Discussion on Nepal Bangladesh Bank disputed shares inconclusive

Discussion on Nepal Bangladesh Bank disputed shares inconclusive

The discussion on dispute over transfer of Nepal Bangladesh Bank shares ended inconclusively today. After the whole day discussion to settle the issue of non-transfer of ownership of Nepal Bangladesh Bank (NBB) stocks old by Nirmal Pradhan, there could not be any solutions. Though, Pradhan floated three options, the investors could not agree on his formula. Pradhan, on the occasion, verbally assured that he could buy back the sold stocks that have not been transferred. But the investors wanted written commitment. The stocks should be transferred to the buyers so that they could claim their dividends, according to Nepal Stock Exchange (Nepse) that has already directed the bank to put its annual general meeting (AGM) on hold. The bank had announced 10 per cent stock and seven per cent cash dividend. The Securities Board of Nepal (Sebon) has also halted transaction of all the stocks in the name of Nirmal Pradhan, his sons Nischal Pradhan and Nitesh Pradhan and his wife Rukmini Pradhan, apart from Shankar Bahadur Shrestha, Laxmi Bahadur Shrestha, Jit Bahadur Shrestha and their family members. A Securities Board of Nepal (Sebon) task-force is investigating the case. Out of some 220,000 NBB stocks sold, ownership transfer of only 118,000 units has been done leaving leaving some 1,000 investors fretting over their stakes that have not been transferred.
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