A joint bench of Justices Suryanath Prakash Adhikari and Narayan Prasad Subedi refused to issue an interim order on the writ petition filed by the company seeking an interim order against the double IG.
We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
The Patan High Court has refused to issue an interim order on a writ petition filed by Pure Energy Limited seeking a single International Securities Identification Number (ISN) for promoter and general public shares.
A joint bench of Justices Suryanath Prakash Adhikari and Narayan Prasad Subedi refused to issue an interim order on the writ petition filed by the company seeking an interim order against the double IG. The Patan High Court has said that since the writ petition is of a dispositional nature, there is no need to issue an interim order as per the petitioner's demand at this time. Although the interim order was not issued, the Patan High Court has granted priority to hear the writ petition.
CDS and Clearing Limited (CDSC) had prepared a guideline on IG in July with the aim of making the dematerialization of securities systematic, transparent and effective in accordance with the prevailing laws related to securities. The Securities Dematerialization Operation Guidelines, 2082 have been submitted to the Nepal Securities Board for approval. Although the guideline has been discussed, the board has not yet approved it.
Pure Energy had listed 8 million shares on the Nepal Stock Exchange (NEPSE) on 2082 BS Jestha 12, including 6.4 million shares for the promoters and 1.6 million shares for the general public. Due to the double IGEN dispute, the company's promoter shares have not been deposited in the beneficiary accounts of the relevant shareholders so far.
The CDSC has not deposited the company's promoter shares in the beneficiary accounts, saying that the same IGEN number cannot be given for shares of different nature. This is why Pure Energy had gone to court seeking legal redress.
