Sahara Bikas Bank cancels its SGM

Sahara Bikas Bank Limited (SHBL) has cancelled its Special General Meeting (SGM) which was supposed to be held on Shrawan 7, 2074. The development bank has postponed its SGM and now the company’s BOD has decided to cancel its SGM for now. The main agenda of the SGM is to cancel its already endorsed 1:2.5 right shares. The bank had called for cancelling the issuance of right shares as it is going under acquisition by Deva Bikas Bank. It had decided to issue 250% right share to its shareholders after its merger with Sahayogi Bikas Bank was cancelled. Investors had also filed complaint against Sahara Bikas Bank. The complaint has been registered at Securities Board of Nepal (SEBON), Jawalakhel against the company’s decision to call SGM to cancel its already endorsed 1:2.5 right shares. Also Read; Investors file complaint against Sahara Bikas