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REC wins ICAI Award for Excellence in Financial Reporting for FY 2022-23

in Business January 18, 2024 Comments Off on REC wins ICAI Award for Excellence in Financial Reporting for FY 2022-23 594 Views

Newdelhi:18/1/2$:REC Limited, a Maharatna Public Sector Unit and a leading NBFC under the Ministry of Power, has been awarded ‘Plaque’ under the ‘Financial Services Sector (Other than Banking and Insurance)’ category at the ICAI Awards for Excellence in Financial Reporting for the financial year 2022-23.

This is the only award bestowed by the ICAI under this category and the selection has been made based on the company’s accounting practices, disclosure policies, presentation of financial statements, other information contained in the Annual Report and degree of compliance with Indian Accounting Standards, Statutory guidelines and Regulations.

Director (Finance), REC, Shri Ajoy Choudhury; Executive Director (Finance), REC, Shri Sanjay Kumar; and HoD (Finance), REC, Shri Jatin Kumar Nayak received the award from Chief Minister of Chhattisgarh, Shri Vishnu Deo Sai, at a ceremony held in Raipur. Cabinet Ministers of Chhattisgarh, Shri Brij Mohan Agrawal and Shri O. P. Choudhary were also present, along with ICAI President CA Aniket Sunil Talati, Vice President CA Ranjeet Kumar Agarwal, Research Committee Chairman & Vice Chairman and the ICAI Council Members.

Shri Ajoy Choudhury expressed gratitude for the recognition and highlighted the dedication of REC Limited’s team in maintaining top-notch financial practices.

Recently, REC was recognized for its exceptional performance in risk management and bestowed with the ‘Golden Peacock Award’ by the Institute of Directors (IOD). Additionally, the company was conferred the ‘Best Central PSU’ Award in the Financial Services category at the Dun & Bradstreet PSU Awards 2023.

The Institute of Chartered Accountants of India through its Research Committee has been organizing the ICAI Awards for Excellence in Financial Reporting since the year 1958, to recognize and encourage excellence in the preparation and presentation of financial as well as non-financial information in annual reports by entities across various sectors.

About REC Limited

REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years of operations. It provides financial assistance to state electricity boards, state governments, central and state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution, and Renewable Energy. REC’s funding illuminates every fourth bulb in India. REC has recently diversified into financing infrastructure and the logistics sector as well. The Loan Book of REC stands at Rs. 4.74 Lakh Crore, ending the first quarter of the current financial year

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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