Presenting a proposed amendments in the existing act on Thursday at an interaction with stakeholders, the apex body of Nepal´s private sector, suggested a fine of Rs 300 to Rs 3,000 depending on the volume of paid-up capital of the concerned company that failed to submit the documents. [break]
As per the existing provision, the penalty for this was in the range of Rs 1,000 to Rs 5,000.
Similarly, a penalty of Rs 500 to Rs 5,000 have been proposed for those companies that could not produce the statements or information to the concerned office within additional three-month deadline. However, the existing provision has envisaged a fine between Rs 1,500 to Rs 7,000 for this.
The proposed amendment has also provides for recognition of electronic copies, fax, email as an information and statement from the concerned company in place of the current provision of only hard copies of such documents.
Similarly, FNCCI has also proposed a departmental action against employees of government offices who deliberately refuse to provide information to responsible persons.
Presenting the proposed around five dozen amendments in the existing Companies Act advocate Shiva Rijal said, the draft was made to attract more foreign and domestic investment at a time when the nation is all set to celebrate the Nepal Investment Year 2012/13.
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