REC- 1-51.p65 - Rural Electrification Corporation Ltd.
REC- 1-51.p65 - Rural Electrification Corporation Ltd.
REC- 1-51.p65 - Rural Electrification Corporation Ltd.
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RURAL ELECTRIFICATION CORPORATION LIMITED<br />
AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE<br />
To,<br />
The Members<br />
<strong>Rural</strong> <strong>Electrification</strong> <strong>Corporation</strong> Limited.<br />
We have examined the compliance of conditions of Corporate Governance by <strong>Rural</strong> <strong>Electrification</strong> <strong>Corporation</strong> Limited,<br />
(“the Company”) for the year ended 31 st March, 2010 as stipulated in Clause 49 of the Listing Agreement executed by the<br />
Company with the Stock Exchanges and Clause 7.2.1 of Guidelines on Corporate Governance issued by the Department of<br />
Public Enterprises for Central Public Sector Enterprises (CPSEs).<br />
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination has been<br />
limited to review of the procedures and implementation thereof, adopted by the Company, for ensuring the compliance<br />
with the conditions of Corporate Governance. It is neither an audit nor an expression of opinion of financial statements of<br />
the Company.<br />
In our opinion and to the best of our information and according to the explanation given to us, we certify that the Company<br />
has complied with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement and Clause<br />
7.2.1 of Guidelines on Corporate Governance issued by the Department of Public Enterprises for Central Public Sector<br />
Enterprises (CPSEs).<br />
As required by the Guidance Note issued by the Institute of Chartered Accountants of India, we have reviewed and found<br />
that no investor grievances were pending for a period exceeding one month as per the records maintained by the Company.<br />
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or<br />
effectiveness with which the management has conducted the affairs of the Company.<br />
For Bansal & Co. For K.G.Somani & Co.<br />
Chartered Accountants Chartered Accountants<br />
(D.S. Rawat) (Bhuvnesh Maheshwari )<br />
Partner Partner<br />
Membership No. 83030 Membership No. 88155<br />
Firm Regn. No. 001113N Firm Regn. No. 006591N<br />
Date: June 10, 2010<br />
Place: New Delhi<br />
ANNEXURE-III<br />
51