Rajesh Kumar Agrawal Elected as President of Confederation of Nepalese Industries; Finance Minister Clarifies Tax Provisions on M&As and FPOs

The 20th General Assembly of the Confederation of Nepalese Industries (CNI) concluded with the election of Rajesh Kumar Agrawal as the President. Agrawal, who previously served as the senior vice-president, assumed the position of president as per the constitution of the confederation. With a strong background in the industry since 1992, Agarwal is also the Executive Director of RMC Group, involved in sectors such as cement, steel, and food.

Courtesy: Confederation of Nepalese Industries (CNI)/Facebook 

During the annual general meeting held in the capital, several members were elected to the National Council of the Federation. The elected members include Sanjay Golchha, Raj Bahadur Shah, Vidushi Rana, Ajitvikram Shah, Hemraj Dhakal, Ashish Aggarwal Jajodia, Manish Khemka, Dwiraj Sharma (Shivakoti), Dhruvprasad Risal, Varsha Shrestha, Hitesh Golchha, Ashish Garg, Sapna Sapkota, and Birendra Raj Pandey.

Furthermore, the following individuals were elected as members of the National Council: Lakshmi Prasad Subedi, Gokul Bhandari, Sandeep Sharda, Mohit Kedia, Amit More, Amit Kumar Begani, Chandra Tandon, Rohit Gupta, Nirvan Chaudhary, Varun Kumar Todi, Rahul Kumar Agarwal, Sharadkumar Tibedwala, Vikram Singhania, Milan Babu Malla, Deepak Agarwal, Vishal Agarwal, Saurabh Dugad, Vikas Dugad, Dilip Agarwal, Gopal Kumar Agarwal, and Aditya Sanghai.

Additionally, seven vice presidents were unanimously elected from the National Council members. The vice presidents include Nirvana Chaudhary, Birendra Raj Pandey, Raj Bahadur Shah, Hemraj Dhakal, Rohit Gupta, Amit More, and Bhim Ghimire. Among them, Amit More and Bhim Ghimire have become vice presidents of the federation for the first time.

Moreover, Sandeep Sharda, Gokul Bhandari, and Chayan Sharma have been nominated as permanent invited members of the federation. The annual general meeting also featured awards presented in various categories, including Rohit Gupta as the most active vice president, Analraj Bhattarai as the most active member of the National Council, and the Women's Leadership Summit as the most happening event organized by the Confederation.

Courtesy: Confederation of Nepalese Industries (CNI)/Facebook 

Taxes on mergers and acquisitions (M&As) as well as follow-on public offerings (FPOs) are imposed based on the report of the Auditor General," stated Finance Minister Dr. Prakash Sharan Mahat.

During his address at the 20th Annual General Meeting of the Confederation of Nepalese Industries (CNI) on Friday, the Finance Minister emphasized that the idea of retroactive laws introduced by the government is incorrect, and the taxation on M&As and FPOs is determined according to the findings of the Auditor General's report.

He clarified that the government has not made any changes to the provisions regarding merger taxes and highlighted that it is not a retrospective tax. "We cannot modify it," Minister Mahat stated. He further emphasized that this tax is intended to provide relief and can be easily and extensively expanded. He added that the final interpretation of such a tax can only be provided through the judicial system.

MUST READ: What is the Contention Surrounding New Taxation Provisions for FPO Premium and M&A Gains?

The two-day general meeting concluded with the aforementioned appointments and discussions on various industry-related matters.