25 defaulting firms in Nepse fees dock
Kathmandu, October 19:
Nepal Stock Exchange (Nepse) today froze the share transactions of 25 companies after they defaulted on their renewal fees for this fiscal year.
Two hydropower companies - National Hydropower Co Ltd and Butwal Power Co Ltd — of the three listed hydropower companies, and two insurance companies — Rastriya Beema Sansthan and National Life Insurance Company Ltd — failed to pay renewal fees.
The failure of these companies to cough up the renewal fees at ahe time when the secondary market is feeling jittery, has made investors even more nervous. Nepse, however, clarified that their trading would resume after they pay their renewal fees.
According to the rule, listed companies must pay their renewal fees within the first quarter (three months) of the fiscal year. Failure to do so will result in halting of share transactions at Nepse. Hotel Yak and Yeti — the only hotel among those listed under the hotels group that had not paid its renewal fee last fiscal year also — and some financial institutions are also barred from trading from today until they pay their renewal fees.
Some of the companies are not in operation. These have to pay from Rs 15,000 to Rs 50,000 as renewal fees. Once they pay renewal fees, they also will be allowed to resume their shares’ transactions.
•BiratLaxmi Bikas Bank
•Harisiddhi Eita Thata Tile Karkhana Ltd
•Bhrikuti Pulp and Paper
•SriRam Sugar Mills
•Yak and Yeti Hotel Pvt Ltd
•Butwal Power Co Ltd
•Nepal Trading Ltd
•Rastriya Beema Sansthan
•Alpic Everest Finance Ltd
•Cosmic Merchant Banking and Finance
•Patan Finance Ltd
•Nepal Bikas Bank Ltd
•Narayani Industrial and Development Bank Ltd
•Butwal Spinning Mills
•Birat Shoe Ltd
•Fleur Himalayan Ltd
•Nepal Bitumen and Barrel Uddyog
•National Hydropower Company Ltd
•Salt Trading Company Ltd
•Nepal Welfare Company Ltd
•National Life Insurance Company Ltd
•Butwal Finance Ltd
•Srijana Finance Ltd
•Imperial Financial Institution Ltd
•Nirdhan Utthan Bank Ltd