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With the news that the Securities Board has asked for a commission for the initial share issue (IPO) of hydropower companies, the Abuse of Authority Investigation Commission has proceeded with the inquiry and investigation process.
The Authority raided the Securities Board on Wednesday and seized the files of 89 companies in the process of IPO issue. According to the sources of the Securities Board, after reaching the Securities Board on Wednesday afternoon, the officials of the authority took control of all the files of 89 companies in the process of IPO issuance. After the news about the allegations of financial manipulation by the Securities Board with the company which is in the process of IPO issuance became public, the authority has taken control of all the files, informed the board sources. After the authority took control of the file, the investigation proceeded.
The chairman of IPPAAN, Ganesh Karki, said that commission was demanded from the promoters who issued the IPO from the Securities Board. The matter has been made public after asking for 3 percent before, but now 5 to 7 percent commission is demanded.
The subject of inquiry into the commission demand from the Securities Board to issue the IPO was also raised in the Parliament. The promoter has alleged that the board has stopped the applications for IPO for 22 months and demanded commission.
