New Delhi: REC Limited, a Maharatna Public Sector Enterprise and a leading Non-Banking Financial Company (NBFC)-Infrastructure Finance Company (IFC) under the Ministry of Power, Government of India, has been awarded the prestigious ‘Gold Shield’ at the ICAI Awards for Excellence in Financial Reporting for the financial year 2023-24. The recognition was conferred in the ‘Financial Services Sector (Other than Banking and Insurance)’ category.
This honor acknowledges REC’s commitment to maintaining excellence in financial reporting, transparency, and adherence to the highest accounting practices and standards. The award is based on a thorough evaluation of the company’s accounting practices, policies for disclosure, presentation of financial statements, and compliance with Indian Accounting Standards, statutory guidelines, and regulations.
Shri Harsh Baweja, Director (Finance), Shri Rajesh Kumar, Executive Director (Finance), and Shri Mohan Lal Kumawat, Executive Director (Finance), represented REC Limited at the award ceremony, which took place at the World Forum of Accountants (WOFA) in New Delhi.
The award was presented by Shri Arjun Ram Meghwal, Union Minister of State (Independent Charge) of the Ministry of Law and Justice, and Minister of State in the Ministry of Parliamentary Affairs. ICAI President CA Ranjeet Kumar Agarwal, Vice President CA Charanjot Singh Nanda, and other distinguished guests from the Institute of Chartered Accountants of India (ICAI) were also present at the event.
In his remarks, Shri Harsh Baweja expressed his gratitude for the recognition and praised the dedication of REC’s team in upholding the company’s high standards of financial practices, compliance with regulations, and commitment to excellence in financial reporting.
The ICAI Awards for Excellence in Financial Reporting have been organized annually since 1958, recognizing entities from various sectors for excellence in presenting both financial and non-financial information in their annual reports. This year’s award further strengthens REC’s reputation as a leader in corporate governance and financial transparency.
