Nepal Investment Bank cancels special general meeting slated for Tuesday

KATHMANDU: The Special general meeting of Nepal Investment Bank Ltd (NIBL) has been canceled. The bank has informed that the special general meeting convened for January 19 has been canceled.

After the general meeting of Himalayan Bank Ltd held on January 14 rejected the merger proposal with NIBL, the meeting of the board of directors of NIBL decided to cancel the special general meeting.

HBL’s 29th annual general meeting had rejected the proposal following dispute among the shareholders over the merger. Himalayan Bank had decided to pass the merger proposal through voting following differences over the merger between its shareholders. Accordingly, voting was held today. In order to pass the merger proposal, 75 percent shareholders had to approve it.

However, sources said that 42 percent of the votes came in against the merger proposal following objections expressed by the Employees’ Provident Fund, N Trading Company and Chhaya International.