Kathmandu. The complaint against Prabhu Cable Car and Tourism Limited has been lodged at the Securities Board of Nepal, the Central Investigation Bureau (CIB) of Nepal Police, the Office of the Company Registrar and the Nepal Stock Exchange (NEPSE). The shareholders of Prabhu Cable Car filed a complaint against the company as well as Siddharth Cable in all four bodies on Monday.

The plaintiffs have filed complaints against the company for harassing the investors in the name of right shares after the pre-IPO issuance, transparency of the investment amount of the company, not issuing certificates on time after issuing shares, selling shares of Siddhartha Cable Car at Rs 150 per share and later asking the shareholders of Siddhartha Cable Car to buy shares of Prabhu Cable Car.

According to the complaint, the company has been buying the shares of both the companies by deceiving the shareholders time and again. According to the complaint filed by the aggrieved investors, they had contacted Prabhu Cable Car Limited repeatedly by phone number and sent messages to buy the shares of Prabhu Cable Car Limited at Rs 115 per share.

Immediately after the purchase of the shares of Prabhu Cable Car, the company was asked to buy its shares in the ratio of 1:1 as right shares.

Immediately after that, the auction was opened and sold at Rs 120 per share. After all the shares were not sold, the company sold shares worth crores of rupees at the rate of Rs 125 per share. Currently, Siddhartha Kevalkar has called its annual general meeting for January 27. There is a proposal to issue an IPO in the meeting.

The company is asking the shareholders who had bought shares of Siddhartha Cable Car at Rs 150 each to buy the right shares of Prabhu Cable Car at Rs 100 in the ratio of 1:1.

Siddhartha Cable Car bought shares of Prabhu Cable Car from October last year to Kartik this year, bought right shares, right shares again and last sold right shares in the ratio of 1:2.5 from October 22. The company had issued a notice on November 30 stating that the date for buying the right shares had expired.

On Sunday, he sent a message on his mobile asking him to buy shares. Bhoj Kumar Khadka (Shyam), chairman of Prabhu Group, admitted that the time for buying right shares has expired. However, in response to a question from Investment News about which share purchase message sent today is right or something else, he said, “No, the time to buy right shares is over.” According to the complaints, Prabhu Cable Car Company Limited owns 81 percent of the shares and the shares of Siddhartha Cable Car were sold at Rs 100 per share to the initial shareholders and Rs 150 per share to the non-shareholders. According to the complaint, the cable car has not been able to provide the share certificate even after a long time of purchasing the shares.

“In the meantime, on December 7, Prabhu Cable Car Company Limited sent a message on the petitioner’s mobile phone to the shareholders of Siddhartha Cable Car for the purchase of shares at the rate of 1:2.63,” the complaint reads. No information has been given about the reason for the right shares. Due to this, I, the petitioner, have been forced to seek loans time and again and put in shares in the name of pre-IPO and this has caused me financial loss as well as mental stress. ’

According to the complaint, it is difficult to know why this is happening in Prabhu Cable Car and Siddhartha Cable Car. “It’s clear why this is happening, but it’s clear that something is going wrong,” the complaint states.

According to the complaint, the group that paid only a small amount and took the remaining shares only on paper has taken possession of Prabhu Cable Car Company. It is not known why and for what the right share is coming again and again. “It has been observed that the operators of the cable car are facing problems such as taking salary allowances from the money of the general shareholders, showing the shares in their name but not making the payment,” the complaint reads.

Prabhu Cable Car has requested the government to immediately freeze the rights shares opened for the shareholders of Siddhartha Cable Car and immediately investigate into what is happening in Prabhu Cable Car and Siddhartha Cable Car and take action against those found guilty and protect the investors’ property.

On the other hand, Khadka, chairman of the company, said that it took time to send all the details digitally to the company registrar’s office in the context of not issuing the certificate to the shareholders.