23rd November 2024, Kathmandu
Ridi Power Company Limited wrapped up its annual shareholder meeting, the 23rd Annual General Meeting (AGM), on Friday. Led by President Kuvermani Nepal, the meeting was a platform to review the company’s performance and make important decisions for the future.
Ridi Power’s 23rd AGM Concludes
Financial Performance and Approvals
Shareholders carefully examined and approved the company’s financial health for the fiscal year 2023/24. This included the annual report, the audited financial statements, and the balance sheet as of July 15, 2024.
To ensure transparency and accountability, the AGM appointed an external auditor for the upcoming fiscal year and determined their fees, as per the Companies Act 2006.
Strategic Initiatives
The meeting approved a short-term loan for necessary maintenance to maintain the smooth operation of the Ivakhola Hydroelectric Project.
A significant investment of NPR 77.44 crore in Shree Power Company Limited was also greenlit. This investment will be funded through a rights issue, representing 55% of the proposed capital.
To stay compliant with regulations set by bodies like the Electricity Regulatory Commission, Securities Board of Nepal, Nepal Stock Exchange, and the Office of the Company Registrar, the AGM authorized the Board of Directors to make necessary amendments to the company’s legal documents.
Operational Flexibility
To enhance operational flexibility, the Board was granted the authority to sell company assets, including vehicles and shares, if necessary.
Board Expansion
Santosh Adhikari was welcomed as a new member of the Board of Directors, strengthening the company’s leadership team.
With these key decisions, Ridi Power Company Limited is well-positioned to navigate future challenges and capitalize on emerging opportunities. The AGM marked a significant milestone in the company’s journey towards sustainable growth and shareholder value creation.
