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REC holds its 51st Annual General Meeting

By IndianMandarins- 28 Sep 2020
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rec-holds-its-51st-annual-general-meeting

The 51st Annual General Meeting (AGM) of REC Limited was, on 25 Sept 2020, held through Video Conferencing (VC). The meeting was held in the presence of S K Gupta - CMD REC LimitedAjoy Choudhary - Director (Finance), REC Limited, Mritunjay Kumar Narayan (IAS)- Government Nominee Director & Chairman of Audit Committee, Praveen Kumar Singh - Nominee Director of PFC (holding company of REC) and Chairman of Stakeholders Relationship Committee along with J S Amitabh - Executive Director & Company Secretary REC Limited. In addition, 208 shareholders attended the AGM through VC and other means.

During the financial year 2019-20, REC sanctioned total loan assistance of Rs. 1,10,907.99 crore towards various power sector projects/schemes. The same included Rs. 55,811.89 crore sanctioned towards generation projects, Rs. 7,026.33 crore towards renewable energy projects, Rs. 41,604.77 crore towards T&D projects and Rs. 6,465.00 crore towards short term, medium term & other loans. Furthermore, the company’s Net Profit and Total Comprehensive Income stood at Rs. 4,886.16 crore and Rs. 4,336.37 crore respectively.

Under the ‘Aatmanirbhar Bharat’ package of the Government of India, REC has disbursed Special Long-Term Transition Loans to DISCOMs for making payment to generators, as they were facing a severe cash crunch owing to the pandemic. These loans provided much-needed relief to the power sector by injecting liquidity.

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