Kathmandu. The Office of the Registrar of Companies has directed the company to submit an explanation with evidence within 7 days stating that the share price of Kamakhya Fincorp Pvt. Ltd. has increased unnaturally above the prevailing price at the time of registration of the company.

The office has also issued a notice of 7 days in the name of Kamakhya Fincorp and the then chairman of the company, Sulav Agrawal and the then chairman of the company.

How did the share of Rs 100 reach Rs 800 in two months? He asked.

According to the office, the share price of Kamakhya Fincorp was Rs 100 on May 14, 2021 and it was Rs 800 per share on July 30, 2021.

The office has directed the government to submit concrete grounds, reasons and evidence to support the change in the share price from Rs 100 to Rs 800. The office has sought evidence as to what was the legal and commercial basis for the change in the share price made at the time of registration of the company.

The office has sought to ascertain not only the issue of the share price of Kamakhya Fincorp but also whether the process of forfeiture and transfer of the promoter shares of Himalayan Reinsurance Limited was in accordance with the law. The court has sought a response with evidence on whether the internal documents of the company and the prevailing legal provisions were complied with while forfeiting and transferring the shares of Himalayan Reinsurance.

The Office has also directed the concerned parties to submit necessary evidences regarding the compliance of the Memorandum of Association, Regulations and Company Act, 2063 BS of Kamakhya Fincorp.

The Office of the Company Registrar has issued a notice not only in the name of Kamakhya Fincorp Pvt. Ltd. but also in the name of the then office bearers of the company, Sulabh Agrawal and Subhi Agrawal.