JAMMU: While chairing the 60th Annual General Meeting (AGM) of Jammu & Kashmir and Ladakh Finance Corporation(JKLFC), the Additional Chief Secretary Finance, Atal Dulloo today asked the management of the corporation to formulate a well thought ‘business revival plan’ so as to restore the lost glory and worth of this financial institution.
The AGM was attended by MD, JKLFC, Ajay Kumar Sharma; Executive President, J&K Bank, Arun Gandotra; Deputy Director Budget, Shafat Yehya, shareholders and management of the corporation. Srinagar based officers attended the meeting through video conferencing.
Dulloo, who is also chairman of the corporation, exhorted upon both the directors and management of the corporation to study both the financial and managerial setup of the institution and work out the action plan for reviving it. He asked them to engage professionals in the process and come up with a strategic document that is worth consideration.
The Chairman also asked the corporation to fill the vacancies of directors by election. He impressed upon them to look for professionals like renowned economists, bankers or chartered accountants, who have satisfactory experience with them to take the job.
Dulloo also urged the management of the corporation to take assistance of some big financial entity like SBI, SIDBI and other popular and successful SFCs by taking suggestions and inputs from them or by studying their business and human resource capitalization models.
He impressed upon them to enhance their recovery mechanism and to revise their NPAs and bring them down to permissible limits.
Dulloo also asked the corporation to use their human resources well so that there is substantial progress in its financial health. He stressed on them to work in mission mode to fetch the desired results. He asked them to take advantage of their intellect and relevant laws in this pursuit.
Dulloo lauded the shareholders for their suggestions given on the occasion. He asked all of the stakeholders including the management to read the suggestions of the auditors and report of the Board of Directors and work towards addressing all of the issues on priority for the general good of this financial institution.
The meeting was informed that the corporation has done a business of Rs 26.19 crore this fiscal by way of disbursement of loans. It has also increased its recovery by Rs 1.91 crore from previous year taking it to Rs 22.28 crore despite the ensuing pandemic. The total portfolio of the corporation as on 31.03.2020 was said to be Rs 110.70 crore.
At the conclusion the AGM considered and adopted the Balance Sheet and Profit & Loss Statement of the corporation for the year ending 31st March, 2020 besides the auditors and BoDs report on the working of the corporation for the said year.