KATHMANDU, DECEMBER 1: Since the last month of Shravan (July 17 to August 17), the production of Samrat Cement has been stopped. The reason behind this is not a loss in the business but rather a diabolical plan of two groups having stakes in the company.
Before its production halt, Samrat was selling seven brands under both OPC and PPC categories. Such brands are Gajraj, Gajraj Premium, Badshah, Baaz, etc.
The company was also doing brisk business in the previous years. In fiscal 2020/21, its total turnover was Rs 3.70 billion which increased to Rs 4.87 billion a year later.
Similarly, the company augmented its daily production capacity from 1,800 tonnes to 5,400 tonnes by investing a huge Rs 13.12 billion.
Of the total equity structure of Samrat Cement, Basudev Pandey alone holds 45 percent while the remaining 55 percent is possessed together by Bishal Katawari, Rugata Group and Chaudhary Group. Chairman of the company is Anil Kumar Rungata belonging to Rungata Group while the Managing Director of Basudev Pandey. Similarly, Nirwan Chaudhary and Varun Chaudhary representing Chaudhary Group are directors of the company.
According to credible sources, Ruganta and Chaudhary Groups are cunningly bent to sell the shares of company by closing down the production some three months back. ” They want to sell them at 50 percent lower prices to show the fake losses of the company to Pandey.
For the last one year, the company has not distributed dividends to its shareholders. Similarly, its employees have been shifted to Palpa Cement.
“The Ruganta and Chaudhary groups have been blatantly disregarding the concerns of other shareholders in the board meetings of the company. Since the chieftians of these groups-Anil Rungata and Binod Chaudhary- are leaders of the Nepali Congress, they even use their political influence while doing so,” states the sources adding,” This indicates at a malicious stratagem to usurupt the company by making it financially crippled.