Everest Insurance to get new board today

2014-02-13
Everest Insurance Company Ltd to get new board on February 13 2013, Thursday after it was taken over by the Insurance Board for stopping work for months. According to Insurance Board, it would be handling over the company management to the new board committee. 10 shareholders have submitted their candidacies for Board member, though an election has been schedule. Niranjan Kumar Tibrewala, Purushottam Raj Bhattarai, Hindu Sanskriti Karki, Rajan Kumar Paudel, Surendra Silwal, Sashi Agarwal, Pawan Kumar Shanghai and Priyanaka Agrawal are the candidates for the seats. Seven of the proposed candidates are likely to be elected unopposed. Among them, 4 are from Khetan group white 2 are from the Riberewala Panel and 1 from the Birendra Shah and Om Prakash Sikaria panel.  Based on the number of shares and proxy collection done recently the board is likely to be coalition said company official.  
The Insurance Board took over Everest Insurance after its management stopped normal business activities for several months. After that Insurance Board dissolved the company board and suspended the Chief Executive Officer (CEO) before sending a three member team to take over the management.

NRB takes over Nepal Share Market and Finance

The central bank of Nepal, Nepal Rastra Bank (NRB) has decided to take over the management of Putalisadak based finance company Nepal Share Markets & Finance Limited (NSMF), suspending the existing board, which has failed to rescue finance company. Earlier NRB had taken over the management of Nepal Credit and Commerce Bank (NCC Bank). NSMF in troubled due to huge scale fraud done by its formal chairman Yogendra Prasad Shrestha who is currently in jail term. The NSM, ‘C’ class financial institution licensed by the NRB was declared troubled financial institution two years ago.