KATHMANDU, Jan 12: The Kathmandu District Court (KDC) on Wednesday issued a verdict barring Nepal Bangladesh Bank (NBB) from selling the promoter shares of its foreign partner, IFIC Bank Limited, Bangladesh, to Chaudhary Group of Nepal.
The single bench of Justice Ram Chandra Poudel of the KDC issued a stay order against the NBB’s plan to sell the share to Nabil Bank, whose majority shares are owned by Chaudhary Group. Earlier, the Chairman of Sunrise Bank Limited Motilal Dugad filed a writ at the KDC, stating that the IFIC Bank had breached the agreement made with him promising to sell the promoter shares.
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Last July, NBB announced an exit of IFIC Bank that owned 40.09 percent shares of the bank from the joint-venture bank. Binod Chaudhary led Chaudhary Group then made its way to purchase 36,827,426 unit shares of the foreign partner of the NBB.
The NBB is looking to merge with Nabil Bank after its foreign partner leaves the company. At present, Chaudhary owns 51 percent shares of Nabil Bank.
