Excelsior Correspondent
Srinagar, Oct 17: The Chairman and CEO J&K Bank Mushtaq Ahmad today presented two cheques amounting to Rs 128.88 crore to the Chief Minister Omar Abdullah on account of the dividend to the State Government, which owns over 53% of the bank stock, for the financial year 2013-14. The Bank had approved a dividend of 500% to its shareholders in its 76th AGM.
The Chairman also presented a cheque of Rs. 5 crore as interim relief towards Chief Minister’s Flood Relief Fund, which has been maintained to provide immediate support to the flood affected people of the State.
Speaking on the occasion, Chairman Mushtaq Ahmad said, “the State is yet to come out of the economic rubble left in trail by the devastating floods. As a socially conscious institution, our entire focus in the year ahead will remain invested in the processes aimed at complete revival of state economy and restoration of our growth rate.”
“During these testing times J&K Bank will lead by the example and will be pro-active in restoring the confidence of our people through all possible means and measures”, he added.
The dividend cheques were presented to the Chief Minister in presence of Finance Minister Abdul Rahim Rather, Chief Secretary M Iqbal Khandey and Principal Secretary (Finance) to Chief Minister B B Vyas. Besides, J&K Bank Executive President Parvez Ahmad, Senior President Abdul Rauf Bhat, Private Secy. to Chairman Shujaat Hussain and Company Secretary Abdul Majid Bhat were also present on the occasion.
Notably, with this payment the Government has earned a dividend income of Rs 713.19 crore on its investments since 1938, out of which Rs 411.13 crore were paid during the last four financial years only. The Government’s investment of Rs 53 crore in the Bank has appreciated to Rs 3401 crore on the basis of current market price (BSE on 15-10-2014), registering appreciation of 6292 %.
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