Responding to four separate petitions filed by different individuals, a division bench of Justices Sushila Karki and Om Prakash Mishra noted that there was no need to issue stay order.
The apex court's decision has paved the way for UTKHPL to continue its Initial Public Offering.
"Since there was not any violation of constitutional and legal rights as argued by the petitioners and the issues raised in the petitions shall be addressed in the final verdict, there is no need to issue the stay order on the principle of balance of convenience,” reads the decision.
UTKHPL has launched IPO for staff members and depositors of its lending institutions along with the project-hit locals of Dolakha. The company has allocated 4.07 million units of shares to staff members of NEA and UTKHPL, 18.3 million units to depositors of EPF and 3.05 million units to staff of Nepal Telecom, Rastriya Beema Sansthan, Citizens Investment Trust and Employees Provident Fund.
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