KATHMANDU: A special general meeting of United Insurance Ltd (UIL) held on Sunday has passed a resolution to merge with Ajod Insurance Ltd (AIL).

The meeting also passed a resolution to rename the merged entity as 'United Ajod Insurance Ltd'. Similarly, the share swap ratio has been decided at 100:82.5 on the basis of the fixed asset, liability and due diligence audit (DDA) prepared by the appraiser SR Pandey & Co.

To provide and do all the work related to the merger, a special resolution was passed to give full authority to the board of directors.

A resolution was also passed to give the board of directors the right to appoint representatives on behalf of the company after the merger and to delegate to the board of directors the authority to appoint and approve directors from AIL in the board.

A version of this article appears in the print on May 9, 2023, of The Himalayan Times.