IFIC Bank faces contempt of court over sale of shares in Nepal bank
BI Report || BusinessInsider
Logos of IFIC Bank and NBB
A Kathmandu court has issued a rule seeking answers from IFIC Bank as to why action should not be taken against it for violating a stay order on selling its shares in Nepal Bangladesh Bank (NBB).
Kathmandu District Judge Shri Vishnu Prasad Gautam issued the order on Wednesday.
The court also gave IFIC Bank, where the Government of Bangladesh holds one-third stakes, three days to submit a response to the order.
Motilal Dugar, chairman of Dugar Group, which wanted to buy the shares of NBB, filed the petition against IFIC.
Dugar claimed that IFIC Bank is selling its entire 41 percent stakes in Nepal Bangladesh Bank (NBB) at a lower price than it should get.
Suspecting foul play, Dugar went to the court and got a stay order on IFIC’s share sale on January 11, 2022.
“But to our surprise even after the stay order by court, Nepal Bangladesh Bank signed a MoU on January 13 to the acquisition (of IFIC shares) by Nabil Bank. Every step of the MoU procedure was done at rocket speed whereas such procedures take months,” Dugar said.
