Kathmandu, December 26:
Yet another bank scam related to NB Group has come to the highlight with Nepal Credit and Commerce (NCC) Bank Limited reluctant to auction the shares pledged by two defaulters.
The NB Group has pressurized NCC Bank not to auction the shares pledged by Nepal Power Development and Himalayan Capital Markets as doing so would weaken the grip of the Group in National Hydropower Company, according to knowledgeable sources.
Nepal Power Development holds 11.72 lakh units and Himalayan Capital holds 18.75 lakh units scrip of National Hydropower Company.The auction process has been stalled for a year after the bank declined to transfer all the shares to the
applicants who had bid in the auction.
Following the dispute over the auction process, NCC had invited fresh auction bid on June 18, which again was disrupted after the bank again refused to hand over all the scrips to the bidders who had bid for the scrip at a price much above the prevalent market price.
A group of bidders including Arjun Bandhu Regmi, Nirmal Pradhan and Gyanendra Lal Pradhan had bid for the shares at Rs 65.5 per unit while its actual market price stood at only Rs 36.
The bank, however, insists that it has confiscated 10 percent amount deposited by these bidders after they failed buy the scrip.
Earlier this month another case of irregularity related to loan issued by NCC Bank to a housing company called DNS Investment has come to light.
The problem was highlighted after the commercial bank could not find a bidder at even Rs 3 crore after it decided to auction 98 annas of land at Thaiba in Lalitpur bought by DNS Investment through the loan worth Rs 7 crore sanctioned by NCC Bank two years ago against the collateral.
“If we calculate the interests, the loan amount has now reached Rs 10 crore,” NCC Bank Director Tirtha Pradhan said.
DNS promoter Dipak Narsingh Shrestha had bought the plot of land from NB Colony for Rs 1.25 crore, and then went on to get 70 percent loan from NCC Bank by mortgaging the land by falsely evaluating its price at Rs 10.47 crore.
Sigma Architecture and Engineering Consultants had done the price evaluation of the land.
The land was then registered in the name of DNS Investment before the company was duly registered.
Land Revenue Office has confirmed that the land was registered by providing false details. Though the land was registered in the name of DNS Investment Company at the
Land Revenue Office on Jestha 3, 2068, the company was registered with the Company Registrar’s Office only on Jestha 9.
NCC Bank Director Pradhan said that the former chairman of the bank Laxmi Bahadur Shrestha had pressurized the bank officials to sanction the loan against the land pledged as collateral.
A few months ago, too, the NB Group had pressurized NCC Bank to issue a loan of Rs 30 crore to protect Kathmandu Recreation Center after Nabil Bank decided to auction the property after the NB Group defaulted its loan.
Laxmi Bahadur Shrestha had blocked the auction by managing to issue an order from Patan Appellate Court. Nabil had to then move the Supreme Court to move ahead with the auction.
“To save the recreation center, the NB Group had tried to take the loan in the name of some travel agency,” Pradhan added.
Meanwhile, the NB Group has somehow succeeded to sell more than 10 lakh units of shares of NCC Bank despite the fact that the court has frozen all its properties and shares.
Company secretary Ramesh Raj Aryal had helped the NB Group to dispose the shares despite the court’s order.
NCC Bank directors Dr Ashok SJB Rana, Hari Prasad Bhattarai and Tirth Pradhan had taken a strong exception to the move.
Also, another scam involving NB Group has come to notice at NCC Bank. When the bank decided to auction shares of National Hydropower worth Rs 5 crore, share broker Arjun Bandhu Aryal had bid for the shares.
But when he could not pay the money, the bank should have forfeited him of Rs 52 lakh or 10 percent of the collateral. But the bank officials were pressed to release the amount to Aryal.
NB Group has appointed one of its relative Gyan Hari Shrestha, who holds 947 units of promoter shares of the bank, as the director of the bank through its 15th Annual General Meeting.
Irked by these interference of the NB Group in the bank, shareholders who hold more than 20 percent of the bank’s shares (28.70 lakh unit shares) have been pressing bank chairman Prithivi Raj Legal to hold a special AGM of the bank within a month.
The directors of the bank have also been demanding immediate Special AGM.
Source: sharesansar
Yet another bank scam related to NB Group has come to the highlight with Nepal Credit and Commerce (NCC) Bank Limited reluctant to auction the shares pledged by two defaulters.
The NB Group has pressurized NCC Bank not to auction the shares pledged by Nepal Power Development and Himalayan Capital Markets as doing so would weaken the grip of the Group in National Hydropower Company, according to knowledgeable sources.
Nepal Power Development holds 11.72 lakh units and Himalayan Capital holds 18.75 lakh units scrip of National Hydropower Company.The auction process has been stalled for a year after the bank declined to transfer all the shares to the
applicants who had bid in the auction.
Following the dispute over the auction process, NCC had invited fresh auction bid on June 18, which again was disrupted after the bank again refused to hand over all the scrips to the bidders who had bid for the scrip at a price much above the prevalent market price.
A group of bidders including Arjun Bandhu Regmi, Nirmal Pradhan and Gyanendra Lal Pradhan had bid for the shares at Rs 65.5 per unit while its actual market price stood at only Rs 36.
The bank, however, insists that it has confiscated 10 percent amount deposited by these bidders after they failed buy the scrip.
Earlier this month another case of irregularity related to loan issued by NCC Bank to a housing company called DNS Investment has come to light.
The problem was highlighted after the commercial bank could not find a bidder at even Rs 3 crore after it decided to auction 98 annas of land at Thaiba in Lalitpur bought by DNS Investment through the loan worth Rs 7 crore sanctioned by NCC Bank two years ago against the collateral.
“If we calculate the interests, the loan amount has now reached Rs 10 crore,” NCC Bank Director Tirtha Pradhan said.
DNS promoter Dipak Narsingh Shrestha had bought the plot of land from NB Colony for Rs 1.25 crore, and then went on to get 70 percent loan from NCC Bank by mortgaging the land by falsely evaluating its price at Rs 10.47 crore.
Sigma Architecture and Engineering Consultants had done the price evaluation of the land.
The land was then registered in the name of DNS Investment before the company was duly registered.
Land Revenue Office has confirmed that the land was registered by providing false details. Though the land was registered in the name of DNS Investment Company at the
Land Revenue Office on Jestha 3, 2068, the company was registered with the Company Registrar’s Office only on Jestha 9.
NCC Bank Director Pradhan said that the former chairman of the bank Laxmi Bahadur Shrestha had pressurized the bank officials to sanction the loan against the land pledged as collateral.
A few months ago, too, the NB Group had pressurized NCC Bank to issue a loan of Rs 30 crore to protect Kathmandu Recreation Center after Nabil Bank decided to auction the property after the NB Group defaulted its loan.
Laxmi Bahadur Shrestha had blocked the auction by managing to issue an order from Patan Appellate Court. Nabil had to then move the Supreme Court to move ahead with the auction.
“To save the recreation center, the NB Group had tried to take the loan in the name of some travel agency,” Pradhan added.
Meanwhile, the NB Group has somehow succeeded to sell more than 10 lakh units of shares of NCC Bank despite the fact that the court has frozen all its properties and shares.
Company secretary Ramesh Raj Aryal had helped the NB Group to dispose the shares despite the court’s order.
NCC Bank directors Dr Ashok SJB Rana, Hari Prasad Bhattarai and Tirth Pradhan had taken a strong exception to the move.
Also, another scam involving NB Group has come to notice at NCC Bank. When the bank decided to auction shares of National Hydropower worth Rs 5 crore, share broker Arjun Bandhu Aryal had bid for the shares.
But when he could not pay the money, the bank should have forfeited him of Rs 52 lakh or 10 percent of the collateral. But the bank officials were pressed to release the amount to Aryal.
NB Group has appointed one of its relative Gyan Hari Shrestha, who holds 947 units of promoter shares of the bank, as the director of the bank through its 15th Annual General Meeting.
Irked by these interference of the NB Group in the bank, shareholders who hold more than 20 percent of the bank’s shares (28.70 lakh unit shares) have been pressing bank chairman Prithivi Raj Legal to hold a special AGM of the bank within a month.
The directors of the bank have also been demanding immediate Special AGM.
Source: sharesansar
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