Kathmandu. The share capital of 35 shareholders of the troubled Karnali Development Bank has been reduced to 1 percent. The management group formed by the Nepal Rashtra Bank has reduced the share capital of 35 shareholders to 1 percent after the valuation of the assets and liabilities of the bank and the liabilities were found to be in a situation of and illegally repaying the capital .

Section 86 (e) of the ‘Nepal Rashtra Bank Act, 2058 {{}(e){{} to sub-section (1)(f) and (h) and Section 86 (h) According to the management group, the ownership has been reduced to 1 percent.

The decision to reduce the share capital of the management group will be heard in the High Court, Tulsipur (Nepalgunj {{} bench on November 22 before recording at the Company Registrar’s Office.

The management team has called on the public to appear before the court on the specified date and time with evidence, if there is any claim or opposition to the decision.