JKTDC’s 26th AAG meet held, TDC earns Rs 1.35 Cr profit last fiscal

Rameez Bhatt:

December 22:  26th Adjourned Annual General (AAG) meeting of Jammu and Kashmir Tourism Development Corporation was held here today in which accounts for the financial year 1995-96 were adopted. The Minister for Tourism and Cultural, Mr. Nawang Rigzin Jora, who is also chairman of the corporation chaired the meeting. Secretary, Tourism and Culture, Mr. Atul Duloo, Managing Director, JKTDC, Mr. Satish Nehru and Director General Budgets, Mr. Ravi Mangotra attended the meeting as Board of Directors (BoDs). The meeting was informed that during the year 1995-96 against the revenue receipts of Rs. 602.77 lakh an expenditure of Rs. 661.96 lakh has been incurred. After taking in the account deification for the year net loss of Rs. 59.4 lakh has been recorded and was adopted by share holders of the corporation in adjourned annual general meeting. Later, 40th Annual General meeting was also held under the chairmanship of Minister for Tourism and Culture, Mr. Nawang Rigzin Jora. Managing Director of the corporation informed the share holders that during the year 2009-10 against revenue receipt of Rs. 2459.49 lakh an expenditure of Rs. 2323.91 lakh has been incurred including provision of defecation amounting to Rs. 248.15 lakh. The balance sheet has shown record profit of Rs. 135.58 lakh during last financial year, MD informed. It was resolved that share holders have received and considered the provisional accounts of the company for the year ended March 31, 2010. However, in absence of audited accounts, the meeting was adjourned to a day to be specified later when the audited accounts are available.The meeting informed that in pursuant to Article 61 (4) of Article of Association of J&K TDC all the Directors of the Company have retired except the Chairman and Managing Director of the Corporation. It was accordingly resolved that BoDs except the Chairman and MD of JKTDC Ltd. have retired from the date of holding this annual general meeting pursuant to Articles of Association of the Corporation. It was desired that JKTDC should approach the State Government for reconstitution of BoDs for the Corporation.