10th June 2007
Srinagar
J&K Bank presents highest ever dividend cheques to State government
Dr Haseeb A Drabu, Chairman and Chief Executive J&K Bank, presented the highest ever dividend cheques for Rs.29.64 Crores to the state government at an impressive function at SKICC last night.
The Hon'ble Minister for Finance Mr. Tariq Hamid Qarra who received the Cheque on behalf of the state government, lauded the role of the Bank in empowering all the sections of the society and overall economic development of the state. "J&K Bank is playing a pivotal role in strengthening the economy of the state emphasizing on the need to reaching all the sections of the society," Mr. Qarra said.
In place to mention here is that shareholders of the Bank approved the highest ever paid dividend of 115% in the 69th Annual General Meeting of the shareholders earlier in the day. And by afternoon, all investors present had received their dividend cheques.
The State government has an investment of Rs.53 crore in the equity of the bank. As on date, a total capital appreciation in the investment is Rs.1700 crore. The dividend so far received by the state government amounts to Rs.152 crore.
Dr Drabu thanked the state government for extending its cooperation to the Bank in facilitating the implementation of its plans. "There has been tremendous cooperation extended by the government to the Bank in facilitating its plans – new or old. I can say with complete confidence, that J&K Bank is a great example of public-private cooperation where the best of both worlds is combined. For this, I have to complement the sagacity of the state government," said Chairman of the Bank.
It is remarkable that the function was attended by some cabinet ministers, ministers of state, senior bureaucrats, renowned journalists and other prominent personalities from different walks of life.
The Hon'ble Minister for Finance Mr. Tariq Hamid Qarra who received the Cheque on behalf of the state government, lauded the role of the Bank in empowering all the sections of the society and overall economic development of the state. "J&K Bank is playing a pivotal role in strengthening the economy of the state emphasizing on the need to reaching all the sections of the society," Mr. Qarra said.
In place to mention here is that shareholders of the Bank approved the highest ever paid dividend of 115% in the 69th Annual General Meeting of the shareholders earlier in the day. And by afternoon, all investors present had received their dividend cheques.
The State government has an investment of Rs.53 crore in the equity of the bank. As on date, a total capital appreciation in the investment is Rs.1700 crore. The dividend so far received by the state government amounts to Rs.152 crore.
Dr Drabu thanked the state government for extending its cooperation to the Bank in facilitating the implementation of its plans. "There has been tremendous cooperation extended by the government to the Bank in facilitating its plans – new or old. I can say with complete confidence, that J&K Bank is a great example of public-private cooperation where the best of both worlds is combined. For this, I have to complement the sagacity of the state government," said Chairman of the Bank.
It is remarkable that the function was attended by some cabinet ministers, ministers of state, senior bureaucrats, renowned journalists and other prominent personalities from different walks of life.