Kathmandu: Asian Life Insurance Limited (ALICL) today announced the date for its 15th anniversary. According to the notice published by the company, the AGM will be held at Hotel Classic Plaza, Simara Bara on 18th Baisakh 2079 (1st May 2023) from 11:30 am onwards.
The AGM will discuss and pass nine agendas proposed for the AGM. According to the insurer, the proposed dividends of 8.5 percent stock dividends and 0.44 percent cash dividends from the accumulated profits of FY 2078-79. The cash dividend is offered for the tax adjustment against stock and cash dividends. The shareholders will get a bonus share worth NPR 247.1 million and NPR 130 million will be distributed for tax adjustment. Its current paid-up capital is NPR 2.9 billion, far below the minimum regulatory capital requirement. A life insurer must maintain a minimum of NPR 5 billion paid-up capital by the end of Chaitra 2079 (Mid April 2023).
The house will discuss and pass the financial report submitted by the Chairman of the Board of Directors(BODs), auditor’s report, financial statement, profits, loss, and balance sheet for FY 2078-79. The decision of the BODs for appointment of the Statuary Auditor for the FY 2079-80 and the remuneration too will be endorsed by the house.
The agenda for the increment of authorized paid-up capital from NPR 5 billion to NPR 6 billion has also been proposed. Further, the amendments in the Clause 5(a) of the Article of Association (AoA) have also been proposed. The clause includes the scope of investment of the insurer.