Kathmandu. The 37th Annual General Meeting (AGM) of National Life Insurance Limited (NLIC) has concluded today. The meeting was held at the company’s central office in Lazimpat. The AGM will provide Rs 521.213 million at the rate of 10 per cent of the existing paid-up capital. The cabinet has approved a proposal to distribute cash dividend of Rs 20 and bonus shares worth Rs 266 million 6 thousand 654.10 at the rate of 5 percent.
Similarly, the AGM also approved a proposal to adjust Rs 41,148,418.70 at the rate of 0.789,473 per cent for tax purposes on shares and cash dividends.
The current paid-up capital of the company is Rs 5.21 billion. After the distribution of bonus shares, the paid-up capital of the company will exceed Rs 5.47 billion.
To further amend Section 8 (c) of the approved Memorandum of Management and Rule 4 (c) of the Regulations by increasing the paid-up capital of the company for the AGM, according to Section 105 (1) c of the Companies Act 2063, the financial year 2080. The expenditure incurred on 81 has been approved. It also discussed a special proposal to authorise the board of directors to carry out any changes if any directive is received from the body recording the amended management letter and regulations or the regulatory body.
Similarly, the AGM has elected a total of five directors of the board of directors. Three directors from the founding group and two from the general group have been elected.
The meeting approved the annual report of the last fiscal year and the auditor’s report. The same meeting for the current fiscal year 2081. It has approved the proposal regarding the appointment of auditors and determination of their remuneration for 82.
