Sanghai steps down as Everest Insurance chair

ShareSansar, Sept 22:

Ratan Lal Sanghai has resigned from the post of chairperson of the Board of Directors of Everest Insurance Company Limited, citing poor health condition.

The employees’ union of the insurance company had been demanding his resignation, charging him with not working in the interest of the company.

Chairperson of the employees’ union, Shumshere Rokka said that they have been pushing for the resignation of Sanghai and Chief Executive Officer Kewal Krishna Shrestha as they are still turning a blind eye to action initiated by the Beema Samiti against the company a year ago.

Sanghai had succeeded then BoD chairperson Rajendra Khetan after he resigned from the post last year.

“As he was on a leave for the past one week, we had decided to go to his residence to press for his resignation,” Rokka said. “But he has sent his resignation letter.”

CEO Shrestha, too, is on leave for the past 15 days, citing poor health condition.

The employees allege that the company is incurring losses due to extreme level of negligence of the board members.