Kathmandu, 9 January : The Supreme Court (SC) has declined to continue the order to the government and Nepal Rastra Bank (NRB) not to bar Mukti Cement’s proprietor Ajaya Raj Sumargi from withdrawing the USD 7 million.
The hefty amount was reportedly brought from foreign banks and was blocked at the central bank for lack of valid sources for the money.
Earlier, issuing a short-term stay order until the next hearing, a single bench of Justice Deepak Raj Joshi on December 25 had directed the authorities concerned not to prevent Sumargi from withdrawing the amount from the bank. With this decision, Sumargi had withdrawn all money from the bank.
Nevertheless, the division bench of Chief Justice Cholendra Shamsher Rana and Justice Dr Ananda Mohan Bhattarai on Tuesday denied continuing the previous order, terming the decision wrong.
The court had summoned both sides for further discussion on Tuesday and after hearing; the SC scrapped the previous interlocutory order.
6 months ago