Stakeholders hail Govt for capital infusion in J&K Bank

“We are completely satisfied over the bank’s performance and decisions taken in this regard,” he added.

GKNN
Srinagar, Publish Date: Jun 19 2017 1:33AM | Updated Date: Jun 19 2017 1:33AM
Stakeholders hail Govt for capital infusion in J&K BankFile Photo

Future prospects of J&K Bank to remain as the premier institution of the state have brightened after Jammu & Kashmir government, which is majority shareholder of the bank, infused additional capital of Rs.532 crore. With this infusion the share holding of the state government has gone up to 59.23 pc from the earlier holding of 53 pc.

The state government amid acute financial hardships dishing out Rs. 532 crore  is enough to understand the seriousness of the state government to protect and promote the bank, say some bank watchers. Commissioner/ Secretary, Finance Department,Government of J&K, Navin Kumar Chowdhary at the bank’s 79th annual general meeting (AGM) held here Saturday, made it clear to the bank’s shareholder that the bank would never lose its character as J&K peoples’ bank. 

“The government was conscious about bad shape of the bank and it was our prime duty to rescue this premier institute of the state from the troubled water. We immediately infused Rs 532 Cr as  its additional equity thereby taking its share in the bank from 53 pc to 59.23 pc,” said Navin Choudhary.  The commissioner secretary, Finance, while talking to Greater Kashmir assured people of the state that they would be proactive in taking all steps to protect and enhance the prestige of the bank, which is the only listed of company of the state. 

It will also help the bank to raise further Rs 700 Cr from the capital market to create strong capital cushion for the Bank, he said.

“We are completely satisfied over the bank’s performance and decisions taken in this regard,” he added.

This move by the state government is definitely going to trigger positive business developments for the bank and at the same time will boost the confidence of all other stakeholders in the bank, said an expert in banking and finance.

Meanwhile, bank’s stakeholders have hailed the government’s support to this premier institution of the state and also reviving professionalism in its board. They also praised the present management, especially the chairman of the bank for unrelenting efforts to bring back glory of the bank.

It’s worth mentioning that the bank after the approval of its shareholders inducted eminent personalities accredited with Nationwide recognition of their expertise in respective fields inducted in its board. These include  Mrs Vijayalakshmi R Iyer – Ex-CMD Central Bank of India(Presently Director with IRDA); Dr Sanjiv Agarwal - Fellow Member of the Institute of Chartered Accountants of India and

Institute of Company Secretaries of India, Associate Member of the Institute of Chartered Secretaries and Administration, London (UK); Dr Pronab Sen - a renowned Economist; Sunil Chandiramani - Chartered Accountant,a qualified technologist and IT security specialist with a vast expertise in Corporate Governance; Rahul Bansal –  MBA from London with 17 years  of experience as an industrialist and D K Pandoh – Fellow Member of the Institute of Company Secretaries of India with 20 years of experience in taxation, company law and foreign exchange.

While commenting on the developments, J&K Bank Chairman and CEO, Parvez Ahmed said, “Having Independent Directors on the Board was a statutory requirement. By virtue of the provisions of the Companies Act, 2013 read with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015; the Bank had to compulsorily appoint not less than half of the total strength of the Board as Independent

Directors. Since the Articles of Association of the bank did not contain any provision enabling the appointment of Independent Directors, we had to create provisions in our Articles of Association to enable us to secure mandatory compliance of  the statutory requirements under Companies Act 2013.” 

“However, there is no change in the basic character of the Board composition. We have ensured that their maximum strength as per articles of association remains within stipulated one-third of the total strength of the Board. The reservation for State Subject Directors at two third of the total number of seats available in the Board is intact,” said the chairman.

Latest News

  1. Tral gunfight over; three militants killed, officer among five forces' personnel injured
  2. Tral gunfight over; three militants killed, officer among five forces' personnel injured
  1. Governor's rule recommended in Jammu and Kashmir
  2. Governor's rule recommended in Jammu and Kashmir
  1. Locals allege Anantnag vendor was injured in army firing; police denies
  2. Locals allege Anantnag vendor was injured in army firing; police denies
  1. Two militants killed, CRPF officer injured in ongoing Tral gunfight
  2. Two militants killed, CRPF officer injured in ongoing Tral gunfight
  1. Opportunistic BJP-PDP alliance set fire to Jammu and Kashmir, damage will remain: Rahul Gandhi
  2. Opportunistic BJP-PDP alliance set fire to Jammu and Kashmir, damage will remain: Rahul Gandhi
  1. Jammu and Kashmir govt collapses after BJP pulls out of alliance with PDP
  2. Jammu and Kashmir govt collapses after BJP pulls out of alliance with PDP
  1. Only six tour operators approved for Hajj bookings: Govt
  2. Only six tour operators approved for Hajj bookings: Govt
  1. Muscular security policy will not work in Kashmir: Mehbooba Mufti says after her resignation
  2. Muscular security policy will not work in Kashmir: Mehbooba Mufti says after her resignation
  1. Man shot at, injured in south Kashmir’s Anantnag
  2. Man shot at, injured in south Kashmir’s Anantnag
  1. Army soldier wounded as gunfight breaks out in Tral
  2. Army soldier wounded as gunfight breaks out in Tral
  1. Jammu and Kashmir all set to come under Governor rule for 8th time in four decades
  2. Jammu and Kashmir all set to come under Governor rule for 8th time in four decades
  1. Mehbooba Mufti not ‘shocked’ by BJP exit, says alliance wasn’t for power
  2. Mehbooba Mufti not ‘shocked’ by BJP exit, says alliance wasn’t for power
  1. After ruining it, BJP pulls out of Kashmir: Kejriwal
  2. After ruining it, BJP pulls out of Kashmir: Kejriwal
  1. NC rules out support to PDP after BJP exit, bats for governor’s rule
  2. NC rules out support to PDP after BJP exit, bats for governor’s rule
  1. Massive search operation underway in Tral, three militants likely trapped
  2. Massive search operation underway in Tral, three militants likely trapped
  1. Power thefts: BJP MLA accuses power officials of going 'soft' on Muslims
  2. Power thefts: BJP MLA accuses power officials of going 'soft' on Muslims
  1. PDP-BJP coalition was an 'unholy' alliance: Jammu and Kashmir Congress
  2. PDP-BJP coalition was an 'unholy' alliance: Jammu and Kashmir Congress
  1. And so it has come to pass: Omar Abdullah on BJP-PDP split
  2. And so it has come to pass: Omar Abdullah on BJP-PDP split
  1. Congress rules out support to PDP in Jammu and Kashmir, says BJP ruined Kashmir
  2. Congress rules out support to PDP in Jammu and Kashmir, says BJP ruined Kashmir
  1. CM Mehbooba Mufti submits resignation to Governor
  2. CM Mehbooba Mufti submits resignation to Governor
  1. Two LeT OGWs arrested in Sopore: Police
  2. Two LeT OGWs arrested in Sopore: Police
  1. BJP pulls out of Jammu and Kashmir govt, ends alliance with PDP
  2. BJP pulls out of Jammu and Kashmir govt, ends alliance with PDP
  1. Kim Jong-un in China again
  2. Kim Jong-un in China again
  1. All Kheer Bhawani pilgrims safe, reports of stone-pelting baseless: Police
  2. All Kheer Bhawani pilgrims safe, reports of stone-pelting baseless: Police
  1. Trump escalates China trade war, threatens tariffs worth $200bn
  2. Trump escalates China trade war, threatens tariffs worth $200bn
  1. JRL defers tomorrow’s strike call in view of Mela Kheer Bhawani
  2. JRL defers tomorrow’s strike call in view of Mela Kheer Bhawani
  1. Anantnag shuts in tribute to Qazi Nisar on 24th death anniversary
  2. Anantnag shuts in tribute to Qazi Nisar on 24th death anniversary
  1. Kulgam shuts against last evening civilian killing in army firing
  2. Kulgam shuts against last evening civilian killing in army firing
  1. 14 youth detained during night raids in south Kashmir's Pulwama
  2. 14 youth detained during night raids in south Kashmir's Pulwama
  1. JRL calls shutdown on Thursday against Shujaat Bukhari killing, civilian deaths
  2. JRL calls shutdown on Thursday against Shujaat Bukhari killing, civilian deaths
  1. iPhones to soon automatically share your location with 911
  2. iPhones to soon automatically share your location with 911
  1. Eminent author Ghulam Nabi Gowhar passes away in Budgam
  2. Eminent author Ghulam Nabi Gowhar passes away in Budgam
  1. Dismayed by forcible separation of children from families: Microsoft
  2. Dismayed by forcible separation of children from families: Microsoft
x
This site uses cookies to deliver our services and to show you relevant news and ads. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Service.That's Fine