THT 10 YEARS AGO: Fiat allows foreign firms to open shop here
Kathmandu, October 26, 2005
The government has promulgated an ordinance to replace Company Act 1997 allowing international companies to set up branches or liaison offices here. The ordinance, however, bars any foreign company or liaison office here to start business without getting registered with the Office of Company Registrar or acquiring permission from OCR. The Clause 154 of the ordinance reinstated the Company Act 1966 provision allowing international companies to set up branches or liaison offices, which was repealed when new Company Act was promulgated in 1997. The ordinance requires that any company opening its branch or liaison office here should produce its annual report before the OCR every year. “This is a positive move,” prominent company lawyer Bharat Raj Uprety told this daily. According to him, this will make it easier to regulate foreign companies’ business here. The ordinance, which was published in Nepal Gazette recently, bars any branch or liaison office of any international company here to issue any share or debenture. The Clause 6 of the ordinance states that OCR would not register any company whose business is against the public morals or which indulges in activities restricted by country’s criminal law. The ordinance requires that a public company needs to have at least Rs 10 million paid-up capital and seven shareholders.
Ratoghar presence delaying Ratna Park overbridge construction
Kathmandu, October 26, 2005
The overbridge being constructed in the heart of the city — the happening place when it comes to strikes and rallies — Ratna Park — is awaiting the fall of the historic Ratoghar (Red House) coined by the most influential students’ wing of the largest leftist party of the nation. “The construction work will come to a complete halt after two days. We are working to elevate the landing beside Ratoghar,” said Paras Baral, executive chairman of Innovative Concept Pvt Ltd, which is constructing the structure. Baral said the government was delaying dismantling Ratoghar and that had affected the work. “It may be because Ratoghar is a hotbed of political connections,” he said, adding that the file was reportedly under consideration of the cabinet of ministers. He claimed construction of the overbridge would be completed within a month after the dismantling of Ratoghar. Earlier, construction work was affected by the delay in demolition of structures of the NEA. “We were compelled to scale down the landing structure to two and a half metres instead of three on Ratoghar’s side,” he added. According to Sanjay Raj Upadhyay, chief of the Public Works Department of the Kathmandu Metropolitan City, the government has decided to dismantle Ratoghar but KMC has not received any official letter.