Prabhu Mahalakshmi Life Insurance Limited forms board of directors

Kathmandu, July 5

Prabhu Mahalakshmi Life Insurance Limited, which is preparing for integrated business, has formed its board of directors. Shiksha Bhattachan and Mijas Bhattachan from the founding group of Prabhu Life and Umesh Lal Shrestha and Suresh Sapkota from Mahalakshmi Life have been nominated to the board of directors.

Likewise, Deepak Pandey and Shankar Gautam have been nominated from the public group, informed Kamal Panthi, Secretary of the Joint Merger Committee of the erstwhile two companies – Prabhu Life Insurance Limited and Mahalaxmi Life Insurance Limited.

In the initial merger agreement signed in July last year and the final agreement signed in May this year, it was agreed to form a seven-member board of directors. It has been agreed that independent directors will be appointed by the board of directors after the starting of the joint operation following the merger of the two life-insurance companies.

The new company is set to start joint operation by mid-July 2023.

Meanwhile, it has been agreed that the chairman of the board of directors will be nominated by its first meeting. The chairman will be nominated from one of the board directors nominated by Prabhu Life.

The two companies were merged at the swap ratio of 1:1.

Both companies had decided for the merger in July 2022 to meet the new capital requirement of Rs. 5 billion for a life insurance company set by the Nepal Insurance Authority (NIA).

Published in The Rising Nepal daily on 6 July 2023.