Nepal Investment Mega Bank (NIMB) Chief Executive Officer (CEO) Jyoti Prakash Pandey has been released on Rs 8 million (80 lakh) bail in connection with the Smart Telecom case.

The Kathmandu District Court ordered Pandey's release after he submitted a bank guarantee worth Rs 8 million following a detention hearing. Pandey had been arrested and presented before the court as part of an ongoing investigation into matters related to Smart Telecom.

Pandey and other individuals are being investigated in connection with issues surrounding Smart Telecom. The case has involved an examination of various transactions and decisions related to the telecom company, with investigators collecting evidence before presenting the matter to the court.

During the detention hearing, government prosecutors presented the evidence gathered during the investigation and argued about Pandey's alleged involvement in the case. The prosecution sought legal action based on the findings and allegations presented before the court.

Pandey's defense attorneys, meanwhile, disputed the allegations and charges brought against him. They argued against the need for his continued detention and presented their position before the court during the hearing.

After hearing arguments from both sides and reviewing the material presented during the proceedings, the Kathmandu District Court concluded that immediate detention was not necessary in Pandey's case.

The court subsequently ordered his release upon submission of a Rs 8 million bank guarantee. The bail order allows Pandey to remain outside detention while the legal process related to the case continues.

Pandey's release on bail does not bring the Smart Telecom case to an end. The investigation and other legal proceedings can continue, and the court may consider further developments and evidence as the case moves forward.

The case has also drawn attention because of Pandey's position as the CEO of NIMB. His release allows him to remain out of custody while the judicial process determines the allegations and any further legal action that may follow.

For now, the court's order establishes that Pandey will remain free on bail, while the Smart Telecom-related investigation and legal proceedings continue.