Kathmandu. A writ petition has been filed at the Patan High Court, challenging the appointment and continuity of CDS and Clearing Limited’s Managing Director and Chief Executive Officer Prabin Pandak.

Senior advocate Uttam Bahadur Shrestha filed a writ petition on Sunday naming Pandak and 7 agencies responsible for his appointment process as defendants. “There is a strong possibility of causing serious and irreparable loss to the securities stakeholders and the nation due to the illegal and short-sighted actions of Pandak,” the statement said.

Following the pleading on the writ petition on Monday, a single bench of Justice Awani Mainali Bhattarai summoned both sides on March 8 to hold discussion on the interim order. The CDAC Board of Directors had appointed Pandak to the post of CEO on December 14, 2081. It has been argued in the petition that the validity of the appointment cannot be proved.