Kathmandu, October 4
The government has finally acquired shares of Bishal Bazar Company Limited, worth Rs 3.96 billion, after the company started implementing an order of Supreme Court regarding the share dispute.
The company’s Board of Directors last month decided to implement the order delivered around seven years ago.
Chairman of the Board Lawa Raj Joshi says a letter has already been sent to the Office of Company Registrar to transfer the ownership of shares and memorandum of association to the government.
The government had sought the ownership of shares of one of the biggest supermarkets of the country claiming the land the building was built in belonged to the state.
Upon being denied the claim, the government had filed a case at the Supreme Court. The court had handed down the verdict in favour of the government, but another petition was filed seeking the review.
Around two years ago, the court had upheld its earlier decision paving the way for the government to acquire the shares.
