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| KTDC’s 26th AAG meet held | | TDC earns Rs 1.35 Cr profit, need for reconstitution of BoDs stressed | | EARLY TIMES REPORT
Jammu, December 22- In the Annual General Meeting of JKTDC chaired by the Tourism Minister and attended by higher officials and the shareholders here today, it was desired that JKTDC should approach the State Government for reconstitution of BoDs for the Corporation .
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.
The 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, Nawang Rigzin Jora, who is also chairman of the Corporation chaired the meeting.
Secretary, Tourism and Culture, Atul Duloo, Managing Director, JKTDC, Satish Nehru and Director General Budgets, 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, 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.
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Managing Director of the Corporation, Satish Nehru informed share holders that revenue receipt for first six months of current financial year of the corporation is to the tune of Rs. 1493 lakh against the revenue receipt of Rs. 1302.97 lakh of corresponding period of 2009-10.
He informed the meeting that against original estimates of revenue receipts of Rs. 2606.57 lakh fixed for the current year, the revised estimate have projected receipt of Rs. 2637.01 lakh.
The share holders appreciated the achievements of the Corporation during 2009-10 which has recorded all time high profit of over Rs. 135 lakh even after disbursing salary to employees at 6th pay commission scales for 9 months of the year.
The Managing Director further informed the share holders that despite present situation resulting in cancellations of bookings of tourists in Kashmir valley and consequently in Jammu division record revenue receipt of Rs. 1493 lakh has been achieved for first six months of current financial year against Rs. 1302.97 lakh of corresponding period of 2009-10 by the Corporation and added that this was possible only by close monitoring of all units of the Corporation and introduction of latest management tools for monitoring and evaluation.
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