United Modi Hydropower Limited (UMHL) held its 10th Annual General Meeting on Jestha 27th at Kalimati Banquet in Kathmandu. The meeting saw significant decisions, including the approval of a 1:1 rights share issuance and the election of Nabin Silwal, Abinash Pandit, Sapana Gurung, and Sunil Bhakta Shrestha to the board of directors.
The AGM, chaired by Renuka Pandey, endorsed the annual report and financial statements for FY 2079/080. The shareholders also appointed an auditor for FY 2080/081 and authorized the board to explore new investment opportunities. A major highlight was the approval of investment in the 50 MW Mewa Khola Hydroelectric Project and an increase in the authorized capital to support this expansion.
The 1:1 rights share issuance will be based on UMHL’s current paid-up capital of Rs. 1,23,05,00,000, thereby boosting the company’s authorized and issued capital. To accommodate these changes, necessary amendments to the company’s memorandum and articles of association were approved.
The board received full authority to undertake required procedures with regulatory bodies such as the Electricity Regulatory Commission, Securities Board of Nepal, Nepal Stock Exchange Limited, and the Office of the Company Registrar. The event also featured energy entrepreneur and former chairman Narendra Ballabh Pant.