Action against Mr. Agrawal withdrawn

Kathmandu:  Beema Samiti has lifted the suspension of Mr. Dipendra Agrawal from investment committee of General Insurance Company.  The regulator had suspended Agrawal on April 16. Agarwal was suspended for investing more than the limit amount in the stock market.  He had been suspended as the investment sub-committee coordinator of the company.

During the on-site inspection of the company by Samiti on April 4 and 5, it was found that as the coordinator of the investment committee, Agrawal had made excess investment on stock market
surpassing pre approved limit.

The regulatory authority was criticized after it sought an explanation from Agrawal on April 15 and suspended him on April 16 before his explanation submission.

Beema Samiti stated that the suspension was made only to further investigate the matter and not to have any impact on the investigation.

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