Siddhartha Bank & Business Universal Dev. Bank separate SGM on Baisakh 12; to endorse merger process with each other
Thu, Apr 7, 2016 11:25 AM on Latest, Featured, AGM/Special AGM,
Siddhartha Bank Limited (SBL) will be convening its Special General Meeting (SGM) on Baisakh 12, 2073. The SGM is going to be held at National Assembly Hall, Exhibition Road, Kathmandu at 11:00 AM.
Main agendas of the SGM are:
- Authorized BOD to endorse merger with Business Universal Development Bank.
- To approve the merger of Siddhartha Bank and Business Universal Development Bank by endorsing Due Diligence Audit (DDA) and Share Swap Ratio.
- After the merger process, the new merged entity will be named as Siddhartha Bank Limited.
- To endorse scheme of arrangement and memorandum of understanding (MOU) for the merger process.
- After the merger process of both bank to amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.
- To appoints auditor to do Due Diligence Audit for the purpose of merger.
- The bank will endorse 4:1 (25%) right share after the completion of merger process.
- To implement the direction as per Nepal Rastra Bank about the tenure of BOD and CEO of the bank.
- After distribution of right share its issued and paid up capital will increase and to amend the article of association accordingly.
- To renew the allowance of auditor of the bank.
- Authorized BOD to initiate merger with Siddhartha Bank Limited.
- To approve the merger of Business Universal Development Bank and Siddhartha Bank by endorsing Due Diligence Audit (DDA) and Share Swap Ratio.
- After the merger process, the new merged entity will be named as Siddhartha Bank Limited.
- To endorse scheme of arrangement and memorandum of understanding (MOU) for the merger process.
- To appoints auditor to do Due Diligence Audit for the purpose of merger.
- After the merger process of both bank, after deducting expenses of Bussiness Universal Development Bank, assets and liabilities will be transfered to Siddhartha Bank and amend the article of association accordingly.
- Election for BOD members from Business Universal Development Bank after the merged entity.
- The tenure of existing BOD member will dissolve after the formation of new BOD with the completion of merger process and amend article of association accordingly.
