<keyword id="46436" type="General" weightage="100" keywordseo="rec" source="Orion">REC</keyword> Ltd has been accorded the status of a 'Maharatna' central public sector enterprise (<keyword id="175867" type="General" weightage="50" keywordseo="cpse" source="Orion">CPSE</keyword>), thus giving it greater operational and financial autonomy. An order to this effect was issued by the Department of Public Enterprises, under the Ministry of Finance, on Wednesday. Incorporated in 1969, REC is a non-banking finance company (NBFC), focussing on power sector financing and development across <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. It comes under the aegis of Power Ministry. The granting of 'Maharatna' status to REC will impart enhanced powers to the company's board while taking financial decisions, a company statement said. The board of a 'Maharatna' CPSE can make equity investments to undertake financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions in India and abroad, subject to a ceiling of 15 per cent of the net worth of the CPSE concerned, limited to Rs 5,000 crore in one project. The board can also structure and implement schemes relating to personnel and human resource management and training. With this, REC can also enter into technology joint ventures or other strategic alliances among others. Chairman and Managing Director of REC, <keyword id="765" type="General" weightage="50" keywordseo="vivek" source="Orion">Vivek</keyword> <keyword id="15053160" type="General" weightage="50" keywordseo="kumar-dewangan" source="Orion">Kumar Dewangan</keyword> said that REC achieved this feat owing to its adaptability, resilience and consistent performance even during the global Covid-19 pandemic. "In FY22, REC made its highest ever net profit of Rs 10,046 crore and reached a net worth of Rs 50,986 crore, owing to its cost-effective resource management and strong financial policies," he said. REC (earlier known as <keyword id="64468" type="General" weightage="50" keywordseo="rural-electrification-corporation" source="Orion">Rural Electrification Corporation</keyword>) has contributed towards achieving village and household electrification in the country. Some key Maharatna CPSEs in India are ONGC, NTPC, Indian Oil Corporation and BHEL, among others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-slumps-51-paise-to-all-time-low-of-80-47-against-us-dollar/articleshow/94367387.cms">Rupee slumps 51 paise to all-time low of 80.47 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dot-proposes-fee-penalty-waiver-under-new-telecom-rules/articleshow/94367368.cms">DoT proposes fee, penalty waiver under new telecom rules</a>

REC gets 'Maharatna' company status

<img class="gwt-Image" src="/photo/56640597.cms" /> The government recently compulsorily retired two <a href="http://www.businessinsider.in/searchresult.cms?query=IPS+officers&amp;sortorder=effectivedate">IPS officers</a> on the basis of a performance review required to be held at the end of 15 and 25 years of service under the All-India service rules. This came out as a strong message to bureaucrats who fail to perform well in their careers. 
 The two officers are <keyword id="103483" type="PERSON" weightage="20" keywordseo="Raj-Kumar">Raj Kumar</keyword> <keyword id="4077690" type="PERSON" weightage="20" keywordseo="dewangan">Dewangan</keyword> from 1992 batch of <keyword id="43945" type="COMPANY" weightage="20" keywordseo="Chhattisgarh">Chhattisgarh</keyword> cadre and <keyword id="4075048" type="UNKNOWN" weightage="20" keywordseo="Mayank-Sheel-Chohan">Mayank Sheel Chohan</keyword> from 1998 batch of AGMU cadre. They were found to have put in sub-optimal performance by the concerned state cadre on the basis of their service records, ACRs and assessment of their seniors. 
 The cadre-controlling authority of <keyword id="6405408" type="ORGANIZATION" weightage="20" keywordseo="IPS-officers">IPS officers</keyword> , <a href="http://www.businessinsider.in/searchresult.cms?query=home+ministry&amp;sortorder=effectivedate">home ministry</a>, approved the recommendation of the concerned state cadres to compulsorily retire them from service "in public interest". 
 
"A notice has been served on them and as per rules, they were given three months salary along with compulsory retirement orders duly approved by appointments committee of Cabinet (ACC)," an officer told TOI. 
 
The last time an IPS officer was 'compulsory retired' was nearly 10 to 15 years ago. It reportedly involved officers of Maharashtra cadre. 
 
"It is technically not a punishment but merely an action taken to remove officers seen as deadwood by their respective cadres and the Centre for not being serious in discharge of their duties. The compulsorily retired officer gets all post-retirement benefits," an officer told TOI. 
 
As per sources, two IAS officers were also compulsorily retired recently on the same grounds. 
 
Alternatively, the Centre may ask state to conduct such a review at any time it deems fit in case such a review has not been held at 15 or 25 years of service. 
 
As per rules, the bureaucrat found fit for compulsory retirement is either given at least three months notice in writing or three month's pay and allowances in lieu of such notice. The government, in the case of Dewangan and Chohan, opted for the latter.

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REC gets 'Maharatna' company status

IANS

Modi is serious about performance, compulsorily retires two IPS officers

BI India Bureau