Your Directors are pleased to present the Thirty first Directors' Report of the Companyfor the year ended March 31 2019 along with the Audited Statement of Accounts Report ofAuditors and Comments of the Comptroller and Auditor General of India.
The following financial highlights for the year ending 31 March 2019 brie encapsulatethe performance of your company:-
|1. FINANCIAL HIGHLIGHTS || || || ||(र in crore) |
|PARTICULARS ||STANDALONE ||CONSOLIDATED |
| ||2018-19 ||2017-18 || |
|REVENUE || || || || |
|Revenue from Operations ||2655.77 ||2229.97 ||2654.05 ||2228.50 |
|Other Income ||253.22 ||357.10 ||253.89 ||355.45 |
|Total Revenue ||2908.99 ||2587.07 || |
|EXPENSES || || || || |
|Employees' Benefits Expense ||315.81 ||265.22 ||316.41 ||265.37 |
|Finance Cost ||235.33 ||83.82 ||235.33 ||83.82 |
|Depreciation and Amortization || || || || |
|Expenses ||390.26 ||364.51 ||390.26 ||364.51 |
|Other Expenses ||305.28 ||276.25 ||305.34 ||276.29 |
|Total Expenses ||1246.68 ||989.80 ||1247.34 ||989.99 |
|Profit before exceptional items net movement in regulatory deferral account balance and tax ||1662.31 ||1597.27 ||1660.60 ||1593.96 |
|Exceptional items ||57.08 || ||57.08 || |
|Profit before net movement in regulatory deferral account balance and tax ||1605.23 ||1597.27 ||1603.52 ||1593.96 |
|Share in Profit of JVs & Associates || || ||3.98 ||3.04 |
|Net movement in regulatory deferral account balance ||187.31 ||51.10 ||187.31 ||51.10 |
|Profit before tax ||1792.54 ||1648.37 || |
|Tax Expenses: || || || || |
|- Current Tax ||345.64 ||340.52 ||345.64 ||340.52 |
|- Tax expense pertaining to regulatory deferral account balance ||40.36 ||10.91 ||40.36 ||10.91 |
|- Deferred Tax ||42.25 ||72.06 ||42.25 ||72.06 |
|Profit for the Year ||1364.29 ||1224.88 || |
|Other comprehensive Income/ (Expense) (Net tax expense) ||(14.82) ||(11.94) ||(14.82) ||(11.94) |
|Total Comprehensive Income for the year ||1349.47 ||1212.94 || |
Gross Energy Generation from various operational plants of the Company during FY2018-19 is as under:-
| || |
(Million Units (MU))
|Plant ||2018-19 ||2017-18 |
|NJHPS ||6507.125 ||7207.666 |
|RHPS ||1828.762 ||2014.925 |
|KWPS ||62.053 ||52.760 |
|CSPS ||7.397 ||6.572 |
|SWPP ||29.690 ||- |
|Total ||8435.027 ||9281.923 |
3. REVENUE AND PROFITS
The standalone revenue from operation increased by र425.80 crore toर2655.77 crore during the financial year 2018-19 compared to र2229.97 croreduring the previous year. The standalone Profit After Tax (PAT) increased by र139.41crore to र1364.29 crore against र1224.88 crore for the previous year.
The subsidiary and Joint Venture companies are under Survey & Investigation/Construction except CPTC which is in operation. Consolidated accounts with the subsidiary& joint venture companies has resulted in increase in profit of consolidated group byर2.27 crore PY र0.20 crore mainly due to inclusion of proportionate share ofprofit of CPTC.
4. TRANSFER TO RESERVES
During the year no amount was transferred to Reserves of the Company.
During the year an interim dividend of र1.50 per share has been paid in themonth of February 2019. In addition your Board has recommended a final dividend ofर0.65 per share. Thus subject to your approval a total dividend of र2.15 pershare (र844.91 crore) is proposed to be paid for FY 2018-19 against र2.10 pershare (र864.56 crore) paid during the previous year.
6. PROJECTS UNDER PROGRESS
6.1 HIMACHAL PRADESH PROJECTS a) LUHRI HEP Stage-1 (210MW) Luhri HEP Stage-2 (172MW)& Sunni Dam HEP (382MW): Luhri Hydro Electric Project is located on river Satlujin Shimla Kullu and Mandi districts of Himachal Pradesh. It was advised by GoHP in March2015 to review the possibility of executing LHEP as multistage project instead of singlestage on account of social and environmental/ ecological concerns. Accordingly threestages/ projects (i.e. Luhri HEP Stage-1 - 210 MW Luhri HEP Stage-2 - 172 MW and SunniDam HEP - 382 MW) envisaged by SJVN to harness the Hydel potential of Satluj river betweenRampur and Kol Dam Hydro Electric Projects. Govt. of H.P. reallocated all three projectson "Stand Alone Basis" to SJVN on 29.08.2017.
LUHRI HEP STAGE-1 (210 MW)
It is a Run-of-the-River (RoR) scheme with installed capacity of 210 MW located onriver Satluj near Nirath village spread over Shimla and Kullu Districts of HimachalPradesh. The project has potential of generating 758 MU of electric energy in a 90%dependable year. Investment approval for pre-construction activities amounting toर86.53 Crore was received from GoI on 08.02.2018.
DPR of project has been concurred by CEA for an estimated project cost ofर1912.59 Crs. at July 2017 price level. Forest Clearance Stage-1 and ForestClearance Stage-2 has been accorded by MoEF&CC on 19.09.2018 and 28.03.2019respectively.
Environment Clearance has been recommended by EAC in its meeting held on 27.08.2018.However MoEF&CC is linking Environment Clearance with report on CumulativeEnvironment Impact Assessment study report of Satluj Basin. The report was put up to EACon 28.01.2019 and EAC has suggested additional points for incorporating in the report.
For the acquisition of private land SIA report has been approved by GoHP on17.10.2018. Administrative cost amounting to र5 Crore has been deposited torespective DCs on 30.03.2019. Issuance of noti cation under section-11 of Land Act isunder process with GoHP. For investment approval draft PIB memo on the basis of draftCERC tariff regulations 2019-24 was submitted to MOP on 29.01.2019. Matter is being takenup with GoHP for getting concessions to bring down the tariff . Revised PIB memo shall besubmitted as per final CERC tariff regulations 2019-24 and decision of GoHP for reductionin tariff .
Works of shifting of HT and LT lines from project area has been awarded by HPSEBLimited on 07.03.2019 & 08.03.2019 respectively and are in progress.
For evacuation of power location of common pooling station has been finalized by CEAat village Nanj. Preliminary survey of transmission line from power house to commonpooling station was completed on 19.11.2018. Work for carrying out detailed survey forfinalization of route is under process of tendering.
LUHRI HEP STAGE-2 (172 MW)
It is a run-of-the-river type project proposed on river Satluj near village Nanjin Shimla Kullu and Mandi districts of Himachal Pradesh. The Project shall generate 632MU of energy in a 90% dependable year. Investment approval for carrying outpre-construction activities amounting to र72.478 Crores has been approved by GoI on16.03.2018. First consultation meeting for preparation of DPR was held in CEA on11.06.2018. Five Chapters i.e Hydrology Power potential Storage vs RoR Internationalaspects and Interstate aspects have been cleared. Balance four pre-DPR chapters are underpreparation.
For Environment Clearance work for preparation of EIA/ EMP report was awarded to M/sR. S. Environlink Technologies Pvt. Ltd. on 27.06.2018 and 3rd progress report has beenreceived on 15.01.2019. For acquisition of private land application for conducting SIAstudy was submitted to GoHP on 29.09.2018. The proposal was forwarded to SIA unit HIPA byPrincipal Secretary (Power) on 24.11.2018. Finalization of agency by SIA unit HIPA GoHPis under process. Drilling and drifting works for geological investigation were awarded inNovember 2018. As on 31.03.19 115m drifting out of 540 m and 467m drilling out of 2500 mhave been completed. For diversion of forest land application was submitted on08.10.2018. Obtaining NOCs regarding "non-availability of non-forest land for projectcomponents" and "Compensatory a orestation land" is in process and requestletters were sent to respective SDMs on 31.10.2018. For NOC of "non-availability ofnon-forest land for project components" all the three joint inspections byrespective departments have been completed. DC (Mandi) has issued the NoC on 19.03.2019.Joint inspection reports I.R.O. district Shimla and Kullu are under approval. NOC has beenissued by DC (Shimla) on 29.01.2019 for non-availability of non-forest land forcompensatory a orestation land and NOC from DC (Kullu) is awaited.
Consultancy work for the preparation of CAT plan has also been awarded on 31.08.2018and third progress report submitted by Consultant on 19.01.2019.
For evacuation of power from project location of common pooling station for projectshas been finalized by CEA at village Nanj near project site. Walkover and preliminarysurvey works for 220 KV line from project to common pooling station are under progress.
SUNNI DAM HEP (382 MW)
It is a run of river type scheme situated on river Satluj near Khaira village in Shimlaand Mandi districts of Himachal Pradesh. The Project shall generate 1382 MU of energy in a90% dependable year. First consultation meeting for preparation of DPR was held in CEA on17.08.2017. Eight out of nine pre-DPR chapters have been cleared by CEA. Drifting work(720m) completed on 11.12.2018 and in-situ tests are in progress. Drilling work is nearingcompletion with 2388m out of 2500m drilling completed.
Draft EIA/ EMP report was submitted by the consultant on 01.09.2018. Balance data fromDPR and SIA study for inclusion in the EIA/ EMP report are being prepared.
For diversion of forest land application was submitted on 31.08.2018 to Nodal Officer.Case is with DFOs for want of land for Compensatory A orestation and enumeration of trees.778 ha. land is required for compensatory a orestation and so far 355 ha land has beenidentified by Forest deptt.
Draft CAT plan was submitted to CCF (Rampur) on 29.09.2018 and the same is underprocess of approval with Forest deptt.
For acquisition of private land SIA study has been awarded to Plan Foundation by GoHPon 23.01.2019 and work is in progress.
For evacuation of power location of common pooling station for projects has beenfinalized by CEA at village Nanj. Walkover and preliminary survey works for 220 KV linefrom project to common pooling station are under progress.
b) DHAULASIDH HEP (66 MW) The Dhaulasidh Hydro-electric Project with installedcapacity of 66 MW is a run of river Project located on river Beas in Hamirpur and KangraDistricts of Himachal Pradesh. The project holds potential of generating 247 million unitsof electric energy in a 90% dependable year. Govt of Himachal Pradesh accorded TEC of DPRon 25.06.2011. Environment Clearance was accorded by GoI on 21.02.2013. Forest clearancestage-1 was accorded by MoEF Govt. of India on 06.03.2012 and was valid up to 01.11.2018.Proposal for extension of FC stage-1 is under process with MoEF & CC Delhi afterrecommendation from State Govt.
For the acquisition of private land consultancy work for carrying out SIA has beenawarded by GoHP on 21.02.2019 and SIA study is in progress.
For investment approval PIB Memo with estimated cost of र810 crores wassubmitted to MoP on 06.06.2018. As desired by CEA consent of GoHP on project cost with80:20 debt equity ratio was submitted to MoP and is under process. Matter for reducing thetariff of project is being taken up with GoHP. A request sent to Ministry of Power fortaking up issue with GoHP to consider reducing rate of free power for initial yearsreimbursement of State GST waiving of LADA reducing private land cost etc. for makingproject commercially viable. Revised PIB memo shall be submitted as per final CERC tariffregulations 2019-24 and decision of GoHP for reduction in tariff .
c) JANGI THOPAN POWARI HEP (780 MW)
Jangi Thopan Powari HEP with proposed capacity of 780 MW is located on river Satluj inDistt. Kinnaur of Himachal Pradesh. GoHP allotted Jangi Thopan Powari HEP to SJVN on24.11.2018 on BOOT basis for a period of 70 years. Signing of MOU with GoHP for theimplementation of the project is under process.
PFR of project has been prepared and approved by the Board on 08.02.2019. Preparationof pre-DPR chapters and process for obtaining other statutory clearances are in progress.
Project office at Reckong Peo has been established and made operational.
6.2 UTTARAKHAND PROJECTS
a) DEVSARI HEP (252 MW)
Project is a Run-of-the-River (RoR) scheme with proposed installed capacity of 252 MWlocated on river Pinder a major tributary of river Alaknanda in District Chamoli ofUttarakhand. The project will generate 937 MU of energy in a 90% dependable year. Thescheme was cleared by Govt. of Uttarakhand in October 2007 and by Standing TechnicalCommittee in April 2012. DPR of the project was concurred by CEA in August 2012. DPR isbeing revised taking into consideration increase in e- flows as notified by MoWR Gazettenoti cation dated 09.10.2018.
Forest clearance stage-1 was accorded by MoEF on 26.02.2018. Compliance report of FCStage-1 submitted to MoEF & CC on 28.11.2018. Observations raised by MoE&CC havebeen replied through GoUK. Environment Clearance has been recommended by EAC in itsmeeting held on 27.03.2018 subject to conditions applicable for FC-1 and also withadditional recommendation that e- flows shall be as per recommendations of EB-II report.
For acquisition of private land payment amounting to र 41.48 crore has beenreleased to State Govt. in March 2017. Preparation of award under Section-23 is underprocess with DM (Chamoli). For obtaining investment approval for pre-constructionactivities draft PIB Memo for investment approval of pre-construction activitiesamounting to र 281.46 crore has been submitted to MoP and is under examination.
Construction of office building at village Kulsari has been completed. Construction ofbachelor accommodation is in progress. NITs for construction of 3 nos. bridges i.e. atPower house Adit-2 & Adit-3 have been issued and are under process.
b) NAITWAR MORI HEP (60 MW)
Naitwar Mori HEP having proposed installed capacity of 60 MW is located on River Tonsa major tributary of River Yamuna in Uttarkashi District of Uttarakhand. The project isdesigned as run o the river project and has the potential to generate 265.5 MU of energyin a 90% dependable year. Memorandum of Understanding for execution of Naitwar Moriproject was signed with the Government of Uttarakhand on 21.11.2005. Techno-economicclearance of DPR was given by CEA on 02.03.2010. Environment clearance was accorded on16.06.2016 and stage-II Forest clearance on 05.08.2016. Private land required for theproject was acquired on 23.05.2017. For diversion of Forest land required for the projectlease agreement was signed on 01.12.2017. Investment approval for an estimated cost ofर 648.33 Crore by GoI accorded on 16.10.2017 at December 2016 Price Level as perwhich project is to be completed in 48 months from commencement of construction i.e. from05.12.2017.
Hon'ble Union Minister of State (Independent Charge) for Power and Hon'ble ChiefMinister of Uttarakhand laid the foundation stone of Project at Mori on 30.03.2018.
Construction of project access roads and bridges joining Project components has beencompleted. Contracts for construction of Project offices Guest House and residentialaccommodation have been awarded and construction is in progress.
Main Civil Works of Project was awarded on 05.12.2017 to M/s Jaiprakash Associates Ltd.Work at various fronts is being taken up by the contractor. River was diverted on31.01.2019 and excavation of barrage foundation is in progress. Excavation of Adit-1 hasbeen completed on 19.11.2018 and excavation of Head Race Tunnel from face-1 face-2(Adit-1 u/s) & face-3 (Adit-1 d/s) is in progress. Excavation of desilting TankAdit-2 Adit to Surge Shaft Cable cum Ventilation Tunnel and Main Access Tunnel is inprogress.
Hydro-Mechanical works package awarded on 18.04.2018 to M/s GMW Pvt. Ltd.Electro-Mechanical works package was awarded on 11.06.2018 to M/s Voith Hydro Pvt. Ltd.First coordination meeting of Electro-mechanical package held between SJVN and contractor.The project is scheduled for commissioning by 04.12.2021.
c) JAKHOL SANKRI HEP (44 MW)
The Jakhol Sankri HEP with proposed installed capacity of 44 MW is located on RiverSupin a tributary of River Tons in Uttarkashi District of Uttarakhand. The project isdesigned as run-of-the-river project and will generate 166 MU of energy in a 90%dependable year. Investment approval for carrying out pre-construction activities ofproject has been accorded by GoI at an estimated cost of र 84.50 crores on15.09.2017.
DPR of project having 44 MW capacity considering revised e- flows was submitted to GoUKon 19.08.2016. Approval of DPR without payment of upfront premium was processed by UrjaCell GoUK on 11.10.2018. TEA of DPR is under process of approval with GoUK. EIA & EMPreport submitted to Uttarakhand Environment Protection and Pollution Control Board on23.04.2018. Public hearing concluded on 01.03.2019 and final EIA/EMP report is underfinalization and submission.
Online application for diversion of Forest Land was submitted to MoEF & CC GoI on05.12.2016. Case was further forwarded by State Govt. to RO MoEF & CC Dehradun on02.11.2018. Approval of FC-1 is under process.
For private land acquisition draft SIA report has been prepared and submitted to SDMon 16.07.2018. After public consultation meeting final draft SIA report submitted to SDMon 23.02.2019. SIA report is under approval with GoUK.
Drifting work at powerhouse site is in progress 175 m drift out of 187 completed.
6.3 NEPAL PROJECT
a) ARUN-3 HEP (900 MW)
Memorandum of Understanding was signed with Government of Nepal for the execution of900 MW Arun-3 Hydro-Electric Project on 02.03.2008. The project was allotted to SJVN onBOOT basis to be operated by SJVN for 25 years after construction and thereafter transferback to Government to Nepal. SJVN Arun-3 Power Development Company Pvt. Ltd (SAPDC) wasregistered on 25.04.2013 under the Nepalese Companies Act 2063 with an aim to planpromote organize and execute the Arun-3 Hydro-Electric Project. The project is located onArun River in Sankhuwasabha District of Nepal which is 657 km from Kathmandu. The projectis a run-of the river scheme with 4 hours peaking and will generate 3924 MU of energy. TheProject was techno-economically appraised by CEA GoI on 09.06.2014. Project DevelopmentAgreement (PDA) was signed with Investment Board of Nepal (IBN) GoN on 25.11.2014. As perPDA it is scheduled to be completed in 5 years reckoned from financial closure.Government of Nepal has extended the date of Financial Closure up to 30.06.2019. EIAreport of the project was approved by MoSTE GoN on 12.08.2015. Private land required forthe project has been registered in the name of SAPDC. Lease agreement for diversion of96.97 ha forest land was signed on 23.08.2017 and for balance 26.25 ha lease agreement wassigned on 06.02.2018. Government of India has accorded investment approval for generationcomponent of the project at an estimated cost of Rs. 5723.72 Crores at May 2015 pricelevel. Government of Nepal has issued generation license and transmission license on04.05.2018 and 12.02.2019 respectively. Memorandum of Understanding for loan amountingर 5000 crores signed with SBI India and two Nepal banks on 30.03.2019 and SBI Boardhas further given in principal sanction for the loan of INR 4100 crores debt for projecton 10.04.2019.
Main Civil package-1 i.e. Dam area civil works plus 3.1 km HRT was awarded to M/sJaiprakash Associates Limited on 22.09.2017. Work is under progress at various fronts.Excavation of diversion tunnel is under progress. HRT excavation under this package is inprogress. Dam abutment stripping at left and right bank is in progress.
Civil package - 2 i.e. Power House civil works plus 8.6 km HRT was awarded on19.03.2018 to M/s Patel Engineering Limited and contract agreement signed on 29.03.2018.Work at all fronts is under progress. Excavation of various adits to HRT excavation ofMAT and CAT to power house and open excavation of surge shaft is under progress. HMPackage and EM Package awarded on 11.04.2018 and 30.04.2018 respectively. These packagesare currently under design and planning stage.
Construction power: The work for 56 km long construction power line from Tirtiresub-station to project site is under execution. Power Evacuation System: Power Evacuationsystem consists of 310 km long 400 kV DC transmission line from Diding (project area) inNepal through Dhalkebar (Nepal Border) to Muzzafarpur India. Out of this Nepal portionof 217 km from Arun-3 power house (Diding) to Bathnaha (Nepal Border) is being constructedby SAPDC.
Government of India accorded investment approval amounting to र1236.13 crores forthe Nepal portion of transmission line constructed by SAPDC on 28.02.2019. For diversionof forest land case for 6 out of 7 districts is under process of forest approval and treeenumeration is under progress for the remaining district. Land veri cation completed inall districts. Resettlement Action Plan of all districts submitted to Investment Board ofNepal and is under approval. MoU signed with PGCIL for project management consultancy forexecution of transmission line. Tower packages are under tendering stage and forsubstation package bid document is under preparation.
6.4 PROJECTS IN BHUTAN
a) Kholongchhu HEP (600 MW)
Kholongchhu Hydro Electric Project (600 MW) is located on river Kholongchhu in Bhutan.The project is being implemented jointly by SJVN and Druk Green Power Corporation (DGPC)Bhutan. Joint Venture Company was registered as "Kholongchhu Hydro Energy Ltd"in Bhutan on 12.06.2015 with equal equity contribution. The project will generate 2568 MUof energy annually. Inter-Governmental Agreement between Royal Government of Bhutan (RGoB)and Government of India (GoI) for implementation of project was signed on 22.04.2014.Hon'ble Prime Minister of India laid the foundation stone for the project on 16.06.2014.National Environment Commission (NEC) of RGoB accorded Environment Clearance for theProject on 21.07.2014. Concession Agreement is under approval of RGoB. Construction of twobridges and 32 km approach roads to various work fronts have been completed. Constructionof one additional road (848m) to desilting chamber is under progress for which tracecutting has been completed and widening work is in progress. For construction power 132kV transmission line commissioned on 05.03.2019. All works of 33 kV distribution line and132/33 kV substation have been completed. Installation of transformers in substation is inprogress.
Construction of site offices at various work sites are in progress. Work for theconstruction of residential and non-residential buildings has been awarded on 16.10.2018and is in progress. Main civil works of project in 3 packages are under tendering process.
6.5 THERMAL PROJECT
a) Buxar Thermal Power Project (1320 MW)
An MOU had been signed between SJVN Bihar State Power Holding Company Limited andBihar Power Infrastructure Company for the development of 1320 MW Thermal Power Project asper Supercritical Technology at village Chausa in District Buxar of Bihar on 17.01.2013.Power Purchase Agreement (PPA) for the project had already been signed with Bihar StateElectricity Board which constituted into Bihar State Power Holding Company Limited(BSPHCL) for 85% share of power generation on bus bar rate. This has been now assigned toBihar's State Distribution companies.
SJVN acquired the Project Executing Company i.e. Buxar Bijlee Company Private Limitedon 04.07.13. The name of Buxar Bijlee Company Private Limited was changed to SJVN ThermalPrivate Limited (STPL) a wholly flowned subsidiary company of SJVN Limited on 17.10.2013.
Investment approval for carrying out pre-construction activities of the projectamounting to र 436.68 Cr. was accorded by GoI on 26.05.2015. MoEF has accordedEnvironment Clearance on 28.02.2017. Mutation of 1058.335 acre private land for projectcomponents was completed on 12.12.2017 and land transferred in the name of STPL. CCEAaccorded investment approval of main works on 08.03.2019 amounting to र 10439.09crore with completion period of 58 months. Foundation stone for the project was laid byHon'ble Prime Minister of India on 09.03.2019. NIT for single EPC package for main plantworks issued on 22.08.2018 technical bids opened and are under evaluation as on31.03.2019.
Consultancy work for preparation of DPR for setting up of Rail Infrastructure for theproject was awarded to M/s RITES Ltd on 16.03.2016. DPR prepared and submitted to EastCentral Railway (ECR) Hazipur for approval on 12.04.2017. Approval of supplementary DPRfor revised rail route taking Magadh - Amrapali mines as source of coal is in process.Further long-term domestic linkage from Coal India Limited (CIL) for BTPP has beengranted by Ministry of Coal on 21.08.2017. For coal linkage Letter of Assurance issued byCentral Coal elds Ltd. (CCL) on 10.12.2018 identifying Amrapali and Magadh coal blocks assource. Approval of supplementary DPR for revised rail route taking Magadh - Amrapalimines as the source is in process.
Work for the construction of boundary wall completed on 19.03.2019. For acquiring landfor water pipeline corridor Main Gate & extra land LoA for conducting SIA studyissued on 07.03.2019 to A N Sinha Institute of Social Studies (ANSISS) Patna.
Work for construction power i.e. construction of 33 KV line & 33 KV/11 KVsub-station completed. Initial security money deposited to South Bihar Power DistributionCompany Limited (SBPDCL) on 15.02.2019 for charging of line for 1 MVA load andinstallation of energy meters and lightning arrestors is in process.
6.6 SOLAR PROJECTS
a) CHARANKA SOLAR POWER STATION
SJVN's 5 MW Charanka Solar Power Station has been commissioned on 31.03.2017. Theproject is located at Charanka Solar Park in Gujarat in an area of about 25.95 acres. Theproject has been conceived under REC Mechanism and the PPA for brown power has been signedwith GUVNL on 03.03.2017. Total 11759 RECs have been traded in FY 2018-19 with no pendinginventory. The project has generated 7.40 MUs in the FY 2018-19.
6.7 WIND POWER PROJECTS
a) KHIRVIRE WIND POWER STATION (47.6 MW) AHMEDNAGAR MAHARASHTRA
SJVN has set up its first Wind Power Project of 47.6 MW capacity at Khirvire /Kombhalne villages of Ahmednagar district of state of Maharashtra. The Project comprises56 Wind Energy Generators (WEGs) each of capacity 0.85 MW. The project started generationw.e.f. 20 January 2014 with the commissioning of 1 lot of 25 WEGs and attained fullgeneration capacity by commissioning the last 56th WEG on 20.05.2014. The project has beenregistered with IREDA for availing of Generation Based Incentive (GBI) @ र 0.50 /kWh with a cap of र 1 Crore per MW. Total Gross Generation from the plant for FY2018-19 has been 62.05 MU.
b) SADLA WIND POWER PROJECT (50 MW) SURENDERNAGAR GUJARAT
SJVN has successfully commissioned its second Wind Power Project of 50 MW capacitycomprising 25 WEGs each of capacity 2 MW at village Sadla Distt. Surendranagar Gujarat.The project has been fully commissioned on 18.04.2019. As on 31.03.2019 total 29.69 MUhad been generated. PPA was signed with Gujarat Urja Vikas Nigam Limited (GUVNL) for 38 MWon 30.01.2018 and for balance 12 MW on 30.03.2019.
6.8 TRANSMISSION PROJECTS
Cross-Border Inter State Transmission 400 kV D/C Link for trade of Power between Nepal& India has been developed by two Joint Venture Companies namely CPTC and PTCN. CPTChas executed the Indian portion (86 km) of the said link between Muza arpur & Sursandwherein SJVN has 26% equity share along with IL&FS
Energy Development Company Ltd. (38%) POWERGRID (26%) and Nepal Electricity Authority(NEA) (10%). The other portion of the link on the Nepal side (39 Km) between Sursand &Dhalkebar has been executed by PTCN registered in Nepal having partners IL&FS EnergyDevelopment Company Ltd. (26%) POWERGRID (26%) and Nepal Electricity Authority (NEA)(48%).
The Power Transmission line was declared under commercial operation from 00:00 Hrs of19.02.2016 and was dedicated to the Nation jointly by the Prime Ministers of India andNepal on 20.02.2016. Presently around 145 MW of power is flowing between India &Nepal through the 220/132 kV 2X100 MVA transformers. The completed/Audited cost ofProject (CPTC) is र242.55 Crore.
The rapid and responsible deployment of clean renewable energy is crucial to meet thegoal of the Paris Climate Change Agreement. Countries world over have assembled to decidethe practical implementation of Paris Agreement so that we create a sustainableenvironment for the generations to come. SJVN as a responsible company has a keen concernto generate clean energy by promoting and developing hydropower and other renewablesources of energy. Although hydropower is known to be clean green & renewablehowever it has some environmental and social costs. Therefore at SJVN we have beenmaking perpetual endeavours to better our environment and ensure that the impacts areminimized & su ciently compensated. SJVN has been religiously complying with all thestipulatory and regulatory requirements on environment. This applies not just toClearances concerning Environment or Forests we are also committed to newly introducedlegislations on e-waste solid waste management hazardous waste etc. and all compliance.In addition we believe in promoting good environmental practices like targeting e cientuse of paper & recycling waste.
Rooftop Solar PV 40 kW (AC) plant at Rampur Hydro Power Station is catering to the loadrequirements for operation control and illumination at Butter y Valve House (BVH) sinceMay 2018. Hence the requirement of auxiliary consumption has reduced. Energy conservationmeasures have been taken at Nathpa Jhakri Hydro Power Station by installing solar streetlights. Sensor based lighting system and LED lights have been installed at Naitwar MoriHEP (NMHEP). In the latter project old heating appliances have been replaced with more ecient 4 - star rated appliances. RHPS has installed an advanced warning cum alert systemon River Satluj so that inhabitants staying near its banks are watchful of ood likesituations. This system shall alert people who are living within fteen kilometersdownstream of station tailrace.
Solid waste generated at our project sites & offices is segregated in coloreddustbins & disposed o in an environmentally sound manner. The solid waste generated atRHPS Township is being treated for wet waste by 25 kg capacity Organic Waste Converter.The vermi-composting units are also being developed at RHPS & NJHPS. Biodegradablewaste generated from NJHPS canteen is being treated by the installed 40-60 kgBiomethanation Unit. Waste to energy plant having capacity of 1MW is being proposed atthe identified location of Wadhal (Kinnaur). Our corporate office building has a provisionof 5000 litre rainwater harvesting system which is utilized in horticulture & forrecharging of groundwater. Entire biodegradable waste generated from corporate officebuilding is processed in Bio- composter plant & the compost is utilized as manure inhorticulture.
SJVN has been spreading ideas on environment conservation by organizing variouscompetitive activities Energy Awareness Programmes etc. Painting declamation quizzesphotography Craft from waste essay competitions etc. promoting the theme "BeatingPlastic Pollution" was organized to commemorate the World Environment Day 2018. Fora cleaner and greener environment plantation has been carried out at various offices& projects of SJVN. Further SJVN joined hands with HP State Pollution Control Board intheir campaign on Pollution Abating Plants Abhiyan (PAPA) wherein 160995 outdoor saplingsand 1210 indoor saplings have been planted. The campaign has bagged Skoch Order-of-MeritAward in 2018 for qualifying amongst the top environment projects in India.
8. CSR AND SUSTAINABILITY
An annual report of Corporate Social Responsibility highlighting the Company's CSRPolicy details of expenditure on CSR and overview of projects/ programs/ activitiesundertaken by the Company during FY 2018-19 in format prescribed under Companies (CSRPolicy) Rules 2014 is annexed as Annexure-V and forms an integral part of thisDirectors' Report.
9. REHABILITATION AND RESETTLEMENT
SJVN being conscious of its responsibilities towards society is committed to executeand operate power projects in a socially responsible manner by adopting generousResettlement & Rehabilitation measures for the benefits of project affected families(PAFs) and by investing in socio-economic development of communities so as to continuallyminimize potential negative impacts as well as to establish sustainable positive impact ofprojects on them.
Well before any project is taken up for execution Social Impact Assessment (SIA) studyis carried out to ensure that the potential socioeconomic benefits accrued from theproject outweigh the social costs and adverse social impact. Public consultation meetingswith the stakeholders are held by the project authorities to make the local communitiesaware of developmental facilities to be created in the eld of health educationsanitation drinking water approach roads and other community assets of the project andtheir benefits to the society. Subsequently the R&R plan is devised on the basis ofconclusive ndings derived from socio economic survey carried out by an independent expertagency. The R&R plan thus devised and approved essentially prescribes mitigationmeasures for reconstruction and regeneration of economies of the PAFs
During implementation stage of the R&R plan regular monitoring of R&Ractivities is conducted through an external independent agency to ensure timely extensionof R&R benefits to the PAFs. Similarly after completion and R&R implementation ofplan social impact evaluation is carried out by independent external agency to assessvarious tangible and intangible benefits accrued in the area of socio economicdevelopment. In order to have a constant interaction with local people a ProjectInformation Centre has been set up at project level.
The R&R plans have been successfully implemented in 1500 MW Nathpa Jhakri HydroPower Station (NJHPS) and 412 MW Rampur Hydro Power Station (RHPS) both located inHimachal Pradesh whereas R&R plan is in the initial stage of implementation in 60 MWNaitwar Mori Hydro Electric Project (NMHEP) Uttrakhand. Several benefits under R&RPlan like providing alternate agriculture land allotment of constructed houses inrehabilitation colonies or grant of construction cost to houseless PAFs suitableemployment to eligible landless PAFs or financial assistance in lieu of employmentsubsistence allowance have been provided to PAFs. In addition to these benefits othercapital assets have been created which include infrastructure and community developmentfacilities like village paths roads panchayat bhawans school infrastructureplaygrounds drinking water health & hygiene etc. The local farmers around RHPS havebeen adequately compensated for reduction in crop yield as per the crop compensationpolicy of the government of HP. Besides this funds of र55.26 Crores have been spentunder Local Area Development Fund (LADF) for carrying out various infrastructuraldevelopment works.
The land acquisition process under Right to Fair Compensation and Transparency in LandAcquisition Rehabilitation and Resettlement Act 2013 for all the three stages of Luhrihydroelectric projects (LHEP) has been initiated. The Social Impact Assessment Study of210 MW LHEP stage-I (H.P) has been carried out by GoHP empanelled agency and thepreliminary noti cation under section 11 is under process. Award of social impactassessment study of 172 MW LHEP stage -II is under process. The social impact assessmentstudy of 382 MW LHEP stage -III (Sunni Dam) is being carried out through GoHP empanelledagency.
For 66 MW Dhaulasidh Hydro Electric Project Social Impact Assessment study undersection 4 of RFCTLARR Act 2013 is being carried out. The survey has been completed anddraft report is expected to be submitted soon by SIA Expert team.
In the 1320 MW Bihar Thermal Power Project (BTPP) the acquisition of private land hasbeen made in accordance with the provisions of the Land Acquisition Act 1894 and thecompensation has been calculated and paid as per the provisions under RFCTLARR Act 2013.Acquisition of few more private lands is being carried out under RFCTLARR Act 2013.
In 44 MW Jakhol Sankri Hydro Electric Project (JSHEP) Uttrakhand preparation of SIAstudy under section 4 of RFCTLARR Act 2013 is under process. The Public hearing for SIAunder section 5 has been conducted on 28/11/2018. The draft report has been received on23/02/2019 and appraisal of SIA report by an expert group under section 7 is underpipeline.
In Devsari Hydro Electric Project (DHEP) Uttrakhand Land acquisition process underRFCTLARR Act 2013 is in a advance stage. The R&R plan for Project A ected Families(PAFs) has been prepared in line with RFCTLARR Act 2013 and Environmental ExpertCommittee (EAC) recommendation of Ministry of Environment Forest and Climate ChangeGovernment of India. The Award is likely to be declared and once award is declared theprovisions and R&R benefits laid down in the R&R plan will be disbursed to PAFS.
The social impact evaluation of R&R implementation plan in NJHPS and RHPS wascarried out by Agriculture Economic Research Centre (AERC) of Himachal Pradesh University.The report reveals that R&R implementation in the project affected areas havesubstantially enhanced socio-economic standard of the local population on variousdevelopment parameters.
10. RESEARCH AND DEVELOPMENT
In line with the DPE guidelines SJVN has laid special attention on Research andDevelopment Innovation Technology Up-gradation for Process Improvement ProductDevelopment etc. in its area of operation.
Specific area in which R&D has been carried out during FY 2018-19 in line with MoUsigned with MoP is as following:
Formulation of strategic plan for Silt management of Satluj river catchment area-Thestudy report in this regard has been accepted.
In addition to above SJVN has also undertaken following additional R&D/Innovativestudies for overall development and system improvement :-
1. Installation of centrally controlled Remote hooter operation cum advance warningsystem for the safety of people from sudden release of water from NJHPS Dam.
2. Use of improved design bearing pads in TGB to improve operational parameter ofmachine in NJHPS.
3. Supply Installation Modi cation Testing & Commissioning of Independent Watermakeup Expansion Tank for Secondary Cooling Water Circuit at NJHPS.
4. Installation & Commissioning of paperless QR/BARCODE based software and hardwaresystem for tracking of entry & exit of men and vehicles at Dam site BTRDT SFT GVGat Nathpa.
5. Reduction in APM days (<50 Machine days) of Rampur HEP.
6. MIVs & BFVs pipeline modi cation for forced closing in unbalance condition inRHPS.
The R&D/Innovative projects have been successfully completed for FY 2018-19 underthe guidance of eminent professionals from various Engineering elds and in collaborationwith renowned Institutions.
11. HUMAN RESOURCES
The total manpower on the rolls of SJVN (Direct Recruits and Absorbed employees) was1475 as on 31.03.2019. The strength of HPSEB / HP Govt. employees on deputation on theabove date was 104.
Representation of Women Employees is as under:-
|Total Employees as on 31.03.2019 ||Number of Women employees ||Percentage of overall sta strength |
|1475 ||151 ||10.24 |
Representation of Physically Challenged Employees is as under:-
|Total Employees as on 31.03.2019 || |
Physically Challenged Employees
|Percentage of Physically challenged employees |
| ||VH ||HH ||OH ||Total || |
|1475 ||8 ||7 ||17 ||32 ||2.17 |
Representation of SC/ST/OBC Employees is as under :-
|Total Employees (as on 31.03.2019) || ||Representation || || |
| ||SCs ||SC% ||STs ||ST% ||OBC ||OBC% |
|1475 ||306 ||20.75 ||97 ||6.58 ||184 ||12.47 |
Your Company gives utmost importance for the enrichment of employees skills.Accordingly in-house and external training programmes are organized in all disciplines andat all levels. During the financial year 2018-19 90% employees were imparted essentialtwo mandays training and 5930 training mandays have been achieved. The trainings wereimparted through organizations of national repute like IITs IIMs IMI Saksham SocialWelfare Society etc. The programs were conducted on topics like Enterprise RiskManagement Project Management Leadership and Management Development Program BuildingCorporate Strategy for E ective Risk Management Modern Technology Trends in PowerTransformers including OLTC Bushing etc. Creating Gender Sensitivity & Dealing withSexual Harassment Yoga & Stress Management etc. to mention a few.
12. INDUSTRIAL RELATIONS
Regular Meetings are held with the representatives of the various Associations/ Unionsto sort out the local issues as well as policy related matters. Recreational Cultural andSports functions on di erent occasions were also held thus resulting in betteremployee-employer relations and cordial industrial relations were maintained during theyear.
13. STATUTORY AND OTHER INFORMATIONS
The information required to be furnished as per the Companies Act 2013 ListingAgreements Government Guidelines and Code of Corporate Governance of your Company onthe following matters is placed at respective annexures and form integral part ofDirectors Report:-
a. Management Discussion and Analysis - Annexure - I
b. Report on Corporate Governance - Annexure - II
c. Certificate from Practicing Company Secretary on Corporate Governance Compliance- Annexure- III
d. Information on Conservation of Energy Technology Absorption and Foreign Exchangeearnings and out go - Annexure - IV
e. Annual Report on Corporate Social Responsibility & Sustainability - Annexure- V
f. Business Responsibility Report - Annexure - VI
g. MGT-9 - Extract of Annual Return - Annexure - VII
h. Secretarial Audit Report - Annexure - VIII
i. Management's Replies to the observations of Secretarial Auditor - Annexure -IX
14. DIRECTORS' RESPONSIBILITY STATEMENT
The Directors' state that :
l in the preparation of the annual accounts for the year ended March 31 2019 theapplicable Accounting Standards read with requirements set out under Schedule III to theAct have been followed along with proper explanation relating to material departures ifany;
l the Directors have selected such accounting policies and applied them consistentlyexcept as disclosed in the Notes on Accounts and made judgment and estimates that arereasonable and prudent so as to give a true and fair view of the state of a airs of theCompany as at March 31 2019 and of the profit of the Company for the year ended on thatdate;
l the Directors have taken proper and su cient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;
l the Directors have prepared the annual accounts on a 'going concern' basis; l theDirectors have laid down internal financial controls to be followed by the company andthat such internal financial controls are adequate and are operating effectively; and
l the Directors have devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems are adequate and operating effectively.
15. DECLARATION OF INDEPENDENCE
Your Company has received declarations from all the Independent Directors con rmingthat they meet the criteria of independence as provided under Section 149(6) of theCompanies Act 2013 and Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015.
16. SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards during the FinancialYear ending 31.03.2019.
17. SEXUAL HARASSMENT PREVENTION
SJVN has implemented the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 in its entirety.
Internal Complaints' Committees as per the provisions of the act have been constitutedat Corporate Office and Projects sites of SJVN.
Summary of Sexual harassment issues raised attended and dispensed during the year2018-19:-
|No. of complaints received in 2018-19 ||Nil |
|No. of complaints disposed o ||Nil |
|No. of cases pending for more than 90 days ||Nil |
|No. of workshops or awareness programme against || |
|sexual harassment carried out ||02 |
|Nature of action taken by the employer or District Officer ||Nil |
18. SECRETARIAL AUDIT
The Board appointed M/s SGS & Associates PCS to conduct Secretarial Audit for theFinancial Year 2018-19. The Report of the Secretarial Auditors for the year ended31.03.2019 is placed at Annexure-VIII. Reply of Management to observations ofSecretarial Auditor are placed at Annexure-IX.
19. STATUTORY AUDIT
M/s A P R A & Associates LLP Chartered Accountants were appointed by Comptroller& Auditor General as Statutory Auditors of the Company for the financial year 2018-19.
The Report of the Statutory Auditors to the Members on the Standalone and ConsolidatedAccounts for the year ended 31.03.2019 is placed at Annexure-X and Annexure-XII respectively.Reply of Management to observations of Statutory Auditor on Internal Financial Control onthe Standalone and Consolidated Accounts are placed at Annexure-XI and Annexure-XIIIrespectively. Observations/ Comments of the Comptroller and Auditor General (C&AG) ofIndia on the Standalone and Consolidated Accounts for the year ended 31.03.2019 are placedat Annexure-XIV and Annexure-V respectively. Comments of C&AG being NILthe reply by the Management thereto is not applicable.
20. COST AUDIT
Pursuant to the Central Government directions to audit Cost Accounting Records asmaintained by the Company your Company appointed M/s Balwinder & Associates CostAccountants as Cost Auditor for the year 2018-19. The Cost Audit Report for the yearended 31 March 2018 was led with MCA on 05.10.2018.
21. INTERNAL FINANCIAL CONTROLS
Internal controls are the mechanisms rules and procedures implemented by a company toensure the integrity of financial and accounting information promote accountability andprevent fraud. Financial controls are processes policies and procedures that areimplemented to manage nances.
The company has adequate internal control system and the transactions/ processes areguided by delegation of powers policies rules guidelines and manuals framed incompliance with relevant laws and regulations. The organizational structure is welldefined in terms of structured authority/ responsibility involved at each particularhierarchy/level.
The company has su cient internal control over financial reporting to ensure assuranceregarding the reliability of financial reporting and in the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples
ln order to ensure adequacy of internal control system internal audit is conducted bythe independent Chartered Accountants rms in close coordination with company's flowninternal Audit Department. The internal Audit process includes review and evaluation ofeffectiveness of existing processes controls and compliances. lt also ensures adherenceto rules procedures policies and systems and mitigation of the operational risksperceived for each area under audit.
It is also informed that significant Audit observations and Action Taken reports areplaced before the Audit Committee headed by Independent Directors. The recommendation anddirections of the Audit Committee are carried out and complied with.
22. CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Indian Accounting Standard (Ind AS)-110 on ConsolidatedFinancial Statements read with Ind AS-111 on Joint Agreements and Ind AS-112 on Disclosureof Interest in other entities the Audited Consolidated Financial Statements are providedin the Annual Report. Directors Report/Financial Statements in respect of followingSubsidiary Companies are also included in this Annual Report:-
a) SJVN Thermal Private Limited b) SJVN Arun-3 Power Development Company Nepal 23.BOARD OF DIRECTORS
During the FY 2018-19 the following changes took place in the composition of the Boardof Directors of the Company:-
a. Shri Ram Dass Dhiman Principal Secretary (MPP & Power) GoHP has ceased asPart-Time Official Director (GoHP Nominee) on withdrawal of Nomination by appointingauthority w.e.f. 12 May 2018. Consequently Sh Tarun Kapur ACS (MPP & Power) wasappointed as Part-Time Director (GoHP Nominee) w.e.f. 21 June 2018.
b. Shri Aniruddha Kumar Joint Secretary (Hydro) Ministry of Power has been appointedas Part-Time Official Director (GoI Nominee) in place of Smt. Archana Agrawal w.e.f. 30thJuly 2018
c. Shri Tarun Kapoor ACS (MPP & Power) GoHP ceased as Part-Time OfficialDirector (GoHP Nominee) on withdrawal of Nomination by appointing authority w.e.f. 29September 2018
d. Smt. Geeta Kapur was appointed as Whole Time Director (Personnel) w.e.f. 18 October2018
e. Shri Prabodh Saxena Principal Secretary (MPP & Power) was appointed asPart-Time Official Director (GoHP Nominee) w.e.f. 24 October 2018.
f. Pursuant to the order of Ministry of Power Shri S. S. Uppal Dr. Rajni Sarin andShri Pravinbhai Patel were reappointed as the Part-Time Non-Official Independent Directorsfor a period of one year with effect from the date of completion of their existing tenurei.e. w.e.f from 17 November 2018.
g. Shri Ganesh Dutt ceased to be Part-Time Non-Official Independent Director on 16November 2018 on completion of his tenure.
h. Shri Subhash Chander Negi was appointed as Part-Time Non-Official IndependentDirector w.e.f. 25 March 2019
i. Dr. Rajnish Pande was appointed as Part-Time Non-Official Independent Directorw.e.f. 29 March 2019
j. Shri Kanwar Singh ceased to be the Whole Time Director (Civil) of the Company on 31March 2018 on reaching age of superannuation. Pursuant to the orders of Ministry of PowerShri Surender Pal Bansal was appointed as Whole Time Director (Civil) with effect from 1April 2019.
The Board welcomes the appointments and wishes to place on record its highestappreciation for the valuable contributions made by the outgoing Directors during theirassociation with SJVN.
None of the Directors are inter se related to each other.
The Board Meetings held during the Financial Year 2018-19 and the attendance of theDirectors therein is mentioned in the Corporate Governance Report.
24. BOARD LEVEL COMMITTEES
The composition of the Statutory Committees required to be constituted as per theCompanies Act 2013 and the SEBI Listing Regulations and the meetings held therein arementioned in the Corporate Governance Report.
25. KEY MANAGERIAL PERSONNEL
In compliance with Section 203 of the Companies Act 2013 following have beendesignated as Key Managerial Personnel:-
1. Shri Nand Lal Sharma Chairman & Managing Director
2. Shri Amarjit Singh Bindra Chief Financial Officer
3. Shri Soumendra Das Company Secretary
26. IMPLEMENTATION OF OFFICIAL LANGUAGE
In order to ensure the implementation of the Official Language Policy of the Govt. ofIndia all possible e orts have been made by the company to achieve the targets asspecified by the Department of Official Language. Under section 3.3(i) of OfficialLanguage Act cent percent documents were issued bilingually & all the letters receivedin Hindi were replied to in Hindi. Company's website is already in bilingual form and itis updated from time to time.
To encourage executives and non-executives to do their entire work in Hindi number ofincentive schemes are under implementation namely Payment of increment of three monthsduring the year for doing his / her whole office work in Hindi and during the year andunder this scheme a total 141 Employees / Officers were awarded cash prizes amountingर434670/-. 19 Hindi workshops / seminars have been organized and 308 no. ofexecutives and non-executives have been trained. Organizing of Hindi quiz competitions onnational/important occasions and other competition (i.e. Nibhand (Essay writing) KahaniNoting-drafting Shabdarth gyan Sulekh & Vichar Abhivyakti competition) is a regularfeature and besides this number of competitions were also organized during "Hindifortnight". In these competitions 306 no. of employees were awarded cash prizesamounting to र153250/-.
To popularize Hindi amongst the students of Schools/Colleges/Institutions/ Universitiessituated in the vicinity of projects as well as Corporate Office Shimla various Hindicompetitions were organized during the year under review and 185 no. students were awardedcash prizes amounting to र203500/-.
Govt. of India Ministry of Home A airs Department of Official Language has awardedRajbhasha Kirti Purskar (Third prize) in PSU category to SJVN for its outstandingperformance in implementation of Official Language during the year 2017-18.
To popularize Hindi in a big way a 'Akhil Bhartiya Kavi Sammelan' was organized on04.08.2018 at Corporate Office Shimla.
Half yearly meetings of the Town Official Language Implementation Committee Shimla(Office-2) constituted for the CPSUs & Banks etc. were held on 30.07.2018 &27.12.2018.
To give impetus to the multi-facet talent of employees an in-house bi-annual Hindimagazine "Himshakti" was published and circulated. Out of total expenditure onpurchase of books 75.44% of amount was spent on purchase of Hindi books.
27. AWARDS & ACHIEVEMENTS
During the Financial year 2018-19 your Company & Directors received commendationfor work in form of various Awards and Accolades as under:-
1. March 25 2019: SJVN was conferred with 4th EKDKN Exceed Award 2018 by Ek Kaam DeshKe Naam Delhi.
2. March 09 2019: Hon'ble Prime Minister of India unveiled the Foundation Stone ofSJVN's 1320 MW Buxar Thermal Power Project.
3. March 03 2019: SJVN Foundation was awarded with Achievement Award 2019 &Partner in Progress Trophy for Social Development & Impact during 11th CIDCVishwakarma Award 2019 by Construction Industry Development Council Delhi.
4. February 26 2019: SJVN was felicitated with 6 Annual Greentech Award for its CSRinitiatives by Greentech Foundation Delhi.
5. February 22 2019: Shri A S Bindra Director (Finance) SJVN was conferred with TopRankers Excellence Award for Finance Leadership during 20th National Management Sumit-2019at New Delhi.
6. February 22 2019: A historic feat was achieved when SJVN's agship 1500 MW NathpaJhakri Hydro Power Station in Himachal Pradesh crossed a cumulative 100 billion unitselectricity generation.
7. February 18 2019: SJVN was awarded with ET Now CSR Leadership Award 2019 foreffectively implementing its CSR initiatives during World CSR Day.
8. February 16 2019: Shri. Nand Lal Sharma Chairman & Managing Director SJVN washonored with the prestigious CEO with HR Orientation Award by ET Now during World HRDCongress.
9. February 16 2019: Mrs. Geeta Kapur Director (Personnel) was conferred with theprestigious Women Super Achiever Award during World HRD Congress by ET Now.
10. December 05 2019: Shri Amarjit Singh Bindra Director (Finance) SJVN wasconferred with the prestigious BHARAT JYOTI Award by India International FriendshipSociety.
11. November 26 2018: SJVN was felicitated with the prestigious IPPAI PowerAwards-2018 under the Category of Best Hydro Power Generator during 19 Independent PowerProducers Association of India (IPPAI) Retreat 2018.
12. November 22 2018: SJVN was awarded with Aqua Foundation Excellence Award 2018 inthe category of Sustainable Development in Hydro Power Sector (Public Sector) during XIIWorld Aqua Congress International Conference 2018.
13. October 01 2018: SJVN Foundation was conferred with Gold Plate Award by HelpAgeIndia.
14. September 15 2018: SJVN's 900 MW Arun 3 Hydro Electric Project bagged theprestigious Kaarobar Best Initiative Development Project.
15. September 14 2018 SJVN was honored with Rajbhasha Kirti (3rd Prize) Award forsuccessful implementation of Official language Hindi in Official works.
16. May 12 2018: Foundation Stone of SJVN's 900 MW Arun-3 Hydro Electric Project wasjointly laid by Hon'ble Prime Minister of India & Hon'ble Prime Minister of Nepal.
28. PARTICULARS OF LOANS GIVEN INVESTMENTS MADE GUARANTEES GIVEN AND SECURITIESPROVIDED
Particulars of loans given investments made guarantees given and securities providedalong with the purpose for which the loan or guarantee or security is proposed to beutilized by the recipient are as under:-
|Particulars ||Details |
|Loans given ||Refer Note 2.7 and 2.16 to standalone financial statements |
|Investments made ||Refer Note 2.5 to standalone financial statements |
|Guarantees given ||Nil |
|Securities provided ||Nil |
Your Directors state that no disclosure or reporting is required in respect of thefollowing items as there were no transactions on these items during the year under review:
1. The Company has not accepted any deposits during the year under review.
2. Issue of equity shares with di erential rights as to dividend voting or otherwise.
3. Neither the Managing Director nor the Whole-time Directors of the Company receiveany remuneration or commission from any of its subsidiaries.
4. No significant or material orders were passed by the Regulators or Courts orTribunals which impact the going concern status and Company's operations in future.
5. There have been no Material Changes and Commitments subsequent to the Balance sheet.
6. The company has not made any buyback of shares during the year under review.
The Board of Directors acknowledge with deep appreciation the cooperation and guidanceextended by various Ministries/Departments of the Government of India particularlyMinistry of Power Ministry of Finance Ministry of External A airs Ministry ofEnvironment & Forest Central Electricity Authority Central Water CommissionGeological Survey of India the Government of Nepal the Government of Bhutan theGovernment of Himachal Pradesh particularly the Departments of Power Finance andForests the Pollution Control Board State Governments of Bihar Uttarakhand ArunachalPradesh Gujarat and Maharashtra the State Electricity Boards and the World Bank.
Your Directors also convey their gratitude to the shareholders various internationaland Indian banks and financial institutions for the con dence reposed by them in theCompany. The Board also acknowledges and appreciates the contribution made by ContractorsVendors Consultants and others for achieving the planned goals of the Company.
The Board also places on record its deep appreciation of valued cooperation extended bythe Office of the Comptroller and Auditor General of India and the Auditors. Last but notleast the Board commends the hard work and dedicated e orts put in by the employees ofthe Corporation including the employees on deputation at all levels.
| ||For and on behalf of Board of Directors |
| ||(Nand Lal Sharma) |
|Place: 12th August 2019 ||Chairman and Managing Director |
|Date: New Delhi ||DIN: 03495554 |