EFU Life becomes a subsidiary of EFU General Insurance
MG News | March 28, 2018 at 12:41 PM GMT+05:00
In a notification released on the bourse, EFU General Insurance has informed the stakeholders that after reviewing its investments in EFU Life Assurance Limited it now has the “ability to control the composition of Board of Directors EFU Life Assurance.”
The notice mentioned that in a Board of Directors meeting of EFU General Insurance, the company has reviewed its investments in EFU Life Assurance assessing its control proposition. Therefore, it concluded in the meeting that EFU Life Assurance is now a subsidiary of the company.
In accordance of the Section 228 of the Companies Act the two companies will now prepare and present consolidated financial statements from now on.
The said notice can be accessed here.
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