Nepal Bangladesh Bank share transfer dispute nears resolution
Securities Board of Nepal (sebon) has revoked the ban on trading of shares of Nirmal Pradhan and his associates after they committed to settle current Nepal Bangladesh Bank (NBB) share transfer dispute.
The row has hit more than 1,000 investors as they could neither sell their share nor transfer.
The capital market regulator issuing a circular to Nepal Stock Exchange (Nepse) today allowed the transaction of Nepal Bangladesh bank shares owned by Pradhan, his wife, two sons and his associate Shankar Shrestha.
Since Pradhan group pledged to settle the dispute the board has allowed the transaction, chairman of the board Baburam Shrestha said.
Earlier, in March, the board had directed Nepse not to allow any transaction of 10 individuals and three companies relating to Pradhan.
Some 1,000 investors, who bought Nepal Bangladesh Bank's 220,000 unit shares failed to transfer shares that belonged to Nirmal Pradhan and Shankar Shrestha.
The dispute has reaulted in postponement of the annual general meeting of the bank.
The board had formed a probe panel in February. But after its failure in resolving the issue.