Nepal Insurance Company cancels distribution of cash dividend worth Rs.40.22 Lakh; cash dividend was for tax purpose on 7.50% bonus shares

The 28^th BOD meeting of Nepal Insurance Company Limited (NICL) has decided to distribute 7.50% bonus shares and Rs.40.22 Lakh as cash dividend for the purpose of tax on the bonus shares for the shareholders out of the profits of FY 74/75. The decision was duly approved by the insurance board and the AGM of the company.

As per the directives received from the insurance board, the company is not allowed to distribute cash dividend for the purpose of tax on bonus shares. Due to this, the 29^th BOD meeting held on 27^th Asadh, 2076 has decided that the amount of cash dividend reserved for tax purpose will not be distributed to the shareholders.