Kathmandu. The Supreme Court on Wednesday issued an interim order in favour of Prabhu Bank’s Chief Executive Officer (CEO) Ashok Sherchan.
A single bench of Justice Til Prasad Shrestha issued the interim order in favour of Sherchan. Along with this, the bench has also issued a show-cause order from the petitioner’s lawyer. With the supreme court’s interim order, the way has now been cleared for CEO Sherchan to work in the bank even after April 15.
Sherchan had earlier moved the Patan High Court, demanding that the first term should be calculated after the promulgation of the Act as per the Bank and Financial Institutions Act, 2073 BS. However, the High Court had ruled that the date of implementation of the Act should be counted.
Sherchan’s term was to end on April 12 as per the High Court verdict. Sherchan had filed a writ petition in the Supreme Court demanding that the first term should be counted on any date of appointment after the enactment of the Act.
Now, after today’s interim order of the Supreme Court, the way has been cleared for Sherchan to continue as the CEO of the bank till January 1, 2019. Sherchan was first appointed ceo of Prabhu Bank on January 1, 2017. He was appointed for a second term on January 10, 2017.
