A meeting of FLRC sub-committee issued the directive urging the government to postpone all the processes till Thursday when a full meeting of FLRC is scheduled to discuss the controversial decision.

The NT board had received the proposal for distribution of incentive allowances endorsed by its Annual General Meeting recently before getting the final permission from the Ministry of Finance.

AGM of NT held in March this year had taken the decision to distribute the incentive allowances worth Rs 458.9 million out of the total profit of Rs 10.27 billion earned during the fiscal 2008/09. NT has already distributed a bonus worth Rs 301.1 million to its employees.

The FLRC´s sub-committee has also directed the government to provide the newly devised formula for distributing incentives for study. NT had decided to distribute the incentives under an old formula which allows distribution of 4.5 percent of the total profit as incentives to the employees.

In response to a complaint lodged by share holders, Commission for the Investigation of Abuse of Authority(CIAA) also has been looking into the case. NT has around 33,000 shareholders.

The significant surge in the arrivals of tourists from South Asia (34.9 percent more), Asia including China and Europe increased the number of tourists.

NTB’s data reveals that tourist arrival from India increased the most by 35.1 percentage followed by Sri Lanka and Bangladesh 57 percent and 51.6 percent respectively in August.

A robust growth of 20 percent has been observed in the arrivals from the South Asian region during the first eight months of 2010, compare to the same period last year.

Likewise, a number of tourists have arrived from major European countries. The data shows, Europe registered positive growth of 18.9 percent.

There has been growth of 68.3 percent in the visitors’ arrival from China as well, while Malaysia (85.7 percent) and South Korea (28.6 percent) have also registered growths. However, arrivals from Japan, Singapore and Thailand have declined by 5.3 percent, 32.9 percent and 9.7 percent respectively.

Overflow of the shares on the trading floor created the uncertainty. In the last fiscal year, the companies are providing bonus shares increasing the flow of the shares in the stock market.

Last week, the fall in the sub-indices of all of the listed sectors, except the sub-index of hotels plunged the share market. The hotels’ group posted a small gain of 1.74 points.

The double digit fall in sub-index of development banks led the loser’s side, shedding 23.36 points.

Likewise, the sub-indices of commercial banks, hydropower companies, finance companies and others went down by 8.19 points, 6.89 points, 4.31 points and 3.52 points respectively. Similarly, the sub-indices of trading companies and insurances companies equally fell by 5.14 points.

Similarly, the stock market witnessed the turnover of Rs. 102.31 million with the trading of 303,173 shares. The turnover was Rs. 86.55 million with the trading of 210,533 shares the previous week. The turnover in the secondary market went up by 52.78 percent in the last week.

Western Union — one of the most reliable money transfer agencies — has a wide network of 380,000 locations in 200 countries across the world. In Nepal, the company has 3,500 agents across the country. It promises to deliver money to the receiver within just 10 minutes.

Effect which is priced Rs. 75 is available in 250ml slim line cans. According to the company, the drink is targeted to the age group from 15 to 39 years. Stephan Claus, marketing director of Effect for Middle East and Asia, at the launching ceremony said, “We have been able to establish the brand as a premium product due to its superior quality and taste.”

Likewise, Kushal Bhimsaria, managing director of Laxmi Concern, said “There are more than 30 so-called energy drinks in the market with no brand credibility. Customers are actually tricked. We want to change that perception with Effect which will come in more sizes and flavours. I am convinced that due to its quality and flavor, Effect will be able to get a larger share of the market in a short span of time.”

As per the Company Act, a company is registered only after the concerned company demonstrates the paid up capital. This is applicable to both the public and private company. The reason behind demonstrating the paid up capital is that the company is able to the pay liabilities the company will face while doing business. If any company liquidates, the liabilities of the company are paid even from the paid up capital. Both the private and public limited companies have to go through liquidation process to close down the firm as per the Company Act.

Paid up capital of the concerned company is also one of the main bases that the central bank considers to give license for foreign exchange transactions. All the companies including the banks and financial institutions should take separate license from the central bank to start foreign exchange transactions.

“We were surprised to see so many companies had capital paid up capital neither in the form of working capital, nor fixed deposit and other ways of uses,” said a senior NRB official. However, those companies had shown the paid capital from Rs 1 million to Rs 500 million.

“It is against the corporate culture and we must ensure stop this tendency,’ said the NRB official. The finding also signals that many companies registered with Office of Company Registrar (OCR) might have had no paid up capital in reality.

The OCR does not monitor whether any company had actual paid up capital in some forms. “We are not the agency to monitor on the companies’ capital,” said Laxman Thakur, officiating registrar. “We also don’t have human resources and other resources to monitor 90,000 companies registered with us.”

OCR has not got any report about missing paid up capital of any company. “It is the job of auditors to show if any the company had no paid up capital in the audit reports of concerned company,” Thakur said. Every company should submit a copy of audit report to the OCR within six months of the ending of the fiscal year.

Issuing a notice NRB stated that those involved in illegal transactions of foreign exchange will be brought into book as per the Foreign Exchange Regulation Act. A senior NRB official said that they were receiving reports of illegal transactions basically in Thamel and other few parts of the Kathmandu valley.

In the meantime NRB made it clear that they haven’t confirmed such practices yet and that the notice was just to caution the public about the bad practice.

Issuing a notice NRB stated that those involved in illegal transactions of foreign exchange will be brought into book as per the Foreign Exchange Regulation Act. A senior NRB official said that they were receiving reports of illegal transactions basically in Thamel and other few parts of the Kathmandu valley.

In the meantime NRB made it clear that they haven’t confirmed such practices yet and that the notice was just to caution the public about the bad practice.

Issuing a notice NRB stated that those involved in illegal transactions of foreign exchange will be brought into book as per the Foreign Exchange Regulation Act. A senior NRB official said that they were receiving reports of illegal transactions basically in Thamel and other few parts of the Kathmandu valley.

In the meantime NRB made it clear that they haven’t confirmed such practices yet and that the notice was just to caution the public about the bad practice.