Kathmandu. The Patan High Court has issued an interim order to the Vishal Bazaar Company to stop the annual general meeting.
Company shareholder Sunil Kumar Shakya had filed a writ petition in the High Court against the conduct of the general meeting of the Vishal Bazaar Company. Hearing the same writ petition, a joint bench of judges Tanka Prasad Gurung and Rishi Rajbhandari of the court issued an interim order to stop the annual general meeting of the Vishal Bazaar Company.
Vishal Bazaar Company had called its 34th annual general meeting tomorrow, Falgun 28, at the Army Officers Club in Sundhara, Kathmandu. With the court order, the company will no longer be able to hold the general meeting on the specified date.
Shareholder Shakya had filed a writ petition in the court, demanding that the decision to hold the general meeting of the company and the published information not be implemented until a final decision is made, as it is not against the interests of the shareholders. The writ states that holding the general meeting without evaluating the investment of the shareholders and keeping them apart may adversely affect the rights and interests of the investors.
The court has also issued an interim order to the company not to implement the action immediately, as it appears that the general meeting will be against the interests of the shareholders. Since the writ petitioner’s demands are in line with Section 139 (4) of the Companies Act 2063, the court has issued an interim order not to proceed with the application until the final decision is made and has also ordered Bishal Bazaar Company to submit a written response within 15 days.
