Kathmandu. Securities Board of Nepal Chairman Santosh Narayan Shrestha had called a meeting of the Board of Directors at 5:00 pm on Thursday to issue license to the new stock exchange. This was the second time that Shrestha had convened a meeting of the board of directors with an agenda to issue stock licenses.
The meeting, which was scheduled for 5 pm, began at around 5:30 pm.
The meeting, which lasted till 8.30 pm, created tension from the beginning. Director Tolakanta Neupane, who is also the assistant spokesperson of the Board, gave a detailed presentation on the findings of the study committee and how to issue the license.
After Neupane’s presentation, the board members were asked to express their views. Gokarna Raj Awasthi, who became a director on behalf of the Federation of Nepalese Chambers of Commerce and Industry, said why did the new stock have to be licensed now and in this way? Will the country sink if it is not licensed? He asked questions.
According to sources, Shrestha got angry when Awasthi said that the license could not be given under any circumstances and he would write a note of dissent. Along with Shrestha, joint secretary Mahesh Baral, who is the director of the board from the Ministry of Finance, is also trying to stop the license of Awasthi. The source says that the question was asked. Joint Secretary Binod Kumar Bhattarai, who became the director of the board from the Ministry of Law, had also put pressure on the government not to stop the license of the new stock.
Nepal Rastra Bank (NRB) Executive Director Rewati Nepal, who was present on the issue of licensing the new stock till the previous day, said the source said that there was some humility in thursday’s meeting. Nepal Rastra Bank holds 9.51 per cent stake in NEPSE and there could be a case of abuse of authority if it joined the process of licensing new stocks with a negative impact on that share, according to sources.
Nil Saru Magar and Bhola Dhungana, who were directors on behalf of ICAN, chose the middle path. According to sources, the other directors will not disagree if they agree, but they should not move forward in the midst of the dispute.
On the other hand, a complaint was lodged with the CIAA on Thursday alleging that the state was going to suffer a loss of Rs 27.5 billion by giving license to the new stock exchange on Thursday. It is said that the situation has changed a bit after receiving information about the complaint with the CIAA before the start of the board meeting.
What happened in thursday’s board meeting? Responding to a question from Singha Durbar, Board member Gokarna Awasthi said, “The spokesperson will say through the process what happened in the board meeting, we cannot say anything. ’
According to sources, gokarna Awasthi’s warning of writing a note of dissent, a complaint with the CIAA that the government was going to lose Rs 27.5 billion, the difference of the representatives of the Rastra Bank, the iCAN and expert members had not taken any decision in thursday’s board meeting.
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