Kathmandu, July 17, 2007

The Supreme Court today directed the Nepal Rastra Bank to protect the rights of the shareholders of Nepal Bank Limited, whose management was taken over by Nepal Rastra Bank and later handed over to a team led by an overseas bank.

A division bench of justices Bala Ram KC and Gauri Dhakal ordered the NRB to make public the progress reports regarding the NBL, as it concerns the shareholders. The bench was responding to a writ petition filed by businessman Rajendra Kumar Khetan last year, challenging the activities of NBL’s new management.

After the management takeover by a team led by ICC Bank, Scotland, the new management had withdrawn the bank’s share trading from the Nepal Stock Exchange.

The bench, however, quashed the petition, stating that Khetan’s demand could not be fulfilled since the NRB had taken over NBL’s management, which was later handed over to the foreigners on contract basis under special circumstances.

The bench said the shareholders could not be denied information regarding the bank’s progress as per Clause 86 (f )(2) of Nepal Rastra Bank Act 2002. In his petition, Khetan, who is an NBL shareholder, claimed that after the foreigners took over the management of NBL he could neither transfer his shares nor get information regarding the progress of the bank.

Khetan had demanded the apex court’s intervention to dissolve the foreign management, call general meeting of the bank and revive the board of directors that was dissolved after the management was taken over by foreigners.

Cobbler makes it to Dalit Commission

Sewal Mahara Ram, who has been mending shoes in Khashibazar for the last 16 years, was last week appointed member of the National Dalit Commission.

Ram, who is in his late 30’s , has been an active member of the Nepal Sadbhawana Party (Anandidevi) for the last 10 years. He heads the Dalit wing of NSP-A, Nepal Dalit Utthan Manch, that was formed six years ago. He has definite views on what needs to be done for his ilk.

He regrets that his new job has virtually left him with no time for what he used to do earlier. “I believe in dignity of labour. I don’t want to run away from my ancestral profession. I will continue my work whenever I get time,” he said. He is concerned about the problems of 500-odd cobblers who are frequently chased away and intimidated by the city police.

“They even take away our belongings at times,” he said, requesting this scribe to “let the people know about our woes.” “I would do my best to allot space for the cobblers in different parts of the city,” he said.

Though earlier he used to earn Rs 150 a day, Ram, who joined the NDC office yesterday, doesn’t yet know about the salary and perks of his new job.