NCC Bank formally called off Poush 30 scheduled AGM after ownership transfer row

ShareSansar, December 24:

Nepal Credit and Commerce Bank Limited (NCC) have formally canceled a schedule 16th and 17th AGM on Poush 30 for indefinite period after ownership transfer row. Publishing a notice today, bank has confirmed the cancelation.

In a bid to settle the complications related to the ownership transfer of NCC Bank Limited shares sold by Ms Binu Shrestha, Nepal Stock Exchange Limited (NEPSE) yesterday has written a formal letter to the bank management to install its Annual General Meeting slated for Poush 30.

With this the date of the AGM, which was due to endorse 40 percent dividend, including 38 percent bonus shares to  the shareholders from the net profit the bank posted in the last fiscal year 2069/70, has become uncertain.

In its letter dated December 23, NEPSE has stated it has invoked Article 48 of the Securities Act-2063, which allows it to issue directive to the listed companies in case of the breach of the agreement with the stock exchange, or to make the trading clean and regulated as well as to safeguard the interest of the investors.

The ownership transfer row started after the shareholders of NCC Bank Ms Binu Shrestha sold shares through licensed stock broker and these shares still could not be transferred on buyer name.