HomeStandards & Certifications ›REC Limited Honored with ICAI Award for Excellence in Financial Reporting

REC Limited Honored with ICAI Award for Excellence in Financial Reporting

The Institute of Chartered Accountants of India (ICAI) bestowed the sole award in this category, recognizing REC Limited for its exemplary accounting practices.

January 20, 2024. By Abha Rustagi

REC Limited, a Maharatna Public Sector Unit and a prominent Non-Banking Financial Company (NBFC) under the Ministry of Power, has received the prestigious ‘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.

The Institute of Chartered Accountants of India (ICAI) bestowed the sole award in this category, recognizing REC Limited for its exemplary accounting practices, disclosure policies, presentation of financial statements, and overall compliance with Indian Accounting Standards, Statutory guidelines, and Regulations.

The award was presented to REC Limited's finance leadership team, including Director (Finance) Ajoy Choudhury, Executive Director (Finance) Sanjay Kumar, and HoD (Finance) Jatin Kumar Nayak, at a ceremony in Raipur.

Chief Minister of Chhattisgarh, Vishnu Deo Sai, Cabinet Ministers Brij Mohan Agrawal and O.P. Choudhary, along with ICAI President CA Aniket Sunil Talati, Vice President CA Ranjeet Kumar Agarwal, Research Committee Chairman and Vice Chairman, and ICAI Council Members were present at the event.

Expressing gratitude for the recognition, Ajoy Choudhury emphasized the dedication of REC Limited's team in maintaining top-notch financial practices. The company's commitment to excellence was further acknowledged with recent accolades, including the 'Golden Peacock Award' for exceptional performance in risk management by the Institute of Directors (IOD) and the 'Best Central PSU' Award in the Financial Services category at the Dun & Bradstreet PSU Awards 2023.

The ICAI Awards for Excellence in Financial Reporting, organized by the Institute of Chartered Accountants of India since 1958, aims to applaud and promote excellence in the preparation and presentation of financial and non-financial information in annual reports by entities across various sectors. 
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