1 min read

Patan High Court Dismisses Ncell Share Sale Petition

March 28, 2024
Ncell Share Sale
Photo: Ncell

KATHMANDU, Nepal – The Patan High Court has dismissed a writ petition challenging the sale of shares in Ncell, Nepal’s leading telecommunications provider. This decision clears the way for the Office of the Company Registrar, Nepal Telecommunication Authority, and other agencies to proceed with finalizing the transaction.

On Wednesday, a joint bench of Judges Dhruba Raj Nanda and Narayan Prasad Regmi issued the dismissal. The Court had previously issued a short-term interim order in December, halting the registration of the Ncell share sale.

The writ petition, filed by Gokul Bahadur Rokaya, sought to block the sale, compel Ncell, Axiata Group, and Spectrlite UK Limited to pay capital gains tax, and prevent any misappropriation of foreign currency involved in the deal. The full text of the court’s judgment is pending.

Ad below

What’s going on with Ncell?

Last December, Nepali businessman Satish Lal Acharya, through his UK-based company Spectralite UK, acquired an 80% stake in Ncell from the Axiata Group. The deal sparked controversy, and the government formed an independent investigation committee led by former Auditor General Tanka Mani Sharma. The committee has recently submitted its report to the government.

The Ditible For Latest Nepal news, sports news, politics, entertainment, Business, Money & Finance and tech news.
On Google News

Abhinash Chaudhary

Abhinash Chaudhary is a Entertainment writer here at The Ditible. He writes on Hollywood, Bollywood and Nepali Show Biz News and trends, Celebrity trends and more, also covers Pop Culture.

Leave a Reply

Your email address will not be published.