SIMFED Declares Dividend and Elects New Board at AGM 2025

The 14th Annual General Meeting of the Sikkim State Cooperative Supply and Marketing Federation Limited (SIMFED), an apex marketing cooperative society of the state of Sikkim, was held on the 21st of February, 2025, at a local hotel in the capital.

The Annual General Meeting, held after a hiatus of many years, was chaired by Chairman of SIMFED, Tenzing Dorjee Bhutia.

The meeting was attended by the Board of Directors of SIMFED, K.P. Sharma, Registrar of Cooperative Societies, Mahendra Pradhan, Director, Finance Department, Sameer Gurung, Additional Director, Horticulture Department, Dhiraj Pradhan, Managing Director, Denzong Agriculture Cooperative Society, Rinchen Kaleon, Deputy General Manager, SISCO Bank, Bhaskar Basnett, Managing Director, SIMFED, members of the primary agricultural cooperative societies, officials from the Department of Cooperation, and officers and staff of SIMFED.

The Chairman of SIMFED addressed the gathering and expressed his gratitude to the Chief Minister for placing his trust in him and appointing him as the Chairman of SIMFED. The Chairman assured the members present that he is committed to serving the organization and its members to the best of his abilities. He stressed the need for SIMFED and its members to work together for the future of the state. The Chairman also emphasized that SIMFED would follow the mantra of “Vocal for Local” and help growers market their produce in distant niche markets.

The Managing Director presented the Annual Report for the Financial Year 2015-16 to 2023-24 to the gathering. In his report, he informed that, against the authorized share capital of Rs. 5.00 crore, the total paid-up share capital of SIMFED was Rs. 3.56 crore as of 31.03.2024. The shareholders of SIMFED included the Government of Sikkim and various cooperative societies across the state. He also informed that the net profit of the federation for the year ending 31st March 2024 was Rs. 88.84 lakhs.

Dividends for the last cumulative years were declared as follows:

• Government of Sikkim: Rs. 1,30,00,000.00
• Member Cooperative Societies: Rs. 15,30,000.00
• TOTAL: Rs. 1,45,30,000.00

The Managing Director assured that, depending on the progress of the federation, the rate of dividend would increase in the coming years to benefit the member shareholders of SIMFED. It was also informed that this was the 20th consecutive year that the dividend was being declared by SIMFED.

The Managing Director stated that SIMFED had prioritized the marketing of agricultural, horticultural, and floricultural surplus produce of the state. It was noted that SIMFED, under the Production Incentive Scheme announced by the Chief Minister, Government of Sikkim, had marketed various produces like ginger, oranges, cardamom, and pulses.

An interactive session was held between the member societies and the management of SIMFED. The management acknowledged all valuable suggestions made by the member societies and assured they would be incorporated into future planning and functioning of SIMFED.

Elections for the Board of Directors from the Primary Agricultural Cooperative Societies were also held. The current directors, represented by members from the Primary Cooperative Societies in the Board of SIMFED, were dissolved as they had completed their tenure. An 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 as follows:

1. Phurden Tshering Lepcha, Lingdok Nampong MPCS.
2. Sudip Pradhan, Central Pandam MPCS.
3. Saradhan Rai, North Regu MPCS Ltd.
4. Sherina Matilda Gurung, Jorethang Urban Cooperative Society Ltd.
5. Tika Lall Sharma, Polok Borong MPCS.
6. Dawa Rinzing Lepcha, Phodong MPCS.
7. Tek Bir Subba, Langang CCS Ltd.
8. Tsering Bhutia, Yangten MPCS Ltd.
9. Dakit Lepcha, U/Thambong MPCS Ltd.

The Chairman thanked and felicitated the outgoing Board of Directors and welcomed the newly elected Board of Directors.

The Annual General Meeting ended with a vote of thanks by the Assistant Manager, SIMFED.