| SEBON suspended the trading of National Hydro Power Co. as the share market watchdog encountered a complaint against the deceptive act of NHPC. NHPC is said to have unlawfully distributed the unsubscribed right shares it had issued on 28th July, 2008. The company extended its right share issue date three times but the right shares were still not sold. Therefore, yesterday the company was suspended from trading to investigate the fact. SEBON have formed an investigation committee to find out the reality and has asked to present the report as soon as possible. Earlier, company had decided to distribute right share of 1:1 ratio. It is believed that Rs.300 millions shares were still not sold, and company had distributed the remaining unsold right shares illegally. The complaint was registered quoting about Rs.700 millions of right shares were still ambiguous. |
Source:
Jamb News Service
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