Kathmandu, May 16A directive issued by Minister of Industry, Commerce and Supplies Matrika Prasad Yadav to the Office of the Company Registrar has landed in controversy after it was revealed that it was much in line with law.Yadav on 11 July 2018, had issued a directive to the OCR asking it to approve transfer of shares of companies only in presence of the two parties during a transaction or in presence of measureone with power of attorney issued by a court or Nepali embassies abroad, if the parties concerned lived abroad.
He had also directed the OCR to keep records and endegree the court and the embassies kept records.However, in a assembly of the Parliamentary Delegation Management and Government Assurance Committee nowadays, Industry Secretary Yam Kumari Khatiwada and OCR Registrar Bhuvan Hari Aryal conceded that Yadav directive was much in line with the law.In the assembly convened to discuss a complaint filed seeking annulment of the directive, Khatiwada said although the Company Act did much have any provisions allowing the minister to issue such a directive, the minister did so with good intention.Although the directive is in line with the excellent Governance Act, it is the Company Act that governs companies,& she said.
&So we canmuch say the directive it is in line with the law.The committee member and Nepali Congress lawmaker Radheshyam Adhikari questioned whether the embassies and the court should atendere by the minister directive.The committee Chairperson Ram Narayan Bidari said it would decide the issue after seeking a clarification from minister Yadav.