REC- 1-51.p65 - Rural Electrification Corporation Ltd.

RURAL ELECTRIFICATION CORPORATION LIMITED
29. STATUTORY AUDITORS
M/s K.G. Somani & Co., Chartered Accountants, New Delhi
and M/s Bansal & Co., Chartered Accountants, New Delhi,
were appointed as Joint Statutory Auditors of your
Company for the financial year 2009-10 by the Comptroller
and Auditor General of India (C & AG). The Joint Statutory
Auditors have audited the Accounts of the Company for
the year ended 31st March, 2010 and they have not made
any qualifications in their Report on the Audited
Accounts. Following documents are annexed to this
Report:
a) Auditors’ Report on the Audited Accounts of the
Company for the year ended 31st March 2010;
b) Auditors’ Report on the Consolidated Financial
Statements of the Company and its Subsidiaries;
c) Non-Banking Financial Companies Auditors’ Report.
d) Audited Accounts and Cash Flow Statement of the
Company for the year ended 31st March 2010;
e) Annexure to be enclosed with the audited Balance
Sheet for NBFC Companies as prescribed by RBI;
f) Audited consolidated Financial Statements of the
Company for the year ended 31st March 2010;
30. COMMENTS OF C&AG OF INDIA
Comments of the Comptroller and Auditor General of India
dated 09.07.2010 on the Accounts of the Company for the
year ended 31 st March, 2010 is enclosed. It is reported
therein that on the basis of audit, nothing significant has
come to their knowledge which would give rise to any
comment upon or supplement to Statutory Auditors’
Report under Section 619(4) of the Companies Act, 1956.
31. RIGHT TO INFORMATION ACT, 2005
Necessary action has been taken by the Corporation
towards implementation of Right To Information (RTI) Act,
2005 in REC. An independent RTI Cell has been created
to ensure compliance of the provisions of the RTI Act and
attending to the requests for information. REC website has
been updated and contains information on all the 17 items
as required under Clause 4.1(b) of RTI Act, 2005.
RTI MACHINERY IN REC
CORPORATE OFFICE:
(A) Asstt. Public Information Officer
Shri Vinay Kumar Kesarwani,
Manager (Law)
(B) Public Information Officer
Shri B.R.Raghunandan,
Executive Director & Company Secretary
(C) Appellate Authority
Shri Kamal Dayani,
Executive Director
32. ACKNOWLEDGEMENTS
The Directors are grateful to the Government of India
particularly the Ministries of Power & Finance, the
Planning Commission and the Reserve Bank of India for
their continued co-operation, support and guidance in
effective management of Company’s affairs and resources.
The Directors thank the State Governments, State
Electricity Boards, State Power Utilities and other
Borrowers for their continued interest and trust in the
Company.
The Directors also place on record their sincere
appreciation for the continued support and goodwill of
the esteemed Investors in REC Bonds, Banks, Life
Insurance Corporation, KfW of Germany, JICA of Japan
and Asian Development Bank (ADB) in the fund raising
programmes of the Company.
The Directors also thank the Joint Statutory Auditors
M/s K.G. Somani & Co. and M/s Bansal & Co., and the
Comptroller & Auditor General of India for their valued
cooperation.
The Directors also sincerely appreciate and thank the
employees of the Company at all levels for their valuable
contribution and dedicated efforts in steering the
Company to excellent performance for yet another year
in succession.
For and on behalf of the Board of Directors
New Delhi (Dr. J.M. Phatak)
July 22, 2010 Chairman & Managing Director
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