Nepal Rastriya Dainik
May 19, 2024 ,
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Investigation committee concludes that the purchase and sale of Ncell shares can’t be accepted as it is

Posted on by नेपाल राष्ट्रिय दैनिक

Kathmandu – The committee formed to investigate the purchase and sale of shares of Ncell has submitted a report to the Prime Minister Pushpa Kamal Dahal. The 5-member investigation committee formed under the coordination of former Auditor General Tankamani Sharma Dangal concluded that the purchase and sale agreement of Ncell cannot be accepted as it is.

Taking the report of the inquiry committee formed under the coordination of former Auditor General Tankamani Sharma Dangal, the Prime Minister said that the report will help the government to take the right decision.

It has been mentioned in the committee’s report that since Ncell started its business in Nepal, it has made 80 million foreign investments and 20 million domestic investments, and has earned more than one billion in profit annually and has taken more than 68 billion abroad under various headings. Similarly, it has been seen that the matter of more than 85 billion rupees that Ncell has to pay to the government of Nepal in taxes and non-taxes form is pending in different levels of courts.

The report says that the transaction mentioned in the Ncell Axiata share purchase and sale agreement between Axiata Group and Spectralite UK on 1 December 2023 is not based on the principle of equal commercial behavior and the seller side is dominant and has placed more than normal conditions on the buyer side. It has been mentioned in the report submitted by the investigation committee that the agreement cannot be considered as a favourable agreement as it is seen that conditions such as the right to sue, the company’s debt and liability are not on the seller.

The Secretary of the Government of Nepal Phanindra Gautam, Joint Secretary Baburam Bhandari, Joint Secretary Hrides Kumar Shakya, President of ICAN Sujan Kumar Kafle were in the investigation committee.

Ncell investigation report to the Prime Minister

Posted on by नेपाल राष्ट्रिय दैनिक

KATHMANDU-The high-level committee formed by the government on December 7 to investigate the case of buying and selling 80 percent of Ncell shares is submitting its report to Prime Minister Pushpa Kamal Dahal Prachanda.

The 5-member investigation committee formed by the cabinet meeting on December 7 will submit its report to Prime Minister Prachanda today.After about 2 months of research and study, the report is about to be submitted to the Prime Minister.

Former Auditor General Tankamani Sharma said,”Our report has been prepared and we will submit the report to the Prime Minister today.

Sharma was the coordinator and the members of the committee were Fanindra Gautam, Baburam Bhandari, Ritesh Kumar Shakya and Sujan Kumar Kafle.

The government had formed a committee expressing its displeasure over the fact that 80 percent of Ncell’s shares were traded without informing the Telecommunication Authority and not completing the government process.

A Malaysian company named Axiata has sold its shares to Spectralite in the name of non-resident Nepali Satish Lal Acharya. The inquiry committee was formed after criticism from the main opposition parties.