Court order to halt sale of Ncell shares

KATHMANDU, DECEMBER 8: The Patan High Court has issued a temporary interim order in the name of the company registrar’s office not to register the transfer of ownership of the shares of the private telecommunication service provider company, Ncell. A single bench of High Court Judge Purushottam Prasad Dhakal handed down the order yesterday.

Meanwhile, the court has summoned both parties for a hearing on the dispute for coming December 11. Following the hearing, the court will decide whether to continue the interim order or issue another order. Malaysian company Axiata reportedly sold 80 percent of shares of its in Ncell to Spectralite UK Limited. The order came on Thursday in response to a writ petition filed at the High Court by Gokul Bahadur Rokaya, demanding that the transaction of shares purchase and sale not be recognized.