Kasthamandap Development Bank IPO Share Allotment Result

Kasthamandap Development Bank Ltd. has allotted its ordinary share on 19 January 2010 (2066 Magh 5). The allotment result can be downloaded from here link given below:

Download the IPO Share Allotment Result

Source: Jamb News Service
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LFLC declared 25% bonus share and 1:1 right share.

Lumbini Finance & Leasing Co. Ltd has concluded its 14th annual general meeting at Pragya Bhawan, Kamladi, Kathmandu on 14th January 2010 (2066 Poush 30). As per the annual financial report (2065/66) of the finance company, it has Rs. 120 million share capital and had collected Rs. 1.0712 billion as deposits. The operating profit was Rs. 102.6716 million and net profit at the close of fiscal year was Rs 76.1216 million. It has also decided to provide 25% bonus share from the profit of fiscal year 2065/66 and thereafter issue right share in the ratio of 1:1.
Source:Jamb News Service


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13th AGM of CFCL approved 15% bonus

Central Finance Limited has concluded its thirteen annual general meeting today (14th January 2010). The AGM was started at 11 AM in Lalitpur Bisal Bazar, Lalitpur. The AGM has approved 15% bonus share to its shareholders from the profit of fiscal year 2065/66.

According to the annual financial report (2065/66) of the bank, it has Rs. 126.8951 million share capital and holds Rs 44.845 million in its reserve and surplus. The operating profit of the bank was Rs. 44.070 million and net profit at the close of fiscal year was Rs. 28.252 millions.
Source:Jamb News Service

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NEFL concludes its 4th AGM

Nepal Express Finance Limited has concluded its 4th annual general meeting today (14 January 2010). The AGM has decided to augment the paid up capital and authorized capital very soon.

The finance company that has a share capital of Rs. 80 million and Rs. 28.321 million reserves and surplus was able to collected deposits of Rs. 351.733 million where as invested Rs. 101 million. Likewise, the company has earned operating profit of Rs. 11.619 million and Rs. 7.390 million net profits during the fiscal year 2065/66.
Source:Jamb News Service

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5th AGM of GDBNL

Gurkha Development Bank (Nepal) Ltd. has concluded its 5th annual general meeting at Rastriya Naach Ghar on 14th January 2010 (2066 Poush 30). According to the annual financial report (2065/66) of the bank, it has Rs. 596.718 million share capital and holds Rs. 93.4448 million in its reserve and surplus.

Likewise, it had collected Rs. 3.3662 billion as deposits and net profit at the close of fiscal year was Rs 49.627 million. It has also decided to provide 10% bonus share after the second week of Magh.
Source:Jamb News Service

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GMFIL to give 10% bonus and 3:2 right shares

Guheshwori Merchant Banking and Finance Limited have completed its 8th annual general meeting today (14 January 2010). The AGM has approved 10 percent bonus share to the shareholder from the profit of fiscal year 2065/66, thereafter will issue 3:2 ratio of right share.

The company has also said that, the previous decision to balance the power ratio of company as for promoter shareholder 51% and 49% to public shareholder has successfully implemented during the year. Likewise, it has also decided to trade gold on latter days hence needed to be inclusion in MOA.

The finance company has paid up capital of Rs. 109.8111 million and holds Rs. 28.271 million in its reserve and surplus account. Likewise, during the fiscal year 2065/66, it had earned Rs. 19.867 million net profits and Rs. 30.689 million operating profit.
Source:Jamb News Service

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Employees without PAN may not get salary: FM

Finance Minister Surendra Pandey on Wednesday directed all the government employees to register with permanent account number (PAN) for taxation purpose. He also said the government might freeze salary if the employees did not register with PAN.

Pandey was in Dharan on Wednesday to attend regional workshop on control of revenue leakage. "I will finalize the actions to be taken against the employees not complying with the mandatory PAN registration as soon as I return to Kathmandu," he said. To deal with the non-compliers, Pandey said the Ministry of Finance was mulling over initially halting the payment of meeting allowances that the employees are supposed to get. Ultimately it will go to the extent of halting payment of salary to the defaulters, he added. "A circular to this connection will be issued soon. Hence, I urge all the employees to comply with it," said Pandey.

On the occasion, the Finance Minister even distributed PAN to journalists and employees of various public and private institutions. He also appealed to the businessmen and all income earners to register with PAN, saying that it will help government know how individuals and firms are contributing in revenue mobilization. "By getting PAN number, you can get tax clearance certificate at one go, something which will establish your creditworthiness and enable you to enjoy special incentives from the state," he said.

Addressing the function, Pandey expressed his concerns over prevailing practice of undertaking realty transactions with heavy under-valuation. "To address this issue, we are discussing on a provision whereby the government can buy a land in case the deal is heavily under-valued by paying 5 percent additional amount to the seller," said Pandey.

The Finance Minister further said that the government was also discussing over annulling the existing provision that allows transfer of ownership as gifts. This provision frees both the donor and recipient from various tax liabilities. He further added that the government was also discussing on possibility of introducing health insurance scheme and education loans for certain targeted groups.
Source:Republica

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Machhapuchchhre's AGM

The 11th annual general meeting of Machhapuchchhre Bank endorsed the annual report of the fiscal year 2008/09 on Wednesday. The bank had posted a profit of Rs. 123.3 million in the last fiscal year. In the first five months of the current fiscal year, the bank has made a net profit of Rs. 104.6 million. As of now, the bank is operating from 21 branches and has plans to add 10 more branches.
Source:eKantipur

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NRB to monitor EPF, regulate CIT

The government on Wednesday decided to hand over the responsibility of monitoring Employees Provident Fund (EPF) and regulating Citizens' Investment Trust (CIT) to Nepal Rastra Bank (NRB). Wednesday's Cabinet meeting took the decision to this effect. The central bank now onwards will monitor EPF and regulate CIT.The decision came following the central bank's initiative and willingness to regulate both the institutions.

NRB on Dec. 9 had communicated to the Ministry of Finance (MoF) stating it was ready to regulate EPF and CIT in response to the ministry's call some four months ago that NRB regulate both the institutions. Though EPF and CIT both have huge resource mobilisation, both the institutions were self-regulated. EPF has mobilised about Rs. 80 billion and CIT about Rs. 16 billion.

According to EPF, about 50 percent of its money has gone to contributors, 35 percent is in fixed deposits, 8 percent in government bonds and 5 percent in project loans. CIT holds deposits of general public and government employees. It provides certain benefits to the public by investing the money in corporate shares, debentures and government securities.

Since law doesn't allow the central bank with the right to regulate EPF, the government has decided EPF only to be monitored by it. "Our main concern was whether the government's decision would be as per the law," said Ramesh Bhattarai, Administrator of EPF. "Today's cabinet decision shows we need not worry." The government had made a provision in the budget two years ago about letting the central bank regulate these two institutions, but was yet to materialise. An MoF official said that the proposal went to the Cabinet but was cancelled. Meanwhile, the Cabinet also decided to form a committee to recommend the new governor under the convernership of Finance Minister Surendra Pandey. However, consensus could not be forged among the committee members.

According to the Section 15 of Nepal Rastra Bank Act 2002, finance minister will be the convener of the committee. As per the Act, the three-member committee will recommend three names to the Cabinet. Tenure of Bhattarai ends in January.
Source:eKantipur

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Economic crisis concerns Chaudhary

Lawmaker and industrialist Binod Chaudhary on Wednesday said that parliament was indifferent about the economic crisis and warned that the country could face a major disaster if no swift action was taken to address the issue. "We're talking about No Work No Pay for the workers who make just about Rs. 6000 per month and here in parliament, 90 percent of the lawmakers are usually absent," said Chaudhary while speaking at the Legislature-Parliament. "Does No Work No Pay applies to you or not?"

Chaudhary said that by opting to skip parliamentary sessions, the lawmakers were ignoring issues of national importance. Chaudhary reminded that sensing the potential economic crisis he had registered a resolution motion in the parliament a year ago. "Whoever is responsible must furnish an answer," Chaudhary demanded. "Economy management is not a pastime, nor is it a part-time job. It requires fulltime dedication."
Source:eKantipur

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