Kathmandu: The 17th annual general meeting(AGM) of Lumbini General Insurance Company has passed the proposal to distribute 9.5 percent bonus share from the profits of the fiscal year 2077/78 and a total dividend of 10 percent including 0.5 percent cash dividend for tax purposes.
The AGM has passed the 17th Annual Report 2077/78 of the Board of Directors. Along with the report of the auditor, the profit and loss, accounts, cash flow details and schedules for the fiscal year 2077/78 have also been passed.
On the recommendation of the Audit Committee, the proposal to appoint the auditor for the Fiscal Year 2078/79 and fix remuneration and re-appoint the current Auditor SAR Associates has been unanimously passed. The appointment of Nirmala Devi Manandhar as an independent director has been approved.
Similarly, the meeting passed a proposal to increase the authorized capital of the company to Rs 3 billion, amend the clause of the MoA and AoA, and authorize the BODs to make necessary adjustments as per the instructions of the concerned body.
The AGM has given full authority to the BODs to identify and select a suitable company for the purpose of acquiring or merger, sign a memorandum of understanding to take required action for the completion of merger, acquisition process.