Kathmandu: The fourth annual general meeting of Reliable Nepal Life Insurance Company concluded today at Lisara Banquet Gyaneshwar.
The company has approved the proposal to issue shares to the employees out of the shares allotted to the public. Similarly, a special resolution has been passed in the House to increase the capital along with right shares has also been approved.
The current authorized capital is Rs.2 billion while the paid-up capital is Rs.1.4 billion. With the new provision for regulatory capital, Reliable Life has to maintain Rs.5 billion paid-up capital within a year. Earlier, it had planned to issue IPO of worth Rs. 600 million to maintain Rs.2 billion paid-up capital. But with the new regulatory provision, the company has not much time for raising capital.
The AGM has elected new members of the Board of Directors(BODs). Anju Pandey, Uday Nepali Shrestha, Indra Prasad Sharma and Mahesh Sharma Dhakal have been elected unopposed by the group promoters. Dhakal has represented Global IME Bank Limited. The meeting also approved the appointment of an independent director.
The meeting has discussed and passed the annual report submitted by the BODs and also passed the financial audit report including the balance sheet of 76/2077 BS and the profit and loss account and cash flow statement of the fiscal year 2076/77. The company has also approved the proposal to appoint a new auditor for the fiscal year 2077/78 as there is a legal provision to appoint an auditor and fix its remuneration and not to re-appoint the existing auditor.
