Kathmandu. Employees of the Nepal Stock Exchange (NEPSE) have been protesting for the past 19 days after they failed to receive the bonus amount of Rs 120 million they were supposed to receive in four years.

The agitating employees have been working for the past 20 days wearing black bands without allowing Chairman Hemanta Basyal and Chief Executive Officer (CEO) Chunamani Chapagain to enter the office. They have not obstructed the work.

On September 22, NEPSE employees had detained the chairman and CEO of NEPSE for about 13 hours for not getting the 5 percent bonus share as per the order of the Labour Court. The employees who had locked the chairman and CEO in the office from 11 am to 12 midnight returned home with the help of police.

The employees have been demanding 5 percent bonus as per the verdict of the Labour Court on June 19, 2082. In the fiscal year 2076/77 BS and the previous year, NEPSE employees were receiving 5 percent bonus. The bonus is distributed with the approval of the Ministry of Finance.

The AGM of NEPSE had already endorsed the decision of the Board of Directors to distribute 5 percent bonus for the fiscal year 2079/80 BS. Later, the Ministry of Finance had decided to distribute bonus of only 1 percent of the net profit for the fiscal year 2079/80. Since then, the employees have refused to take the bonus. The employees are adamant that they should get 5 percent bonus, while the ministry does not want to increase it from 1 percent. The employees had gone to the Labour and Employment Office, Teku against the ministry’s decision. On November 27, 2081, the office decided against the employees of NEPSE. The employees then went to the Labour Court. The Labor Court ordered the Labor Office to pay 5 percent bonus for not implementing the decision.

The court’s order reads, “The decision of the Labour and Employment Office, Kathmandu dated 2081-8-11 which held that the bonus at the rate of 5 percent to the employees working in the Nepal Stock Exchange Limited as per Rule (6)1 of the Bonus Regulations 2039 is not found to be consistent on the ground that the defendant company does not have a monopoly as per Rule (6)2 of the Bonus Regulations 2039. However, the NEPSE Board of Directors has insisted that the ministry should take a decision without disobeying the court’s order. Currently, the government holds 58.66 percent stake in NEPSE.

The Labour Court on September 12 had sent a letter to NEPSE asking it to implement the verdict within 15 days and inform about it. However, NEPSE Board of Directors held a meeting on September 18 and decided to go to the Supreme Court to file a writ petition against the decision of the Labour Court. After this, the employees went on strike.

It is said that the board of directors has gone to the Supreme Court as they are ready to implement the verdict of the Supreme Court.

No one can question the decision of the Supreme Court. If the Supreme Court asks for a 5 percent bonus, then the employees will get 5 percent bonus forever. Even if you ask to give only 1 percent, the dispute will be settled forever. NEPSE has claimed that it will cost around Rs 12 billion to implement the decision of the Labour Court and if it is given a 5 percent bonus without the approval of the Ministry of Finance, then it will have a liability of Rs 12 billion.

Four years ago, the Ministry of Finance had directed to give only 1 percent bonus. The directive is in place. NEPSE has insisted that the approval of the ministry is not enough just because of the decision of the Labour Court.

Rule 6 (3) of the Bonus Regulation states that an enterprise owned by the Government of Nepal shall obtain approval from the Government of Nepal and the Ministry of Finance before distributing bonus and shall also inform the concerned Labour Office after receiving the approval. NEPSE is adamant that the decision cannot be taken without the consent of the government by showing the same regulation. On the other hand, the employees are agitating saying that the ministry is not bigger than the court.

Rule (6) of Regulation 6 states that if an enterprise owned by the Government of Nepal distributes bonus in a manner contrary to this rule, it shall be recovered from the authority making the decision regarding bonus distribution.

According to Rule 6 of Regulation 6, NEPSE has been insisting that they cannot take the liability of around Rs 120 million for four years.

Following the stance of the directors, the employees of NEPSE have been requesting to provide bonus citing the provision of Section 4 (b) of the Commission for the Investigation of Abuse of Authority Act, 2048 BS.

Clause 4 (b) of the Commission Act, 2048 states that the Commission shall not take any investigation and investigation under this Act and any action related to the acts or decisions taken in the meeting of the Constituent Assembly or the Committee or any act spoken or done by any member of such a meeting, or any policy decision taken by the Council of Ministers or any of its committees collectively and the judicial proceedings of the court. According to this, the NEPSE employees claim that the authority will not be imposed and the directors will not have to bear the burden.