58th Annual General Meeting of shareholders of SFC held

SRINAGAR, AUGUST 01: The 58th Annual General Meeting of the shareholders of the State Financial Corporation (SFC) was held today here under the chairmanship of Principal Secretary Finance Naveen Chowdhary.

The meeting was attended by MD SFC Mohammad Farooq Thoker, shareholders and other concerned officials.

The Principal Secretary, who is also chairman of the Corporation, emphasized upon the judicious use of resources, proper recovery model and right lending to infuse new vibrancy in the functioning of the organization.

Stating that the Corporation is stressed and needs creative thinking, innovative and collective approach to make it vibrant again, the chairman said that due to some recent initiatives the corporation has become debt-free. He said the Corporation’s final accounts which are among only a few of the 19 Public Sector Undertakings (PSUs) of the state stand audited up to date, largely present a fair view of the affairs of the Corporation.

He also said that any financial reformative measure in the form of capital infusion should be linked to the business plan of the Corporation.

The meeting was informed that there has been a recovery of Rs 16.05 crore which, as compared to the last year is higher. He also said that with foraying into new areas of business and becoming a channelizing agency of NMDFC and corporate agents in the insurance business, the business in these areas is showing a gradual improvement.

Saying that there is a need to infuse fresh capital in the Corporation to cleanse its balance sheet for boosting the revival process, he said that an approved business plan for next five years includes focus on NMDFC schemes for which the apex institution will be providing lookout circular and an equity support from the state government over first three years of the plan period.

To reduce the operative expenditure of the Corporation, the Principal Secretary also said that government will help it by accepting deputation of surplus staff to the state government.

The Chairman also called for computerization of its operations and said that state government will support the initiative.

The meeting also discussed various other issues confronting the Corporation. The shareholders presented their suggestions before the Chairman and said they will welcome any steps aimed to revive the important institute.