Citizen Life’s SGM Delegates Authority to BODs for Possible Merger

Kathmandu: The special general meeting (SGM) of Citizen Life Insurance Company has passed the resolution to authorize the board of directors(BODs) to proceed with the necessary process for the merger.

The meeting held today has also passed an agenda to giving full authority to the BODs to identify and select a suitable life insurance company for the purpose of merger and acquisition with any other life insurance company in the future.

The SGM has elected four directors on behalf of the promoter shareholders for the next four years through the election process. Pradeep Jung Pandey, Sumit Kumar Agarwal, Mahesh Swaran and Manoj Karki were elected unopposed.

Signing the memorandum of understanding(MOU) for merger, applying to the Insurance Board for principle consent for merger, appointing consultants, appraisers and auditors to evaluate the assets and liabilities as required, determining their remuneration and following the prevailing rules and regulations related to the merger should be adopted in accordance with the laws and guidelines. The BODs has been given full authority to complete all necessary tasks and processes, take final approval from the authorized body and provide details as directed by the regulatory bodies in this regard.

The proposal to increase the authorized capital of the company, including capital increase and other provisions in the company’s charter, and necessary amendments to the charter and regulations has been passed. It has been decided to authorize the board of directors to include any suggestions or instructions from the regulatory body in the proposed amendment of the company’s charter and regulations.

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