{"id":15753,"date":"2026-04-24T08:18:56","date_gmt":"2026-04-24T02:33:56","guid":{"rendered":"https:\/\/eng.dragonmedia.com.np\/?p=15753"},"modified":"2026-04-24T08:18:56","modified_gmt":"2026-04-24T02:33:56","slug":"former-home-minister-gurungs-share-controversy-loan-deed-reveals-shares-bought-at-rs-150-premium-and-pre-ipo-transactions-under-legal-scrutiny","status":"publish","type":"post","link":"https:\/\/eng.dragonmedia.com.np\/?p=15753","title":{"rendered":"Former Home Minister Gurung’s Share Controversy: Loan Deed Reveals Shares Bought at Rs 150; Premium and Pre-IPO Transactions Under Legal Scrutiny<\/strong>"},"content":{"rendered":"

Kathmandu \u2014 A loan deed has been made public showing that former Home Minister Sudhan Gurung borrowed money to purchase promoter shares of Star Microinsurance and Liberty Micro Life Insurance Company at Rs 150 per share. Questions have been raised over his failure to disclose 50,000 shares in his asset declaration and the source of the loan used for the share purchase.<\/p>\n

Gurung had not disclosed 25,000 shares of Star Microinsurance and 25,000 shares of Liberty Micro Life Insurance \u2014 a total of 50,000 shares \u2014 in his asset declaration. After questions were raised over the non-disclosure, he stated that he had purchased the shares through a loan. However, discrepancies have been found between the date mentioned in the loan deed and the date of authentication.<\/p>\n

According to the loan deed, Gurung borrowed Rs 3.75 million from Vijay Kumar Shrestha. The deed indicates that he purchased shares with a face value of Rs 100 at a premium of Rs 50, paying Rs 150 per share. However, the loan amount covers only 25,000 shares \u2014 for 50,000 shares, Rs 7.5 million would be required. The deed documents only half that amount, leaving the source of the remaining Rs 3.75 million unexplained.<\/p>\n

The loan deed was registered for authentication at Ward Office of Kathmandu Metropolitan City Ward Number 5 on Shrawan 21, 2080. However, Gurung mentioned in a Facebook post that the deed was executed on Bhadra 29, 2080. The text of the deed itself states that the loan was taken on Baisakh 26, 2080.<\/p>\n

Gurung appears to have purchased the shares through a pre-IPO arrangement before the companies became operational. The Securities Board of Nepal has previously stated that share transactions under the concept of pre-IPO are illegal. According to the Securities Act, selling shares to more than 50 shareholders requires a public issuance. Former executive director of the board, Niraj Giri, said there is no clear legal provision governing such premium share transactions.<\/p>\n

Section 59(5) of the Companies Act, 2063 states that no person shall be compelled to pay more than the face value when purchasing shares of a company. However, Gurung appears to have paid Rs 150 for shares with a face value of Rs 100. Company records show that he paid only Rs 100 per share.<\/p>\n

According to Ward Chair Vijay Kumar Prajapati of KMC Ward Number 5, the deed was authenticated based on an application and cheque details. The controversy over the source of the loan, premium payment, and the pre-IPO transaction has forced former Home Minister Gurung to face further questions.<\/p>\n

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