KATHMANDU: Nepal Electricity Authority (NEA) has initiated action to freeze shares and bank accounts of 34 industries that have failed to clear their outstanding electricity bills despite repeated notices.
Following the government’s directive and the expiration of the final deadline, NEA has written to the concerned companies to deduct the unpaid dues from payments owed under power purchase agreements for energy projects in which these industries have investments.
Additionally, NEA has written to the Office of the Company Registrar to freeze the shares of these defaulters.
A letter has also been sent to the Securities Board of Nepal (SEBON), requesting it to withhold approval for issuing public shares by these companies until the dues are cleared.
Facing resistance from certain business-backed political leaders, including the Prime Minister and departmental ministers, NEA has escalated its measures by asking Nepal Rastra Bank to freeze the bank accounts of these industries.
NEA has also informed the Electricity Regulatory Commission of all its actions taken to recover the arrears.
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