REC wins ICAI Award for Excellence in Financial Reporting for FY’23

Raipur/Gurugram – REC Limited, a Maharatna PSU and a leading NBFC, 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, according to a company press note.

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

This is the only award bestowed by the ICAI under this category based on the accounting practices, policies adopted for disclosure, presentation of financial statements, other information contained in the Annual Report and degree of compliance with Indian Accounting Standards, Statutory guidelines, Regulations, etc. by the Company.

Director 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 organizes 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 the annual reports by the entities across various sectors.

REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969,  The Loan Book of REC stands at Rs 4.74 Lakh Crore, ending the first quarter of the current financial year.