. KATHMANDU: The Supreme Court (SC) has ruled that shareholders of banks and financial institutions holding shares of both promoter and general public cannot file candidacy for the post of director.
The Supreme Court has settled the dispute that a shareholder holding both promoter and ordinary shares should be allowed to become a director from the general group. Prior to the AGM, the election committee had rejected the candidacy of Bishweshwar Prasad Sharma, who is also the general manager and promoter shareholder of the bank. The general meeting of the bank was concluded without holding an election after the Supreme Court issued an interim order as demanded by him.
Later, the Supreme Court dismissed his petition in the final decision. A division bench of Justices Kumar Regmi and Bal Krishna Dhakal on November 29, 2002 upheld the decision of the Election Committee on November 22, 2002 and dismissed the writ petition filed by Sharma.
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