The Patan High Court has issued an interim order preventing Bishal Bazaar Company Limited from holding its annual general meeting (AGM), which was scheduled for today, March 12.
A division bench of Judges Tanka Prasad Gurung and Rishi Rajbhandari ruled that proceeding with the AGM without properly assessing shareholder investments could negatively impact the rights and interests of the petitioners. Citing the principle of balance of convenience, the court directed that the company maintain the status quo until a final decision is reached on the petition.
The court order, issued under Section 139(4) of the Companies Act, 2063, stated that the notice published by Bishal Bazaar Company on February 11, 2025, should not be implemented.
Bishal Bazaar Company's board of directors had decided on February 10 to hold the AGM on March 12, announcing it the next day through a public notice in a daily newspaper. Following the announcement, Kishor Lohia and others filed a writ petition challenging the decision. Senior advocates Shambhu Thapa and Satish Krishna Kharel, along with advocates Yubaraj Banjade and Dipendra Jha, argued on behalf of the petitioners.
Additionally, the court has directed Bishal Bazaar Company Limited to submit a written response within 15 days, explaining the grounds, reasons, and evidence, if any, for why the interim order should not be annulled. It warned that if no response is received within the given timeframe, a decision will be made based on legal procedures.
Bishal Bazar Company Limited, the largest company in terms of market capitalization in the Nepal Stock Exchange (NEPSE) list, was set to hold its first AGM in 11 years. The company's 33rd AGM was held 11 years ago, on 28 March, 2014.
