NTC (Nepal Telecom) has successfully hosted its 14th Annual General Meeting (AGM) on 24th Chaitra, 2078. The meeting passed the proposal to allocate 20% bonus share and 20% cash dividends to the shareholders.
Nepal Telecom hosted the meeting at Tribhuvan Army Officers Club.
The company approved cash dividends on the profit it earned in the FY 2077/78. Likewise, it expects the bonus shares to help raise its capital to NPR. 18 billion. Earlier, the company’s employees’ unions had objected to the bonus share proposals citing its already sound finances. But the company has gone ahead with its plans.
NTC says, the program had the presence of 92% of shareowners of the company. In addition, the meeting also discussed and passed the annual report of the board of directors for the fiscal year 2077/78 and the report from the Auditor including profit and loss, cash mobilization, and other particulars.
Similarly, at the General Meeting, in consultation with the Auditor General’s Office and on the recommendation of the company’s Audit Committee, Chartered Accountant Mahesh Guragain and Piyush Anand have been appointed to audit the company finances for FY 078/ 79. The meeting has also determined their remuneration and other terms and conditions of the appointment.
On the occasion, Baikuntha Aryal, the Chairman of the Board of Directors of NTC was also present. He welcomed the shareholders present at the meeting and presented the 14th annual report of the company. Mr. Aryal also serves as the Secretary of the Ministry of Communications and Information Technology (MoCIT).
Presenting the report, he conveyed that the company is entrusted with the “unwavering trust of the shareholders, trust, and goodwill of the consumers.” Likewise, he also praised the “hard work of the employees working in the company and support of other stakeholders” for becoming the leading telco in the country.
Mr.Aryal thanked everyone at the meeting for their trust, cooperation, and constructive suggestion. He said those ideas have proved essential in driving the country with innovation and quality. He also related the company’s relentless efforts to ensure connectivity during Covid-19 pandemics.
Mr.Aryal also reminded us that the company dropped its service tariffs and also waived fines on customers. Later, he expressed his commitment to continuously upgrading the company’s services and providing innovative and advanced telecom services to its customers.
The Chairman also categorized various works of the company concluded in FY 077/78. He divided them under headings such as contribution to nation-building, and contribution to the social sector. Other headings included corporate governance and risk management, business success, service expansion, and quality improvement, business strategy, and institutional reform.
NTC had also announced plans to issue a 22% share to its customers. Share enthusiasts must find it appealing to invest in such a profiting company. We will update further when we have more on it.
Which, in your opinion, were the key highlights from Ntc’s 14th AGM? Do share in the comments below.