United Insurance's 24th AGM today; No proposal for 240% right shares

United Insurance Company (Nepal) Limited (UIC) will be convening its 24th Annual General Meeting today. The meeting will be held in Karki Banquet, Kathmandu at 10:00 AM.

The agendas of the meeting include:

1. Issuing audited financial report of the fiscal year 2073/74.
2. Appointment of statutory auditor for the fiscal year 2074/75.

For the AGM, the shareholder register book was closed from Jestha 13 till Jestha 27 i.e. the shareholders holding the shares of the insurance company till Jestha 12 will be able to attend the AGM.

The proposal of issuing 240% right share to its shareholders has not been included as agenda of the AGM. The board meeting of the company held on Baisakh 02, 2075 had permitted the issuance of right shares to issue the right shares to raise its capital. However, there is no such agenda mentioned in the AGM notice. For the company to issue right share, it is mandatory to get it approved by AGM/ SGM. 

After the issuance of right shares, its paid up capital will reach Rs 1.02 arba. Also the insurance company has not provided any dividend from profit of last fiscal year.