The apex court on Aug 30 had directed the government to complete the process of transferring the ownership of shares worth the value of 8 ropanis and 4 annas of land occupied by the company in its name within six months.
“As per the apex court verdict, we´ve decided to revaluate the land occupied by the company. We will then ask the company to provide us shares worth the value of the land,” a high-level source told Republica on Sunday.
High-ranking officials of the ministries held a meeting on Sunday to implement the apex court decision. The meeting was attended by the top officials of the Ministry of Commerce and Supplies, Ministry of Industry, Ministry of Law and Ministry of Home Affairs.
The company had approached the apex court, seeking a writ of mandamus against the government decision of recovering the land occupied by it at New Road. But the apex court had issued verdict in favor of the government.
Six years ago, the Kathmandu District Administration Office (DAO) had ordered the company to hand over shares worth Rs 396 million to the government. The DAO then had valued the land at Rs 3 million per ana.
The government holds 34 percent stake in the four-decade old company that promotes the country´s first super market. Nepal Food Corporation holds 15 percent of the shares, while National Trading Limited and Agriculture Inputs Company Ltd hold 14 percent and 4 percent respectively.
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