सिंहदरबार संवाददाता
Kathmandu. The Independent Power Producers Association, Nepal (IPPAN) has drawn the attention of the Nepali Congress Parliamentary Party to the halt in the IPO issuance process of various companies.
IPPAN today submitted a letter of attention to Shyam Kumar Ghimire, Chief Whip of the Nepali Congress, who is also a member of the Accounts Committee, drawing attention to the halt in the public issuance of IPOs and right shares.
IPPAN Chairman Ganesh Karki informed that the public issuance of more than 50 billion rupees, including IPOs of 42 companies and right shares of more than 30 companies, has been halted when the Accounts Committee went beyond its jurisdiction and directed the Securities and Exchange Board of Nepal (SEBON). .
Former president of IPPAN, Shailendra Guragain, claimed that when SEBON stopped public issuance for one and a half years, not only the work of hydropower projects was affected but also the business of the industry that sells goods including cement rods to hydropower projects has declined.
IPPAN Deputy Secretary General Prakash Dulal said that the term ‘real net worth’ as mentioned in the instructions of the Accounting Committee is not used anywhere in the accounting system around the world.
‘Now the Accounting Committee has directed that 90 percent real net worth should be required for issuing IPOs. Out of the 42 companies that applied to SEBON, all but four have a net worth of more than 90. Why were the remaining companies not allowed to issue shares?’ was Dulal’s question.
In the meeting with the chief whip, IPPAN also raised the issue of the Supreme Court’s order to stop infrastructure construction in protected areas and the Electricity Bill.
IPPAN President Karki said that the country has been pushed back by the court’s repeal of the laws amended through the ordinance. Before last year’s investment summit, various acts that hindered development were amended through ordinances.
Karki says that the court has overturned the ordinance that had been approved by parliament and returned it to the National Parks Act of 2029 BS. ‘Even now, attempts are being made to amend six laws from the ordinance to make them business-friendly,’ Karki said. ‘What if the court also strikes this down?’
Says that the Electricity Bill has also been proposed to be retroactive to 2049 BS, Karki said that the current bill seeks to limit the period of hydropower project licenses, which were previously granted for 50 years, to 35 years.
‘If a law is made that says that 6.5 million people have invested and the project can be operated for 50 years, and then after 35 years, the project should be handed over to the government with the investment of the public, why would anyone invest in this sector?’, Karki further said. .
Former Speaker Shailendra Guragain demanded that the current bill should mention that projects for which licenses have been issued under the Electricity Act 2049 will be carried out in accordance with the 2049 Act.
He said that since the Electricity Bill is currently under discussion in the Infrastructure Development Committee of the Parliament, such unequal arrangements should be removed and taken forward from there.
Nepalese Congress Chief Whip Shyam Kumar Ghimire said that he would raise all the issues raised by IPPAN in the Parliament. ‘The state runs on taxes and businessmen run on profits. If there is no profit, there is no tax. Nepal has fallen far behind because of the mindset of seeing businessmen who earn 2/4 of their income as thieves and fraudsters,’ said Ghimire.
He said that the mindset of not allowing the private sector to work was very regressive and said that the private sector should be promoted everywhere.
‘If the private sector does not see profit, it will not invest, in such cases the government should step in. Otherwise, the government should regulate by making private sector-friendly policies and rules and let the private sector do whatever it wants. The government should only facilitate,’ said Ghimire.
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