Life Insurance Companies AGM Status of FY 2073/74; 43% of life insurance companies yet to conduct their last year AGM
Sun, Jul 15, 2018 4:14 AM on Exclusive, Featured, Stock Market,
- Ruchi Rayamajhi
As per the Companies Act, 2063, a company should conduct its annual general meeting (AGM) within 6 months of the completion of the fiscal year, i.e. within Poush end of the next fiscal year. If the company fails to call the annual general meeting within the mentioned time, it should call the AGM within 3 months of the completion of the given time.
As such, the life insurance companies of Nepal should conduct their AGM for the FY 2073/74 within 30 Poush, 2074, which is the mentioned time in the Act. In case of failing to call the AGM within Poush 30, 2074, the insurance companies should have convened their AGM within 31 Chaitra, 2074.
However, only 4 insurance companies among the 7 listed insurance companies existing in Nepal have conducted/announced their AGM till date. The list of banks that have conducted/announced their AGM is given below:
|
S.No |
Symbol |
Company Name |
AGM |
Venue / Time |
Book Closure Date |
AGM Date |
Agenda |
|---|---|---|---|---|---|---|---|
|
1 |
11th |
Agrawal Building, Kamalpokhari, Kathmandu (2:00 PM) |
2018-03-14 |
2018-03-28 |
Financial Highlight 2073/74, Appointment of Auditor, 12.5% Bonus share, Increment of Capital |
||
|
2 |
18th |
Hotel Viswa, Birjung, Parsa (9:30 AM) |
2018-03-28 |
2018-04-11 |
Financial Highlight 2073/74, Appointment of Auditor, 42% Bonus share and 28.5% Cash Dividend, Increment of Capital |
||
|
3 |
10th |
Hotel Viswa, Birgunj (10:00 AM) |
2018-05-18 |
2018-06-02 |
Financial Highlight 2073/74, Appointment of Auditor, 4% Bonus share, 1:0.6 right share, Increment of Capital, Election of BOD |
||
|
4 |
10th |
Hotel Harrison Palace, Bajrangbali Margh, Biratnagar (11:00 AM) |
2018-07-01 |
2018-07-16 |
Financial Highlight 2073/74, Appointment of Auditor, 12% Bonus share and 0.632% Cash Dividend, 70% Right Share |
Even if it is mid-Ashadh already, the following life insurance companies are yet to conduct AGM:
|
S.No. |
Symbol |
Life Insurance Companies |
|---|---|---|
|
1. |
||
|
2. |
||
|
3. |
The life insurance companies that have not conducted AGM yet have not proposed any bonus or dividend.
The main reason of delay in AGM of the life insurance companies is the approval of actuary valuation report. All insurance companies have already sent Actuary Valuation Report to the Insurance Board. The reports are on the process of final approval. Once the actuary valuation report and final accounts are approved, the AGM of the companies will be called and the dividends shall be proposed. Hopefully, they call their AGM soon in near future and endorse dividend and other major agenda for the benefit of respective shareholders.
