{"id":303065,"date":"2026-06-12T06:39:56","date_gmt":"2026-06-12T00:54:56","guid":{"rendered":"https:\/\/insurancekhabar.com\/?p=303065"},"modified":"2026-06-12T06:45:04","modified_gmt":"2026-06-12T01:00:04","slug":"insurance-act-violation-directors-and-ceos-suspended-after-chargesheet-filed-2","status":"publish","type":"post","link":"https:\/\/english.insurancekhabar.com\/insurance-act-violation-directors-and-ceos-suspended-after-chargesheet-filed-2\/","title":{"rendered":"Insurance Act violation: Directors and CEOs suspended after chargesheet filed"},"content":{"rendered":"<p>Kathmandu. KATHMANDU: The District Government Attorney&#8217;s Office on Thursday filed a charge sheet against 42 TAG_OPEN_span_156 people associated with an insurance company at the Kathmandu District Court TAG_OPEN_span_155 TAG_CLOSE_span_156 on the charge of involvement under the Insurance Act. With the charge sheet being filed, more than 40 employees including Chief Executive Officer of Himalayan Reinsurance Company Upasana Poudel and incumbent directors, office-bearers and employees of the insurance company have been suspended. <\/span><\/p>\n<p>A total of 42 persons including directors of various insurance companies, including micro insurance companies, Himalayan Reinsurance Company, Himalayan Life Insurance and their subsidiaries, investment committees and top management have been named as defendants in this TAG_OPEN_span_153 TAG_CLOSE_span_154 case.TAG_OPEN_span_154 <\/span><\/p>\n<p>According to Section 142 of the Insurance Act, 2079, if a case is filed in the court of law, the incumbent officer, director or employee of such company will be automatically suspended until the case is settled.TAG_OPEN_p_207 The details of the accused suspended under the same section are as follows: <\/p>\n<\/p>\n<p><h4 data-path-to-node=\"6\">1. Nepal Micro Insurance Company Ltd. Officers of:<\/h4>\n<\/p>\n<ul data-path-to-node=\"7\">\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-67\" data-path-to-node=\"7,0,0\">Ashish Shrestha \u2013 The then Chairman<\/p>\n<\/p>\n<p>}<\/p>\n<\/li>\n<li>\n<p>TAG_OPEN_p_205 Mrigendra Nath Rimal \u2013 Chief Executive Officer<\/p>\n<\/p>\n<p>}<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-69\" data-path-to-node=\"7,2,0\">Siddhant Jhunjhunwala \u2013 Director Member<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-70\" data-path-to-node=\"7,3,0\">Latika Golyan \u2013 Director Member<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-71\" data-path-to-node=\"7,4,0\">Sunita Shrestha \u2013 Board Member<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-72\" data-path-to-node=\"7,5,0\">Anup Malakar \u2013 Director Member<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-73\" data-path-to-node=\"7,6,0\">Badri Sigdel \u2013 Director Member<\/p>\n<\/p>\n<\/li>\n<li>\n<p>TAG_OPEN_p_199 Prabina Dahal \u2013 Board Member &amp; Chairperson of Investment Committee<\/p>\n<\/p>\n<p>}<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-75\" data-path-to-node=\"7,8,0\">Sujal Malla \u2013 Investment Committee Member<\/p>\n<\/p>\n<\/li>\n<\/ul>\n<p><h4 data-path-to-node=\"8\">2. Himalayan Reinsurance Ltd. Officers of:<\/h4>\n<\/p>\n<ul data-path-to-node=\"9\">\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-76\" data-path-to-node=\"9,0,0\">Shekhar Golchha \u2013 The then Chairman<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-77\" data-path-to-node=\"9,1,0\">Upasana Paudel \u2013 Chief Executive Officer<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-78\" data-path-to-node=\"9,2,0\">Amit Mor \u2013 Operator<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-79\" data-path-to-node=\"9,3,0\"> Shahil Agarwal \u2013 Member of the Board of Directors and Convenor of the Investment Committee<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-80\" data-path-to-node=\"9,4,0\">Rohit Gupta \u2013 Board of Directors Member<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-81\" data-path-to-node=\"9,5,0\">Rajiv Mor \u2013 Operator<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-82\" data-path-to-node=\"9,6,0\">Mashek Kharel \u2013 Operator<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-83\" data-path-to-node=\"9,7,0\">Subhash Kumar Jhunjhunwala \u2013 Operator<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-84\" data-path-to-node=\"9,8,0\">Manish Kumar \u2013 Investment Committee Member<\/p>\n<\/p>\n<\/li>\n<\/ul>\n<p><h4 data-path-to-node=\"10\">3. Himalaya Securities Banker Ltd. and subsidiaries:<\/h4>\n<\/p>\n<ul data-path-to-node=\"11\">\n<li>\n<p>Subhash Bahadur Shrestha \u2013 Chief Executive Officer, Himalaya Securities Banker Ltd.TAG_OPEN_p_188 <\/p>\n<\/p>\n<\/li>\n<li>\n<p>TAG_OPEN_p_187 Deepak Kumar Shrestha \u2013 Chairman of Board of Directors, Himalaya Securities Banker Ltd. <\/p>\n<\/p>\n<\/li>\n<li>\n<p>TAG_OPEN_p_186 Sitaram Wagle \u2013 Director, Himalaya Securities Banker Ltd. <\/p>\n<\/p>\n<\/li>\n<li>\n<p>TAG_OPEN_p_185 Akanksha Gupta \u2013 Director, Himalaya Securities Banker Ltd. <\/p>\n<\/p>\n<\/li>\n<li>\n<p>TAG_OPEN_p_184 Shishir Gaihe \u2013 President, Himalayan Capserv Ltd. <\/p>\n<\/p>\n<\/li>\n<li>\n<p>TAG_OPEN_p_183Ritesh Pradhan \u2013 Chief Executive Officer, Himalayan Capserv Ltd. <\/p>\n<\/p>\n<\/li>\n<\/ul>\n<p><h4 data-path-to-node=\"12\">4. Officers of Himalayan Investment Banker:<\/h4>\n<\/p>\n<ul data-path-to-node=\"13\">\n<li>\n<p>Kapil Kumar Dahal \u2013 Chairman of Board (He is also the Chief Executive Officer of Himalayan Life Insurance){{TAG_OPEN_p_182 TAG_CLOSE_p_182}}<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-92\" data-path-to-node=\"13,1,0\">Rajan Prasad Adhikari \u2013 Board Member<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-93\" data-path-to-node=\"13,2,0\"> Binu Ghimire \u2013 Board Member<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-94\" data-path-to-node=\"13,3,0\">Narayan Kumar Adhikari \u2013 Director Member<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-95\" data-path-to-node=\"13,4,0\">Utsav Pradhananga \u2013 Board Member<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-96\" data-path-to-node=\"13,5,0\">Vidur Puri \u2013 Former Operator<\/p>\n<\/p>\n<p>}<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-97\" data-path-to-node=\"13,6,0\">Shumer Shamsher J.V.R. &#8211; Investment Coordinator and Immediate Chief Executive Officer (fired)<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-98\" data-path-to-node=\"13,7,0\">Subhash Poudel \u2013 Investment Member &amp; Chief Operating Officer <\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-99\" data-path-to-node=\"13,8,0\">Shalini Sanghai \u2013 Investment Member<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-100\" data-path-to-node=\"13,9,0\">Pratik Joshi \u2013 Investment Member<\/p>\n<\/p>\n<\/li>\n<\/ul>\n<p><h3 data-path-to-node=\"14\">5. Former officials of other affiliated bodies and regulators:<\/h3>\n<\/p>\n<ul data-path-to-node=\"15\">\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-101\" data-path-to-node=\"15,0,0\"> Shulabh Agarwal \u2013 The then Chairman of the Board of Directors, Himalayan Life Insurance Ltd. <\/p>\n<\/p>\n<\/li>\n<li>\n<p>TAG_OPEN_p_171 Deepak Bhatt \u2013 Chairman of Board of Directors, Infinity Holding Pvt. Ltd. (Prosecuted as the mastermind)<\/p>\n<\/p>\n<\/li>\n<li>\n<p>Sandeep Chachan Agarwal \u2013 Executive Chairman, Bhrikuti Stock Broking Company Pvt. Ltd.TAG_OPEN_p_170 (Broker No. 55)<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-104\" data-path-to-node=\"15,3,0\"> Rishiraj Mor \u2013 Then Chairman, Crest Micro Life Insurance Ltd. <\/p>\n<\/p>\n<\/li>\n<li>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-105\" data-path-to-node=\"15,4,0\">Sharad Ojha \u2013 Former Chairman, Nepal Insurance Authority{<\/p>\n<\/p>\n<p>}<\/p>\n<\/li>\n<li>\n<p>TAG_OPEN_p_167 Madan Dahal \u2013 Former Chairman, Nepal Insurance Authority<\/p>\n<\/p>\n<\/li>\n<li>\n<p><p data-path-to-node=\"15,6,0\">Shubhi Agarwal &amp; Raj Bahadur Shah (businessman)<\/p>\n<\/p>\n<p>}<\/p>\n<\/li>\n<\/ul>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-108\" data-path-to-node=\"18\">During the emergency on-site inspection carried out by the Nepal Insurance Authority, it was found that Himalayan Reinsurance Company through Bhrikuti Stock Broking (Broker No. 55) had increased financial risk by breaching the total investment limit (15 percent) and causing loss to the organization by not recovering more than Rs 2.73 billion from the broker for a long time.TAG_OPEN_span_152 Theo<\/span><span data-path-to-node=\"18,2\">. <\/span><\/p>\n<\/p>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-109\" data-path-to-node=\"19\">Similarly, Nepal Micro Insurance Company has also invested 31.86 percent of its amount in the share market breaching the limit of 10 percent and TAG_OPEN_span_149 TAG_CLOSE_span_150 misappropriated the money without recovering Rs 161.7 million from the same broker.TAG_OPEN_span_150 The investigation by the Central Bureau of Investigation (CBI) of Nepal Police has revealed that the defendants have systematically formed a criminal group among themselves and used the money of the insurance companies for personal gains to buy shares in the name of Deepak Bhatt and Sulav Agrawal and also tried to manipulate the price of TAG_OPEN_span_148 TAG_CLOSE_span_149 the securities. <\/span><\/p>\n<\/p>\n<p><p data-path-to-node=\"19\">} The charge sheet has demanded action including imprisonment and fine on the basis of their involvement in the crime. <\/p>\n<\/p>\n<p><p id=\"p-rc_fcf6f2a0b4eaef5c-110\" data-path-to-node=\"20\"><span data-path-to-node=\"20,0\"> If the offence under sub-section 1(g) of Section 140 of the Insurance Act is proved, the defendants shall be punished with the maximum legal action and all the said officials shall be under suspension from discharging any responsibility of the insurance business until the matter is sub-judice in the court under Section 142<\/span><span data-path-to-node=\"20,2\">}. <\/span><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kathmandu. KATHMANDU: The District Government Attorney&#8217;s Office on Thursday filed a charge sheet against 42 TAG_OPEN_span_156 people associated with an insurance company at the Kathmandu District Court TAG_OPEN_span_155 TAG_CLOSE_span_156 on the charge of involvement under the Insurance Act. With the charge sheet being filed, more than 40 employees including Chief Executive Officer of Himalayan Reinsurance [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":303069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45085,45159],"tags":[56080],"class_list":["post-303065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-corporate-movement-en","category-news-en","tag--en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/303065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=303065"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/303065\/revisions"}],"predecessor-version":[{"id":303066,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/303065\/revisions\/303066"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/303069"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=303065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=303065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=303065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}