Supreme Court provides interim ruling in favor of Narayandas Manandhar; Asks Rastra Bank to present rationale for the circular

Supreme court provides interim ruling on the case of Mr. Narayandas Manandhar, CEO of Prime Commercial Bank against Nepal Rastra Bank. Mr. Manandhar had filed a case when he had been relieved of his position due to the newly introduced directive of NRB imposing age limits for various positions.

The ruling has been made in the favor of Mr. Manandhar asking NRB to state reasons/rationale for the circular that it had issued earlier. Post the interim ruling, Mr. Manandhar has resumed his post as CEO of PCBL.

It had been just 4 days after Mr. Manandhar had started his second tenure when the circular had been released. Therefore, he had appealed to the Supreme Court to nullify the new circular. Given this interim ruling chances for reappointment of Mr. BK Shrestha as Chairman of Everest Bank and Chairman of Nabil bank is also high.