Bank account not mandatory for locals to buy Upper Tamakoshi shares

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    August 22:

    Upper-Tamakoshi-Access-TunnelLocal residents of Dolakha would not be required to have a bank account to buy the shares of the Upper Tamakoshi Hydropower Project.

    According to Rajdhani Daily, the provision of bank account requirement was not made mandatory as the minimum unit of shares is ensured for the local residents. Each locals of Dolkaha are getting 50 unit of shares of Upper Tamakoshi.

    Upper Tamakoshi has been allowed to develop the procedures itself to issue the 10 percent shares to the project hit locals of Dolakha district.

    “Based on this provision, arrangement is being made to allow the locals to buy minimum units of shares without having a bank account,” said project chief Bigyan Shrestha.

    “As the bank account is required to deposit the money of the share applicants if they do not get shares during the allotment, the locals will certainly get the minimum units of shares. We are making the requirement of bank account not mandatory,” he added.

    Upper Tamakoshi is likely to float its IPO to the locals of the project hit district by September.

    Source : ShareSansar