Chief Secretary chairs 41st to 51st AGM of JKTDC

Sanctions increase in Authorized Capital, Paid-Up Capital; adopts audited financials

SRINAGAR, JULY 28:  Chief Secretary, Dr Arun Kumar Mehta today chaired 41st to 51st Annual General Meeting (AGM) of J&K Tourism Development Corporation Limited (JKTDC) here at Civil Secretariat.

The meeting was also attended by Secretary Tourism, Sarmad Hafeez, who attended the AGM on behalf of Lieutenant Governor, Managing Director JKTDC, Syed Fakhruddin Hamid and other concerned.

During the meeting, Chief Secretary accorded sanctions to all the three agenda items before deliberating extensively on each agenda item.

The meeting accorded an increase in authorized capital from Rs 5 crore to Rs 25 Crore and it was informed that during the 90th Board of Directors meeting held in the year 2020, it was unanimously decided to increase the authorized capital of the corporation.

Similarly, Dr Mehta also sanctioned the increase of Paid-Up Capital from Rs 5 Crore to Rs 15.9613 Crore.  The meeting was told that Rs 10.913 Crore has been received by the JKTDC as Equity from the J&K Government in the past and the same is reflected in the Balance Sheet as Share Application Money under the heading ‘Shareholders Fund”.

On the occasion, the AGM adopted the Audited Financials from the year 2010‐11 to 2019‐20.

It was given out that J&KTDC has completed its financial audit upto financial year 2019‐20 and the same is presented before the shareholders of the corporation for adoption.

Speaking on the occasion, the Chief Secretary asked the officers to optimally utilize all properties and resources of the Corporation and make it a profit making utility. He also asked for addressing all audit observations.