J&K Bank held its 76th Annual General Meeting (AGM) here today. 

Chairman and CEO JK Bank Mushtaq Ahmad speaking on the occasion said the bank during 2013-14, continued with its rapid expansion of multi-delivery channels.

He said the bank added a total of 92 business units to increase our business unit network to 777 at the end of March 2014. Similarly, we added 187 new ATMs to take our total ATM network to 800 as on 31st March 2014”, he added.

Laying special emphasis on the bank’s vision of inclusive growth and comprehensive development, he said, “As a developmental institution, J&K Bank remains central to the prosperity of J&K State and lays high emphasis on inclusive growth involving the weakest sections of the society.”

“Commitment to Corporate Social Responsibility (CSR) remains one of our core values. Under CSR programme the bank will expand its activities”, he added.

After the address, Company Secretary Abdul Majid Bhat read out the auditors' report and business agenda of the meeting.
Notably, due to some recent regulatory changes made in the procedural norms, approval from the share holders for resolutions was sought through e-voting. The process of e-voting through ballot was completed on 29th July, 2014, in which more than 75 lakh votes were cast.

Later, Chairman & CEO Mushtaq Ahmad declared the voting results wherein the resolutions were approved by more than 95 percent of the votes.

 

NEW DIRECTORS

Meanwhile, the bank’s board strength reached eleven after the appointment of Dalip Kumar Kaul and Khaver Alam Jeelani as two new independent directors for the board as per the resolutions approved with overwhelming majority.

Dalip Kumar Kaul is a fellow member of the Institute of Chartered Accountants of India (ICAI). He is B.Com (Hons) and LLB from the University of Delhi. He is also Master’s in Business Administration (Finance), having specialization in Merchant Banking, Risk Management, treasury, International Finance. He has 31 years experience in advising corporate and non corporate clients. Presently he is Member of Executive Committee of J&K Branch of NIRC of ICAI and was its chairman for the year 2013-14. He is also Peer Reviewer on the panel of Reviewers maintained by the Peer Review Board of the ICAI.

He was a special invitee Member-committee on banking, insurance & pension of ICAI.

Khaver Alam Jeelani was associated with Morgan Stanely Investment Management (London) from the year 2002 to 2007. He has represented Morgan Stanely at the European Fund Categorisation Forum (EFCF). He is holding degree of B A Hons in Industrial Economics from the university of Nottingham (Business School) and M. Sc. In Economics and Finance from the university of Warwick (Warwick Business School). He is also an Associate of Securities Institute (UK).

Meanwhile, the shareholders unanimously approved the re-appointment of R K Gupta as director after his due retirement at the same meeting. Vikrant Kuthiala was also inducted in the board as independent director.

Towards the conclusion of AGM, a lively Q&A session was held. All the questions raised in the session were promptly responded to by the Chairman to the satisfaction of the shareholders.

Meanwhile, the shareholders appreciated the bank’s performance and came up with certain suggestions and concerns which were duly taken note of by the competent authorities.