A group led by businessman Birendra Bahadur Basnet, executive chairperson of Buddha Air, has formed a new political party named the Gatishil Loktantrik Party (GLP).

The party, chaired by Dinesh Prasai, a professor of political sociology, was registered at the Election Commission on Thursday.

Though the group was led by Basnet, he chose not to become office bearers with a plan to contest in elections. The party has adopted a policy barring office bearers from contesting in elections, according to party officials.

They said the party has been structured in a way that its office-bearers will focus on organisational and policy matters.

Chairperson Prasai said the party statute stipulates that any office-bearer wishing to contest a seat must resign at least six months prior to the polls.