Shares of Global IME Bank held by Niti Thapa Basnet open for auction; amount collected from auction to be distributed to depositors of problem ridden Oriental Cooperative Limited

The depositors of problem ridden Oriental Cooperative Limited will receive some relief. The committee formed to manage problem ridden companies have decided to auction shares of Global IME bank which is in the name of the company’s current employee Niti Thapa Basnet (wife of Sudhir Basnet). The amount raised from the auctions of the shares will be made available to the existing depositors as relief.

The committee will be auctioning Global IME shares which were held by Basnet. A total of 136,233 units promoter shares and 50,087 units ordinary shares will be auctioned. The minimum amount for promoter shares is set at Rs.180 per share while that of ordinary shares is set at Rs.272 per share.

The minimum amount of Rs.38,227,204 collected upon auction will be distributed to the depositors of the cooperative bank. The problem ridden bank has blocked around Rs.5 Arba worth of savings of more than 11,000 depositors.

The investors interested to bid for the auction need to submit the application form costing Rs.3000 before 10^th Magh at the office of credit recovery department. The bidders are required to deposit 10% of the bid amount initially as per the regulations of the recovery department.