The annual general meeting of Darchula Power Limited was concluded on Friday. The general meeting unanimously passed all ordinary and special proposals - from the financial statements of fiscal year 2024/25 to the decision to issue an initial public offering (IPO).

The company is a subsidiary of API Power Company Limited and is currently constructing the Mid Chameliya Hydropower Project with a capacity of 28.304 megawatts in Darchula district. The company stated that this project, which has an estimated cost of around 5.66 billion rupees, is progressing rapidly.

The annual report for fiscal year 2024/25, presented by the chairperson of the board of directors at the general meeting, was unanimously approved after detailed discussion. The report included the project’s physical progress, financial management, operational challenges, and strategic objectives for the coming year.

Similarly, the meeting approved all financial statements for the fiscal year, including the balance sheet, profit–loss account, and cash flow statement. The company’s transparency in maintaining financial discipline, cost control, and project-focused expenditure management was appreciated during the meeting.

The meeting also approved the proposal to appoint a new auditor for fiscal year 2025/26 in accordance with Section 111 of the Companies Act, 2006. The general meeting passed Darchula Power Limited’s proposal to issue an initial public offering (IPO) of its ordinary shares.

For this purpose, the company has already moved forward with the IPO issuance process by signing an agreement with Muktinath Capital Limited, Managing Director Shaswat Chalise informed the meeting.

The meeting also approved the proposals to increase the company’s authorized and issued capital before the IPO and to make the necessary amendments to the Memorandum of Association and Articles of Association accordingly.

Speaking at the meeting, the company’s director Sanjiv Neupane stated that the Mid Chameliya Hydropower Project has achieved excellent progress so far. He mentioned that the strategies adopted by the company and its management capacity have been highly effective.

Ratopati