Everest Insurance, which was taken over by the Insurance Board (IB) for stopping work for months, is getting a new board on Thursday. The IB said it would be handing over the company’s management to the incoming team.
According to IB officials working at the non-life insurance company, 10 shareholders have filed their candidacies for board member. Although an election has been scheduled, the seven board members are expected to be appointed unopposed.
Niranjan Kumar Tibrewala, Purushottam Raj Bhattarai, Hindu Sanskriti Karki, Rajan Kumar Paudel, Surendra Silwal, Sashi Agrawal, Pawan Kumar Shanghai and Priyanka Agrawal are contesting the seats. Similarly, Rashmi Holding and Sunglow Investment have submitted the names of Rajendra Singh Gurung and Arun Adhikari respectively.
According to Everest Insurance officials, seven of the proposed candidates are likely to be elected unopposed. Among them, four are from the Khetan alliance while two are from the Tibrewala panel and one from the Birendra Shah and Om Prakash Sikaria panel.
“Based on the number of shares and proxy collection done recently, the board is likely to be a coalition,” said a company official.
The IB took over Everest Insurance after its management stopped normal business activities for several months. It dissolved the company board and suspended the chief executive officer before sending a three-member team to take over the management.
Everest Insurance got into trouble after its management paid a claim worth Rs 40 million to Himalayan Snax, the manufacturer of Mayos noodles, without receiving the final report from the surveyor. The IB then slapped a monetary fine on the company and stopped the company from issuing fire insurance. In response, the company shut down its entire business.
After the company was found to have settled the claim illegally, the IB had initially barred the company from issuing new policies. However, it later relaxed the restriction and only barred it from issuing fire insurance following protests from employees.
After the regulator took over the management, the company started its entire business including fire insurance about two months ago. Out of 3,400 unpaid claims, the insurer has so far settled 1,800 claims worth over Rs 80 million, said IB officials. Similarly, it has collected premiums amounting to Rs 70 million from its new business since the IB took over on Oct 9.
“We asked for a board election to be held following an improvement in the company’s financial condition and management,” said Kundan Sapkota, the IB’s deputy director and a member of the team that took over the company’s management.
Everest Insurance has a paid-up capital of Rs 100 million. According to a company official, it has earmarked Rs 320 million along with its reserve fund at the IB.
source: the kathmandu post,12 feb 2014
LINK
According to IB officials working at the non-life insurance company, 10 shareholders have filed their candidacies for board member. Although an election has been scheduled, the seven board members are expected to be appointed unopposed.
Niranjan Kumar Tibrewala, Purushottam Raj Bhattarai, Hindu Sanskriti Karki, Rajan Kumar Paudel, Surendra Silwal, Sashi Agrawal, Pawan Kumar Shanghai and Priyanka Agrawal are contesting the seats. Similarly, Rashmi Holding and Sunglow Investment have submitted the names of Rajendra Singh Gurung and Arun Adhikari respectively.
According to Everest Insurance officials, seven of the proposed candidates are likely to be elected unopposed. Among them, four are from the Khetan alliance while two are from the Tibrewala panel and one from the Birendra Shah and Om Prakash Sikaria panel.
“Based on the number of shares and proxy collection done recently, the board is likely to be a coalition,” said a company official.
The IB took over Everest Insurance after its management stopped normal business activities for several months. It dissolved the company board and suspended the chief executive officer before sending a three-member team to take over the management.
Everest Insurance got into trouble after its management paid a claim worth Rs 40 million to Himalayan Snax, the manufacturer of Mayos noodles, without receiving the final report from the surveyor. The IB then slapped a monetary fine on the company and stopped the company from issuing fire insurance. In response, the company shut down its entire business.
After the company was found to have settled the claim illegally, the IB had initially barred the company from issuing new policies. However, it later relaxed the restriction and only barred it from issuing fire insurance following protests from employees.
After the regulator took over the management, the company started its entire business including fire insurance about two months ago. Out of 3,400 unpaid claims, the insurer has so far settled 1,800 claims worth over Rs 80 million, said IB officials. Similarly, it has collected premiums amounting to Rs 70 million from its new business since the IB took over on Oct 9.
“We asked for a board election to be held following an improvement in the company’s financial condition and management,” said Kundan Sapkota, the IB’s deputy director and a member of the team that took over the company’s management.
Everest Insurance has a paid-up capital of Rs 100 million. According to a company official, it has earmarked Rs 320 million along with its reserve fund at the IB.
source: the kathmandu post,12 feb 2014
LINK
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