Kathmandu: Employees and insurance agents of Himalayan Life Insurance Company have launched a protest demanding the resignation of Chief Executive Officer (CEO) Manoj Lal Karna, alleging serious irregularities and misconduct within the company.
Sources inside the company report that CEO Karna faces accusations of financial irregularities, abuse of authority, mistreatment of staff, and unprofessional conduct. Dissatisfaction within the organization has been escalating, with whistleblowers raising concerns about failure to collect due interest, arbitrary loan disbursements, and the withholding of bonuses and allowances.
Protesters allege that Karna has refused to step down, claiming protection under Board Chairman Shulabh Agrawal. The company’s ownership is divided between promoters holding 51 percent and general shareholders holding 49 percent. Key promoters include Laxmi Bank Limited, Rajendra Khetan, Pooja Agrawal Khetan, and Vivek Dugar.
The discontent follows the company’s recently held “Aarohi” program at Chandragiri Hills Resort, in which 73 agents from across the country were selected based on performance — including generating over NPR 5 million in individual premiums and NPR 15 million in group sales for fiscal year 2080/81. Despite top performances, a significant number of award-winning agents — including first, second, and third-place winners in team and individual categories — reportedly refused to accept their awards, citing growing dissatisfaction with management.
Tensions escalated further after CEO Karna allegedly made controversial remarks during a recent internal meeting, stating, “We no longer need agents,” and openly challenging a top-performing agent to leave the company. Karna is also reported to have declared himself immune to internal opposition, asserting that no one in the organization can challenge his authority.
He is additionally accused of misleading both promoter and general shareholders about internal affairs and company performance.
In light of the mounting unrest, observers warn that unless the company urgently initiates proper evaluation and addresses internal coordination issues, the overall reputation and stability of the institution could be at risk. The current crisis calls for timely and responsible intervention from the management.
Employees and agents have called on the Insurance Board and other regulatory authorities to immediately initiate a formal investigation. No official statement has been issued by company representatives yet.
