Nepal Bank Limited 65th AGM: Court Order Halts Board Election, Financial Reports Approved
20th March 2025, Kathmandu
Nepal Bank Limited held its 65th Annual General Meeting (AGM) on 19 March, at the Nepal APF Club, Halchowk, Kathmandu. The meeting, chaired by Board Chairman Than Prasad Pangyani, approved the bank’s annual report, auditor’s report, and financial statements for the fiscal year 2023/24.
Nepal Bank Limited 65th AGM
The AGM appointed three Chartered Accountants—Pradeep Kumar Shrestha, Madhuvir Pandey, and Sristi Koirala—as auditors for the current fiscal year 2024/25. These appointments followed official recommendations from the Office of the Auditor General.
However, the election of three Boards of Directors representing general shareholders was halted. The Patan High Court issued an interim order on 18 March, stopping the process. The order came after former board member Bibek Shamsher Jabara filed a writ petition challenging his disqualification.
Jabara had filed his candidacy for the board election but was disqualified by the Election Officer. The officer cited non-compliance with the cooling-off period rule under the Bank and Financial Institutions Act, 2073, and the Nepal Rastra Bank’s Unified Directive.
The court scheduled a hearing for 24 March, to discuss the matter further. It ordered the bank to suspend the board election until a final decision is made. The court also noted that the Election Officer’s decision might contradict existing laws.
During the AGM, Chairman Pangyani highlighted the bank’s financial performance and plans. He assured shareholders of the bank’s commitment to transparency and good governance.
The suspension of the board election has raised significant questions about the next steps. Stakeholders are closely watching how the court’s final decision will impact the bank’s governance and operations.
Nepal Bank Limited remains a key player in Nepal’s banking sector. The outcome of the court case and the board election will significantly influence the bank’s future direction.
For more: Nepal Bank Limited 65th AGM
