Take back ownership of land of 150 ropnie

A parliamentary sub-committee has directed the government to take immediate steps to take back the 150 ropanis of land it had leased to Taragaon Regency Hotel Ltd. Take back ownership of land of 150 ropnie.

A sub-committee of the International Relations Committee under the Federal Parliament has directed Office of the Prime Minister and Council of Ministers to terminate the lease after finding out that the land was transferred to the hotel with malafide intention.

The sub-panel has directed the government to revoke the existing 49-year lease agreement as per law. It has also asked the concerned authorities to investigate who authorised the sale of the concerned 150 ropanis of land and also the people who bought the land and penalise them as per law.

The sub-committee has also found irregularities in share transfer and rights issue of the hotel. In 1992, the government owned 39 per cent shares of the hotel, which at present stands at only 9.01 per cent.

Meanwhile, 26.08 per cent of shares is with private partners Radeshyam Saraf and his family, who are Indian nationals, and local entrepreneur Ram Lal Shrestha and his family.

Moreover, 10.18 per cent shares of the hotel are with the public and the remaining 54.73 per cent with banks and financial institutions.

Submitting the report to the committee, coordinator of the sub-committee Agni Prasad Sapkota, said that action must be taken against those government officials who were responsible for decreasing the share of Taragaon Development Committee and assigning more shares to the hotel.

The sub-panel has also directed the government to form a team of experts to properly manage the capital, responsibilities, duties, rights and employees of Taragaon Development Committee.

“The government needs to conduct a detailed investigation from the very beginning and prepare a due diligence audit (DDA) report to find the exact financial records and duties and liabilities of the hotel,” the report reads.

The report has also suggested the government to adjust the land rent and share ratio of the government. Furthermore, the report has mentioned that if the company does not agree to adjust land rent or share ratio then the government needs to acquire shares of the hotel as per the DDA report and sell it to another company.

The report has also suggested government to establish a model standard for leasing government land or property.

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The sub-panel has also urged the government to form an independent high-level judicial committee led by a former chief judge to conduct a thorough investigation into all the related issues. It has also stated that after all the issues are resolved then the government needs to appoint a board of director in the hotel.

The report was submitted by Sapkota to the committee Chairperson Pabitra Niraula Kharel today.

Source : himalayantimes 

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