Nepal Share Markets AGM for 6 years; NRB decision of deduction in paid up capital & merger/ acquisition to be halted until final decision of Supreme Court

Nepal Share Markets and Finance Limited (NSM) is going to convene its Annual General Meeting (AGM) for 6 fiscal years. The crisis ridden company had failed to conduct AGM for last six fiscal years. The AGM will be held at Ashad 3, 2073. The AGM will be held at main office of Nepal Share Markets Limited situated at Putalisadak, Kathmandu at 1 pm. The main agenda of the meeting is to hold the decision of Nepal Rastra bank to decrease the issued and paid up capital of Nepal Share Markets Limited to Rs 23,33,32,834 and also hold its decision regarding merger and acquisition with other BFIs until the final order from supreme court. The other agendas of the includes Financial highlights of 2066/2067, 2067/2068, 2068/69,2069/70, 2070/71 and 2071/72 and appointment of auditor. Earlier Nepal Rastra Bank had issued directive to Nepal Share Markets Limited to decrease the issued and paid up capital to Rs 23,33,32,834 from Rs 2,03,42,88,000 and go for merger or acquisition. Nepal Rastra Bank (NRB) had declared Nepal Share Market and Finance (NSM) a ´troubled company´ after the category ´C´ financial institution failed to replenish its capital and implement other corrective measures within the timeframe given by the central bank.NRB had taken over the management of Nepal Share Markets and Finance Ltd (NSM), suspending the company’s board, which has failed to rescue the crisis-ridden finance company. Former executive chairman of Nepal Share Market and Finance Limited, Yogendra Prasad Shrestha was charged with misappropriation of public deposits worth more than Rs 2 billion. The finance company is in the process of selling Shrestha’s property, including his shares in Himal Hydro and Star Mall at Putalisadak, to recover the amount he misappropriated.