The Appellate Court Hetauda has formally ordered the closure of United Bikas Bank.
A joint bench of judges Jeevan Hari Adhikari and Sarita Sharma has ordered the revocation of the development bank based in Jeetpur, Bara, and appointment chartered accountant Jagadish Bhattarai as the liquidator.
United Bikas Bank is the second BFI to be revoked in the country.
In June, the Appellate Court had sentenced the former chairman Rabindra Bahadur Singh, director Radha Krishna Amatya and manager Rakesh Raj Shrestha of the development Bank to three years in prison for a banking fraud.
The court had also slapped a fine of Rs 6.75 crore to Singh and ruled that the equal amount be recovered from him. The court also asked Amatya to pay the same amount in fine.
Singh and Amatya were arrested on May 31, 2011 after Nepal Rastra Bank (NRB) twice declared that the bank was in crisis within four years.
The two had misappropriated Rs 27.62 crore and Rs 6.75 crore respectively.
A joint bench of judges Jeevan Hari Adhikari and Sarita Sharma has ordered the revocation of the development bank based in Jeetpur, Bara, and appointment chartered accountant Jagadish Bhattarai as the liquidator.
United Bikas Bank is the second BFI to be revoked in the country.
In June, the Appellate Court had sentenced the former chairman Rabindra Bahadur Singh, director Radha Krishna Amatya and manager Rakesh Raj Shrestha of the development Bank to three years in prison for a banking fraud.
The court had also slapped a fine of Rs 6.75 crore to Singh and ruled that the equal amount be recovered from him. The court also asked Amatya to pay the same amount in fine.
Singh and Amatya were arrested on May 31, 2011 after Nepal Rastra Bank (NRB) twice declared that the bank was in crisis within four years.
The two had misappropriated Rs 27.62 crore and Rs 6.75 crore respectively.
-sharesansar
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