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Thirteenth Annual General Meeting of Forward Microfinance held

SPIL
Nepal Life

. The 13th Annual General Meeting of Forward Microfinance Bittiya Sanstha Limited was held on May 4, 2083 at Dinesh Smriti Bhawan, Duhabi, Sunsari.  Inaugurating the general assembly, former minister Bhagwati Chaudhary said that the positive change in the economic, social and political condition of the women sisters who have been associated with the microfinance program initiated by the Rural Women Curiosity Development Forum (Forward) for three decades is the success of the program.

The state can never waive the loan, so it is advised not to go after the wrong elements.  She urged them to invest their loans only in productive sectors. She expressed the view that for the improvement of microfinance, all 3 parties should be honest, including directors, employees and customer members.

Esewa
Crest

The meeting had approved the annual report for the fiscal year 2081/82 presented by the Board of Directors of the financial institution Keshav Raj Poudel.TAG_OPEN_div_23 The AGM approved the proposal to appoint an auditor to audit the financial institution’s transaction for the fiscal year 2081/82 as recommended by the audit committee along with the auditor’s report and the profit and loss accounts and cash flow statement for the fiscal year 2081/82 ended on the same date ।

The AGM elected the directors from the promoter group and the general public from the general public. Returning Officer Prem Prasad Pokharel said that Bhagawati Chaudhary on behalf of Individual Promoter Shares Group and Jagat Jung GC on behalf of General Shareholders Group have been elected as Returning Officer. Similarly, Bodhraj Nepal, Bishnu Prasad Gyawali of Everest Bank and Govinda Chaudhary of Grameen Mahila Kukurta Manch have been elected as board members for the next term.

The AGM also endorsed a proposal to convert the promoter shares by 10 percent of the total paid-up capital into 60 percent and 40 percent respectivelyTAG_OPEN_div_19 ।

The meeting also passed a proposal to amend the capital increase plan of the financial institutions, clauses and articles of association and to merge with other “D” class microfinance institutions.TAG_OPEN_div_17

According to Assembly Chairman Keshav Raj Poudel, the financial institution has provided financial services to 284,057 poor families of 382 local bodies of 40 districts through 159 branches till mid-January 2082.TAG_OPEN_div_15 Similarly, so far, 1,23,000 borrower subscribers have received Rs. There is an outstanding loan of Rs 22.24 billion.

Similarly, the financial institution has collected savings of Rs. 10.73 billion from its subscribers.TAG_OPEN_div_13 The financial institution employs 695 employees and 50% of them are women.

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