Ministry has no official information on Ncell share sales: Minister Rai

Kathmandu, Jan 26: Today’s meeting of the Development Committee under the Legislature-Parliament has directed the bodies concerned to inform about the legal problems surfaced in course of the sale of shares of Ncell, the service provider organisation, and to make the required revision in the law.

The meeting under the chairmanship of the Committee president Rabindra Adhikari, asked the bodies concerned to inform the Committee in written within a week regarding whether or not the capital returns of Ncell would fall under tax purview of Nepal and whether or not prior-permission should be taken from the concerned organisation regarding handing over of rights of share, among others.

The Committee also urged to address the weak regulating provision and non-transparent activities immediately, to remove the legal deficiency soon and to bring the reality and truth regarding share sale and purchase.

The meeting also directed to change the Ncell into a public company.

On the occasion, Minister for Information and Communications, Sherdhan Rai, said although it has came into light that investors of Ncell have sold their shares, the Ministry has not got any official information in this regard.

Stating that government’s attention has been drawn regarding that the service provided by Ncell was effective, it has established the truth that foreign investment is safe and developed the infrastructure of investment, Minister Rai stressed that regulation regarding the issue should be carried out as per the law.

Nepal Rastra Bank Governor Chiranjivi Nepal and Director General at the Department of Industry, Maheshwor Neupane said that they have not received any letter regarding the sale of Ncell share.

Governor Nepal said that the Ncell has not so far submitted its full details of its investment.

The Ncell was established at the investment of Rs 100 million