IRFC COVER-final - Indian Railway Finance Corporation Ltd.

Right to Information Act, 2005The Company follows Government instructions issued inpursuance of Right to Information Act, 2005, and hasdesignated Public Information Officer and AppellateAuthority under the Act.Conservation of Energy, Technology Absorption, ForeignExchange Earnings and OutgoProvisions of section 217(1)(e) of the Companies Act, 1956as amended by the Companies Amendment Act, 1988 inrespect of Conservation of Energy and Technologyabsorption are not applicable to your Company.The Company does not have any foreign exchange earnings.Details of foreign exchange outgo have been given in theNotes on Accounts.Particulars of Employees receiving high remunerationThere was no employee of the Company who receivedremuneration in excess of the limits prescribed under section217(2A) of the Companies Act, 1956 read with Companies(Particulars of Employee) Rules, 1975.Women EmployeesYour Company has a very small organizational setup,comprising 20 employees in all. Out of these, sevenemployees are in the category of Senior Assistant /Assistant and include two women employees. One womanexecutive at senior management level has also beenworking with Company. The Company would endeavourto further improve the number as and when an opportunityoffers.Board of DirectorsSince the time of the last Annual General Meeting inAugust, 2009, a few changes have taken place in thecomposition and size of the Board of Directors. Sh. NasserMunjee completed his three-year tenure on 17-10-2009and ceased to be a member of the Board after that date.Km. Anjali Goyal also ceased to be a member of the Boardof Directors from 11-11-2009, consequent upon hertransfer from the post of Executive Director Finance(Budget) in the Ministry of Railways. She was replacedin the Board of the Company by Sh. Jagmohan Gupta on26-10-2009. However, in pursuance of the Government'sdecision to reduce the number of official Directors onthe Board of IRFC, Sh. Gupta also ceased to be a Directorof the Company beyond 31-05-2010. In addition, Sh. S.K.Kaushik, Director Finance, completed his permissibletenure on 09-03-2010, and returned to his parent cadre inthe Railways.The Board of Directors wishes to place on record its deepappreciation of the valuable contributions made by S/Sh.Nasser Munjee, Jagmohan Gupta and S.K. Kaushik and Km.Anjali Goyal during deliberations of the Board.Statutory AuditorsM/s Dhawan & Co., Chartered Accountants, were appointedas Statutory Auditors by Comptroller & Auditor General ofIndia to audit the accounts of the Company for the year 2008-09. The same firm continues as Statutory Auditor for theyear 2009-10 also. The Report of the Auditors contains noqualification on the Accounts.Comments of the Comptroller & Auditor General of IndiaThe Comptroller & Auditor General of India has undertakensupplementary audit on accounts of the Company for theyear ended 31 st March, 2010 and have had no commentsupon or supplements to the Auditor's Report under Section619(4) of the Companies Act, 1956.AcknowledgementsYour Company is grateful to the Ministry of Railways,Ministry of Finance, Department of Public Enterprises,National Informatics Centre, other Departments of theGovernment, and the Reserve Bank of India, for their cooperation,assistance, active & timely support, and guidancerendered from time to time. The Company is also thankfulto all its Bondholders, Banks, Financial Institutions,Arrangers, Life Insurance Corporation of India and GeneralInsurance Corporation of India and its subsidiaries forreposing their confidence and trust in the Company. TheCompany looks forward to their continued support forsustaining its excellent performance levels. The Companyexpresses gratitude to the Comptroller & Auditor Generalof India, the Statutory Auditors and the Internal Auditors fortheir valuable support and guidance.The Board of Directors express their deep appreciation ofthe valuable contribution made by the Company's small teamof officers and employees, which has enabled the Companyto successfully meet the increasingly more exacting targetsset by the Ministry of Railways, also consolidating itsposition as one of the most vibrant public financialinstitutions in the country. The Company also gratefullyacknowledges the highly useful and substantive contributionof Retainer of Accounts and Registrars of the Company.Place : New DelhiDate : 27th July, 2010For and on behalf of Board of DirectorsSowmya RaghavanChairperson18