Ridi Power(RIDI) Share Trading Is Suspended After Violating NEPSE Regulations; NEPSE Asks For Clarification Within 3 Days

According to the official notice of the Nepal Stock Exchange (NEPSE), the transaction of Ridi Power Company Limited (RIDI) has been halted because it declared dividends during trading hours without prior notification to NEPSE. The proposed information was submitted to the Nepal Stock Exchange Limited only at 3:55 p.m. The company clearly violated the rules governed by NEPSE in this regard.

In connection with the aforementioned, RIDI held a board meeting throughout NEPSE working hours. By holding a meeting on the same day during business hours (in violation of Regulation 2014 of the Securities Listing Regulations, 2075), the company's officials denied the public access to sensitive information and information about securities transactions and prices, which had an impact on the price of securities.

The trading of the company's securities has been put on hold in accordance with regulation 161(b) of the regulation. In order to comply with the decision, the company is required to provide an explanation within 3 working days.

The company has proposed a 42.1% dividend for the fiscal year 2078/79. The company's meeting of the board held on 6th Mangsir 2079, has proposed 42.1% dividend from the paid-up capital. The paid-up capital of the company stands Rs. 1.10 Arba. 40% bonus shares worth Rs. 44,25,43,200 and 2.1% cash dividend (including tax) worth Rs 2,32,33,518 have been proposed.