Sagarmatha Lumbini’s board members AGM has Rejected 50% Allowance increase

Kathmandu : The 27th annual general meeting of SALICO has been held on 27th of Chaitra, 2080 B.S.  In the meeting on proposed to discussion submitted a proposal to pass the annual financial statement for the year 2079/80.  Similarly, the proposal of increase ‘the meeting allowance 50%’ for board of directors agenda has rejected by AGM. But, the shareholders strongly objected regarding the proposal due to which, Chairman Mool’s proposal to withdraw board of directors in the general meeting.

In the meeting Chairman of Sagarmatha Lumbini General Insurance Company, Manohar Das Mool, has been opposed by the shareholders regarding his proposal of increasing ‘meeting allowance’ of the board of directors.

As most of the shareholders who spoke in the meeting on that day came against the proposal to increase the ‘meeting allowance’ of directors including the chairman, due to which, Chairman Mool decided to withdraw the proposal.

In the annual general meeting, the company’s board of directors decided not to distribute 5% devident has passed by AGM.

On last Fiscal year, the board of directors meeting allowance and salary (in the name of stationery and communication) was 5 million 718 thousand Rupees. This year on the meeting board of directors proposed to increase it by 50 percent but it has been rejected, so the company will be saving around 3 million Rupees this fiscal year.

Most of the person in the general meeting raise question against the Chairman Mool whereas Chairman Mool while answering the questions of the shareholders, promised to give a double digit dividend in the coming year.

However, on the other hand, sources said that due to the outstanding claim payment and disputed claim payment, it is not yet possible to determine whether the company will be able to pay dividends in the coming year.

Although the shareholders strongly opposed Chairman Mool but they finally elected him unopposed as Chairman.

The meeting has decided that Lumbini Group and Sagarmatha Group will not hold any elections this year and continue with the old working committee.