Kathmandu. According to the Nepal Stock Exchange (NEPSE), the board of directors of Soaltee Hotel selected the hotel against the provisions of the Company Act-2063 BS.

Soaltee had elected the board of directors against the provision in Clause 83 (3) of the Company 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 meeting elected 8 directors and one independent director. If the company had complied with the provisions of the Act, then 2 independent directors should have been elected. Only one independent director has been elected in violation of the provisions of the Act.

The company has also informed NEPSE about the election committee. The board of directors of the company includes 5 directors appointed from corporate shareholders, 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. The newly elected committee was informed by NEPSE after the Office of the Company Registrar did not show any interest in violating its law.

The Office of the Company Registrar has remained silent on this matter.