In a major success story, the Public Sector Enterprise of Maharatna class, REC Limited, as well as a prominent NBFC under the Ministry of Power, received the prestigious “Plaque” in the “Financial Services Sector (other than Banking and Insurance) for the 2022–23 financial year” category of the Institute of Chartered Accountants of India’s annual Excellence in Financial Reporting awards.
The Accolade and Criteria
The award symbolizes REC’s fine accounting practices, strong disclosure policies, and how helpful it is to have balanced financial statements based on demand and supply. The recognition is achieved by an exhaustive analysis that also covers adherence to Indian Accounting Standards and all statutory guidelines and requirements. An enormous number of companies were evaluated, but only the REC was awarded in this category. This underscores REC Limited’s dedication to clear books and compliance with the law.
A Distinguished Ceremony
REC Limited was given the award by the Chief Minister of Chhattisgarh, Mr Vishnu Deo Sai, at a ceremony held in Raipur. Present at the function were Cabinet Ministers of Chhattisgarh, Mr Brij Mohan Agrawal and Mr OP Choudhary, also ICAI President CA Aniket Sunil Talati and other distinguished persons from the financial sector.
Recognition and Gratitude
Acknowledging the recognition, Shri Ajoy Choudhury, the Director (Finance) at REC, has praised the company staff’s dedication to maintaining top-flight financial practices. This commendation on the award comes after various other recent awards for REC, among them the ‘Golden Peacock Award’ for risk management and the award of ‘Best Central PSU’ in the Financial Services category by Dun & Bradstreet, Public Sector Awards.
The ICAI Awards Legacy
The ICAI Awards for Excellence in Financial Reporting, sponsored by the Institute of Chartered Accountants of India from as far back as 1958, perform an important role in promoting and recognizing excellence in the production and presentation of both financial and non-financial information in annual reports throughout our country’s many fields.
About REC Limited
Founded in 1969, REC Limited is an NBFC concentrating on power sector financing and development in India. For over a half century, REC has served as finance for projects at every level of the power sector: generation, transmission, distribution, and renewable energy. Apart from electricity, it has likewise branched out into infrastructural and logistical financing. The company’s loan book now totals Rs 4.74 lakh crore, making for a big footprint in the world of finance. PIB-1997153