Kathmandu. City Hotel Limited has claimed that its shares are in ‘lockin’. The hotel said that the rumors of the sale of shares of the company’s promoter group are false, misleading and baseless. The company said in a press release on Wednesday, “The company has been fully compliant with the lockdown rules from the beginning. It is requested not to believe such baseless and misleading news and to accept only the official information of the Company as a reliable source. ’

In a press release issued by the company’s secretary Sundar Bahadur Seni, the company has written to CDS & Clearing Limited seeking updated details of the promoter group’s shares, in response to which all the 2,72,19,328 units of promoter and employee group shares of the company are lock-in till May 17, 2083. “The current stock of the company is 90.00 of the total issued shares. “Therefore, the official details of CDSC proves that the shares of the entire promoter group of the company are currently locked in as per the rules and there is no shortfall in it,” the statement said. ’

City Hotel has also issued right shares to its shareholders with the approval of the Securities Board of Nepal. In the process, some shares remained unsold, so the Securities Issue and Allotment Directive, 2074 Directive No. According to the company, the company has sold the shares through auction after informing the Securities Board of Nepal (SEBON) as per Section 15.

“In the auction process, the investors will have to pay the minimum face price of Rs. “The shares were purchased at a price that they deemed appropriate for the shares above Rs 100 and the shares were issued on the basis of this proposal,” the statement reads, “The public notice published on November 1, 2082 clearly states that the shares of the promoter and employee group will be locked up till May 1, 2083 as per the regulatory requirement.” ’

“City Hotel Limited has taken serious note of the misleading and baseless news being published against the company and its officials at a time when it has issued the right shares after fulfilling all regulatory provisions,” the statement reads. “The company has decided to take necessary legal action against all those involved in publishing such misleading news,” the statement said.