Kathmandu. Ncell is doing haphazardly in Nepal, crossing many boundaries of mischief. There has been a lot of mischief in the name of buying Ncell. There are many doubts in the transactions during the sale of Ncell’s shares, which has been sold 14 times. The company’s assets are decreasing, and the debt is increasing. The process of transferring about Rs 67 billion as dividend from Ncell Private to the public is suspicious and unusual. And these facts are not an allegation made by anyone, but the conclusion of an investigation committee formed by the government. The report, which has been kept secret for two years on the basis of power and political reach, has been received by Artha Khabar, which has pointed out many flaws in the Ncell buying and selling process. According to the report, there has not only been irregularities in the purchase and sale of shares of the company, but also pointed out possible grounds for tax evasion. The report points out how hollow the company is on the inside, no matter how hollow it looks on the outside. And in the next series of the ‘Operation Ncell’ series of the banking world, we will talk about the mischief of this company, the facts pointed out by the government report, and the action that the government should take, and dig into the inner truth.
Let’s start with the fact that the committee formed by the government kept this report secret for years.TAG_OPEN_div_82 It is not difficult to understand, there was pressure and influence from Ncell on the government officials behind this. Many of the issues raised by the report have exposed Ncell’s mischief and its loot in the name of corporate empire. And many facts have been presented in the report about the corporate mischief that Ncell is doing. Therefore, the government has kept this report secret for 2 years. And we have obtained this report from Ncell sources. The probe committee had submitted the report to the then Prachanda government on January 29, 2080 BS. We have finally found the report submitted by a 5-member probe committee formed under the leadership of Tanka Mani Sharma Dangal.
Buyer Question {
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{{TAG_OPEN_div_79} The process of exiting Malaysian company Axiata and entering Satish Lal Acharya-owned company Spectralight UK as the owner of Ncell has been described as risky. The probe committee has raised questions saying that the amount purchased is very small and suspicious. Eighty percent shares of companies like Ncell have been sold for $ 50 million (Rs 6.5 billion). If 80 percent is Rs 6.50 billion, then Ncell’s total valuation will be Rs 8.12 billion. However, Ncell itself has significantly increased its valuation in loans and other purposes. This means that Ncell has done mischief by keeping the sale price low in order to evade tax.
If you calculate this day, Ncell earns billions of profits annually. The infrastructure and other physical assets built by the company are also worth billions of rupees. The company’s brand value is also worth billions. However, the probe committee has revealed that the purchase and sale of shares by showing that such a big company is only around Rs 8 billion was motivated with the intention of evading profit tax.
Another important thing is that Ncell has been sold by Axiata to Satish Acharya’s company Spectralite UK.TAG_OPEN_div_75 But if we look at the balance sheet of the company, it seems that the company cannot sustain a big company like Ncell. The company, which was registered on September 26, 2023 with a capital of just $ 1, i.e. Rs 150 at the current price, has bought Ncell for Rs 6.5 billion just two months later. The most important thing is that on November 30, 2023, just a day before the purchase of Ncell’s shares, the company added $ 99,999 to $ 1 and made it $ 100,000. Even though the company had a capital of $ 100,000, it was also suspicious that the company bought shares with $ 10 million. But the government scrutiny committee has not only found suspicion but also a complete tax evasion. The government scrutiny committee has called the fact that a company formed to buy Ncell with no strong capital, no corporate history, can bear such a huge burden.
This is an old case that proves the underlying fact of undervaluation!
The history of a past transaction is enough to prove that this purchase was done for tax evasion by undervaluation. In 2016, TeliaSonera sold 80 percent stake in Ncell to Axiata for Rs 144.78 billion. And could the 80 per cent stake that Axiata bought for Rs 144 billion come down to Rs 6.5 billion? It can’t be anything other than a gap setting.
Satish Acharya is the same businessman who did not pay billions of dues to the government and revoked the license of Smart Cell led by him.TAG_OPEN_div_69 The CIB is still investigating into the case of him buying the property on behalf of Ncell. Also, the committee has raised the question of not paying the state dues in one company and then trying to buy Ncell from another company at a throwaway price. How can another company, which has not paid the dues of one company to the government, bear the huge financial burden of Ncell? This question has been asked.
The claim amount of the suit is higher than the sale and purchase price!
The special thing is that cases are pending in various courts, alleging that Ncell has to pay more than Rs 85 billion.TAG_OPEN_div_66 If Ncell has to pay this amount, how can a company with a capital of $ 100,000 pay that amount? If the value of the company is only around 8 billion, how can it pay the liability of 85 billion? How can the valuation of a company whose claim in the case is Rs 85 billion be Rs 8 billion? Based on these facts, the investigation committee has shown many serious flaws in Ncell.
