Pushpalal Investment Company Limited convened its fourth Annual General Meeting (AGM) on January 4, 2025, at the Community Study Center in Shivsatakshi Municipality Ward No. 11, Dudhe, Jhapa. The meeting commenced at 11:00 AM.
Attendees:
- Board of Directors
- Shareholders
- Company Secretary
- External Auditor
Agenda Discussed and Resolutions Passed:
- Chairperson’s Progress Report for Fiscal Year 2024/2025: The Chairperson presented a comprehensive report detailing the company’s activities and achievements over the past fiscal year.
- Approval of Financial Statements: The audited financial statements for the fiscal year 2024/2025, including all schedules, were reviewed and approved by the shareholders.
- Appointment of Auditor for Fiscal Year 2025/2026: A resolution was passed to appoint an auditor for the upcoming fiscal year, with the remuneration for the auditor also being determined.
- Ratification of Board Decisions: The shareholders ratified the decisions made by the Board of Directors during the fiscal year 2024/2025.
- Election of Board of Directors: Elections were held to appoint new members to the Board of Directors.
Company Overview and Investments:
Established in 2013 with the aim of investing in the energy sector, the company initially operated as Pushpalal Memorial Energy Co-operative Limited. During a period when Nepal faced significant power shortages, the company invested NPR 21 million in Arun Kabeli Power Limited. Following the public issuance of shares and listing on the Nepal Stock Exchange, these shares were sold, and dividends were distributed to shareholders.
Due to regulatory changes prohibiting co-operatives from investing in company shares, the co-operative was dissolved, leading to the formation of Pushpalal Investment Limited. The company then invested NPR 6.01 million in Sahas Urja Limited, which has completed the 86 MW Solu Khola (Dudh Koshi) project in Solukhumbu district and is now connected to the national grid. Following the end of the lock-in period on October 3, 2024, the company sold its entire investment in Sahas Urja Limited and declared a 40% dividend to its shareholders.
As of mid-July 2024, the company's paid-up capital stood at NPR 36,049,900, with an additional advance share capital of NPR 12,001,931. Efforts are underway to finalize the share cost of this investment.
The company has also invested NPR 40.4 million in founder shares of Goraksha Hydropower Limited, which is constructing the 25.4 MW Super Ankhu Khola Hydroelectric Project in Ruby Valley Rural Municipality, Dhading district. Construction is progressing rapidly, with access roads and bridges completed, and tunneling work ongoing. The project aims to be completed by mid-January 2026.
Currently, Pushpalal Investment Company Limited has 452 founding shareholders with a total investment of NPR 48,051,831. Existing shareholders are encouraged to increase their investments, which will be allocated to financially and technically viable projects. The Board of Directors plans to raise additional capital to invest in new projects.
The company values the creative and intellectual suggestions from its shareholders and will continue to consider them as guiding principles. The balance sheet, profit and loss account, cash flow statement, and the auditor's report for the fiscal year 2024/2025 have been made available to shareholders for review and approval.
AGM Info
Date:
2081/09/20
Location:
Community Study Center, Shivsatakshi Municipality Ward No. 11, Dudhe, Jhapa
Time:
11:00 AM
