IME Life Insurance Delays Annual General Meeting, Cites Pending Approval from Regulator

Kathmandu – IME Life Insurance Company has notified the Nepal Stock Exchange (NEPSE) about its inability to conduct its annual general meeting (AGM) within the stipulated deadline of end of the Poush month. The delay is attributed to the pending approval of the company’s audited financial statements for the fiscal year 2080/81.

The company clarified that the external auditor has completed the audit of the annual financial statements, which have been submitted to the Nepal Insurance Authority (NIA) for final approval. The approval process has caused a delay in organizing the AGM.

As per the Companies Act, 2063, all companies are required to hold their AGMs within six months of the end of the fiscal year. In IME Life’s case, the deadline was end of the Poush month.

The company has assured stakeholders that it will convene the AGM promptly upon receiving approval from the Nepal Insurance Authority. IME Life expressed its commitment to adhering to regulatory standards and maintaining transparency with its shareholders.