NIDC Capital Market Ltd. conducted its 16th Annual General Meeting today (10 June, 2009). The meeting has approved to distribute 5% cash dividend and 30% bonus shares to its shareholders from its profit of the fiscal year 2064/2065. However, the issuance of right shares has been cancelled due to number of reasons. Earlier, the company had decided to issue right share in the ratio 1:2. The shareholders blamed the management of cancelling the right share issue because of Central Bank's direction.
"We have cancelled the right share issue in favor of the shareholder", said Krishna Prasad Acharya, president of NIDC Capital Market Ltd. We did not take such decisions under the guidance of Central Bank but consent of our own management. However, Central Bank had only asked us to think over on the issue, he said.
Shareholders who got the opportunity to express their opinions congratulated the company for the distribution of cash dividend and bonus shares and also conveyed their gratitude towards decent employees through which it has been possible. However, they pour their dissatisfaction over the cancellation of right shares, declining market share as a merchant banker and suggested to come up with effective programs and implement it thoroughly to compete in the market. The dilemma in the mind of shareholders existed over the holdings of NIDC in NIDC Capital market in future after the regulation of Central Bank on cross holding. NIDC has 45.04% and general public holds 42.07% shares in NIDC Capital Market Ltd. Employee holds 3.33% and other Institutions 9.56 percent.
The Company had earned 4.3593 million as a net profit during the fiscal year 2064/65, where as it had 3.635 millions in previous fiscal year 2063/64.
The AGM has decided to appoint S.G Lal & Company as an Auditor for the fiscal year 2065/66 for Rs. 0.10 million without any extra benefits. However, if the Auditor canceled the offer the right is reserved on the management to appoint new auditor with in the criteria of Rs. 0.140 million.
Source:
Jamb News Service
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Wednesday, June 10, 2009
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