NCC to remain under NRB’s control for another 3 months

ShareSansar, March 23:

Nepal Rastra Bank has decided to keep NCC Bank under its control for another three months. Initially, NRB had taken control of the management of NCC Bank for six months with some specific aims, but it has not been able to achieve its objectives even after 13 months and is seeking additional time.

So, NCC will continue to remain under the control of NRB till Asar 2072.

Earlier, the NRB had decided to have its team at the NCC Bank till Falgun 30. The NRB had sent its team on Magh 21 2070, the NRB had already extended the team’s stay by three months twice.

The NRB had sent its team to NCC for a course correction, holding of AGM and steer the bank toward merger and acquisition.

NRB officials have attributed the delay to the failure to reduce the NB Group’s stake in the bank and disputes over share trading. NRB officials fear that if the 30 percent stake of NB Group is not reduced, NCC might again fall into the hands of the same group.

Likewise, NEPSE has directed the NCC Bank not to hold its AGM until the 1 lakh 7 thousand unit shares sold by Binu Shrestha are transferred to the buyers.  
NCC has not been able to distribute 38 percent bonus it had promised to shareholders because it has not been able to hold the AGM.