget for 2019-20 as placed before the General Body was duly approved and the same has been reckoned as the basis for such Income and Expenditure during the relevant period. The actual position has been depicted as a separate agendum in the current meeting.
9. To fix up the maximum borrowing power of the Bank for the year 2019-20 in terms of the provisions of the Bye-Laws of the bank, The Sikkim Co-operative Societies Act, 1978, Rules 1981 as amended from time to time. The maximum borrowing power of the Bank for the year 2019-20 as proposed by the Board and as approved by the General Body was never exceeded during the relevant period.
During the meeting, the Bank distributed the Award to the “Best Performing Society” which is based on the diversified activities of the societies and is an effort from the bank to recognize the commendable work done by the MPCS towards rural development and benefits of the members. The prize money of Rs 50,000/-, Rs. 40,000/- and Rs.30,000/-for the first, second and third position respectively.
The Best performing Society is as follows:
1. Luing Perbing in the first position,
2. Aho Yangtam in the second position and
3. Ravong Sangmo in the third position.
The programme also saw the distribution of mementoes and appreciation letter to former Board of Directors.
The token of appreciation for the 14 Branches of SISCO Bank for hard work and dedication in the COVID-19 pandemic was also distributed.
The meeting also saw the conduct of election for the new Board of Directors, SISCO Bank. As many as 13 candidates had filed their nomination papers for the posts of eight, Board of Directors, as three are reserved posts. With the voting and counting process, the results of the new Board of Directors declared, which are as follows;
Aita Maya Rai, Tashi Doma Bhutia, Kishor Kumar Sharma, Shiva Kumar Sharma, Phip Raj Limboo, Devi Prashad Sharma, H.B.Gurung, Vishnu Kumar Chettri and Dorjee Dadul Bhutia.
The meeting concluded with the vote of thanks proposed by AGM of SISCO Bank Ltd. Shri Deepak Tewari.