The meeting is scheduled to endorse financial reports of FY 2074/75, elect two directors from ordinary shareholders and appoint an auditor for the current FY.
Nepal Bank that was planning to distribute an attractive dividend to its shareholders after 22 years had to once again let down its investors due to Nepal Rastra Bank (NRB)'s direction. NRB directed Nepal Bank to first maintain required regulatory reserve before distributing a dividend to its shareholders.
After the implementation of NFRS, commercial banks are required to maintain a certain percentage of its profit as a regulatory reserve. Due to the provision, Nepal Bank has to decline its dividend plan.
For the AGM, the bank is closing its book on April 22, thus, the shareholders registered in its book till April 21 will be eligible to attend the AGM.
