JKBFSL holds AGM, approves appointment of new directors

BK News

Srinagar, Dec 24: JKB Financial Services Limited – a wholly-owned subsidiary of J&K Bank – Thursday held its 12^th Annual General Meeting (AGM).

J&K Bank Chairman and Managing Director, RK Chhibber, chaired the meeting attended by the board of directors and shareholders of JKBFSL.

The shareholders of the company reviewed and approved the financial results of the company for FY 2019-20. Besides, they approved the re-appointment of Sunil Gupta as a director on the board of the company. The appointment of Rakesh Koul and Nisar Ahmad Zargar as Directors and Mohammad Muzzafar Wani as Managing Director of the Company was also approved by the shareholders besides passing a resolution for the appointment of  Nishi Baru as a director on the board of the JKBFSL. A previous executive of the bank, Baru had retired as a J&K Bank president in March 2018.

During the AGM, the resolution for the amendment in Memorandum of Association of the Company to undertake business in commodity trading and other business lines was also passed by the shareholders. On the occasion, the business strategy of the company for expanding its footprints not only in UT’s of J&K and Ladakh but also rest of the country was also discussed.

Speaking at the AGM, Chairman J&K Bank advised the company to aggressively market its products and services. He urged for the initiatives for increasing awareness about financial planning and goal-oriented investments among the general public.

The Chief Financial Officer, Pankaj Gour and Company Secretary of JKBFSL, Zaffar Hamed were also present at the meeting.