KATHMANDU, Sept 1: Nepal Stock Exchange (NEPSE) on Monday suspended shares transaction of Upper Syange Hydropower Limited (USHL) alleging that the company was involved in insider trading.
According to the NEPSE, it took action against the hydropower company after it was found unveiling the decision of the Board meeting only after five days of holding the meeting. The USHL’s Board meeting has decided to issue right shares to its shareholders, while the company has called for its annual general meeting to be held on September 25.
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The USHL conducted its Board meeting on Wednesday. However, it made public the major decisions only on Monday. “The suspension of USHL is due to its non-compliance with the Securities Listing Regulations, 2018 and the terms of its listing agreement,” reads NEPSE’s public notice. As per the law, the decision of a listed company that could affect the share prices in the secondary market must be submitted to the NEPSE just on the next day before the platform is open for share trading.
