The behalf of the Board of Directors, I am delighted to present the 28th Annual Report on performance of the Company during the financial year ending March 31, 2017 together with the Audited Financial Statements.
Your Company is one of the largest and best managed transmission utilities in the world and continues to set new benchmarks of Financial, Physical and Operational performance. FY 2016-17 has been yet another year of achievement for the Company. In the area of project commissioning, the Company recorded a capitalization of approx. Rs.31,000 crore (incl. TBCB projects). With commissioning of new transmission assets comprising 9,723 circuit kilometre (ckm) of Extra High Voltage (EHV) transmission lines and 34,696 Mega Volt Ampere (MVA) transformation capacity with 12 new sub-stations, total transmission assets of the Company have increased to 1,39,077 ckm and 2,89,543 MVA transformation capacity with 219 substations.
Performance highlights of the Company during FY 2016-17 are briefly mentioned here to give an overview of accomplishments on all fronts:
- Capital investment of Rs.24,429 crore against a target of Rs.23,000 crore.
- ”Excellent” MoU rating notified by Government of India for financial year 2015-16.
- Investment approval accorded for transmission projects worth about Rs.36,500 crore.
- Maintained transmission system availability at 99.79% with number of tripping per line limited at 0.68 for the year.
- Revenue from operations of Rs.25,716.54 crore (year-on-year increase of 24%) and Profit after Tax of Rs.7,520.15 crore (year-on-year increase of 26%).
- Interim Dividend of Rs.1.00 per share (face value Rs.10/- each) has been paid and in addition, Final Dividend of Rs.3.35 per share for the Financial Year 2016-17 recommended, subject to approval of shareholders.
- Pole-I (1500 MW) of ±800kV HVDC Bipole transmission line from Champa - Kurukshetra (route length 1288 ckm) has been commissioned in March, 2017.
- Inter-regional power transfer capacity of 15,000 MW has been added. With this, cumulative inter-regional power transfer capacity of the National Grid stood at 75,050 MW at the end of March, 2017.
- Bagged one more project during the year under Tariff Based Competitive Bidding (TBCB) - ‘Establishment of Transmission System for 765kV Eastern Region Strengthening Scheme (ERSS-XVIII)’.
- Telecom revenue rose to Rs.503.83 crore (year-on-year increase of 28%).
XII PLAN PERFORMANCE
It is a matter of great pleasure to inform you that against CAPEX target of Rs.1,10,000 crore for XII Plan, the Company has made a capital expenditure of Rs.1,12,664 crore. Also, thrust was given to completion of projects and total capitalization achieved during XII Plan is over Rs.1,17,000 crore (including TBCB Projects).
About 46,000 ckm of transmission line has been added along with 1,65,000 MVA of transformation capacity addition in the XII plan. Also, cumulative Inter-Regional capacity has been augmented to 75,050 MW against a target of 72,350 MW. This will give a huge push to One Nation - One Grid - One Price.
In FY 2016-17 the Company has shown a stellar financial performance. The Financial Performance as compared to the previous year 2015-16 is summarized below:
(Figures in Rs. crore, except per share data)
Consultancy-Sale of Services
Revenue from Operations
Profit After Tax (PAT)
Earnings per Share (Rs.)
Book Value per Share (Rs.)
Gross Fixed Assets
Long Term Borrowings*
Debt Equity Ratio
Return on Net Worth
* Including current maturities of long term borrowings.
# As per Ind-AS.
For FY 2016-17, the Company has recommended a final dividend of Rs.3.35 per share in addition to Rs.1.00 per share of interim dividend taking total dividend to Rs.4.35 per share. The final dividend shall be paid after your approval at the Annual General Meeting. The total dividend payout for the year amounts to Rs.2,275.74 crore (including an interim dividend of Rs.523.15 crore).
The Company owns and operates about 85% of the total EHV/UHV Transmission network of the Country. As on 31st March, 2017, the transmission assets owned and operated by the Company stood at 1,39,077 ckm, of Extra High Voltage (EHV) transmission lines and 219 nos. EHVAC & High Voltage Direct Current (HVDC) sub-stations with about 2,89,543 MVA MVA transformation capacity.
During the FY 2016-17, the Company maintained availability of the transmission network at 99.79% which is comparable to international standards. The number of tripping per line (unplanned) was contained to 0.68 for the year, indicating high reliability of POWERGRID transmission system.
Maintenance activities are planned well in advance and an ‘Annual Maintenance Plan’ is chalked out for every asset through live line or shutdown maintenance, as per technical feasibility.
The Company is proactively managing the maintenance and refurbishment of the transmission assets in order to minimize the tripping of lines especially that caused due to fog, pollution and other natural vagaries. The Company is committed to adopt the best of technological tools available for better operational performance and in this direction following latest technology has been adopted by the Company:
- Adoption of latest condition monitoring techniques for Substation Equipments
State-of-the-art condition monitoring techniques for substation equipments for detection of defects at incipient stage. These include Frequency Response Analysis for Transformers and Reactors, Dynamic Contact Resistance Measurement for Circuit Breakers, Third Harmonic Resistive Current measurement for Surge Arrestors, Thermo-vision scanning of substation equipments etc. These techniques have proved to be very useful in detection of defects at an early stage. Preventive/ corrective actions were taken in advance and major failures were averted. In addition, periodic oil parameter checks, Dissolved Gas Analysis (DGA) of Transformers/ Reactors and its bushings, particle counts, inhibiter content test are very useful for diagnosis of the problems and life enhancement of the Transformers, which POWERGRID implemented successfully.
- Substation Automation
POWERGRID has introduced process bus architecture by connecting Circuit Breakers & Isolators and CT/ PTs through Optical fibers Ethernet using IEC 61850 protocol for avoiding complex protection, control & measurement cables. This will pave ways towards digital substations.
State-of-the-art ‘National Transmission Asset Management Centre’ (NTAMC) at Manesar, Haryana has been managing 122 substations remotely at the end of FY 2016-17 and presently 150 substations are being managed remotely. This has made operations smoother and helped in increasing visibility of the various parameters of the grid so as to ensure continued availability of the network. Your Company foresees the importance of automation in the transmission sector and NTAMC is a formidable step in that direction.
In order to share knowledge with various power sector agencies within the country and across the globe, the Company organised various National and International conferences and meets. An International Conference on “Best O&M Practices for EHV and UHV AC & DC Transmission System Assets” was held at Gurgaon. The theme for the conference was 765kV AC, UHVDC & GIS Operation & Maintenance. Eminent experts from CIGRE-France, Hydro Quebec-Canada, BC Hydro-Canada, CRIEPI-Japan, TransGrid-Canada, IREQ-Canada, UMS Group-USA and AAM Australia participated.
The regional peer group meeting for International Transmission Operation and Maintenance Study (ITOMS-2017) was hosted. The meeting was organised for Asia-Africa-Middle East region and was facilitated by UMS Group, USA. Delegates from different Utilities from Malaysia, Oman, UAE and USA participated in the conference.
POWERGRID is committed to ensure cyber security of the critical infrastructure. Information Security Policy and Procedures have been put in place. POWERGRID Corporate Office has been certified for ISO:27001 Information Security Management System Standard. The Regional Head Quarters are also in the process of being certified for ISO:27001. Compliance to guidelines of CERT-in and NCIIPC have been ensured. In view of possible risks due to Cyber-attacks, all Grid connected intelligent control equipment are kept isolated (air-gapped) from external data communication systems. Further, in large part of networks, digital signals controlling operation of critical equipment are kept further confined and isolated by design to prevent any large scale cascade event. A senior executive is designated as POWERGRID’s Chief Information Security Officer, who reviews Cyber Security preparedness.
In the event of any natural calamity or disaster, the Company has been at the fore front in providing relief to the countrymen and has contributed in restoration of power in affected areas.
Support was promptly extended in Tamil Nadu to restore EHV transmission lines, which were damaged due to cyclone Vardah near Chennai in December, 2016. As an immediate relief, POWERGRID’s Task Force rushed to the affected areas and deployed its Emergency Restoration System (ERS) Team for extending necessary assistance to Tamil Nadu Transmission Company (TANTRANSCO).
Relief camps were also organized in cyclone affected areas and relief materials like food packets, water bottles, bed sheets, Mosquito mats, Toilet kits etc. were distributed to about 1000 affected families. Efforts of POWERGRID for extending the timely assistance were acknowledged and created confidence and goodwill in people.
Your Company is an infrastructure provider and its growth is largely dependent on the efficient implementation of the transmission projects. Your Company has an exceptional record of implementing challenging transmission projects running over hundreds of kilometres of length across tough terrains and involving socio-economic issues. To ensure that power evacuation and system strengthening projects complete matching with system requirement, detailed planning has been done during implementation and progress is reviewed at various levels to take corrective actions. Your Company uses latest project management tools such as Enterprise Resource Planning (ERP), Integrated Project Management and Control Systems and regular Project Review meetings are organised at the top management level to proactively assess any obstacles in project execution and its timely resolution.
Also, interactive meet with Industry partners have been organised to continuously improve our performance. Apart from business interactions, POWERGRID also felicitated various suppliers/contractors for their performance during FY 2016-17 under different categories.
During the year, a number of important transmission projects have been commissioned/completed, which inter-alia include:-
- ±800 kV Champa - Kurukshetra HVDC Bi-pole-1(Pole-I) link,
- Pole-II & III of ±800 kV Biswanath Chariyali/Alipurduar - Agra HVDC mutli terminal transmission systems,
- 765 kV double circuit (D/c) Wardha - Nizamabad line,
- 765 kV D/c Gaya- Varanasi line,
- 765 kV D/c Varanasi - Kanpur - Jhatikara line,
- 765 kV D/c Angul - Srikakulam line,
- 765 kV D/c Srikakulam - Vemagiri line (TBCB),
- 765 kV D/c Raipur - Wardha (2nd) line,
- 765kV D/c Tuticorin - Salem (charged at 400 kV),
- 400 kV D/c Ranchi - Chandwa - Gaya line.
In the FY 2016-17, the Company continued to show sustained performance in all its business areas, enhancing the value for the shareholders. Your Company has achieved Total Income of Rs.26,581.46 crore and net profit of Rs.7,520.15 crore.
Capital Investment and Fund Mobilization
Your Company made a capital investment (CAPEX) of Rs.24,429 crore during the year 2016-17. For the CAPEX of FY 2016-17, Rs.14,806 crore was mobilized through private placement of bonds & term loan, Rs.3,037 crore was mobilized through External Commercial Borrowings (ECB)/Suppler credit and Rs.6,586 crore was utilized from Internal Resources.
During recent years, for financing of CAPEX, POWERGRID has mobilized funds from internal sources and successfully arranged borrowing from domestic as well external sources at most competitive prevailing rates. The major source of borrowing is private placement of domestic bonds. For financing of CAPEX, POWERGRID had also tapped other sources, which includes commercial bank loans, Supplier credit and sovereign guaranteed loan from multilateral funding agencies (ADB, World Bank).
As per Central Electrical Regulatory Commission (Sharing of inter-State Transmission Charges and Losses) Regulations, 2010, the Company has been assigned the responsibility for carrying out the activities such as raising of transmission charges bills on behalf of all Inter-State Transmission System (ISTS) Licensees, collecting the amount and distributing the same to them.
Your Company is fulfilling the assigned responsibilities effectively and achieved collection efficiency above 99% for FY 2016-17.
DEVELOPMENT OF NATIONAL GRID
Towards the strengthening of National Grid, a number of inter-regional transmission lines have been commissioned and more such lines are under construction. In FY 2016-17, ±800kV Champa Pool - Kurukshetra HVDC Pole-I of Bipole-1 (1500MW), Angul-Srikakulum 765kV D/c, Wardha - Nizamabad 765kV D/c and ±800kV Biswanath Chariali - Agra multi terminal HVDC transmission line with new HVDC terminal at Alipurduar with 1500 MW capacity transmission systems have been completed. As a result, cumulative inter-regional power transfer capacity of the National Grid has been enhanced from 57,450 MW to 75,050 MW (about 30% growth) during the FY 2016-17. By the end of 2021-22, the inter-regional power transfer capacity of the National Grid is likely to be enhanced to about 1,18,000 MW.
The enhancement of transmission capacity due to above inter-regional links has augmented pan-India electricity market and during FY 2016-17. Further, more than 138 billion units (BUs) inter-regional energy transfer was facilitated across the nation, which is an increase of about 18% over the previous year.
CONNECTIVITY, MEDIUM TERM OPEN ACCESS (MTOA) & LONG TERM ACCESS (LTA)
Your Company, as Central Transmission Utility (CTU), is the nodal agency for processing & grant of Connectivity, Long Term Access (LTA) and Medium Term Open Access (MTOA) to various applicants. Relevant regulations, procedures, guidelines and related documents for Connectivity, MTOA and LTA applications and status thereof are available online on our website.
As of March 31, 2017, the Company has granted Connectivity to 136 nos. of eligible applications for a quantum of 95,800 MW and LTOA/LTA to 204 nos. applications for a quantum of 99,260 MW. In addition, based on the transmission capacity margins availability, the MTOA has also been granted to 106 nos. of applications for a quantum of 12,204 MW cumulative capacity.
The Quality Management System in the Company is an enabler for best practises built around the philosophy of prevention rather than detection. To ensure quality, while procuring goods at competitive prices, a lot of effort has been put on quality assurance and various quality improvement measures have been initiated and implemented to get better quality products.
- During FY 2016-17, Smart inspections amounting to approx Rs.20,000 crore worth of material/equipment were carried out to enable record asset capitalization during the year.
- With target to move towards zero product inspection as per POWERGRID quality policy, inspections at some of the manufacturing units of towers, conductor, cables, transformer oil etc. have been reduced after thorough process audits at works as per standardized guidelines. Saved man-days were used for process audits at other manufacturing units for system improvements. This has contributed to whole sector as such.
- Rigorous Field Quality Audits were carried out during the year from Corporate Centre as well as at Regional level to ensure strict implementation of Field Quality Plans. This has ensured better awareness, better response from executing agencies and timely corrective actions. An independent team for Field Quality Assurance has been formed at Corporate Centre to take various preventive and pro-active actions.
- ’Make in India’ initiative has been given a great push during the period. Most of 765kV Class Transformers/ Reactors and even some of GIS equipment/STATCOM/SVC are presently being supplied indigenously.
- A number of Micro, Small & Medium Enterprises have been developed as sub-vendors and approved in India for supply of components for various equipment, including for new factories set up, which in turn have resulted in employment generation in the country.
- The Company, in association with MSME Development Institute, Okhla, New Delhi organised “National Vendor Development Programme cum Industrial Exhibition for Micro & Small Enterprises for the benefit of MSME sector and thereby promote “Make in India” objective of the Govt. of India.
- Developed and maintained systems and procedures aligned with integrated management system comprising ISO 9001 for Quality Management System, ISO 14001 for Environmental Management System and OHSAS 18001 for Occupational Health and Safety Management System. The certification has been maintained after rigorous audits by BSI Group India. Systems were also audited for maintenance of Social Accountability standard, SA 8000, Energy Management Systems as per ISO 50001 and for Information Security Management Systems as per ISO 27001.
ENTERPRISE RESOURCE PLANNING
Project “RUPANTAR”, the Enterprise Resource Planning (ERP) initiative of the Company has been implemented successfully and the processes and systems have been stabilized in all the regions of the Company. Presently, majority of the key processes related to the business are running on ERP. E-tendering for the domestic bids has also been taken up in ERP system on pilot basis. In order to provide stability and reliability to ERP system, a Disaster Recovery Centre has been established at Bangalore.
Your Company is always at the forefront for adopting latest advancement in technology as well as carryout applied research and development activities in pursuit of technological excellence in power transmission. Notable amongst them during FY 2016-17 are the prestigious 1200kV National Test Station, utilization of Geographic Information System Tools and the application of Process Bus Technology in Substation Automation System.
1200kV National Test Station
Your Company has successfully commenced power flow through 1200kV National Test Station in the month of May, 2016. For this project of national importance, the Company has collaborated with Indian equipment manufacturers for getting the 1200kV equipment developed, which have been presently installed, charged at 1200kV voltage and loaded at the test base in Bina, Madhya Pradesh for long term field operation and performance monitoring.
Geographic Information System Tools
Your Company has initiated utilizing Geographic Information System Tools like Bhuvan on pilot basis for mapping its transmission assets, for route alignment during planning of new transmission lines and for disaster management studies.
Your Company has established an Innovation portal wherein a platform is provided to all its employees to put forth their new and innovative ideas related to technology and management. These ideas are reviewed by the top level management so as to assess the techno-economic feasibility and benefits.
Process Bus Technology
Gaining experience from the pilot projects on Process Bus Technology at Bhiwadi and Neemrana, the Company has initiated the project at Malerkotla substation for retrofitting conventional protection and control schemes with advanced automation systems. The new scheme is expected to ease the maintenance and troubleshoot in future and also restoration time will be extremely low in case of any eventuality. Also, the replacement of large amount of copper cables with minimal fiber optic cables is expected to optimize space requirement.
Your Company continues its journey of delivering value to its stakeholders through applications of intelligent technologies towards Smart Grid. Your Company is continuously enhancing its abilities through in-house research & demonstration projects in the field of Smart Grid & Energy Efficiency. It has been continually adding advanced attributes to the utility projects to bolster the success story in the above fields. Smart Grid vertical is expanding its customer base and new projects are getting added, making Smart Grid a promising business area in future.
Your Company has garnered valuable experience in implementation of Smart Grid applications in last few years and presently providing consultancy for nine (9) projects covering distribution infrastructure, advanced metering infrastructure, intelligent outage management, electric vehicle charging stations, power quality management, distributed generation, net metering etc. Your Company is closely associated with implementation of Smart Grid at Varanasi & Gurgaon as part of Government’s endeavour towards Smart City development.
Towards smart transmission, your Company is implementing Phasor Measurement Unit (PMU) based Unified Real Time Dynamic State Measurement (URTDSM) project, integrating all State and Central grids for Wide Area Measurements (WAMS). In addition, analytics using PMU data are being developed in association with IIT Bombay. Synchronized measurements integrated with high end analytics will facilitate improved monitoring, visualization and enhanced situational awareness of the grid events on real time towards grid reliability improvement.
Your Company is also exploring new opportunities towards implementation of charging infrastructure for Electric Vehicles as well as venturing into Smart City projects.
Integration of Renewables
Your Company is playing a key role for integration of renewable energy resources into the grid. A high capacity Green Energy corridor is under implementation by your Company which will serve dual purpose to facilitate interconnection of large scale renewable, into the National grid as well as enlarging the balancing area to address renewable volatility. In addition, transmission schemes for 7200 MW Ultra Mega Solar Power Parks worth Rs.4300 crore are also under implementation in various states as part of Green Energy Corridors-II. Apart from Green Energy Corridor implementation and grid-integration of ultra-mega solar parks, it has established country’s first grid interactive energy storage pilot project with different battery technologies. The findings of the energy storage project would be helpful in its large scale deployment to address intermittency and variability of renewable generation.
Your Company is taking up the challenging and flagship responsibility of establishment of maiden Renewable Energy Management Centers (REMC) at 11 (eleven) locations in various RE resource rich state viz. Tamil Nadu, Andhra Pradesh, Karnataka, Maharashtra, Gujarat, Madhya Pradesh, Rajasthan, regional load dispatch centers at SR, WR, NR as well as at National Load Dispatch Centre. This would enable forecasting of renewable resources and efficient management of variable renewable generation ensuring grid stability & security. Upon implementation of REMCs by POWERGRID, they will be handed over to respective owners i.e. State LDC/POSOCO.
Your Company has taken a lead role in identification of Energy Efficiency business opportunities by way of carrying out Energy Audits of various heavy and medium industries, institutions, commercial establishment, municipalities and other water management systems of canals & irrigation departments. Energy audits undertaken and efficiency measures suggested by the Company shall enable prevention of CO2 emissions and defer capacity addition requirement.
Your Company is also a BEE Grade-I Energy Service Company (ESCO) for undertaking energy efficiency projects in various industries and other third party consultancy for base lining work.
Indian power industry is in the age of revolutionary transformations and extensive advancements. Equipped with approximately 90 Energy Auditors/Energy Managers, your Company is well prepared to stand as a key enabler in the challenging environment, by offering Energy Efficiency Solutions. Recently, Distribution Companies have been added under Perform-Achieve-Trade (PAT) scheme of GoI. Your Company, being one of the pioneers in Transmission Sector and is also dealing in Distribution Sector through Rural Electrification Program of GOI can provide Energy Audits and Energy Efficiency Solutions in Distribution Sector.
‘POWERTEL’ - TELECOM SERVICES ON TRANSMISSION INFRASTUCTURE
The Company has been creating value to its shareholders by leveraging its country wide transmission infrastructure for telecom business under the brand name ‘POWERTEL’. The existing National Long Distance (NLD) and Internet Service Provider - Category ‘A’ (ISP-’A’) licenses have been migrated to Unified License for providing telecom services.
The Company has established itself as an important player in providing telecom bandwidth, Virtual Private Network (VPN), internet and other communication services to Telecom Service Providers and enterprise customers. Major achievements during the FY 2016-17 are as under:
End of FY 2015-16
End of FY 2016-17
Total network Coverage
( ) 14.8%
Number of points present (PoPs)
( ) 11.26%
Telecom Backbone Availability for the FY2016-17 was 99.9%.
National Knowledge Network (NKN)
Under NKN project devised by Govt. of India, which connects knowledge centres across the Country such as Indian Institutes of Technology (IITs), Indian Institute of Science (IISc) etc., on a high speed connectivity, 36 links of 10 Gbps each, 114 links of 1Gbps/100 Mbps and 450 links 100 Mpbs / 1 Gbps have been implemented.
National Optical Fibre Network (NOFN)
As a part of digital India initiative of the Govt., to connect 250,000 Gram Panchayats (GP) in the Country by utilizing existing fibres BSNL, Railtel & POWERGRID are laying optical fibre cables to connect to Gram Panchayats wherever necessary. In the revised scope, the Company has been allotted work for development of NOFN network in States of Andhra Pradesh, Telangana , Himachal Pradesh, Jharkhand & Odisha by Bharat Broadband Network Limited (BBNL), covering about 36,000 GPs. Upto the FY 2016-17, 6699 GPs have been connected through incremental fiber. Further, 4454 GPs have been connected End to End and broadband is operational in 1133 GPs.
Multiprotocol Label Switching (MPLS) System
Connectivity to Enterprise Segment Customers is provided on POWERGRID’s MPLS Cloud. POWERGRID provides both Layer-2 and Layer-3 VPNs with port capacity ranging from 2Mbps to 10Gbps. POWERGRID also provides reliable Internet Connectivity solutions over its Internet cloud of different capacities ranging from 2Mbps to 1Gbps. POWERGRID is peered with global content providers for providing IP Transit services to ISPs. The IP Transit service reduces cost and enhances service quality of hosted content for ISPs and in turn enables them to offer better internet services at lower price to their users. Company’s extensive backbone telecom network with its local access partners has eliminated the location disadvantage of small towns towards accessibility and affordability of high speed internet. It has the potential to bridge the so called digital divide and be a change agent towards realizing the vision of “Digital India”. Towards this, MPLS VPN / Internet deals have been signed with a number of important domestic customers.
BUSINESS DEVELOPMENT & CONSULTING SERVICES
Your Company has developed the expertise in its core areas of power transmission, sub-transmission, distribution management, load dispatch and communication (LD&C), Smart grid etc. Leveraging its capacity and experience as a consultant, the Company is executing works with a project cost of Rs.17,000 crore on pan-India basis.
During FY 2016-17, the Company has achieved domestic consultancy revenue of Rs.582.43 crore, which is 25% higher w.r.t. previous years revenue of Rs.465.46 crore.
During 2016-17, 26 nos. Consultancy assignments have been acquired on domestic front, having estimated Project cost of Rs.1500 crore. Some of the major assignments bagged include Railway track electrification works for four different Zonal Railways & Techno-managerial services for implementation of 220kV & 132kV transmission system for Railways.
Presently, Track Electrification of 761 rkm (with Rs.890 crore estimated project cost under Central Railway, East Central Railway, South East Central Railway & South West Railway) has been entrusted to POWERGRID in NovRs.16. Actions for award of works and execution thereafter, on all four sections under different Railways zones have been taken-up with active co-operation from Indian Railways. It is expected that successful execution of these electrification works by POWERGRID shall pave the way for getting more such consultancy business from Indian Railways keeping the long term railways electrification targets in India and shall further add to existing consultancy order basket.
Further, the Company is also providing consultancy services to Railways for numerous transmission lines and substations (with estimated approximately project cost of about Rs.358 crore) for providing up-stream transmission connectivity for traction substations of Railways.
POWERGRID is executing Govt. of India’s important projects in difficult geographic terrain areas of NER and State of J&K.
North Eastern Region Power System Improvement Project (NERPSIP)
POWERGRID is implementing transmission and distribution works under NERPSIP in states of Assam, Meghalaya, Manipur, Mizoram, Nagaland & Tripura which is being funded by GOI and World Bank ( 50:50 Basis) at a sanctioned cost of Rs.5111.33 crore. The project envisages construction of 34 nos. new EHV sub-stations along with 2114 km. of EHV transmission lines and 85 nos. new Distribution Sub-stations along with 1891 km. of 33 kV transmission lines.
Comprehensive Scheme for Strengthening of Transmission & Distribution System for Arunachal Pradesh & Sikkim
POWERGRID is implementing transmission & distribution works under Comprehensive Scheme for Strengthening of T&D system- Arunachal Pradesh & Sikkim which is being funded by GOI at a sanctioned cost of Rs.4754.42 crore. The project envisages construction of 43 nos. New EHV sub-stations along with 2493 km. of EHV transmission lines and 70 nos. new distribution substations along with 1923 km. of 33kV transmission lines.
Connectivity of Leh/ Kargil Area with NR Grid at 220 kV level
To provide grid connectivity and reliable power supply to the strategically important Ladakh region, Govt. of India’s 220kV Srinagar - Drass -Kargil - Khalsti - Leh Line & associated system is being implemented by POWERGID on consultancy basis at a sanctioned cost of about Rs.1788 crore.
In addition, other important consulting assignments under implementation include strengthening of transmission network in Delhi and execution of transmission system for evacuation of power from Lalitpur power plant of Uttar Pradesh.
On the International front, your Company has so far established footprints in 19 countries. At present, a total of 14 projects are going-on in various countries.
A Memorandum of Co-operation with Norwegian Centre of Expertise (NCE) - Smart Energy Markets has been signed by the Company which envisages cooperation between NCE, Norway and POWERGRID to work in fields of Smart Grid, Capability development and other related areas.
Also, the Company signed a Contract Agreement with Fiji Electricity Authority for Consultancy Assignment for Design and Preparation of Tender Specification for the construction of the 132kV Transmission Line, 132kV Switching Station and 132/33kV substation in Fiji.
The Company signed an MoU with Abu Dhabi Water & Electricity Authority (ADWEA). The MoU inter-alia envisages cooperation between ADWEA & its group companies and POWERGRID to work in areas like smart grid, EHV transmission technologies etc. & providing capability development and training in the fields of Operation and Maintenance, Power Transmission and Distribution. POWERGRID shall also assist ADWEA in setting up an advanced ‘World Class Capability Development Institute in UAE.
Under the Indian Technology and Economic Co-operation (ITEC) scheme of MEA, GoI, a total of sixty International / African participants are proposed to be trained in the calendar year 2017. With this platform, POWERGRID is likely to forge long term relations and acquaintances with decision makers and other executives from International Utilities. Apart from getting regular business for POWERGRID Academy of Leadership (PAL), this opportunity will also showcase Company’s capacity building prowess in International markets to secure further International Business in Consultancy /EPC contracts.
The electrical interconnections with neighbouring countries, Nepal, Bhutan and Bangladesh, are being further strengthened for increased exchange of power. Some of the upcoming and planned interconnections are as under:
Between India and Nepal
- Gorakhpur New (India) - New Butwal (Nepal) 400kV D/c (Quad) line - Planned Between India and Bhutan
- For evacuation of power from various upcoming hydro power projects (HEPs) in Bhutan, Punatsangchu-I HEP (Bhutan) - Alipurduar (India) and Jigmeling - Alipurduar 400kV D/c (Quad) lines - under implementation.
Between India and Bangladesh
- Baharampur (India) - Bheramara (Bangladesh) 400kV D/c 2nd line - under implementation
- Katihar (India) - Parbotipur (Bangladesh) - Bornagar (India) 765 kV D/c line (to be initially operated at 400 kV) along with 500 MW HVDC Back-to-Back terminal at Parbotipur (another 500 MW terminal would be installed with 765 kV operation of the line) - Planned.
CONTRIBUTION IN DISTRIBUTION REFORMS
Rural Electrification (RE)
Under Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) scheme for rural electricity infrastructure and household electrification, your Company has been executing infrastructure work for rural electrification.
During FY 2016-17, infrastructure was created for electrification in 4365 nos. of partially electrified / un-electrified villages. Service connections were provided to about 77,000 BPL households. Cumulatively, till March, 2017, infrastructure has been created for electrification of about 79,000 villages in 70 districts of 9 states. Further, service connections have been provided to about 37.5 lakh BPL households, cumulatively.
Presently, RE work in Uttar Pradesh (UP) and Odisha assigned to POWERGRID under XI Plan Phase-II/ XII Plan are under implementation. In Odisha, RE work in 15 districts at an estimated cost of around Rs.1800 crore, involving electrification of about 11,900 villages (Un-electrified villages-590 and Partially electrified villages 11,307) and providing service connections to about 3 lakh BPL households is under progress and expected to be completed by MarchRs.18. In UP, RE work of 4 districts at an estimated cost of around Rs.500 crore is expected to be completed by Dec.Rs.17.
Integrated Power Development Scheme (IPDS)
The implementation of IPDS work in Old Kashi area of Varanasi Town assigned by Purvanchal Vidyut Vitaran Nigam Limited (PuVVNL) involves conversion of existing overhead distribution network to underground and connecting to existing consumer connection to the new underground system. So far, 1000 km cabling work has been completed out of total scope of 1340 km. Further, 30,000 consumers have also been connected to the new underground system.
OUR PEOPLE, OUR STRENGTH
Talent Acquisition & Development
Your Company places human resource as key to its growth. During the year 2016-17, profit per employee has been increased to Rs.80.46 lakh from Rs.65.68 lakh in previous year. Also, during the year circuit kilometer per employee and MVA per employee have gone up to 14.86 ckm & 30.87 MVA from 14.25 ckm & 28.15 MVA respectively in previous year.
Human Resource Development through its training development interventions have played a key role to upgrade the workforce to adopt new technologies, systems and practices and make the workforce ready to face the future challenges.
In the year 2016-17 the Company has conducted organisation wide training programmes and other systems & process development interventions based on Organisation Need Assessment (ONA) & Competency Based Training Needs Assessment (CBTNA). To this end, the Company has provided training to its employees in-line with National Training Policy.
As a part of system upgradation, this year in consultation with the experts from all business verticals across the Company, the functional and behavioural competencies were updated. The online training portal has also been upgraded to capture functional & behavioural competencies and the same were validated at two levels through online workflows. Competencies were revisited & customised training basket was offered online to employees to capture their relevant training choices.
Considering the vast number of projects including of joint ventures and subsidiaries being executed by POWERGRID, skills sets of employees of POWERGRID and stakeholders are being upgraded on continuous basis. Notably, the Company is providing training for policy, procedures & system up gradation to power utilities in North Eastern Region.
POWERGRID Academy of Leadership (PAL), a state-of-the-art, world-class Institute at Manesar has been providing a wide range of training including induction, hands-on, managerial and behavioural programs to employees in POWERGRID, and various power utilities at national and international levels.
Appreciating the notable people practices, the Company has been recognized as one of the India’s Best Companies to Work by the Great Place to Work Institute and its rank has been upgraded to 31 from last year 58 out of 700 companies. It has also been conferred with ‘Innovative Training Practices’ award by ISTD.
The Company is continuously working on formulating new welfare policies and amending the existing ones to meet the changing needs, for its employees. Issues related to workmen are successfully addressed through the National and Regional Bipartite Committee (PNBC/PRBC), a joint consultative forum comprising management and workmen representatives. Cultural Programmes are regularly conducted for promoting healthy community living. Various festivals like Diwali, Holi, New Year, Raising Day etc. are celebrated collectively by organising Milan Samaroh, cultural activities etc.
The Company also organises Intra & Inter-regional Sports Competitions for Kabaddi, Cricket, Volleyball, Chess, and Badminton etc. and participates in the Inter-PSU Sports meets as well. Your Company’s team has emerged winners in Table Tennis, National Management Games and other sports meets and bagged a number of awards.
The 3rd International Day of Yoga was celebrated in all offices of POWERGRID by organising practise sessions and behavioural sessions through informative talks on Yoga. Employees and their families participated in large numbers and benefited.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
As per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibitions and Redressal) Act, 2013, and Rules made thereunder, the company has constituted Internal Complaint Committee (ICC) to redress complaints received regarding sexual harassment. POWERGRID has been conducting training / workshop both for male and female about issues and law pertaining to Sexual harassment. Last year POWERGRID has conducted 07 such training programmes across the organization covering 189 employees. During the F.Y. 2016-17, two complaints of Sexual harassment have been received and the same have been disposed.
Citizen’s Charter has been formulated for the Company providing a visible front of its vision, mission, objectives, Company profile, commitments, expectations from citizens, Integrated Management Policy, services offered, values and standards of services, access to information and grievance redressal. The updated Citizens’ Charter is available on POWERGRID website.
IMPLEMENTATION OF OFFICIAL LANGUAGE (RAJBHASHA)
In pursuance of Govt. of India’s Rajbhasha Policy to promote Indian languages and Rajbhasha ‘Hindi’, it has made all round efforts to integrate and promote use of Hindi in its works at all levels. POWERGRID has proved its commitment to ensure the implementation of Rajbhasha.
To ensure the increased use of Official language, various activities such as Anuvaad Abhyaas Karyakram (Translation Practice Programme), Workshops, Trainings, motivational programmes are organized at every unit of the Company. Computer trainings are being imparted to enhance the working knowledge in Hindi on computers. Hindi classes are also being organized for non-Hindi speaking employees through Hindi Teaching Scheme. Lectures on heritage, social and cultural concerns are also being delivered by eminent scholars on regular basis to change the mindset of the employees for working in Hindi.
Various activities are undertaken to publicize Hindi. Every year, Akhil Bhartiya Rajbhasha Sammelans, Kavi Sammelans (Poetry sessions), Plays, publication of monthly articles in Hindi via emails, Sending wishes/informations via Hindi SMS on different occasions such as Hindi Diwas, Diwali, Holi and Eid etc. are most prominent among those. Also, various competitions throughout the year with special emphasis during Hindi Pakhwada, along with departmental meetings as well as OLIC meetings are also being conducted. Your Company has established one of the best Hindi libraries at Corporate Centre along with 100 other Hindi Libraries at various establishments of the Company, where popular/literary Magazines and News Papers have been made available for the employees.
Attractive incentive schemes for employees working in Hindi have been implemented as per the government guidelines. Also, various awards and reward schemes have been introduced to encourage employees to actively participate in promotion of Hindi, by contributing to articles/write-ups for in-house magazines, reading library books etc.
The effort made by the Company has been applauded in several forums during the year 2016-17 which includes Rajbhasha Shields consecutively for two years at the annual meet of Hindi Advisory Committees convened by MoP on 08.01.2017. Various awards have been given by different Town Official Language Implementation Committee (TOLICs) under the aegis of Ministry of Home Affairs, Govt. of India regarding best Implementation of Official Language. Also, POWERGRID’s efforts were applauded during various inspections and discussions done by Hon’ble Committee of Parliament on Official Language on different occasions.
RIGHT TO INFORMATION
In order to promote transparency and accountability, an appropriate mechanism has been set up across the Company in line with ‘Right to Information Act, 2005’. Your Company has nominated CPIO/ Appellate Authorities at its Corporate Office and Regional offices across the Country to provide required information to the citizens under the provisions of Act. In FY 2016-17, all 346 RTI applications received were disposed of timely. The various appeals received under the Act were also addressed suitably.
COMMITMENT TO TRANSPARENCY & VIGILANCE FUNCTION
Your Company advocates the principles of Good Governance, Transparency, Probity and Ethics in its management functioning. The Vigilance Department of POWERGRID functions as an integral part of the management. The department ensures that best ethical practices are followed in the organization.
Emphasis on Preventive Vigilance
Although the Vigilance Department performs preventive, proactive, as well as punitive function to strengthen the organizational process and to minimize the malpractices in the various systems and activities of the organization, the main emphasis is laid on preventive and proactive vigilance. While Preventive Vigilance focuses on whether the right type of systems exist or need to be re-engineered, proactive vigilance aims at the identification of opportunities and in taking pro-active action against potential threats. During the period, 40 Surprise inspections and 50 CTE Type inspections/Process-on-line inspections were conducted. Pursuant to Vigilance inspections and observations/recommendations, many System Improvements in various functions of the organisations have been taken up.
Preventive Vigilance Workshops as part of Capacity Building: As part of Capacity Building, Workshops on Preventive Vigilance were conducted at the Corporate Centre as well as at various Regions of the Corporation. During the period, 20 Preventive workshops were conducted for 579 non-vigilance executives. Also, 6 RTI Workshops were organized for 175 employees of the Corporation. The Preventive Vigilance Workshops contain module of Ethics Management which enable the employees to identify and deal with ethical problems developing their moral intuitions, which are implicit in everyday choices and actions.
Vigilance Awareness Week 2016: As per the directive of the Central Vigilance Commission, this year the Vigilance Awareness Week was organized in POWERGRID from 31st October to 5th November, 2016. The weeklong activity started with the administration of pledge to all employees by CMD, CVO and all Directors. The organization’s website was used to propagate the message and also to encourage the employees to participate in the e-pledge. Eminent speakers were invited, including Dr. T.M. Bhasin, Vigilance Commissioner who addressed the employees at POWERGRID Corporate Centre and also inaugurated the in-house journal of the Vigilance Department, ‘Candour’ on the occasion.
During the Vigilance Awareness Week, 2016, vendors’ meets were organized and such meets/camps were utilized for interaction with the vendors and taking feed-back from them. POWERGRID organized events in 121 colleges and 115 schools across the country. At many rural areas, Gram Sabhas were also organized as directed by the Central Vigilance Commission to spread the message of the Commission. The media like Doordarshan, News Channels, FM Radio channel were also engaged to disseminate the message of the Commission in encouraging citizens to take the Integrity Pledge. POWERGRID also organized street plays by engaging reputed theatre groups to propagate the theme of the Commission. Simultaneously, at many places roadshows were also organized involving employees and their families and in many places involving school and college students.
ENVIRONMENT AND SOCIAL MANAGEMENT
POWERGRID, being a responsible corporate entity, always endeavours to protect and conserve environment in areas of its activities from inception to operation stage. It developed a comprehensive Environmental and Social Policy & Procedures (ESPP) in 1998 and has upgraded the same from time to time, in line with the international best practices, to pre-empt possible environmental and social issues. Recently, Asian Development Bank (ADB) accepted POWERGRID’s ESPP under its policy of “Country Safeguard System” (CSS) as the first organization in the Asia whose safeguard system has been recognized to match international good practices. The World Bank too has accorded its acceptance for ESPP under their policy of Use of Country System (UCS) in 2009. With this, POWERGRID has now attained the unique distinction of becoming the first organization in the world, whose safeguard policy (ESPP) has been accepted by two major multilateral agencies viz. The World Bank & ADB.
POWERGRID is also pioneer in the field of Sustainability Reporting in the Indian Power Sector published its 3rd biennial Sustainability Report in September, 2015. This report also attained the highest possible rating of “A ” and also externally assured by accredited assurance provider M/s Intertek India Private Limited based on Global Reporting Initiative (GRI-G3) guidelines including Electric Utilities Sector Supplement (EUSS) and International Standards like Accountability, UK Standard AA 1000 APS (2008) and AA1000 SES (2011). The 4th such report is under preparation following the GRI-G4 guidelines.
POWERGRID is fully conscious of the need to conserve natural resources and avoids forest, ecological sensitive areas like Wildlife Sanctuaries/ National Parks/Biosphere Reserves and Coastal Regulation Zone areas as far as possible through optimization of route alignment. Through careful route selection POWERGRID completely avoided Nongkhyllem Wildlife Sanctuary in Meghalaya for 220kV D/c Byrnihat-Mawngap-New Shillong line under NERPSIP. However, in case of 765kV D/c Bhuj - Banaskantha line where avoidance of Wild Ass Sanctuary in Gujarat couldn’t be possible due to its strategic location and size, POWERGRID carried out Biodiversity Assessment Studies by Independent Experts and implementing specific mitigation measures to minimize adverse impact on wildlife/biodiversity of areas. Following the basic principle of avoidance & minimization, involvement of forest, has been reduced progressively from 6% in 1998 to 2.26% at present. However, in some cases where involvement of forest area becomes unavoidable, forest clearance is obtained under Forest (Conservation) Act, 1980.
Apart from above, the Company has taken various initiatives to fulfil its commitment towards the goal of sustainable development and to address the possible environmental externalities associated with its business processes. Key initiatives in this regard are:
- Design & Installation of innovative towers such as multi-circuit & pole towers in lines have not only conserved the precious Right of Way (RoW) but also substantially reduced felling of trees as well as facilitated conservation of wildlife in ecologically sensitive areas.
- Installation of Gas Insulated Switchyard (GIS), instead of Air Insulated Switchyard (AIS) in the vicinity of habitation/town areas substantially reduce land requirement and also helped in conservation of precious land resource.
- Rain Water Harvesting in all new substations not only conserved precious water resources but also enhanced ground water table in the areas of near vicinity.
- Installation of LED bulbs & solar street lighting in substation, fuel catalysts devices for DG sets etc.
- Installed a 40kWp Solar PV System at RHQ Building, Nagpur in addition to 50kWp Solar PV System at Gurgaon Office Complex resulted in reduction of about 47 tons of CO2 annually.
- Also, more than 15,000 trees were planted in 175 locations.
- The Company is providing professional and financial support to Varanasi Nagar Nigam for efficient and effective collection, storage, transportation system and decentralized composting for MSW Waste in 25 wards of Varanasi.
- Renovation of village ponds.
- Using fly ash bricks, wherever possible for construction of new buildings.
Procurement from Micro & Small Enterprises (MSEs)
The Government of India has notified a Public Procurement Policy for Micro and Small Enterprises (MSEs), Order 2012. In terms of the said policy, the total eligible value of annual procurement of goods produced and services rendered by MSEs (including MSEs owned by SC/ ST entrepreneurs) during financial year 2016-17 was Rs. 3,410 Crore. The total procurement form MSEs (including MSES owned by SC/ST entrepreneurs) was Rs. 777 Crore (22.79%).
Total eligible value of annual procurement of goods produced and services rendered by MSEs (including MSES owned by SC/ST entrepreneurs) for financial year 2017-18 is projected to be in the range of Rs. 1000 Crore.
For enhancement of procurement from MSEs, annual procurement plan along with other relevant details related to procurement from MSEs are uploaded on POWERGRID’s website for benefits of MSEs. Further to look into and address the grievances/concerns raised by any MSEs, a high level committee is also in place in the organization. A nodal officer is also designated to look into the aspects related to procurement from Micro & Small Enterprises owned by SC/ST Entrepreneurs.
Your Company has been participating and organizing MSEs related programmes on regular basis.
MANAGEMENT DISCUSSION AND ANALYSIS
In addition to the issues in the Directors’ Report, some issues have been brought out in report on Management Discussion and Analysis placed at Annexure-I.
BUSINESS RESPONSIBILITY REPORT
The Business Responsibility Report as stipulated under Regulation 34 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given in Annexure-II and forms part of the Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
As per requirements of disclosures under Section 134(3) (m) of Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014 information relating to conversation of energy, technology absorption and foreign exchange earnings and outgo, information is given in Annexure-III to this Report.
RISK MANAGEMENT POLICY
Information on Risk Management Framework is covered in the Management Discussion and Analysis Report at Annexure-I of this Report.
INTERNAL FINANCIAL CONTROLS AND ADEQUACY
The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its businesses, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds, error reporting mechanism, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures.
STATUTORY AUDITORS OF THE COMPANY
The Statutory Auditors of your Company are appointed by the Comptroller & Auditor General of India. M/s S. K. Mittal & Co., M/s R. G. N. Price & Co., M/s Kothari & Co. and M/s Parakh & Co. were appointed as Joint Statutory Auditors for the financial year 2016-17.
The Statutory Auditors have given an unqualified report. The report is self-explanatory and does not require any further comments by the Board.
COMPTROLLER AND AUDITOR GENERAL’S COMMENTS
Company has received ‘NIL’ comments on the accounts for the year ended March 31, 2017 by the Comptroller and Auditor General of India under Section 143(5) of the Companies Act, 2013. Copy of the same is attached in Annexure - IV to this report.
Kumar Naresh Sinha & Associates, Practising Company Secretary has conducted Secretarial Audit of the Company for the financial year ended March 31, 2017. The report & observations of the Secretarial Auditor and Explanation by the Board thereon forms part of this Annual Report (Annexure-V).
COST AUDITORS OF THE COMPANY
Your Company appointed M/s K. G. Goyal & Associates, Cost Accountants and M/s R. M. Bansal & Co., Cost Accountants as Cost Auditors for the Financial Year (FY) 2016-17 under Section 148 of the Companies Act, 2013.
The Cost Audit Reports for the FY 2016-17 will be filed with the Cost Audit Branch, Ministry of Company Affairs before due date, i.e. September 27, 2017.
EXTRACT OF ANNUAL RETURN
In accordance with Section 134 (3) (a) of the Companies Act, 2013 an extract of the annual return in the prescribed format in MGT-9 is given as Annexure VI of this Report.
Your Company’s composition of Board of Directors underwent some changes during the year 2016-2017. During the year, Shri K. Sreekant assumed the charge of Director (Finance) with effect from 1st September, 2016. Shri R. T. Agarwal demitted the office of Director (Finance) on 31st August, 2016 upon attaining the age of superannuation. The Board placed on record appreciation and gratitude to Shri R. T. Agarwal for the significant contribution and support to the Company extended as Director (Finance).
Shri Prabhakar Singh assumed the charge of Director (Projects) with effect from 8th February, 2017. Prior to his appointment, Shri R. P. Sasmal, Director (Operations) was holding additional charge of Director (Projects).
Shri Tse Ten Dorji and Smt. Jyotika Kalra were appointed as non-official part time Directors (Independent Director) w.e.f. 16th February, 2017. Smt. Jyotika Kalra, consequent to her appointment as member of the National Human Rights Commission, has resigned from the post of Independent Director with effect from 6th April, 2017.
Smt. Jyoti Arora and Dr. Pradeep Kumar on being relieved from the Ministry of Power on 5th July, 2017 (A/N) and 31st July 2017 (A/N) respectively have ceased to be Directors on the Board of POWERGRID in terms of Article 31(iv) of the Articles of Association of POWERGRID. The Board placed on record appreciation and gratitude to Smt. Jyoti Arora and Dr. Pradeep Kumar for their contribution and support to the Company.
Ministry of Power vide its Order No. 25-11/4/2017-PG dated 3rd August, 2017 has conveyed the appointment of Smt. Shalini Prasad, Additional Secretary, Ministry of Power as Part-time Director (Government Nominee Director), in place of Smt. Jyoti Arora.
In accordance with the provisions of Section 160 of the Companies Act, 2013 read with Article 31(iii) of the Articles of Association of the Company, Shri Ravi P. Singh, Director (Personnel), shall retire by rotation at the ensuing Annual General Meeting of your Company and being eligible, offers himself for re-appointment.
NUMBER OF MEETINGS OF THE BOARD
Board of Directors met 13 times during the financial year 2016-2017. Details regarding dates and attendance of the Board meetings are provided in the Report on Corporate Governance, which forms part of this report.
COMMITTEES OF THE BOARD
POWERGRID’s has Audit Committee, CSR Committee and other Committees. The composition and scope of the Committees are provided in the Report on Corporate Governance.
A report on the Corporate Governance (Annexure-VII), forming part of this report, together with the Certificate thereon is given in Annexure-VIII to this Report.
DECLARATION BY INDEPENDENT DIRECTORS
During the year, all the Independent Directors have met the requirements specified under Section 149 (6) of the Companies Act, 2013 for holding the position of ‘Independent Director’ and necessary declaration from each Independent Director under Section 149 (7) was received.
PERFORMANCE EVALUATION OF DIRECTORS
Ministry of Corporate Affairs (MCA) vide General Circular dated 5th June, 2015 has exempted Government Companies from the provisions of Section 178 (2) which requires performance evaluation of every Director by the Nomination & Remuneration Committee where Directors are evaluated by the Ministry or Department of the Central Government which is administratively in charge of the Company, or, as the case may be, the State Government as per its own evaluation methodology. Similar exemption has been requested from SEBI under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which is under consideration.
Further, MCA vide notification dated 05th July 2017 has also amended the Code for Independent Dir