In a momentous occasion, RITES Limited, a distinguished Navratna Public Sector Enterprise, has emerged victorious at the ICAI Awards for Excellence in Financial Reporting for the fiscal year 2022-23. The event, held in Raipur on January 13, 2024, witnessed RITES Limited being honored with the prestigious ‘Silver Shield’ under the ‘Infrastructure and Construction Sector’ category. Additionally, RITES’ subsidiary, REMC Ltd, specializing in power generation and management, was bestowed with a distinguished ‘Plaque’ in the ‘Service Sector’ (other than Financial Services Sector) category.
The accolades were presented to Mr. KG Agarwal, Director (Finance) and Chief Financial Officer of RITES Limited, by the esteemed dignitaries present at the ceremony, including the Hon’ble Chief Minister of Chhattisgarh, Mr. Vishnu Deo Sai, Chhattisgarh Cabinet Minister, Mr. Brij Mohan Agrawal, ICAI President CA Aniket Sunil Talti, ICAI Vice President CA Ranjeet Kumar Agrawal, and ICAI Research Committee Chairman & Vice Chairman, as well as ICAI Council Member.
The ‘Silver Shield’ awarded to RITES Limited underscores the company’s commitment to exemplary financial reporting practices within the ‘Infrastructure and Construction Sector.’ The recognition extends beyond the mere presentation of financial statements; it applauds the meticulous accounting practices, policies, and disclosure methods adopted by RITES Limited and its subsidiaries. This accolade serves as a testament to the highest degree of compliance with accounting standards, statutory guidelines, and regulations observed by RITES Limited.
The rigorous evaluation process of the ICAI Awards for Excellence in Financial Reporting scrutinizes various aspects of financial reporting, emphasizing the transparency, accuracy, and reliability of the information presented in the Annual Report. RITES Limited’s achievement of the ‘Silver Shield’ highlights its dedication to maintaining the highest standards in financial reporting and corporate governance.
Moreover, REMC Ltd’s reception of the ‘Plaque’ in the ‘Service Sector’ category is a testament to its outstanding financial reporting practices within the broader spectrum of non-financial services. The subsidiary’s commitment to transparency and adherence to statutory guidelines have earned it this prestigious recognition, adding another feather to the cap of the RITES Group.
Expressing his gratitude upon receiving the award, Mr. KG Agarwal remarked, “We are honored to receive the ‘Silver Shield’ and ‘Plaque’ at the ICAI Awards for Excellence in Financial Reporting. These awards are a reflection of our unwavering commitment to financial transparency, accountability, and adherence to the highest standards of corporate governance. We remain dedicated to upholding these principles as we continue our journey of contributing to the growth and development of the nation.”
The recognition at the ICAI Awards not only enhances the reputation of RITES Limited and REMC Ltd but also signifies their pivotal roles in setting benchmarks for financial reporting practices in their respective sectors. As RITES Limited continues to play a crucial role in the nation’s infrastructure development, these accolades reinforce its position as a leader committed to excellence in financial reporting.
