| A director of the suspended board of the Bank of Kathmandu (BoK) has lodged a petition at the Supreme Court (SC) against the decision taken by Nepal Rastra Bank (NRB) to suspend its executive board. Director Dipak Narsingha Shrestha filed the petition on Tuesday, pleading with the apex court to annul the central bank´s decision and to allow the executive board to resume normal operations. In the petition, Shrestha also requested the SC to annul the decisions that the new NRB-appointed board might have taken after taking control of the bank´s management. The central bank had suspended the board of BoK and taken control of its management on May 20, amid deepening disputes among the promoters of the bank. The action was taken on the basis of a charge that the board had failed to safeguard the interests of the bank´s promoters and depositors. The central bank had sent a four-member NRB board led by Director Laxmi Prapanna Niraula to manage the bank. The petition has named Niraula the defendant. Prior to the action, the central bank had sought clarification from the BoK board over its decision to remove Radhesh Pant from the post of Managing Director (MD) after it was convinced that due processes were not followed in his removal from the post. However, in its reply to the NRB, the BoK board had questioned the central bank´s jurisdiction over its enquiring into the decision taken by a bank´s board. |
| Source: Myrepublica.com |
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