United Modi Hydropower Conducts 10th Annual General Meeting, Approves 1:1 Rights Share Issuance

United Modi Hydropower Limited (UMHL) held its 10th Annual General Meeting on Jestha 27th at Kalimati Banquet in Kathmandu. The AGM approved a 1:1 rights share issuance and elected Nabin Silwal, Abinash Pandit, Sapana Gurung, and Sunil Bhakta Shrestha to the board of directors.

Chaired by Renuka Pandey, the meeting approved the annual report and financial statements for FY 2079/080, appointed an auditor for FY 2080/081, and authorized the board to explore investment opportunities. The AGM also approved investment in the Mewa Khola Hydroelectric Project (50 MW) and the necessary increase in authorized capital.

The AGM resolved to issue right shares at a 1:1 ratio based on the company's current paid-up capital of Rs. 1,23,05,00,000, thereby increasing the authorized and issued capital. Necessary amendments to the company's memorandum and articles of association were approved to reflect these changes.

The board was granted full authority to carry out 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 featured energy entrepreneur and former chairman, Narendra Ballabh Pant.