Kathmandu. The Special Court has ordered the release of former chairman of Himalayan Reinsurance Company Shekhar Golchha on a bail of Rs 10 million in a money laundering case.
A division bench of Justices Basudev Acharya, Hemanta Rawal and Bidur Koirala issued the order on Wednesday to release Golchha on bail. Golchha, who appeared in the court, was argued. The court has sought a bail of Rs 1 crore from Golchha.
Earlier, the Kathmandu District Court had ordered the release of Golchha on a bail of Rs 10 million. Golchha was released on bail of Rs 10 million, including Rs 7.5 million in insurance and Rs 25 lakh in securities.
Golchha had resigned from the post of chairman of Himalayan Reinsurance Company on March 9. He is also the former president of the Federation of Nepalese Chambers of Commerce and Industry.
