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Ram Baran Yadav was sworn-in Wednesday as president of Nepal, which after the April constituent assembly elections in which the Maoists won the most seats but not a majority, ended its 240-year-old monarchy to become a republic.

Yadav, a compromise candidate of three other main parties, won the presidential vote in the assembly, defeating the Maoist candidate.

Nepalnews.com reported the Maoist leaders, after the defeat of their candidate, have said they won't stake a claim to form the government. However, party leader Pushpa Kamal Dahal -- who is also known as Prachande -- also said, "But our decision not to form the government is not absolute. We can consider it in case the unholy alliance is broken", the report said.

Yadav, though holding a largely ceremonial post, will administer the oath to the next prime minister, which had been expected to go to Prachanda.

The 601-member constituent assembly will be charged with writing a constitution. The Maoists, who had waged a decade-long rebellion against the monarchy, were brought into the process through a delicate peace process.

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