Surya life Insurance 8th AGM today; to endorse 5% bonus share

Surya Life Insurance Company Limited (SLICL) is convening its 8^th Annual General Meeting today (Baisakh 14, 2074). The AGM is being held at Udhyog Sangathan Morang, Sahidmarg, Tinpaini, Biratnagar at 11:00 AM. The main agendas of the meeting are:

• To endorse 5% bonus share and cash dividend worth Rs 16.44 lakh (for tax purpose) from the net profit earned in the last fiscal year.
• After issuance of bonus share, its issued and paid up capital will increase and amend Article of Association accordingly.
• To authorize BOD to make necessary amendments in the Article of Association as directed by concerned regulatory bodies.
• To endorse meeting allowance of various committees.
• To provide magazine and telephone expenses for BOD members.

Other agendas of the AGM include financial highlights of 2071/72, appointment of auditor for FY 2072/73, and to elect 4 BOD member from promoter shareholders group and 1 BOD member from public shareholders group. Only those shareholders owning shares till Chaitra 27, 2073 are entitled to the bonus share of the company and for participation in the AGM. The register of their shareholders was closed from Chaitra 28, 2073 till Baisakh 14, 2074 for the purpose of its upcoming AGM. Surya Life Insurance Company has reported a net loss of Rs.1.78 crore in the second quarter of the current FY 2073/74. Its paid up capital after recently issued 25% right share remains at Rs 62.5 crore. After issuance of 5% bonus share, its paid up capital will reach Rs 65.62 crore. As per Insurance Board’s directive for all life insurance companies to increase their paid up capital to a minimum of Rs 2 arba by the end of FY 2074/75, SLICL will need to issue a further capital hike of around 205%. It is yet to conduct AGM for the FY 2072/73.