Taragaon Regency Hotels Limited’s share trading has been suspended. The Nepal Stock Exchange (NEPSE) has announced that trading has been suspended according to the Securities Listing Regulations. The company informed NEPSE that the decision to declare dividend was delayed, resulting in the suspension of share trading.
According to NEPSE, the company did not comply with the provision of Section 22(1) of the Securities Listing Regulations, 2075, which requires that information, knowledge, or decision that affects the value of securities be presented to NEPSE on the same day or before the opening of trading on the next day. Therefore, in accordance with the provision of Section 16(1)(kha) of the Securities Listing Regulations, 2080, which states that the provision of the said regulations should not be violated, the trading of the company’s securities has been suspended from Mangsir 18, 2080.
NEPSE sent a letter to Taragaon Regency Hotels Limited, stating that the reason for not providing information within three working days of receiving the letter was not clear. NEPSE has also given directions to clarify the matter.
The board meeting of Taragaon Regency Hotels Limited on Saturday decided to provide a 15% dividend to the shareholders for the fiscal year 2079/80. NEPSE was informed of the decision only on Sunday at 5:15 p.m.