Row ends after locals offered more shares

Row ends after locals offered more shares

Disturbance that had been hampering the Upper Tamakoshi Hydropower Project for the past four days was put to rest on Tuesday after the joint coordination committee of the political parties decided to increase shares to the locals of the project affected area.

If the decision is implemented, 101,601 Dolkha folks will each get 110 units of shares worth up to Rs 11,000. Dolkha has a population of 280,848. This will, however, mean fewer shares to the general public, with the committee deciding to cut 25 percent of 15 shares to be allocated to the public. Earlier, the Tamakoshi Company had floated 10.59 million units of shares for the Dolkha folks.

Tamakoshi Hydropower Company has given authority to a cross-party mechanism of the political parties to decide on 10 percent share distribution to the locals but it also decided to cut down on shares to be distributed to the general public.

The decision contradicts the memorandum of association of Tamakoshi Company. The members of the political parties, civil society and government representatives in the district made the decision after the disturbance in Singati

bazaar started creating troubles. In order to implement the decision, the board of the Tamakoshi Company will have to decide on the matter and get it ratified by its annual general meeting (AGM).

Company Secretary Ram Sundar Shrestha said they had started consultations with the Securities Board of Nepal since Sunday regarding the committee decision. Chairman of coordination committee Resham Raj Kadel said that the move was taken to pacify the local unrest.

Source: eKantipur