NEPSE Takes Action Against Bindhyabasini Hydropower, Directs to Submit Clarification Within 3 Days
The Nepal Stock Exchange (NEPSE) has taken action against Bindhyabasini Hydropower Development Company for failing to timely submit decisions regarding its annual general meeting, book closure, and dividend distribution. NEPSE has suspended the company's listing and directed it to submit a clarification within 3 working days, which has automatically halted trading of the company's shares.
Kathmandu. Nepal Stock Exchange (NEPSE) has taken action against Bindhyabasini Hydropower Development Company. NEPSE took this action due to the company's failure to timely submit information regarding decisions on its annual general meeting, book closure, and dividend distribution.
The company had made those decisions on Ashoj 26 at 3:30 PM. However, the company submitted those decisions to NEPSE only on Ashoj 27 at 5:59 PM.
According to the Securities Listing Regulations, 2075, companies must submit information, details, and decisions that affect securities prices to NEPSE on the same day they are made or before trading opens the next day. However, as those decisions were submitted late, NEPSE has suspended the listing of Bindhyabasini Hydropower and directed the company to submit a clarification within 3 working days explaining why it could not submit them on time.
With this action by NEPSE, trading of Bindhyabasini Hydropower's shares has been automatically suspended.