Kathmandu. Following the order of the Patan High Court, Vishal Bazaar Company has postponed its 34th annual general meeting.
The company published a notice today informing that the general meeting has been postponed. The company had called the general meeting today, Falgun 28.
Company shareholder Sunil Kumar Shakya had filed a writ petition in the High Court against the decision to hold the general meeting of Vishal Bazaar Company. Hearing the same writ petition, a joint bench of court judges Tanka Prasad Gurung and Rishi Rajbhandari on Monday issued an interim order to Bishal Bazaar Company to stop the general meeting.
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 against the interests of the shareholders and that the action be kept as it is and not implemented until a final decision is made.
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.
