Summit Report, Gangtok 21 Feb:
The 14th annual general meeting of the Sikkim State Cooperative Supply and Marketing Federation Limited [SIMFED], an apex marketing cooperative society of Sikkim, was held here today.
A press release mentions that the AGM, which was held after a hiatus of many years was chaired by the Chairman SIMFED Tenzing Dorjee Bhutia.
In his address, the Chairman expressed his gratitude to the Chief Minister for having put his faith in him and appointing him as the Chairman of SIMFED. The Chairman assured the members present that he is committed to serve the organization and its members to the best of his abilities. The Hon’ble Chairman stressed the need for SIMFED and its members to work together and in tandem for the future of our state. He committed that SIMFED shall follow the mantra of “Vocal for Local” and help our growers to market their produces in the distant niche markets.
The Managing Director presented the Annual Report for the Financial Year 2015-16 till 2023-24 to the august gathering. In his report, he informed that against the authorised Share capital of Rs 5 crore, the total paid up share capital of SIMFED was Rs 3.56 crore as on 31 March, 2024.
The shareholders of SIMFED comprise the Government of Sikkim and the various cooperative societies across the state. He further informed that the net profit of the federation for the year ended 31 March, 2024 was Rs 88.84 lakhs.
Dividend for the last cumulative years were declared as below
Government of Sikkim: Rs 1,30,00,000
Member Cooperative Societies: Rs 15,30,000
TOTAL: Rs 1,45,30,000
The Managing Director assured that in the coming years depending on the progress of the federation, the federation would try to increase the rate of the dividend so that the member shareholders of SIMFED would benefit from their shareholdings. It was also informed that this was the 20th consecutive year that the dividend was being declared by the SIMFED.
The Managing Director informed that SIMFED has given the top most priority to the marketing of the Agriculture, horticulture and floriculture surplus produce of the state. It was informed that SIMFED under the Production Incentive Scheme announced by the Hon’ble Chief Minister, Government of Sikkim had marketed various produces like ginger, oranges, Cardamon, Pulses etc.
An interactive session was also held between the member societies and the management of SIMFED. The management of SIMFED acknowledged wholeheartedly all the valuable suggestions made by its member societies and assured to incorporate them in future planning and functioning of SIMFED.
Elections of the Board of directors from the Primary Agricultural Cooperative Societies were also held. The present directors represented by the members from the Primary cooperative societies in the board of SIMFED was dissolved since they had completed their tenure. Thereafter, Election was held for the post of 9 Directors from the Primary Cooperative Societies for the Board of SIMFED. The newly elected Directors (representatives from the primary Cooperative societies) are Phurden Tshering Lepcha, Lingdok Nampong MPCS, Sudip Pradhan, Central Pandam MPCS, Saradhan Rai, North Regu MPCS Ltd, Sherina Matilda Gurung, Jorethang Urban Cooperative Society Ltd, Tika Lall Sharma, Polok Borong MPCS, Dawa Rinzing Lepcha, Phodong MPCS, Tek Bir Subba, Langang CCS Ltd, Tsering Bhutia, Yangten MPCS Ltd and Dakit Lepcha, U/Thambong MPCS Ltd.
The Chairman felicitated the outgoing board of Directors and welcomed the newly elected Board of Directors during the meeting. The annual general meeting ended with a vote of thanks by the Assistant Manager, SIMFED.
