KATHMANDU: Lawmaker Amresh Kumar Singh has filed a petition in the Supreme Court regarding the controversial issue surrounding Ncell’s questionable share purchase.
Singh, on Friday, initiated legal action by filing a petition in opposition to Ncell’s share purchase, challenging the legitimacy of the transactions with six different entities. The entities include the Office of the Prime Minister and Council of Ministers, the Ministry of Communications and Information Technology, Nepal Telecommunications Authority, Company Registrar’s Office, Department of Inland Revenue, and Ncell.
The preliminary hearing for the petition has been scheduled for Sunday.
Malaysia-based Axiata, which purchased an 80 percent stake in Ncell at a value of NPR 144 billion seven years ago, sold the Nepali-founded British company Spectralite for a total of NPR 6.5 billion recently.
Allegations have emerged against Ncell, suggesting that the sale was undervalued and might result in a substantial loss of revenue for the government in terms of tax and potential nationalization within six years, thus questioning Ncell’s assets.
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