15th January 2025, kathmandu
CYC Nepal Laghubitta Bittya Sanstha Limited has rescheduled its 6th Annual General Meeting (AGM) to Saturday, January 25th. The AGM was originally planned for January 13th but was postponed due to insufficient shareholder attendance. The previous meeting failed to meet the required quorum, leading to the delay.
CYC Nepal AGM Merger Decisions
Proposals Unchanged
The company confirmed that the previously announced proposals will remain unchanged. One key decision already made is that no dividends will be distributed to shareholders. The upcoming AGM will review and approve the financial reports for the previous fiscal year.
Additionally, the meeting will involve the appointment of an auditor for the current year, as well as the determination of the auditor’s remuneration. These key actions are essential for ensuring the company’s financial transparency and compliance with regulatory requirements.
Merger and Bylaw Amendments
Another major topic for discussion at the upcoming Annual General Meeting (AGM) is the potential merger with other microfinance institutions. This proposal reflects the institution’s efforts to expand its operations and strengthen its financial position. The board of directors plans to request approval from shareholders to move forward with the merger discussions.
Additionally, the board will ask for the authority to amend the institution’s memorandum and articles of association to facilitate the merger process. These amendments are crucial to align the institution’s governance structure with the merger’s legal and operational needs. If approved, this move could reshape the institution’s strategic direction and enhance its market presence, making it a critical topic for shareholders to consider.
Eligibility and Book Closure
The company closed its books for the 6th AGM on January 2nd. Shareholders who owned shares as of January 1st are eligible to attend. Only those on record by the cutoff date can participate and vote.
The rescheduled AGM will provide shareholders with important updates on the company’s financial health and future directions, including potential mergers and necessary legal amendments.
For more: CYC Nepal AGM Merger Decisions