Call for review of SC verdict

Lawyers and experts of the banking sector stressed that the entire financial sector of the nation would collapse, if the verdict given in favour of Mahalaxmi Sugar Limited by the Supreme Court to remove its name from the black list was not reviewed.

They also demanded the members of the Public Accounts Committee (PAC) of the House of Representatives to start impeachment procedure for justices, who issued the verdict. They accused the justices of being incompetent and of issuing the verdict with malafied intentions.Filing their suggestions at the PAC, Governor of Nepal Rastra Bank Bijay Nath Bhattarai said the verdict issued to delete Mahalaxmi Sugar Mills from the blacklist had opened doors to other defaulters to go round the law.

This would make it difficult to collect loans from others who had taken large amount from different banks."The country should suffer more that Rs. 25 billion in financial loss if we fail to recover loans from the defaulters and the verdict has given a negative message to the financial sector,"he said.

Lawyer Jogendra Keshari said the PAC should immediately take initiative for the impeachment process against those justices involved in the case, as they lacked fundamental legal ground to issue the verdict and clear understanding of the country's financial code of conduct.

Lawyers Purna Man Shakya, Thaneshwor Acharya and lawmaker and president of the PAC Chitra Bahadur KC and MPs Bharat Shah and Mohan Basnet including different individuals related to the banking sectors participated in the meeting.

A special bench of the Supreme Court had issued a verdict to remove Mahalaxmi Sugar Limited from the defaulters' list in response to a writ petition