Kathmandu. KATHMANDU: The Supreme Court (SC) has curbed the practice of arresting and detaining directors and chief executive officers of banks for investigation on the charge of banking fraud.
The Supreme Court (SC) on Thursday issued a stay order against Chairman of Nepal Investment Mega Bank Prithivi Bahadur Pandey and other directors of the bank.
A single bench of Justice Tek Prasad Dhungana issued the interim order against Pandey and its directors Prajanya Rajbhandari, Kabi Kumar Tibrewal, Dipankar Shakya Udaya, Shalikram Belbase and Shova Shrestha.
Chief Executive Officer (CEO) of the bank, Jyoti Prakash Pandey, had filed a writ petition on behalf of the board of directors of the bank, claiming that they were preparing to arrest the chairman and other directors of the bank in course of investigation into the auction process of the loan loan of Smart Telecom Pvt Ltd.
The Supreme Court has fixed August 10 for hearing in the presence of the other party for the interim order. The court has also given 15 days time to the government to furnish its reply with reasons in respect of the arrest warrant issued by the Kathmandu District Court.
