CHAITE DASAIN, RAM NAWAMI BEING OBSERVED

CHAIRE DASAIN, RAM NAWAMI BEING OBSERVED
Kathmandu, 31 March: Devotees are also observing Chaite Dasain
and Ram Nanawami Saturday.
Devotees have offering puja and worship at temples in and outside the capital from early morning.
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MEDIA GOOGLE
‘So far, we raised our concerns from Madesh, but this time we are declaring our stance from the capital city.’
(Atmaram Sah, MJF-Republican General Secretary addressing first public meeting in capital of front of Madeshbadi parties in government, Republica, 31 March)
“There was a parliament in which Lal Bahadur Shahtri resigned[from post of railway minister] following a train accident. I would like to sacrifice anything for such a parliament, but how will I respect parliament on present days.”
(Arvind Kejriwal, member of Team Anna, Republica, 31 Republica.)
“It was like looking at the world from atop the chariot (Seto Machindranath) Now everybody says the chariot has shrink. Houses are now tall; height of the chariot
hasn’t shortened.”
(Gyan Singh Maharjan who has traditionally assembled the chariot, Nagarik, 31 March)
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CDS OPERATION DELAYED BY LUKEWARM RESPONSE
Kathmandu,31 March: The absence of depository participants (DP) and company listings has delayed the operation of Nepal’s first central depository system (CDS) in spite of it being all ready to start business, The Himalayan Times reports.

“We are ready to start dematerialising shares by the beginning of next month, however, it cannot be done if no listed company registers their securities with

us and if there are no depository participants to hold the demat account of investors,” said chief executive of CDS and Clearing Subodh Sharma Sigdel, at a press meet here today.

The Immediate Action Plan designed by the finance ministry had directed the company to begin operations by mid-April. The capital market regulator recently provided licence to one merchant bank — Civil Capital –– to work as a depository participant but it is yet to apply for membership at the company.

There are nine more companies that have applied for the licence of depository participants including merchant banks, financial institutions and a brokerage firm. Central depository system will dematerialise the physical scrips and make the transfer, clearing and settlement of shares faster and hassle free.

But CDS requires depository participants who will hold the investor’s records in a dematerialised form. They will act like a bank for the securities while the company is going to be the clearing house which will settle the account after each share transaction.

The chances of listed companies voluntarily coming and getting their securities registered at CDSC seems slim. Companies have to pay as high as Rs 500,000 to get their shares registered without any direct benefit for them.

“We are trying to communicate with the companies that coming into CDSC’s system will reduce their share-handling cost substantially due to dematerialisation,” pointed out Sigdel, adding, a company has to pay about Rs 100 to print one share certificate, at present, but after CDSC, printing will not be required.
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GOVT. MAKING ILLEGAL APPOINTMENTS
Kathmandu, 31 Government has also made an illegally appointment in Nepal Rashtra Bank (NRB), Kiran Bhandari reports in Nagarik.
The government has been deliberately making such appointments in the finance ministry and bodies under it.
Cabinet Thursday nominated former secretary Ram Hari Aryal board member of NRB.
‘Aryal doesn’t have qualifications fixed by NRB. Nominations are being made haphazardly.’ An official said such appointments ae being made extensively.
‘Aryal doesn’t have expertise in seven subjects specified by NRB. What kind of proposal did the finance minister, finance secretary and chief secretary
present at the cabinet? What is the basis of the prime minister’ appointment?” he asked.
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HERBO RAIDED; PROMOTERS ELUSIVE
Kathmandu, 31 March: The Central Investigation Bureau of the Nepal Police raided the New Baneshwor-based head office of now-defunct Herbo International Pvt Ltd,
The Himalayan Times reports.

It seized documents, CPUs, expired A/C payee bank cheques and CDs for investigation, while promoters of the illegal network business remained as elusive as ever.

A CIB team under DSP Om Adhikari raided the Herbo office based on complaints that the network business had defrauded people of millions of rupees.

The raid follows Wednesday’s Supreme Court verdict, which upheld the government ban on network businesses.

Immediately after the ban, the Supreme Court had issued a stay order one-and-a-half-years ago, allowing network businesses like Herbo International to remain in operation.

Herbo had been involved in the trade of products ‘purely manufactured’ from Nepali herbs found in the high Himalayan regions since April 14, 2005.

The company had managed to expand it network not only in Nepal but also in India, Singapore and Malaysia.

The company is found to have cheated thousands of people, promising them hefty commission for expanding the network business.

Promoters of the network business, including Kumar Lal Shrestha have been absconding after the apex court verdict.

CIB Chief, DIG Upendra Kant Aryal, said they have launched a manhunt for the promoters.
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