Jyoti Life’s SGM Passes the Agenda of Merger, Empowers BODs for Further Decision Making

Kathmandu: The special general meeting(SGM) of Jyoti Life Insurance Company Limited has approved the Memorandum of Understanding (MoU) signed with Surya Life Insurance for merger along with the Board of Directors(BODs) decision to form merger committee.

The meeting has approved the decision of the BODs to grant the authority to sign the contract and to submit an application to the Insurance Board for in-principle approval based on it, to write a letter for the suspension of share trading, and to appoint consultants, valuators and auditors to evaluate the assets and liabilities of the company. It has approved the decision to appoint an valuator by the BODs to carry out the assessment of assets and liabilities (DDA) and fix his remuneration.

The SGM has also passed the agenda to delegate authority to the BODs for the necessary amendments in the MoA or AoA for merger, acquisition, paid-up capital increment and take any other necessary decisions to abide by the instructions or directives issued by the regulatory authorities. In addition, it has also passed a resolution to transfer the 19 percent shares of the promoter group’s share to public share and maintain the ratio of the company’s share ownership structure at 51:49 percent. The current shareholding structure of the company is 70:30 respectively.

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