कम्पनी ऐन संशोधनका लागि तयार गरिएको विधेयक मस्यौदाले पूर्वाधार तथा जलविद्युत् क्षेत्रमा लगानी गर्ने सर्वसाधारण शेयरधनीलाई नयाँ कानुनी सुरक्षा दिने प्रस्ताव गरेको छ।

मस्यौदाको दफा ४१ को उपदफा (२) अनुसार, आयोजना सरकार वा सरकारी निकायलाई हस्तान्तरण भएमा साधारण शेयरधनीले आफ्नो लगानी फिर्ता पाउने व्यवस्था पहिलो पटक प्रस्ताव गरिएको हो।

यस व्यवस्थाले जलविद्युत् आयोजनाको लाइसेन्स अवधि सकिएपछि शेयरको भविष्यबारे रहेको अन्योल हट्ने अपेक्षा गरिएको छ। स्वतन्त्र ऊर्जा उत्पादकहरूको संस्था नेपाल (इप्पान) का अनुसार, यसले साना लगानीकर्ताको विश्वास बढाउनेछ।

प्रस्तावित व्यवस्था जलविद्युत् मात्र नभई केबलकार, प्रसारण लाइन, सडक तथा लिजमा आधारित पूर्वाधार आयोजनामा समेत लागू हुने जनाइएको छ।

तर संस्थापक तथा संस्थागत लगानीकर्तालाई भने लगानी फिर्ताको सुविधा नदिइएकाले थप स्पष्टता आवश्यक रहेको सरोकारवालाहरूले बताएका छन्।

विशेषज्ञहरूले यसलाई पूँजी बजारमा लगानी सुरक्षा बढाउने महत्वपूर्ण सुधारका रूपमा लिएका छन्, जसले पूर्वाधार क्षेत्रमा सर्वसाधारणको सहभागिता अझै बढाउने अपेक्षा गरिएको छ।

A draft amendment to Nepal’s Company Act has proposed a new legal safeguard for public investors in infrastructure projects, particularly in the hydropower sector, offering protection of capital at the time of project transfer to the government.

According to the proposed provision under Section 41(2)(d), if an infrastructure project that has issued public shares is transferred to the Government of Nepal or a government entity after a fixed period, general shareholders will have the right to recover their invested capital.

The provision is being viewed as a major relief for small investors, especially in hydropower companies, where uncertainty has long existed regarding the value of shares after the expiry of project licenses. Investors have often feared that share value could fall to zero once licenses expire and projects are handed over to the state.

Representatives from the Independent Power Producers’ Association of Nepal (IPPAN) say the proposed rule will help resolve this long-standing uncertainty and strengthen investor confidence in the sector.

The draft law is not limited to hydropower projects. It is expected to apply equally to other infrastructure sectors such as cable cars, transmission lines, roads, and projects operating on leased government land.

While the proposal is seen as investor-friendly for small shareholders, it does not extend the same capital protection to promoters and institutional investors, raising concerns among developers who are seeking further clarification on the differentiated treatment.

Despite these concerns, market observers view the amendment as an important step toward improving investment security in Nepal’s capital market and encouraging greater public participation in long-term infrastructure development.