The Nepal Stock Exchange (NEPSE) on Monday suspended the share transactions of Upper Syange Hydropower Limited (USHL), accusing the company of being involved in insider trading.
According to NEPSE, the action was taken after the hydropower company delayed unveiling the decisions of its Board meeting by five days. The meeting, held on Wednesday, had decided to issue right shares to shareholders and to convene its annual general meeting on September 25. However, the company only made the information public 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,” NEPSE said in a public notice. The regulation requires listed companies to submit any decision that could influence share prices to NEPSE by the next trading day.
