High Court Interim Order Halts Suspension of Himalayan Life's Assistant CEOs
The Patan High Court has issued an interim order staying the Nepal Insurance Authority's directive to suspend two assistant chief executive officers and manager Bibek Kumar Shah of Himalayan Life Insurance. The court has summoned both parties for hearings with written replies on Ashoj 13 and 15.
Kathmandu – The Patan High Court has issued an interim order staying the immediate implementation of the Nepal Insurance Authority's directive to suspend two assistant chief executive officers and manager Bibek Kumar Shah of Himalayan Life Insurance. The order was issued on Thursday.
The Authority had directed the suspension of Himalayan Life's directors Rajiv Prasad Pyakurel, Ashish Dhakal, Saurabh Dugad, Sachin Acharya, Pramila KC, Digambar Jha, Chief Executive Officer Kapil Kumar Dahal, Assistant Chief Executives Rajan Adhikari, Laxman Gyawali, and manager Bibek Kumar Shah.
The court's interim order applies only to Assistant Chief Executives Rajan Adhikari, Laxman Gyawali, and manager Bibek Kumar Shah. A writ petition was filed in the High Court on behalf of Gyawali.
A single bench of Justice Keshav Prasad Adhikari has summoned both parties for a hearing with written replies on Ashoj 15 regarding Gyawali's petition. Similarly, a single bench of Justice Shridhara Kumari Pudasaini has ordered the Insurance Authority to appear with a written reply on Ashoj 13 in response to Adhikari's petition.
The writ petition sought the annulment of the directive issued by the Authority on Asar 2 under reference no. 7881, and an interim order staying it until the petition is resolved. The High Court will issue a final order on the annulment of the Authority's directive after receiving the Authority's written reply and conducting a hearing.
The Insurance Authority issued the suspension directive after taking cognizance of a case filed in the Kathmandu District Court against the accused on charges of securities-related offenses, in accordance with the provisions of the Securities Act 2063.
The writ petition sought a mandamus order against the Authority. Such writ petitions are filed in the High Court or Supreme Court by aggrieved parties or stakeholders seeking the annulment of orders issued by authorized government bodies exceeding their jurisdiction.