Gyanendralal Pradhan and Guru Neupane found illegal trading of shares

KATHMANDU: Securities Board of Nepal has determined that Guru Prasad Neupane, chairman of the board of directors of Reedy Power Company, and Gyanendra Lal Pradhan, chairman of Nepal Hydro Developers Company, have illegally traded shares. The board’s board of directors has also decided to initiate action against both Neupane and Pradhan.

Neupane and Pradhan were found guilty in the study conducted by the board regarding share trading while they were on the board of directors. After it was recommended to take action from the departmental level of the board because both of them had traded shares against the law, the board’s board of directors decided to ask for an explanation from both of them and proceed with the action process.

Board sources said that if Neupane and Pradhan do not give a satisfactory explanation about the share trading against the law, action will be taken according to the law. “It is no longer the case that the board will not take action against those who indulge in the market,” said an official of the board.

There is a provision that while being on the board of directors or within one year after leaving the board of directors, he or a person of the same household cannot trade in the shares of the related company.

However, it has been seen from the board’s investigation that he was found to have traded shares even though he was the chairman of the board of directors or a member of the board of directors and left the position.