Back in May 2010 I wrote that the chances of restoration of the Nepalese throne were microscopic. I haven't really changed my mind since then, but it is still interesting to read the article Nepal: The Man Who Would Be King, Again (Time, 15 October 2010).
According to the article the opposition, which includes the National Democratic Party, has demanded a referendum to be held on the issue of reinstating the monarchy. King Gyanendra has been king of Nepal twice - from 1950 to 1951 and again from 2001 to 2008. As an alternative solution if the opposition should be unsuccessful, it has been suggested that the former king "should be allowed to attend and perform som Hindu ceremonies in keeping with the monarch's traditional role as the nation's religious leader".