Kathmandu. The general meeting of Nepal Micro Insurance Company has been postponed following the arrest of Deepak Bhatta. The meeting of the Board of Directors of the company held on April 17 has decided to postpone the AGM scheduled for April 24.

The AGM, which was scheduled to be held at the Mid town Hotel in Chitwan on April 26 at 11:00 a. m. , has been postponed until further notice.

Although the company has postponed the meeting, the company has not given a clear reason for postponing the meeting.However, another promoter of the company said that the meeting had to be postponed after the arrest of the company’s promoter Deepak Bhatta. 

According to the directors, Bhatta has 11,25,000 units of shares in Nepal Micro Insurance. The organizers claimed that the meeting had to be adjourned as it would be difficult to ensure majority after the arrest of Bhatta, who played an important role in maintaining majority in the assembly.

Bhatta is currently in police custody.An investigation by the Securities Board of Nepal (SEBON) has revealed that Bhatta, who was arrested on the charge of money laundering, was involved in insider trading in thestock market, had borrowed around Rs 4 billion and artificially increased the value of the market.