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Reliance Spinning Mills to take legal action against ‘fake news’ gang

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लगानी न्यूज

Kathmandu. Reliance Spinning Mills said in a press release on Thursday that it will take criminal action against the ‘fake news’ gang that manipulates the market. The company has said that it will seek legal remedy saying that a group of collectors disguised as ‘activists’ are spreading fictitious and misleading stories of the commission to intimidate investors and blackmail the regulatory body.

Reliance said in a statement that it has identified the individuals and media portals responsible for this. The company said it has initiated legal action against the relevant state agencies for spreading “financial terror” and “criminal defamation” in the market.

TAG_OPEN_div_20″These allegations are 100 per cent false, malafide and deliberately created with the intention of manipulating the stock market for personal gains,” the statement said, adding that the campaign of character assassination was launched soon after the Supreme Court refused to file their baseless writ petition, after failing in the court battle, the gang resorted to ‘cultivation of lies’ । ’

Reliance has made it clear that it will stand with the company’s 4,000 employees and more than 20,TAG_OPEN_div_18 000 investors against this kind of bargaining and blackmail. Reliance has requested responsible media houses not to follow such unauthorized, unverified and defamatory rumors and not to publish÷broadcast news in accordance with the values and values of journalism.

The Securities Board of Nepal (SEBON) has given permission to Reliance Spinning Mills, the country’s largest yarn industry, to start the initial public offering (IPO) of the Patan High Court.TAG_OPEN_div_16 However, such confusion does not seem to have affected investors.

The IPO has received 5.1 times more applications on the first day (Monday).TAG_OPEN_div_14 The company has issued 1,15,596 units of shares to foreign employment investors and has received 5,89,850 units of oversubscribed shares on the first day. The price of the company is Rs 820.80 per share.

As per the book building guidelines, the cut-off price was fixed at Rs 912 for allotting 7,70,640 units of shares to the eligible institutional investors through the bidding system.TAG_OPEN_div_12 The price of the share was Rs 820.80 per share. Applications can be place for minimum 50 units and maximum 20,000 units. Global IME Capital Limited has been appointed as the issue manager for the IPO issuance.

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