Ministry has no official information on Ncell shares sales
KATHMANDU: A meeting of the Development Committee under the Legislature-Parliament on Tuesday has directed the concerned bodies to report any legal problem surfaced in course of the sales of Ncell shares and to make the required revision in the law.
The meeting under the chairmanship of the Committee president Rabindra Adhikari, asked the concerned bodies to inform the Committee in written, within a week, regarding whether or not the capital returns of Ncell would fall under tax purview of Nepal and whether or not prior-permission is necessary from the concerned organization, regarding the handing over of rights of share, among others.
The Committee has also urged to address the weak regulating provision and non-transparent activities immediately, to remove the legal deficiency soon and to bring forward the reality and truth regarding share’s sale and purchase.
The meeting also directed to change the Ncell into a public company.
On the occasion, Minister for Information and Communications, Sherdhan Rai, said although it is known that the investors of Ncell have sold their shares, the Ministry is yet to receive any official information in this regard.
Stating that government's attention has been drawn regarding the services provided by Ncell were effective, its role in establishing that foreign investment is safe and developing the infrastructure of investment, Minister Rai stressed that regulation regarding the issue should be carried out as per the law.
Nepal Rastra Bank Governor Chiranjivi Nepal and Director General at the Department of Industry, Maheshwor Neupane said that they have not received any letter regarding the sales of Ncell shares.
Governor Nepal said that the Ncell has not so far submitted full details of its investment.
The Ncell was established at the investment of Rs 100 million.