March 25: The Supreme Court on Sunday rejected an appeal to release the then managing director of Kist Bank, Kamal Gyawali, who is serving a jail sentence for banking fraud. The government had filed a case against Gyawali at the Patan High Court, which subsequently convicted him of the offense. Gwayali was at large soon after the court verdict but later he was arrested by the police. He has been serving the jail term ever since his arrest some five months ago but he filed a writ petition at the supreme court demanding his release.

However, a division bench of justices Kedar Prasad Chalise and Dambar Bahadur Shahi quashed the petition on Sunday, March 24. Following the apex court decision, Gyawali will now have to serve the jail sentence slapped by the Patan High Court. The high court had fined him Rs 42.7 million and handed him four years of jail term.

The Patan High Court had ruled that Gyawali was involved in providing loan to Jamko Publication through illegal means.