Kathmandu. Asian Life Insurance Company is going to elect a director representing the Board of Directors by challenging the Insurance Act, 2079 and the Companies Act, 2063.
Issuing a notice on Monday, the company had opened the nomination of five directors, including three from the founder’s group and two from the general group representing the board of directors. The deadline for filing nominations was 1:00 pm today. Seven people have filed their nominations today.
According to Election Officer Ratna Sundar Khuju, three members of the founding group have been elected unopposed among those who have filed their nominations. Deepak Kumar Shrestha, Sushant Chachan and Achyut Sapkota have been elected from the founding group.
On the other hand, four nominations have been filed in the general category. Among them are Nishtha Pradhananga, Hem Bahadur Karki, Saurabh Rungta and Shila Rajbhandari. Two out of these four will be elected at the company’s 17th Annual General Meeting to be held on July 15.
According to Section 47 of the Insurance Act, 2079 BS, the board of directors of the insurer shall consist of at least five or a maximum of seven directors, including an independent director. According to Section 86 of the Companies Act, 2063, there should be a large number of members of the board of directors and a minimum of three to a maximum of 11 members.
The founding group owns 51 per cent stake in Asian Life and the general public owns 49 per cent. According to this ratio, a total of seven-member board of directors should be selected on behalf of both the founder and the general public, including three directors each and one independent director. However, the company is preparing to form a six-member board of directors against the Insurance Act and the Companies Act and against the ownership of shares in the company, including three from the founder’s group, two from the general group and one independent.
