A dispute has arisen between applicants for Sunrise Bank shares and NMB Bank, the share issue manager, after the issue manger disqualified 4,657applications for 1,173,599 share units, citing serious flaws in the application process.
Upendra Paudel, chief executive officer at NMB Bank, said that the disqualification of the applications was not guided by any ill intension but was forced by the serious nature of mistakes made by the applicants.
According to the bank, a total 339,574 valid applications had been made, for 98,958,860 shares.
However, applicants have objected to the disqualification and demanded that their applications be included in the share allotment process.
Dhruba Timilsina, deputy director at the Securities Board of Nepal -- the capital market regulator, said the applications were disqualified due to mismatch in the applicants´ account numbers, signatures and other particulars.
As per newly introduced guidelines on issue of securities, the collection points will be responsible for any mistakes found in share applications, so they have to make sure all share applications are filled properly.
Under the allotments made, 10 shares have been allocated to each application for up to 80 units where as 700 units are allotted for those who applied for between 17,010 to 20,000 units.
A total of 344,526 applicants had applied for 100,319,959 shares. A total 3,750, 000 shares have been allotted to 89,149 applicants, including 187,500 units allotted to 295 Sunrise Bank staffers.
Sunrise Bank had floated the public shares from May 3 to May 6.
Source: Republica
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Friday, July 10, 2009
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