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.
Defaulters in the dock
1. BiratLaxmi Bikas Bank
2. Harisiddhi Eita Thata Tile Karkhana Ltd
3. Bhrikuti Pulp and Paper
4. SriRam Sugar Mills
5. Yak and Yeti Hotel Pvt Ltd
6. Butwal Power Co Ltd
7. Nepal Trading Ltd
8. Rastriya Beema Sansthan
9. Alpic Everest Finance Ltd
10. Cosmic Merchant Banking and Finance
11. Patan Finance Ltd
12. Nepal Bikas Bank Ltd
13. Narayani Industrial and Development Bank Ltd
14. Butwal Spinning Mills
15. Birat Shoe Ltd
16. Fleur Himalayan Ltd
17. Nepal Bitumen and Barrel Uddyog
18. National Hydropower Company Ltd
19. Salt Trading Company Ltd
20. Nepal Welfare Company Ltd
21. National Life Insurance Company Ltd
22. Butwal Finance Ltd
23. Srijana Finance Ltd
24. Imperial Financial Institution Ltd
25. Nirdhan Utthan Bank Ltd
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