High Court directs not to withhold Himalayan Bank's dividend

May Tue 2022 02:18:14

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High Court directs not to withhold Himalayan Bank's dividend

Kathmandu. Patan High Court has directed not to withhold dividend from Himalayan Bank. Following the merger of Himalayan Bank and Nepal Investment Bank, NRB had directed to stop the distribution of dividends. The High Court has directed to remove the ban and make arrangements for immediate distribution of dividends.

The court issued the order in the name of Rashtra Bank, stating that the petitioner Himalayan Bank should be given the necessary instructions to distribute the cash dividend in this regard as it is possible to pay cash dividend to the shareholders from Himalayan Bank for the fiscal year 2077/78.

Himalayan Bank had gone to the Patan High Court against the NRB's directive to stop the dividend. The court has issued an order not to stop the distribution of dividends. Himalayan Bank had announced to distribute 21.38 percent bonus shares and 4.62 percent cash dividend for tax purposes from the last fiscal year's profit.