Court bars IFIC from selling its NBB’s shares to Chaudhary Group

KATHMANDU: The Kathmandu District Court on Wednesday barred Nepal Bangladesh Bank (NBB) from selling the promoter shares of its foreign partner, IFIC Bank Limited, Bangladesh, to the Chaudhary Group.

A single bench of Justice Ram Chandra Poudel issued a stay order against the NBB’s initiation to sell the share to Nabil Bank, whose majority shares are owned by Chaudhary Group.

Chairman of Sunrise Bank Limited Motilal Dugad had filed a writ at the district court, stating that the IFIC Bank had breached the agreement made with him promising to sell the promoter shares.

Last July, NBB announced an exit of IFIC Bank that owned 40.09 percent shares of the bank from the joint-venture bank.