Khetan was also the member of Constituent Assembly I.

 The IB team took reins of EIC, which had remained shut for around 13 months, in October by dissolving the non-life insurer´s board. It stopped transfer of shares held by board members and Khetan family members and disqualified Chairman Khetan to chair any insurance company for five years.

 Khetan has 7 percent stake in EIC.

 Earlier, IB had asked the Khetan and HSN to pay back advance payment received as fire insurance claim saying that payment was made without fulfilling due procedure. It had also suspended EIC´s fire portfolio until the payment was recovered.

 However, Khetan and HSN flouted the directive and threatened to close down the company.

 The management team deployed by the IB has been settling pending claims. It has restored all business of the non-life insurer.

 CIB arrested Kebal Krishna Shrestha, the suspended CEO of EIC, two weeks ago on the charge of misappropriating over Rs 25 million from the company. Anil Dhungel, assistant general manager of the company, who was charged with being an accomplice into the crime, was arrested a week ago.

 Khetan couldn´t be reached for comment despite repeated attempts.