Prabhu Mahalaxmi Life Insurance Calls AGM On 29th Poush; Agenda To Endorse 17% Right Shares Issue

Prabhu Mahalaxmi Life Insurance Company Limited (PMLI) has called its 6th AGM on 29th Poush, 2080. The meeting will be held at Arpan Banquet, Baneshwor, Kathmandu, starting at 3 p.m. that day.

These are the agendas of the AGM:

1) Endorse the annual report of the fiscal year 2078/79.
2) Endorse the auditor's report with PNL statements, financial reports, and cash flow reports.
3) Appointment of the auditor and determination of their remuneration for the fiscal year 2079/80.
4) To elect directors to be represented in the board of directors: elect 6 directors including 4 from the promoter shareholder group and 2 from the general shareholder group.
5) To approve the appointment of independent directors.
6) To approve the decisions made by the Board of Directors.
7) To provide the authority to the board of directors to make necessary amendments to the company's regulations and articles of association, if there is a need to make any linguistic changes.
8) To increase the allowance and monthly benefits that the members of the board of directors get for attending the meetings of the board of directors and other committees and sub-committees.
9) To approve the expenses incurred in the process of the merger of Prabhu Life Insurance and Mahalaxmi Life Insurance.

Furthermore, there is an agenda of issuing the right shares. The meeting of the board of directors held on Poush 01 has decided to issue the 17% right shares on the paid-up capital of Rs. 4,29,60,00,000. Hence, after the issue of 73,03,200 units of right shares, the paid-up capital of the company will increase to Rs. 5.02 Arba. Despite the merger, the life insurance company grappled with a capital deficit of Rs. 70.4 Crores, falling short of the Rs. 5 Arba capital requirement mandated by the Nepal Insurance Authority (NIA) for life insurance companies. Therefore to meet the capital requirement of Rs. 5 Arba the company has now proposed to issue 17% right shares.

Poush 13 is the book closure date. Thus, shareholders maintained before that day can attend this AGM.

AGM Notice: