Print Edition - 2014-05-16 | MONEY
disputed NBB shares
- Nepse directed to complete share deal
May 15, 2014-
The Securities Board of Nepal (Sebon) has directed the Nepal Stock Exchange (Nepse) to reimburse the shares of Nepal Bangladesh Bank (NBB) whose ownership transfer has not taken place since December 2013 due to court order
As a result, the investors have failed to ownership certificates of shares sold by shares investors Nirmal Pradhan and Shankar Kumar Shrestha for the last six months.
On Dec 5, 2013, acting on the writ filed by the NB Group the Kathmandu District Court had prohibiting Pradhan from selling and transferring the shares he obtained as collateral to help the NB Group pay off its bank debts.
The court took the action followed the dispute over the bank’s 220,000 shares held by the duo. According to Sebon, it forwarded the letter to Nepse on Thursday to settle the pending shares by providing equivalent shares held by Pradhan and Shrestha to the purchasers of the disputed shares.
According to Nepse, 95,000 shares have not been transferred to their new owners. “We gave ‘go ahead’ to Nepse to settle the issue by transferring ownership of the duo’s new shares,” said Sebon spokesperson Niraj Giri.
Subsequently, Nepse has asked Pradhan and Shrestha to hand over the new shares to the purchasers of disputed shares. Nepse spokesperson Sambhu Pant said the duo are ready to replace the shares within the deadline given by the regulator.
Pradhan also said he would settle the issue by reimbursing the shares to the purchasers of disputed shares by Monday. “We will settle everything through the broker number 56,” he said.
Pradhan has also assured the new share owners that they would clear all the taxes and brokers’ commissions. But he blamed the stockbrokers for creating ‘unnecessary’ chaos.
“They did not accept the shares that we planned to reimburse earlier, just to sully our reputation,” he said.
Nepse initiated the move for reimbursement of disputed shares amid mounting pressure from the investors who were unable to receive the shares certificates despite paying for the shares.
Published: 16-05-2014 10:47