Gurkhas & Reliance Finance separate AGM on Poush 26; Gurkhas to endorse 50% right share; Reliance to approve 15% bonus & 60% right share

Gurkhas Finance Limited will be holding its 22^nd Annual General Meeting (AGM) on Poush 26, 2073 at Anupam Foodland, Battisputali, Kathmandu at 11:00 AM. The main agendas of the AGM are:

• To issue 2:1 (50%) right share to increase its issued and paid up capital from existing Rs 56.86 crore to Rs 86.79 crore.
• To increase its authorized capital up to Rs 1 arba.
• To amend article of association accordingly.
• To authorize BOD for merger/acquisition process of Gurkhas Finance with other BFIs.
• To authorize BOD to complete procedures for preparing Due Diligence Audit (DDA) and Memorandum of Understanding (MOU) for merger/acquisition process.

Other agendas of the company includes financial highlights of FY 2072/73, appointment of auditor and election of 4 BOD member from public shareholders and 3 BOD members from promoter shareholders group. Former Gorkha Development Bank Limited and Former Kathmandu Finance Limited signed Memorandum of Understanding (MOU). The joint transaction of the companies started as Gurkhas Finance from Chaitra 28, 2072. From then the trading of the finance company has been halted to till date. Likewise, Reliance Finance Limited (RLFL) will be holding its 7th Annual General Meeting (AGM) on Poush 26, 2073 at Trade Tower, Thapatali, Kathmandu at 11:00 AM The main agendas of the AGM are:

• To endorse 15 percent bonus share and 0.79 percent cash dividend for tax purpose from the net profit it earned in the FY 2072/73.
• To issue 10:6 (60%) right share after bonus share distribution and amend article of association accordingly.
• To authorize BOD for initiation of merger/acquisition process if paid up capital increases and to postpone right share issuance.
• To authorize BOD to appoint auditor for Due Diligence Audit (DDA) and Memorandum of Understanding (MOU) for merger/acquisition process.
• To increase daily allowance and travel allowance of Board of Directors.

Other agendas of the AGM include financial highlights of FY 2072/73, appointment of auditor and election of 1 BOD member from public shareholders group. The register of the shareholders will be closed from Poush 11, 2073 to till Poush 19, 2073 for the purpose of its upcoming AGM. Only those shareholders owning shares till Poush 10, 2073 will be eligible for the bonus share of the company. A separate book closure date will be published for the right share. The finance company has earned net profit of Rs 8.65 crore in the fourth quarter of the last fiscal year 2072/73. It has a paid up capital of Rs 44.57 crore. After distribution of 15% bonus and 60% right share distribution, its paid up capital will rise to Rs 82 crore.