Nightclub-Style Security, Shareholders Locked Out — Synergy Power AGM Erupts Into a “High-Voltage” Controversy

Kathmandu — Around 200 bouncers, a heavy police presence, threats against shareholders, and even candidates barred from entry. The Annual General Meeting (AGM) of Synergy Power Development Company, held on Monday at Boudha Heritage, has become one of the most controversial and sensational gatherings in the company’s history.

Although the meeting was scheduled to begin at 10 a.m., crowds of shareholders were left waiting outside, while entry inside the hall was restricted to a select few. Investors allege that ordinary shareholders and journalists were denied access, giving the venue the feel of a nightclub under tight security rather than a public corporate meeting.
“How can shareholders be barred from their own company’s AGM while private bouncers and security guards form a ring inside? What kind of corporate governance is this?” questioned an angry investor.

According to shareholders, suspicions of forged signatures on proxy documents were raised, but instead of addressing the issue transparently, the company allegedly used it as a pretext to block shareholders from entering. The controversy intensified further when some shareholders contesting for board positions were themselves denied entry.
“Those who sold shares at high prices were favored, while long-term holders were deliberately bypassed — this is open discrimination,” another shareholder alleged.

Investors claim the meeting was forced through under the cover of heavy security, raising serious concerns about arbitrary decision-making and institutional governance within the company. There are also allegations that ‘pocket loyalists’ were appointed to the board to conceal an alleged NPR 60 million financial maneuver.

The AGM had previously been scheduled for Poush 28 and Magh 8, but was postponed multiple times citing various reasons. After repeated delays, the meeting was finally held — but amid a storm of disputes, anger, and accusations.

Now, affected shareholders are preparing to take the matter to court. Their message is clear:
“An AGM conducted by threatening shareholders and shutting doors on them is unacceptable. A legal battle has now become inevitable.”