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CESC Ltd Directors Report

185.5
(-0.09%)
Oct 11, 2024|03:32:31 PM

CESC Ltd Share Price directors Report

Dear Members,

The Board of Directors of your Company ("the Board") present the Forty-sixth Annual Report on the business and operations of the Company and the Audited Financial Statements for the year ended March 31, 2024 (‘the year).

FINANCIAL RESULTS

Pursuant to the provisions of the Companies Act, 2013 (‘the Act) and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended from time to time (‘Listing Regulations), the Company has prepared its standalone and consolidated financial statements for the Financial Year ended March 31, 2024, details of which are summarized below:

Particulars Standalone Consolidated
2023-24 2022-23 2023-24 2022-23
Revenue from operations 8,606 7,973 15,293 14,246
Other Income 123 180 251 309
Total Income 8,729 8,153 15,544 14,555
Total Expenses 9,303 7,880 15,618 14,092
Regulatory 1,496 787 1,757 1,276
Income
Profit before tax 922 1,060 1,683 1,739
Tax Expenses 147 230 236 342
Profit for the year 775 830 1,447 1,397
Other comprehensive income (5) (10) 5 (18)
Total comprehensive income 770 820 1,452 1,379

Highlights of Companys performance and the state of Companys Affairs for the year ended March 31, 2024 are as under:

Standalone

During the year under review, total income (including other income) of the Company grew by 7.06% from Rs. 8,153 Crore in 2022-23 to Rs. 8,729 Crore in 2023- 24. Profit before tax (PBT), after incorporating regulatory income, was Rs. 922 Crore in 2023-24 and Profit after tax (PAT) was Rs. 775 Crore. Total Comprehensive Income for the year after all other adjustments was Rs. 770 crore. Retained Earnings as on March 31, 2024 was Rs. 10,206 crore (March 31, 2023 Rs. 10,303 Crore).

Consolidated

Total income (including other income) of the Company, on a consolidated basis, grew by 6.79% from Rs. 14,555 Crore in 2022-23 to Rs. 15,544 in 2023-24. Profit before tax (PBT), after incorporating regulatory income stood at Rs. 1683 Crore in 2023-24, whereas Profit after tax (PAT) for the year was Rs. 1447 Crore. Total Comprehensive Income for the year after all other adjustments was Rs. 1,452 Crore.

There were no material changes and commitments affecting the financial position of the Company, which have occurred between the end of the Financial Year and the date of this report. The financial results and operational performance, including major developments have been further discussed in detail in the Management Discussion and Analysis section.

DIVIDEND

During the year under review, an Interim Dividend of 450% i.e. Rs. 4.50 per equity share of Rs. 1/- each was paid to the Members after deduction of tax at source at prescribed rates under the Income Tax Act, 1961. The above Dividend was declared in terms of the Dividend Distribution Policy of the Company, which is available at the Companys website and can be accessed at https:// www.cesc.co.in/storage/uploads/policies/Dividend_Policy. pdf The Notice convening the ensuing Annual General Meeting ("AGM") of the Members of the Company includes an item for confirmation of the said Interim Dividend.

MANAGEMENT DISCUSSION AND ANALYSIS

Pursuant to Regulation 34 of the Listing Regulations, the Management Discussion and Analysis for the year under review is presented in a separate section forming part of this Report as Annexure ‘A.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of Sections 124 and 125 of the Act and Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended from time to time, the Company during the year under review has transferred Dividend which remains unpaid / unclaimed for seven consecutive years and also Equity Shares pertaining to which Dividend remains unclaimed for a consecutive period of seven years to the Investor Education and Protection Fund (‘IEPF) established by the Central Government.

The details of said Dividend and the Equity Shares transferred to IEPF are given elsewhere in the report and is also available on the website of the Company.

SUBSIDIARIES

As on March 31, 2024, the Company had nineteen subsidiaries. During the year under review, Crescent Power Limited, a subsidiary of the Company has acquired 100% shareholding of Purvah Green Power Private Limited ("Purvah") having its registered office at 2A, Lord Sinha Road, Kolkata - 700071, pursuant to which Purvah has become a step-down subsidiary of the Company with effect from March 5, 2024. Since the close of the year Purvah has acquired / incorporated the following Subsidiary Companies :

Name of the Company Acquired / Incorporated Date of Acquisition / Incorporation % of Share- holding
Bhadla Three SKP Green Ventures Private Limited Acquired April 26, 2024 100%
Purvah Hybrid Power Private Limited Incorporated May 14, 2024 100%
Purvah Renewable Power Private Limited May 16, 2024 100%
ANP Renewables Private Limited 100%
SHN Green Power Private Limited May 17, 2024 100%

The above companies became step-down subsidiaries of of the Company.

Details of operations of the Companys subsidiaries are set out in Management Discussion and Analysis, which forms part of this Annual Report. Pursuant to Section 129(3) of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the financial statement of the subsidiary companies in Form No. AOC-1 is given in the Annual Report. In accordance with the provisions of Section 136 of the Act and the amendments thereto, read with the Listing Regulations, the audited financial statements of the Companys subsidiaries are available on the Companys website and can be accessed at https://www.cesc.co.in/subsidiaryAccounts The Company has formulated a Policy for determining Material Subsidiaries. The Policy is available on the Companys website and can be accessed at: https:// www.cesc.co.in/storage/uploads/policies/POLICY_ON_ MATERIAL_SUBSIDIARIES.pdf Noida Power Company Limited, Haldia Energy Limited and Dhariwal Infrastructure Limited are the three material subsidiaries of the Company in terms of Regulation 16 (1) (c) of the Listing Regulations.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the provisions of the Act, read with the Indian Accounting Standards and the Listing Regulations, consolidated financial statements of the Company for the Financial Year 2023-24, duly audited by Messrs S. R. Batliboi

& Co. LLP, Chartered Accountants, Companys Auditors, forming a part of the Annual Report and shall be laid before the AGM of the Company as required under the Act. The audited financial statements including the consolidated financial statements of the Company and all other documents required to be attached thereto, are available on the Companys website and can be accessed at https://www.cesc.co.in/annualReports

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Consequent to the approval of the members of the Company, Mr. Arjun Kumar (DIN: 00139736) has been appointed as a Non-executive Independent Director of the Company for a period of 5 years w.e.f January 19,2024. On completion of the second term as an Independent Director of the Company, Mr. Chandra Kumar Dhanuka (DIN: 00005684) ceased to be an Independent Director on the Companys Board since the close of business hours on March 31, 2024.

Further, the second term of Ms. Rekha Sethi as a Non-Executive Independent Director of the Company will cease on May 29, 2024.

Mr. Rabi Chowdhury (DIN:06601588) and Mr. Debashis Banerjee (DIN: 06443204) will cease to be Managing Director (Generation) and Managing Director (Distribution) respectively, upon completion of their tenure on May 27, 2024.

The Board placed on record its sincere appreciation for the valuable contributions made by Mr. Dhanuka, Ms. Sethi, Mr. Chowdhury and Mr. Banerjee during their respective tenures. The Board of Directors of the Company at its meeting held on May 23, 2024, based on the approval and recommendation of Nomination and Remuneration Committee and subject to requisite approval of the Companys Members, has appointed:

(a) Mr. Brajesh Singh (DIN: 10335052) and Mr. Vineet Sikka (DIN: 10627000) as Additional Directors of the Company and also Mr. Singh as Managing Director (Generation) and Mr. Sikka as Managing Director (Distribution) for a period of 5 (five) years with effect from May 28, 2024.

(b) Ms. Kusum Dadoo (DIN: 06967827), as an Additional Director in the category of Non-Executive Independent Director of the Company not liable to retire by rotation for a period of 3 (three) consecutive years with effect from May 23, 2024.

In terms of the provisions of Section 152 of the Act and Article 102 of the Articles of Association of the Company, Mr. Pradip Kumar Khaitan (DIN: 00004821) retires by rotation at the forthcoming AGM and, being eligible, offers himself for re-appointment. Further, based on the recommendation of Nomination and Remuneration Committee, the Board of Directors of the Company has approved continuation of directorship of Mr. Khaitan as a Non-Executive Non-Independent Director of the Company in terms of Regulation 17(1A) of the Listing Regulations subject to requisite approval of the Companys Members. Notice for the forthcoming AGM of the Company includes appropriate resolutions seeking Members approval in respect of appointment(s) / re-appointment(s) / continuation of appointment of above Directors.

In the opinion of the Board, all the Directors, including the Directors proposed to be appointed/re-appointed, possess the requisite qualifications, experience, expertise and integrity. The Company has received necessary disclosures/declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under the Act and the Listing Regulations.

The list of key skills, expertise and core competencies of the Board is provided elsewhere in the Report on Corporate Governance forming part of this report.

As on March 31, 2024, there has been no change in the Key Managerial Personnel (KMP) and the Company had the following KMPs as on the said date as per Section 2(51) of the Act.

S l . Key Managerial Designation
No. Personnel
1. Mr. Rabi Chowdhury Managing Director (Generation)
2. Mr. Debasish Banerjee Managing Director (Distribution)
3. Mr. Rajarshi Banerjee Executive Director & CFO
4. Mr. Jagdish Patra Company Secretary & Compliance Officer

During the year under review there has been no pecuniary relationship or transaction between the Company and its Non-Executive Directors other than sitting fees and commission received by them.

The meetings of the Board of Directors were held during the financial year on May 22, 2023, August 4, 2023, November 8, 2023 and January 19, 2024.

INDEPENDENT DIRECTORS MEETING

The Independent Directors of your Company met on January 19, 2024, without the attendance of Non-Independent Directors and members of the management. The Independent Directors reviewed the performance of Non–Independent Directors, the Committees of the Board and the Board as a whole along with the performance of the Chairman of the Company and assessed the quality, quantity and timeliness of flow of information between the management and the Board that is necessary for the Board to effectively and reasonably perform its duties. The Independent Directors expressed their satisfaction on completion of their above performance review.

SECRETARIAL STANDARDS

The Company has complied with the applicable Secretarial Standards, i.e., SS-1 and SS-2 issued by the Institute of Company Secretaries of India and notified by the Ministry of Corporate Affairs, Govt. of India, relating to Meetings of the Board of Directors and General Meetings respectively.

BOARD DIVERSITY

The Company recognises the importance of a diverse Board in its success and believe that a truly diverse Board will leverage differences in thought, perspective, industry experience, knowledge and skills including expertise in financial, global business, leadership, technology, and other domains, will ensure that Company retains its competitive advantage.

In terms of the provisions of Section 178(3) of the Act and Regulation 19 read with Part D of Schedule II to the Listing Regulations,theNominationandRemunerationCommittee (NRC) is responsible for determining qualification, positive attributes and independence of a Director. Additional details on Board diversity are available in the Corporate Governance that forms part of this Report.

BOARD EVALUATION

In order to ensure that the Board and Committees of the Board are functioning effectively and to comply with statutory requirements, the annual performance evaluation of all the Directors, Committees of the Board, Chairman of the Board and the Board as a whole, was conducted during the year. The evaluation was carried out based on the criteria and framework approved by the NRC. A detailed disclosure on the parameters and the process of Board evaluation as well as the outcome has been provided in the Report on Corporate Governance.

COMMITTEES OF THE BOARD

The various Committees of the Board focus on certain specific areas and make informed decisions in line with the delegated authority.

The following statutory Committees constituted by the Board according to their respective roles and defined scope:

• Audit Committee

• Nomination and Remuneration Committee

• Corporate Social Responsibility Committee

• Stakeholders Relationship Committee

• Risk Management Committee

EQUITY CAPITAL AND DEBT SECURITIES

Equity Shares

During the year under review, there has been no change in the authorized, issued, subscribed and paid-up Equity Share Capital of the Company.The Equity Shares of the Company continued to be listed with BSE Limited (BSE) and the National Stock Exchange of India Ltd (NSE). The Company has paid the requisite listing fees to the Stock Exchanges up to the Financial Year 2024-25.

Debentures

a. Issue:

During the year under review, the Company had issued and allotted 60,000 Secured, Unlisted, Redeemable, Rated Non-Convertible Debentures (‘NCDs) having a face value of Rs. 1 lakh each aggregating to Rs. 600 cores for cash at par, on private placement basis in compliance with the applicable circulars issued by Securities and Exchange Board of India on issuance of debt securities by large corporates. The funds raised through NCDs have been utilized as per the terms of the issue.

b. Redemption:

The Company had, during the year, redeemed, (i) 5,000 Secured, Listed, Redeemable, Rated, Non-Convertible Debentures having face value of

Rs. 10 Lakh each aggregating to Rs. 500 Crore and (ii) 1,550 Unlisted, Rated, Redeemable, Non-Convertible Debenture having face value of Rs. 10 Lakh each aggregating to Rs. 155 Crore, which were issued and allotted for cash at par on private placement basis.

DIRECTORS RESPONSIBILITY STATEMENT

Your Directors hereby state and confirm that: i) in the preparation of the accounts for the financial year ended March 31, 2024, the applicable accounting standards have been followed along with proper explanation relating to the material departures, if any; ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period; iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv) the Directors have prepared the annual accounts on a going concern basis; v) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and vi) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

CORPORATE GOVERNANCE

The Company is committed to focus on enhancing standards of Corporate Governance by long term value creation and protecting stakeholders interests by applying proper care, skill and diligence to business decisions and constant adherence to the requirement of Listing Regulations, the Act and other applicable statutes.

In compliance with Regulation 34 read with Schedule V of the Listing Regulations, a Report on Corporate Governance for the year under review, is presented in a separate section as a part of this Report as Annexure ‘B along with Additional Shareholder Information as Annexure ‘C.

A certificate from the Auditors of the Company confirming the compliance with the conditions of Corporate Governance, as stipulated under the Listing Regulations, is annexed to this report.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS

No significant and material orders were passed by any Regulators or Courts or Tribunals impacting the going concern status and your Companys operations in future.

INSOLVENCY AND BANKRUPTCY CODE, 2016

During the year under review, there was no application made or proceedings pending against the Company under the Insolvency and Bankruptcy Code, 2016.

CHANGE IN THE NATURE OF THE BUSINESS

During the year under review, there was no change in the nature of the business of the Company.

CORPORATE SOCIAL RESPONSIBILITY_CSR_

Over the past years, the Company has focused on several corporate social responsibility programmes. The Company continues its endeavor to improve the lives of people and provide opportunities for their holistic development through its different initiatives in the area of Health, Education, Child Protection, Environment, Sustainability and Skill Development. In terms of Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended, the Company has formulated its Corporate Social Responsibility Policy. The said policy is uploaded on Companys website and can be accessed at https://www.cesc.co.in/storage/ uploads/policies/CSR_Policy.pdf . A detailed section on CSR activities undertaken by the Company during the year under review is annexed herewith and marked Annexure – ‘D and forming part of this Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT _BRSR_

In terms of Regulation 34 (2)(f) of Listing Regulations, SEBI has notified the reporting requirements on ESG parameters called the Business Responsibility and Sustainability Report (BRSR) under which the listed entities are required to disclose their performance against the nine principles of the ‘National Guidelines on Responsible Business Conduct (NGBRCs) and reporting under each principle is divided into essential and leadership indicators.

The Company has been a torchbearer of responsible business practices, always ensuring that its decisions balance social and environmental considerations with financial factors. Your Company always believed that being responsible and reliable also means being sustainable. These principles have always been an integral part of strategic planning of the Company both to manage risk as well as to enable long term sustainable growth and value creation. Your Company is also committed to upholding responsible business practices, aligning with the National Guidelines on Responsible Business Conduct (NGRBC). The NGBRC was designed by the Ministry of Corporate Affairs (MCA), Government of India to assist businesses to perform the requirements of regulatory compliance and beyond.

As stipulated under the Listing Regulations, the Business Responsibility and Sustainability Report (BRSR) describing the performance parameters and initiatives taken by the Company from an environmental, social and governance perspective, is given in the report as Annexure ‘E.

RELATED PARTY TRANSACTIONS

All contracts or arrangements entered by the Company with its related parties during the year under review were in accordance with the provisions of the Act and the Listing Regulations. All such contracts or arrangements, were entered into in the ordinary course of business and at arms length basis and pre-approved by the Audit Committee of the Board of Directors. No material contracts or arrangements with related parties were entered into during the year under review. Disclosure of Related Party Transactions as required in terms of Section 134 of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 in Form AOC -2 is not applicable for the year. The Policy Statement on Materiality and dealing with Related Party Transactions is available on the Companys website and can be accessed at https://www.cesc.co.in/ storage/uploads/policies/RELATED_PARTIES_POLICY.pdf Members may please refer to Note 42 to the Standalone Financial Statements for requisite disclosure in respect of related parties and transactions entered into with them during the year under review.

RISK MANAGEMENT

The Company has a structured Risk Management Framework, designed to identify, assess and mitigate risks appropriately. The Risk Management Committee has been entrusted with the responsibility to assist the Board in a) overseeing the Companys risk management framework; and b) ensuring that all material Strategic and Commercial including Cybersecurity, Safety and Operations, Compliance, Control and Financial risks have been identified and assessed and ensuring that all adequate risk mitigations are in place, to address these risks. The Audit Committee has additional oversight in the area of financial risks and controls. Further, details are included in the separate section forming part of this Report.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

The Company has zero tolerance towards sexual harassment at the workplace. In accordance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013

("POSH Act") and Rules made thereunder, the Company has adopted a policy and constituted an Internal Complaints Committee (ICC) to redress and resolve any complaints arising under the POSH Act. Training / awareness programs are conducted throughout the year to create sensitivity towards ensuring respectable workplace.

Details of complaints received/disposed, if any, during the Financial Year 2023-24 are provided in the Report on Corporate Governance.

INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY

The Company has in place adequate internal financial controls (IFC) for ensuring orderly and efficient conduct of the business, including adherence to the Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures. Effectiveness of IFC is ensured through management reviews, controlled self-assessment and independent testing by the Internal Audit Department of the Company.

The Company believes that these systems provide reasonable assurance that the Companys internal financial controls are adequate and are operating effectively as intended.

AUDITORS AND AUDITORS REPORT

Messrs S R Batliboi & Co. LLP, Chartered Accountants, (Firm Registration No.301003E/E300005) was appointed as the Auditors of the Company for a term of five consecutive years, at the Forty - fourth AGM of the Company. The Auditors Report annexed to the financial statements for the year under review does not contain any qualification(s), reservation(s) or adverse remark(s). The Notes on Financial Statements referred to in the Auditors Report are self-explanatory and do not call or any further comments. During the year under review, the Auditors have not reported any instance of fraud as referred to in Section 134(3)(ca) of the Act.

COST AUDITORS AND COST AUDIT REPORT

The Company is required to maintain cost records as specified by the Central Government under Section 148(1) of the Act and such records are made and maintained accordingly.

The Cost Audit Report, for the year ended March 31, 2023 was filed with the Central Government within the statutory time limit and the said Report for the financial year 2023-24 shall be filed within the prescribed timeline.

In accordance with the provisions of Section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, the Board of Directors, on the recommendation of the Audit Committee, has re-appointed Messrs. Shome & Banerjee, Cost Accountants (Firm Registration No 000001) as Cost Auditors for conducting the audit of cost records of the Company for the Financial Year ending March 31, 2025. Since the remuneration to be paid to the Cost Auditors for the Financial Year 2024-25 is to be ratified by the Companys Members, the Board of Directors recommends the same for ratification by the Members at the ensuing AGM. The said proposal forms part of the Notice of the AGM.

SECRETARIAL AUDIT REPORT

The Board had appointed Messrs. Anjan Kumar Roy & Co., (Certificate of Practice – 4557) Practicing Company Secretaries, as the Secretarial Auditor of your Company for the Financial Year ended March 31, 2024. The Secretarial Audit Report pursuant to Section 204 of the Act, is attached in Annexure – ‘F forming part of this Report. Pursuant to Regulation 24A of the Listing Regulations, the Secretarial Audit Reports of three material unlisted subsidiaries of the Company namely Noida Power Company Limited, Haldia Energy Limited and Dhariwal Infrastructure Limited, for the Financial Year 2023-24 are also attached and are forming part of the Annual Report as Annexures ‘F1, ‘F2 and ‘F3. The Secretarial Audit Reports of such material unlisted subsidiaries do not contain any qualifications, reservations or adverse remark(s).

VIGIL MECHANISM / WHISTLE BLOWER POLICY

Your Company promotes safe, ethical and compliant conduct of all its business activities The Company has a Vigil Mechanism / Whistle-blower policy in accordance with Section 177 of the Act and Regulation 22 of Listing Regulations to bring Companys attention to instances of illegal or unethical conduct, actual or suspected incidents of fraud, actions that affect the financial integrity of the Company.

The said policy has been uploaded on the Companys website and can be accessed at https://www.cesc. co.in/storage/uploads/policies/WhistleBlowerPolicy.pdf. The said policy provides a mechanism for employees of the Company to approach the Chairman of the Audit Committee of the Company through the Company Secretary for redressal. No person had been denied access to the Chairman of the Audit Committee and there was no such reporting during the Financial Year 2023-24.

INSIDER TRADING

The Companys ‘Insider Trading Prohibition Code which is in line with the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time, lays down the guidelines and procedures to be followed and disclosures to be made by the Insiders, while dealing in Companys securities. In view of the aforesaid Regulations and SEBI Circular, the Company also has in place a Structured Digital Database wherein details of persons with whom Unpublished Price Sensitive Information is shared on need-to-know basis and for legitimate business purposes is maintained with time stamping and audit trails to ensure non-tampering of the data base.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Your Company, being a company providing infrastructure facilities is exempt from the provisions applicable to loans, guarantees, security and investments under Section 186 (11) of the Act. Therefore, no details are required to be provided.

DEPOSIT FROM PUBLIC

During the year under review, the Company has not accepted any deposit from the public and as such no amount of principal or interest was outstanding as on the date of the Balance Sheet.

CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars as required under Section 134 Act, relating to Conservation of Energy and Technology Absorption is given in Annexure ‘G forming a part of this report.

ANNUAL RETURN

Pursuant to Section 92 of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return is available on the website of the Company on the following link at https://www. cesc.co.in/storage/uploads/annreport/CESC_Annual_ Return_2023-24.pdf.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The information required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are provided in Annexure ‘H.

Details of employee remuneration as required under provisions of Section 197 of the Act and Rule 5(2) and 5(3) of the aforesaid Rules are provided in Annexure I. In terms of proviso to Section 136(1) of the Act, the Annual Report is being sent to the Members excluding the Annexure I. The said statement is also available for inspection by the members at the Registered Office of the Company during business hours on working days of the Company. Any Member interested in obtaining a copy of the same may write to Company Secretary at secretarial@rpsg.in.

None of the employees listed in the said Annexure are related to any Director of the Company.

The Company has in place a Remuneration Policy for Directors, Key Managerial Personnel and other Senior employees, duly recommended by the NRC and approved by the Board. The said Policy is uploaded on the website of the Company and can be accessed at https://www. cesc.co.in/storage/uploads/policies/REMUNERATION%20 POLICY_CESC_SM.pdf.

INDUSTRIAL RELATIONS

Industrial relations in the Company, during the year, continued to be cordial. A detailed section on the Companys Human Resource initiatives is included in the the Management Discussion and Analysis forming a part of this report.

ACKNOWLEDGEMENT

The Board of Directors wishes to place on record its appreciation for the committed and dedicated services received from business partners, financial institutions, banks, consumers and vendors during the year under review.

The Board is also thankful to the Government of India, the various ministries of the State Governments, the Central and State Electricity Regulatory Authorities, communities in the neighbourhood of our operations, municipal authorities of Kolkata and local authorities in areas where we are operational as well as to the Companys Members for all the support rendered during the year.

The Directors also places on record its deep appreciation for the Companys employees for their commitment and contributions to the overall performance of the Company.

On behalf of the Board of Directors
Dr. Sanjiv Goenka
Place : Kolkata Chairman
Date : May 23, 2024 DIN: 00074796

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