Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: As many as 71 banks and financial institutions (BFIs) under the Nepal Rastra Bank (NRB)’s jurisdiction have not been able to hold their annual general meeting (AGM) on time.
As per the provision in the Company Act, BFIs should hold their AGM within six months of the fiscal year end. However, 71 BFIs have failed to carryout their AGM so far.
With this, these firms are now subject to action from Company Registrar Office. As per the legal provision, the Company Registrar Office will charge them certain fine.
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