Kathmandu. Soaltee Hotel has violated the provisions of the Companies Act 2063. Soaltee has selected the board of directors against the provisions of the Act.

Soaltee has selected the board of directors in violation of the provisions of Section 83 (3) of the Companies Act, 2063.  Sub-section 3 of the Act states that at the time of formation of the Board of Directors, at least one person shall be appointed as an independent director if there are up to seven directors possessing the qualifications specified in the company regulations and having knowledge and experience in the business related matter of the concerned company. However, the general meeting of Soaltee Hotel held on December 28 has decided to board the board of directors against this provision.

The assembly held at Tribhuvan Army Officers Club has elected 8 directors and one independent director. If the company had followed the provision of the Act, then 2 independent directors should be elected. As the hotel did not comply with the provisions of the Act, it elected only one independent director.

After the meeting, the company has formed a new board of directors including 5 directors appointed from institutional shareholders and 3 directors from general shareholders and 1 independent director.

There are 4 directors representing the institutional shareholder Soaltee Enterprises Private Limited. They are Dinesh Bahadur Bista, Rabi Bhakta Shrestha, Rajesh Kaji Shrestha and Jaya Rajya Laxmi Shah. Similarly, Amrit Man Shrestha has been appointed as the director of Nepal Airlines Corporation (NAC).

3 members have been selected to represent the general shareholders of the company. They are Prakash Bikram Khatri, Sashi Raj Pandey and Niranjan Kumar Tibrewala. The company’s 51st Annual General Meeting (AGM) Madhav Giri has been appointed as an independent director of the company.