Public Accounts Committee raises concerns over Ncell share sale, seeks regulatory clarity

KATHMANDU: The Public Accounts Committee under the federal parliament has written a letter to the Nepal Telecommunications Authority, raising questions about the sale of shares and ownership transfer of Ncell.

The committee sent the letter on Sunday, posing various 9 questions to the Inland Revenue Department, the Company Registrar’s Office, and the authority. In the context of ownership transfer, the committee inquired about the tax that the company needs to pay to the government.

The committee has also provided notice regarding the necessity or non-necessity of informing the regulatory authority about matters related to buying and selling before the transaction.

Recently, Spectrlite UK Ltd, a company owned by business tycoon Satish Lal Acharya, purchased 80% of Ncell shares. After concerns were raised publicly about the sale and purchase, the committee has also entered the matter. The committee has questioned the dealings that should or should not be disclosed to the regulatory authority before the purchase and sale.

The committee’s letter states, “Is there a legal provision regarding obtaining permission or approval from the Telecommunications Regulatory Authority in this context? What are the legal procedures if the information is not provided?” The committee has raised questions about the purchase not being approved and has inquired about the actions to be taken according to the law.

In the context of ensuring that Ncell operates under the name of the Nepal government within six years, as per legal provisions, the committee has also questioned whether approval has been given for the current transaction.

Fiscal Nepal |
Monday December 4, 2023, 12:53:46 PM |

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