Patan High Court gives continuity to short-term interim order stopping registration of traded Ncell shares

Setopati

Kathmandu, Jan 23

The Patan High Court has given continuity to the short-term interim order to stop registration of the traded shares of telecommunication company Ncell.

The joint bench of Judges Shaligram Koirala and Shyam Kumar Bhattarai on Monday has given continuity to its previous order issued to the Office of the Company Registrar to not register the traded Ncell shares. The bench of Judge Purushottam Prasad Dhakal on December 7 had issued the short-term interim order.

Pointing that the case needs to be concluded soon, the joint bench has also to prioritize hearing in the case in a way that no side can get it stalled once written response is received or the deadline to furnish the same expired.

The Malaysian company Axiata said on December 1 that it had sold its 80 percent shares in Ncell to Spectrlite UK Limited for US$ 50 million (Rs 6.66 billion).

The government has already formed a high-level committee to investigate the case. The Ncell Case Study and Investigation Committee was formed under the coordination of former auditor general Tanka Mani Sharma.