Sarbottam Cement that was taking out the IPO in Book Building, has not paid 830 million of Electricity bill

Kathmandu : The electricity supply was cut off after Sarbottam cement, which was about to issue an IPO in Book Building, did not pay Rs.830 million to Nepal Electricity Authority. This company has been accused of providing bribe to chairman of SEBON, Ramesh Hamal in order to issue it’s IPO in Book Building.

The Nepal Electricity Authority has cut off the power line of Sarbottam Cement and Laxmi Steels on Sunday, 24th of December, 2023 A.D for not paying the dedicated and trunk line bills. According to the Electricity Authority, the power will not be connected until the best cement pays Rs.830 Million and Laxmi Steels pays Rs.620 million. After the line was cut, the production of Sarbottam Cement and Laxmi Steels came to a standstill.

Despite taking power from the dedicated and trunk lines during loadshedding, they did not pay the electricity bills. The Authority has already cut the power line of Jagdamba Steel, Reliance Cement, Ghorahi Cement and Arghakhanchi Cement industries on Frday, 22nd of December, 2023 A.D for not paying the electricity bills.

After Prime Minister Pushpa Kamal Dahal “Prachanda” instructed to collect the arrears of trunk and dedicated line, the authority started action against the industry. According to Nepal Electricity Authority, only 30 companies are remained to pay electricity bills of worth 21 billion and 60 million rupees till last June, 2023 A.D. So far none of those industries have paid the electricity bills.