Author: space4knews

25 Ashar, Kathmandu – The list of six candidates who have timely submitted their applications for the vacant Executive Director position at Nepal Oil Corporation has been released. The recommendation committee under the Ministry of Industry, Commerce and Supplies announced the candidate list on Thursday. The committee had made its decision on 1 Ashar and published the vacancy notice on 2 Ashar. Although the final deadline for applications was set for 22 Ashar, the ministry has disclosed the names of candidates who submitted their applications within this period, in the order of their registration numbers.

According to the published list, the candidates competing for the Executive Director position include Chhabiraj Pokhrel and Kaushal KC, both from Pyuthan, and Sanjiv Kumar Dev from Saptari. Additionally, Nagendra Sah from Dhanusha, Saroj Kumar Sharma from Mahottari, and Dipendra Kumar Dev from Saptari are also on the candidate roster. Notably, Nagendra Sah has previously served as the acting Executive Director of the corporation, retiring from service in the third week of Jestha. As part of the selection process, candidates are required to participate in a presentation of their business plan followed by an interview. The ministry’s notice specifies that the dates and venue for the business plan presentation and interviews will be announced later through another official communication.

June 25, Kathmandu – The Federal Parliament’s House of Representatives on Wednesday passed the Cooperative Ordinance Replacement Bill. The bill was approved with new provisions that were not included in the original ordinance. The approved bill includes a provision to collect penalties from cooperative defaulters, which was not present in the ordinance. According to the bill, a penalty of 5 percent on the outstanding interest will be charged to defaulting cooperative borrowers.

Management committees of troubled cooperative institutions have faced difficulties in loan recovery and asset confiscation and sale processes due to issues such as hidden depositor funds. To address these complications, the bill has been enacted.

The passed bill broadens the definition of ‘family,’ allowing legal measures such as confiscation, sale, and recovery if directors or managers are found hiding assets obtained through the misuse of savings. It empowers the National Cooperative Regulatory Authority to take greater responsibility and authority to seize and recover depositors’ money. The bill also stipulates that cases of misuse of cooperative funds due to share division or divorce will not halt recovery efforts. For members of troubled cooperatives, the family definition includes those with shares divided or relationships dissolved.

This expanded family definition applies even if the family has not conducted transactions for two consecutive years or acted contrary to the Cooperative Act. It also applies to cooperatives undergoing liquidation or deregistration. The ordinance expanded the circle of relatives to include uncle, aunt, nephew, niece, grandson, maternal uncles and aunts, in-laws (including brother- and sister-in-law relationships), and their family members, covering employees working in cooperative institutions as well.

Directors, former directors, members of the audit and oversight committee and subcommittee, managers, employees, their families, or relatives who are found to have used depositors’ full or partial savings in any company, institution, or economic activity will have such amounts or resulting assets confiscated, auctioned, or subjected to necessary legal action. The bill grants the management committee the authority to carry out these actions. It also includes provisions for managing revolving funds. The authority has been given powers up to the suspension of cooperative operations.

The bill provides a clear legal framework for the National Cooperative Regulatory Authority to monitor, inspect, and supervise cooperatives engaged primarily in savings and loan activities. Cooperatives will have a maximum dividend limit of 15 percent for their members. Moreover, the passed bill instructs cooperative unions to halt savings and loan transactions and mandates that they cease operations within three years. According to the bill, interest rates will be calculated under Section 50 of the Act, applying the reference interest rate or the previously agreed written rate when it was set before the reference rate. It also clarifies that penalties for recovery shall not exceed 5 percent of the outstanding interest.

Before a cooperative is declared troubled, the registrar or the authority is permitted to freeze the assets of the cooperative’s directors, borrowing members, managers, responsible employees, members of the audit committee, and members in charge of the loan subcommittee, as included in the bill.

Jestha 25, Kathmandu – Following Nepal Oil Corporation’s reduction of fuel prices effective from Jestha 34, the government has been directing an immediate reduction in the prices of daily consumer goods in the market. On Jestha 21, the Department of Commerce Supply and Consumer Protection issued a notice requesting price cuts. Subsequently, on Jestha 22, Industry, Commerce and Supplies Minister Gauri Kumar Yadav convened private sector representatives at the ministry, instructing them to “not delay purchases and immediately lower prices.”

Minister Yadav met with representatives of the Nepal Industry Federation, Nepal Chamber of Commerce, Fruit and Vegetable Traders Federation, as well as the Rice, Lentil, and Oil Traders Federation at the ministry. He stated, “With the global and Nepalese decline in fuel prices, prices of essential commodities should also decrease proportionally. Prime Minister Balendra Shah has expressed serious concern regarding this issue. Considering current market conditions, immediately reduce the prices of salt, oil, rice, and green vegetables.”

However, traders and market experts have commented that the government’s directive is impractical. Traders point out that supplies ordered today do not arrive the same day. The rice, lentils, and cooking oil currently available for sale have been stocked by wholesalers at least seven to fifteen days in advance. Therefore, they argue, it is difficult to apply new pricing until the old stock is sold.

Economists view the government’s order as merely a populist measure to gain cheap popularity. Economist Dhilraj Khanal emphasized the need for policy, legal, and systemic reforms to regulate markets effectively. He stated, “Without improvements in legal frameworks and systems, market control cannot be achieved through coercion or force alone.” Consumer rights activist Madhav Timalsina added, “There is monopoly and dominance by vested groups in the market, which requires direct intervention from the Prime Minister’s Office to control.”

June 25, Kathmandu – Indian cybersecurity firm Kratikal Tech Limited, co-founded by Nepali entrepreneur Deep Jung Thapa, has been listed on the Mumbai Stock Exchange (BSE) through its initial public offering (IPO). This marks the first time a company founded by a Nepali has been listed on the Indian stock market. Thapa, a permanent resident of Khotang, serves as the co-founder and Chief Operating Officer (COO) of the company. The IPO saw an overwhelming response, with demand exceeding supply by 205 times. Headquartered in Noida, India, Kratikal Tech is an artificial intelligence (AI)-based cybersecurity company whose IPO opened on Ashad 16 and closed on Ashad 18 on the Nepali calendar. The company was listed under the BSE’s SME platform and has received significant attention from the Indian capital market.

The company was established in 2013 by Deep Jung Thapa, Pawan Kumar, and Paritosh Kumar while they were pursuing their BTech studies at Motilal Nehru National Institute of Technology (MNNIT) in Allahabad. They graduated in 2015, and Thapa stated that he joined the company full-time in 2017 after successfully raising the first round of funding. Prior to this, he worked briefly as a product manager at Paytm. Currently, the company provides AI-driven cybersecurity solutions. Following the successful IPO, Thapa described the journey from a village in Khotang to the BSE as a dream come true.

Thapa emphasized that the trust garnered from investors has injected new energy into the company’s vision and journey. The fresh capital will be used to expand globally, develop new technologies, and enhance cross-border cybersecurity solutions. He further stated that this IPO is just the beginning of their ambitious journey. The company’s founding is also an interesting story: after one co-founder’s email was hacked through a shared campus computer, the three friends recognized the necessity for cybersecurity and decided to establish the company. Since then, Kratikal Tech has been providing AI-powered software-as-a-service (SaaS) platforms, cybersecurity consulting, and regulatory compliance services. Their clients span banking and financial services, fintech, telecom, IT, healthcare, pharmaceuticals, e-commerce, and manufacturing sectors across India and the Middle East.

Starting with initial investment from four angel investors nearly nine years ago, the company’s current valuation has reached approximately NPR 323 crore. Funds raised through the IPO will be used for business expansion into international markets such as the United States and the Middle East. Kratikal Tech has also expanded its presence in Nepal by partnering with Kathmandu-based technology firm GAP Technologies.

It is common to see insects inside the house as the summer and rainy seasons begin. This issue worsens if vegetables and plants are grown in the house compound or garden. When it gets dark outside at night, the light from indoor lamps attracts insects, especially moths and flying insects, which gather in large numbers. These insects can contaminate food, bite the skin, and cause itching on the bed. Sometimes, they can even take over the house and rooms. To protect against such insects, the following methods can be effective.

1. Create a Light Trap: Light a lamp in a certain area of the house, such as the balcony, where insects will start to gather. Place a bucket or tub filled with water under the light and add a small amount of liquid soap or detergent to the water. Attracted by the light, insects will approach but when they see their reflection on the water, they will fall in. The soap in the water prevents them from jumping out.

2. Change the Light Color: Insects are generally more attracted to white or blue light. Therefore, the color of the light near doors can be changed to yellow or warm orange to reduce their attraction.

3. Spray Neem and Camphor: Prepare a spray by mixing neem juice or powder and camphor in water. Spray this mixture around doors, windows, and lights. The smell of neem and camphor repels insects.

4. Avoid Lighting Unnecessary Lamps: Turning on outdoor lights unnecessarily in the evening attracts insects. Reducing the use of lights during the night can help minimize insect problems.

5. Prevent Moisture Inside the House: A humid environment attracts insects. Controlling indoor humidity helps keep insects at bay.

6. Install Screens on Windows and Doors: During summer, it is necessary to keep windows and doors open. To prevent insects from entering, screens should be installed on windows and doors.