REC Ltd - 532955 - Announcement under Regulation 30 (LODR)-Newspaper Publication
In pursuance of Regulations 30 of SEBI (LODR) Regulations, 2015, we are forwarding herewith copies of newspaper clippings relating to Notice of Postal Ballot & Remote e-voting information of the Company published in 'Business Standard' (English) and 'Business Standard' (Hindi) edition of the newspapers on Monday, March 28, 2022. REC Ltd - 532955 - Postal Ballot Notice Dated March 25, 2022
In compliance with Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015 and in furtherance of our earlier letter dated March 22, 2022, the Postal Ballot Notice dated March 25, 2022, which has been sent through e-mail to those members, whose email IDs are registered, on March 25, 2022, for seeking their approval by means of Postal ballot through remote e-voting, is attached. REC Ltd - 532955 - Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015.
It is informed that the Company proposes to seek approval of shareholders through postal ballot process for appointment of Smt. Parminder Chopra (DIN 08530587) as Nominee Director of PFC and Shri S.K.G. Rahate, IAS (DIN 05254178) as Chairman & Managing Director, on the Board of REC. In this connection, the Board in its meeting held on March 21, 2022 has approved the schedule as per letter attached. REC Ltd - 532955 - Board Approval For (I) Appointment Of Shri S K G Rahate (DIN 05254178) As An Additional Director On The Board Of REC And (Ii) Incorporation Of SPV As Wholly Owned Subsidiary Of RECPDCL, A Wholly Owned Subsidiary Of REC.
In compliance with Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015 and in furtherance of our earlier letter dated February 23, 2022, in this regard, this is to inform that the Board of Directors of REC in its meeting held on March 21, 2022, has appointed Shri S K G Rahate, (DIN 05254178) as an Additional Director on the Board of REC in the capacity of Chairman and Managing Director (in additional charge), with effect from February 22, 2022, subject to the approval of shareholders of the Company. Further, the Board in the above meeting has also approved the proposal for incorporation of a project-specific special purpose vehicle, as WOS of RECPDCL, for development of inter-state transmission project at Karnataka to be implemented through tariff based competitive bidding route, allocated by MoP, Government of India. The proposed company will also be subsidiary company of REC Limited, in terms of the provisions of Section 2(87) of the Companies Act, 2013.
REC board approves 85,000 cr market borrowing plan for FY23
Under the market borrowing plan, REC will raise around 75,000 crore through bonds, rupee term loans from banks and external commercial borrowings REC Ltd - 532955 - Board Meeting Outcome for Approval Of Market Borrowing Programme For The Financial Year 2022-23.
In compliance with the provisions of Regulation 30 read with Schedule III of SEBI (LODR) Regulations 2015, this is to inform that the Board of Directors of REC Limited in its meeting held on March 21, 2022, inter-alia approved the market borrowing programme under different debt segments for the financial year 2022-23, as per detailed in the letter. The funds under the said market borrowing programme will actually be raised, from time to time, during the financial year 2022-23, with the approval of competent authority as per powers delegated in this regard, by the Board of Directors in the said meeting. REC Ltd - 532955 - Sale And Transfer Of Gadag Transmission Limited, Wholly Owned Subsidiary Of RECPDCL And Also Of REC.
In continuation of our earlier letter dated February 4, 2022 on above cited subject, it is informed that after receipt of consideration comprising of professional fee for bid process coordination, interest cost and reimbursement of expenditure incurred on the project by REC Power Development & Consultancy Limited (RECPDCL), wholly owned subsidiary of REC, the entire shareholding of Gadag Transmission Limited, comprising of 50,000 equity shares, presently held by RECPDCL, has been transferred at par value along with all its assets and liabilities on March 17, 2022 to ReNew Transmission Ventures Private Limited, the successful bidder selected through tariff based competitive bidding process, for development of 'Transmission scheme for Solar Energy Zone in Gadag (2500 MW), Karnataka - Part A'. Hence, with effect from the aforesaid date, the above project specific SPV is not a subsidiary of RECPDCL & REC. REC Ltd - 532955 - Board Meeting Intimation for Consideration Of A Proposal For Approval Of Market Borrowing Programme For The Financial Year 2022-23.
REC Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 21/03/2022 ,inter alia, to consider and approve In compliance with the provisions of Regulation 29(1) of the SEBI (LODR) Regulations 2015, it is informed that a meeting of the Board of Directors of REC Limited will be held on Monday, March 21, 2022, inter-alia to consider a proposal for approval of market borrowing programme of the Company for the financial year 2022-23. REC Ltd - 532955 - Announcement under Regulation 30 (LODR)-Change in Directorate
In terms of Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015, it is informed that Ministry of Power, Government of India vide Order dated February 22, 2022 has communicated that Shri S K G Rahate, Additional Secretary, Ministry of Power will look after the work of Chairman & Managing Director (CMD), REC w.e.f. February 22, 2022 (F/N), in addition to his current responsibilities, for a period of three months or until further orders, whichever is earlier. Accordingly, Shri Rahate has assumed additional responsibility of the post of CMD, REC with effect from February 22, 2022. Shri S K G Rahate is not inter se related to any other Director of the Company. Further, as per declaration given by him, Shri Rahate is not debarred from holding the office of Director by virtue of any SEBI Order or any other such authority. The brief profile of Shri S K G Rahate is mentioned in the letter attached. REC Ltd - 532955 - Announcement under Regulation 30 (LODR)-Change in Directorate
Pursuant to Office Order of Ministry of Power dated November 5, 2020, Shri Sanjay Malhotra (DIN: 00992744), IAS (RJ : 90) took over the charge of post of Chairman & Managing Director (CMD), REC Limited on November 9, 2020. It is now informed that Appointments Committee of the Cabinet, Ministry of Personnel, Public Grievances and Pensions, Department of Personnel and Training vide communication dated February 8, 2022 has notified the appointment of Shri Sanjay Malhotra as Secretary, Department of Financial Services, Ministry of Finance. In view of the same, Shri Sanjay Malhotra has been relieved from the charge of CMD, REC Limited w.e.f. February 10, 2022 (A/N). Accordingly, in terms of Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015, it is informed that Shri Sanjay Malhotra has ceased to be CMD and Key Managerial Personnel of REC Limited with effect from February 10, 2022 (A/N).