Kathmandu. The 19th Annual General Meeting (AGM) of Citizens Bank has been concluded.

The annual general meeting (AGM) of the bank has endorsed the dividend proposed to be paid to the shareholders. The bank had proposed to provide 5 percent bonus shares and 0.263 percent cash dividend to its shareholders from the profit of FY 2081/82. The proposal was passed by the assembly.

The bank had proposed to elect the board of directors in the meeting held today. The election could not take place due to the Supreme Court’s order.

According to the bank’s regulations, the bank has proposed to elect 1 director post representing promoter shareholders of Group ‘A’ and 3 Directors representing the general shareholders of Group ‘B’.

A single bench of Justice Shreekanta Poudel issued the order to halt the general meeting of the bank until further notice.

He had filed a petition at the apex court challenging the cancellation of the candidacy of shareholder Ratneshwor Sharma. Sharma had filed a writ petition at the Supreme Court demanding to stop the election claiming that his candidacy was cancelled in a planned manner. Soon after, the court ordered the election not to be held.

The bank had tried to elect Anil Kumar Gyawali, the director of City Express Investment Fund Pvt Ltd, as one of the promoter shareholders of the bank.

Similarly, Rajendra Pandit, Prakash Chandra Mainali and Hima Devi Khadka were elected unopposed.