Kathmandu. The fourth annual general meeting of Union Life Insurance Company Limited held in Bhairahawa today has approved the annual report for the Fiscal Year 2076/77.
The AGM has elected new members of the Board of Directors. The meeting has unanimously elected Shulabh Agrawal, Sandeep Kumar Agrawal, Jeevan Kumar Agrawal, Sima Golchha from the promoter’s group and Sitaram Agrawal, Sachin Acharya from the public shareholder’s group unopposed. Today’s meeting of the BODs has Shulabh Agrawal as the chairman of BODs.
Similarly, the AGM has unanimously approved the annual report of the Board of Directors, the report of the auditor and the appointment of the auditor. The AGM has authorized the Board of Directors to merge (merge/acquire) with other life insurance companies to meet the regulatory capital requirement.
The IB has directed to all the life insurers to maintain a minimum paid up capital of Rs 5 billion by mid-April 2023. The meeting also authorized the BODs to appoint a valuator to conduct a due diligence audit (DDA) for the merger.