Kathmandu: A special general meeting(SGM) of Prabhu Life Insurance Company held today has delegated authority to the Board of Directors(BODs) to take necessary actions for merger and acquisition.
The major agendas of the SGM was capital increment and empowering the BODs for possible merger or acquisition. The meeting was held at Amrapali Banquet, Bhatbhateni.
The meeting has given authority to the BODs to take decision to get additional capital through the issue of right shares. As per the provision in Article 67 of the Companies Act, the meeting added the agenda of right share issue.
The meeting has also delegated power to the BODs to take actions for necessary amendments in the Memorandum of Association(MOA) and Article of Association(AOA).
Also, the meeting has passed a proposal to authorize the board of directors to act accordingly if the regulatory body directs to make any amendments to the MOA or AOA.
The meeting was chaired by Chairman of the BODs, Subash Amatya.