NB Group Breaks Pact, Files Nomination for National Hydro AGM

Aug 07, 2017 Merolagani

NB Group has broken its earlier pact with Hathaway Group and has filed nomination for directors in the upcoming election of National Hydropower Company (NHPC). During the nomination filing on Sunday, three individuals including a son of Laxmi Bahadur Shrestha of NB Group filed their nominations for directors on behalf of the group. The action taken by NB Group indicates that the dispute and conflict is sure to continue in the National Hydro.

However, Ambika Prasad Poudel of Hathaway Group did not file nomination as per the earlier pact for the AGM scheduled on August 15. In the shareholders meeting held recently, Poudel announced of filing nomination only if the election is conducted without clashes.

In the same meeting, Laxmi Bahadur Shrestha declared that the NB group is willing to support Hathaway group for the betterment of the company. He also handed over voting right (proxy) to Poudel in the meeting. By filing the nomination from the NB Group, the previous pact and proxy given to Hathaway Group automatically become null and void.

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