IPPAN takes steps after delay in share issuance, raises voice for free shares

Kathmandu. The Independent Power Producers’ Association, Nepal (IPPAN) has expressed its concern over the delay in the issuance of shares and free shares. IPPAN has also announced its next steps.

IPPAN held a press conference today to inform about its future steps. “The delay in IPO and right share issuance for the last 28 months has discouraged private sector investors and is angry with the Securities Board of Nepal. “The patience of the private sector promoters is on the verge of breaking as the Prime Minister, the Finance Minister, the Energy Minister, the chiefs and representatives of the Securities Board of Nepal have not been heard yet.

IPPAN has said that it would draw the attention of the Prime Minister, Finance Minister, Energy Minister and Chairman of the Securities Board of Nepal for the issue of shares as soon as possible. “Companies that have been removed from the IPO application on the pretext of real net worth which is not even provided in the law will file a case against the chairman of the Securities Board of Nepal,” reads the press release. ’

If the demands are not met within 15 days, IPPAN has said that it will launch a strong agitation (both virtual and physical). “We will share more details about the agitation later,” IPPAN said.

About Free Shares

IPPAN has decided to take the following steps in view of the obstacles that have been surfaced in the construction of the project in recent times by asking for free shares that are not provided for in the law.TAG_OPEN_li_19

• Draw the attention of the Prime Minister, Home Minister, Energy Minister, chiefs of security bodies and chiefs of local levels for the security of electricity projects.
• Request the Government of Nepal to formulate a security policy for the power projects and to request the formation of a special squad for the security of the power projects.
• Request the Ministry of Home Affairs, Ministry of Defence, Local Municipality and other concerned agencies for the management of security personnel for maintaining peace and security in each project.