Kathmandu. Guardian Micro Life Insurance has postponed its special general meeting.
A few days after the end of the Annual General Meeting, Guardian Micro Life had convened a special general meeting. The company was planning to pass the agenda of issuing 100 percent right shares in the ratio of 1:1 of the current paid-up capital.
The company had not taken prior approval from the regulatory body Nepal Insurance Authority (NEA) regarding the issue of right shares and a special general meeting was called for the same. After this, the Insurance Authority had directed the company to send a satisfactory explanation within three days.
There was also an all-round voice against the company’s share price by manipulating the stock market on the pretext of right shares. The share price of the company, which started at Rs 301 per share in the initial trading, has been fixed at Rs 2,511 per share today.
The Insurance Authority had directed Guardian Micro Life to postpone the special general meeting on April 15 after it did not get a satisfactory response from the company. As per the directive, a meeting of the board of directors of the company held today has postponed the special general meeting.
The company had convened a special general meeting on April 15. For this, the company had closed the book on April 15.
