Navajivan Cooperative holds 31st annual general meeting in Tikapur

Tikapur: The 31st annual general meeting of the Navajivan Cooperative Society Limited took place in Tikapur, chaired by Cooperative Chairman Dev Bahadur Bam. The chief guest at the event was Laxman Kishore Chaudhary, Minister for Industry, Tourism, Forest, and Environment of Sudurpaschim Province.

Addressing the gathering, Minister Chaudhary highlighted that the cooperative sector's reputation has been tarnished nationally due to the actions of a few individuals. He added that the inability to address these issues politically has worsened the situation. Praising Navajivan Cooperative's role, he stated that it has significantly contributed to the economic development of Kailali district, particularly by supporting loans during his election campaign.

Cooperative Chairman Dev Bahadur Bam provided an overview of the organization's performance. As of mid-Asad 2081, the cooperative's share capital had reached Rs. 308 million, with 34,395 share members and Rs. 620 million in reserves and funds.

Key financial highlights include an investment of Rs. 4.4 billion, a net profit of Rs. 164.1 million, and a debt level kept within a 3 percent limit. Shareholders are set to receive dividends totaling approximately Rs. 40 million at a 13 percent rate. Additionally, Rs. 5 million has been allocated for shareholder interests.

The cooperative operates 10 service centers, microfinance programs, and agricultural sub-projects, including a rice milling initiative, across the Far West and Lumbini provinces. While permission was granted to establish branches in Kathmandu and Dadeldhura, these plans were postponed due to issues with other cooperatives embezzling savers' money.

Concerns Raised During the Meeting

During the closed session, shareholders expressed concerns about rising administrative expenses and declining dividend rates. Chairman Bam assured attendees that measures had been taken to reduce employee numbers and adjust office-bearer allowances, following decisions made in 2074 BS.

Recognition and Honoring of Contributors

The cooperative honored outstanding borrowers and students during the assembly. Among those recognized were:

Outstanding Borrowers: Varju Katharia of Janaki Rural Municipality-3, Nar Bahadur Bam of Tikapur, Tikaram Chaudhary of Bhajani, and Phul Kumari Tharu of Joshipur.

Outstanding Students: Pratik Saud and Biswas Dhungana, children of cooperative members, for their excellent academic achievements.

Representative Selection

Representatives were selected to participate in the cooperative's general meeting scheduled for Mangsir 30. The representatives include Bimala Shah, Tara Bam, Dhan Bahadur Bohara, Dirgha Bahadur Tiruwa, and Narendra Malla from Tikapur, as well as Ram Krishna Dagoura and Bhajan Kumari Bohara from Joshipur.