Kathmandu. The special general meeting of Nexgen Management and Equity Solutions was held on Baisakh 22. The meeting was held at Maitidevi, Kathmandu, under the chairmanship of the company’s director and acting chairman Ajay Kumar Mishra.
In the meeting, Managing Director Ramesh Kumar Bhattarai informed that the non-performing loans and non-banking assets of banks and financial institutions are increasing rapidly and that the establishment of an asset management company has been included in the previous monetary policy and the recent policy and program presented by the government to reduce it.
NexGen Management, which was established to carry out the main work of asset management, also needs to increase its capital accordingly and form a public limited company to work by including banks, financial institutions, insurance companies and other organizations. .
Similarly, the meeting unanimously passed a decision to amend the Articles of Association of Nexgen to increase the authorized capital of one billion, the immediate issued capital to 500 million, and to convert the company into a public limited company.
Nexgen Management has been working as a corporate advisor to troubled borrowers of banks and financial institutions for the past one year. It has also facilitated the regularization, reorganisation and sale of non-performing loans. This company is an organization founded with the investment of former bankers.
At the end of the meeting, Chairman Ajay Kumar Mishra said that in many countries of the world, asset management companies have facilitated banks and financial institutions by managing non-performing loans. He mentioned that the time has come for such a company to operate in Nepal as well and NexGen Management should play a leading role in this.
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