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REC Limited records highest ever annual net profit

By
LO Bureau
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REC Limited, which is one of the leading non-banking financial companies (NBFC) in the energy sector, reported a standalone fourth-quarter net profit growth of 34% to ₹4,016 crore from the year-earlier period, driven by a 29% increase in net interest income to ₹4,407 crore.

Revenue from operations for the quarter ended March 31, 2024, surged 25% to ₹12,613 crore from the year-earlier period. Total income grew 25% to ₹ 12,643 crore.

For the financial year (FY24), the company recorded a net profit of ₹14,019 crore, marking a 27% increase from the previous year. Net interest income saw an 18% rise to ₹16,167 crore. Additionally, revenue from operations grew to ₹47,146 crore, reflecting a 20% increase, while total income also increased by 20% to ₹47,214 crore compared to the previous year.

The board declared a final dividend of ₹5 per equity share (on face value of ₹10 each), making the total dividend for FY24 ₹16 per equity share.

During the full year, the company sanctioned a total of ₹3,58,816 crore, up 34%, with sanctions to the renewable sector amounting to ₹1,36,516 crore, a significant increase of 533%. Disbursements reached ₹1,61,462 crore, representing a 67% increase from the previous year.

“Owing to improving asset quality and effective resolution of stressed assets, resetting of the lending rates and effective management of finance cost, REC is able to record its the highest ever annual profit after tax of ₹ 14,019 crore,” the company said. As a result, the Earnings Per Share (EPS) for the year ended March 31, 2024 accelerated by 27% to ₹53.11 per share as against ₹ 41.85 per share as on March 31, 2023, it added.

Admiral Dinesh K Tripathi takes charge of Navy Chief

By
LO Bureau
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Admiral Dinesh K Tripathi on Tuesday (30.04.2024) took over as India’s 26th Chief of Naval Staff, succeeding Admiral R Hari Kumar who held the top post for two years and five months. He was the Vice Chief of Naval Staff before taking charge of the service.

An official announcement about his appointment was made on April 18 by the Government of India.

Tripathi was the Western Naval command chief before he was appointed the navy’s vice chief in January 2024 and had earlier served as the navy’s chief of personnel.

Also Read: Vice Admiral DK Tripathi to be next Chief of Naval Staff

Andhra Pradesh: A V Dharma Reddy’s tenure as TTD Executive Officer extended

By
LO Bureau
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The deputation tenure of A V Dharma Reddy (IDES:1991) as Executive Officer in the Tirumala Tirupathi Devasthanams (TTD), Government of Andhra Pradesh, has been extended for six weeks. According to an order issued by the Department of Personnel and Training (DoPT), the Appointments Committee of the Cabinet has approved the proposal of Department of Defence to extent the deputation tenure of A V Dharma Reddy for six weeks beyond 14.05.2024 upto 30.06.2024 i.e. the date of his superannuation.

Haryana: IAS Ashwani Kumar Gupta posted as CVO, HSVP

By
LO Bureau
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cadre mismatch in forests deptt

The Haryana government recently issued transfer order for IAS officer Ashwani Kumar Gupta (IAS:2011:HY). He has been transferred and posted as Chief Vigilance Officer, HSVP, Panchkula. Prior to this assignment, Ashwani Kumar Gupta was serving as Additional Managing Director, HSIIDC.

Manoj Kumar selected as Director (Technical), Uranium Corporation of India

By
LO Bureau
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Manoj Kumar has been selected as Director (Technical), Uranium Corporation of India Limited (UCIL) at a Public Enterprises Selection Board (PESB) meeting held on April 30, 2024. Presently, he is serving as, General Manager, UCIL.

He will be appointed to the post of Director (Technical) after receiving vigilance clearances and approval from the Appointments Committee of the Cabinet.

The following 10 applicants were interviewed in the selection meeting:

  1. Manoj Kumar Singhai, General Manager, Uranium Corporation of India Limited.
  2. Manoj Kumar, General Manager, Uranium Corporation of India Limited.
  3. Chanchal Manna, General Manager, Uranium Corporation Of India Limited
  4. Rajesh Kumar Verma, General Manager, Moil Limited
  5. Sanjeev Kumar Sinha, Deputy General Manager, NMDC Limited
  6. Vasudha Chandra Suratkal, Chief General Manager (Mining), KIOCL Limited
  7. Hemant Kumar, Assistant General Manager, NMDC Limited
  8. Hanuman Prasad Sharma, General Manager, Steel Authority of India Limited
  9. Sudipta Brahma, Senior General Manager, Mecon Limited.
  10. Dhananjay Kumar, Senior General Manager, Deputy General Manager, GHCL Ltd.

Andhra Pradesh: CAT reserves orders on IPS officer AB Venkateswara Rao’ suspension challenge

By
LO Bureau
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The Central Administrative Tribunal (CAT), Hyderabad bench on Monday (29.04.2024) reserved its decision in the petition filed by IPS officer AB Venkateswara Rao (IPS:1989:AP) challenging the Andhra Pradesh government’s decision to suspend him on the same charges of alleged irregularities in purchase of surveillance equipment twice. The CAT has also directed the state government to provide audio/video evidence from a press meet conducted by the officer.

Earlier, his suspension order was overturned by the Supreme Court, which stipulated that the state government cannot keep him under suspension for more than two years. However, shortly after being reinstated, Rao was suspended again on the same grounds, citing pending criminal cases against him. In response, Rao sought relief from the CAT Bench.

During Monday’s proceedings, Advocate General Sriram appeared on behalf of the AP government to present arguments. He cited precedent from High Courts in Bombay, Haryana, Madhya Pradesh, and Chhattisgarh, which upheld the suspension of All India services officials. Sriram emphasized that while Rao held a senior position, lower-level officials may not conduct a thorough investigation.

Furthermore, Sriram submitted that Rao had conducted press meets where he criticized the government and commented on the ongoing legal proceedings against him. Despite receiving show cause notices for these remarks, Rao allegedly failed to provide satisfactory responses, prompting the government’s decision to suspend him.

The Advocate General reiterated that the government’s actions were in accordance with disciplinary procedures. Additionally, he referenced Rao’s statements alleging that senior officials in the government were targeting him. According to the All India Service Rules, state governments possess the authority to suspend officials until all criminal charges are resolved.

Haryana: State govt withholds higher pay to two 1997-batch IPS officers

By
LO Bureau
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Indian Police Service

In a recent development, the Haryana government has asked the Director General of Police (DGP) to withhold the order of pay fixation of 1997-batch IPS officers following the oversight regarding the allocation of higher pay grades.

The Home department, through an order dated April 23, ordered refixation of pay of two 1997-batch IPS officers who were recently promoted to the rank of Additional Director General of Police (ADGP) in level 15 in the pay matrix with effect from July 1, 2024. The issue arose as four IPS officers from the 1996 batch, holding the ADGP rank, had not yet received the higher pay grade, contrary to their junior counterparts.

In a communication dated April 26 addressed to the DGP, the Additional Chief Secretary of the Home department requested the withholding of pay fixation for the 1997-batch IPS officers until the finance department provides approval for adjusting the pay of 1996-batch IPS officers in line with their promotion order from May 2022.

M Ravi Kiran, an IPS officer from the 1996 batch, raised concerns in a letter to the DGP, highlighting the delayed pay fixation of officers of his batch despite their promotion in May 2022. Meanwhile, the pay of recently promoted 1997-batch IPS officers has been promptly fixed on the rank of ADGP. It’s important to note that three more IPS officers—Mamta Singh, Hanif Qureshi, and Krishan Kumar Rao—were also promoted to the ADGP rank. Currently serving as ADGP in the Hisar range, Ravi Kiran wrote that this is against the principle of natural justice as well as the directions issued by the finance department.

According to the pay refixation orders issued by the Home department for the two 1997-batch IPS officers, the officers were drawing a pay of about ₹1.99 lakh in level 14 in pay matrix with effect from July 2023. Their pay was, however, fixed at about ₹2.17 lakh in level 15 in pay matrix with effect from July 2024 under Rule 5(9) of IPS Pay Rules, 2016. This rule allows an IPS officer, upon promotion, to choose the date for pay adjustment either from the promotion date or from the date of earning an increment in the lower scale.

Praveen Ranjan appointed as Director in Department of Expenditure

By
LO Bureau
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Praveen Ranjan (IDAS:2010), who has been recommended for central deputation by the Ministry of Defence, has been selected for appointment as Director in the Department of Expenditure for five years. According to an order issued by the Department of Personnel and Training (DoPT) on Monday (29.04.2024), the central government has approved the appointment of Praveen Ranjan to the post under the central staffing scheme for five years from the date of taking over the charge of post or until further orders, whichever is earlier.

Aarti Singh Parihar returns to parent cadre

By
LO Bureau
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Aarti Singh Parihar (IRTS:2006), Director in the Department of Atomic Energy, has been prematurely repatriated to her parent cadre. According to an order issued by the Department of Personnel and Training (DoPT) on Monday (29.04.2024), the competent authority has approved the proposal of the Department of Energy to repatriate Aarti Singh Parihar to her parent cadre to avail promotion benefit.

Himachal Pradesh: Who Will Be the Next DGP? Will It Be Sanjiv Ojha or Someone Else?

By
LO Bureau
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Indian Police Service

The Director General of Police (DGP) of Himachal Pradesh Sanjay Kundu (IPS:1989:HP) is set to retire at the end of this month. The state government has begun the process to pick his successor and prepared a panel of three senior IPS officers for the consideration of Union Public Service Commission (UPSC).

The panel consists of:

  1. Sanjiv Ranjan Ojha (IPS:1989:HP)
  2. Shyam Bhagat Negi (IPS:1990:HP)
  3. Dr Atul Verma (IPS:1991:HP)

Among these candidates, Sanjiv Ranjan Oja, currently serving as Director General (DG), Jail, is the most senior and is being seen as a likely choice. However, selecting a top-level position can be complex, with factors that impact both the state and the incumbent state government.

A key question is whether the state government will prioritize seniority or choose a candidate based on other factors, even if it means superseding some officers.

The second candidate, Shyam Bhagat Negi (IPS:1990:HP), is on central deputation, serving as Special Secretary in the Cabinet Secretariat, Government of India. The third candidate, Dr. Atul Verma (IPS:1991:HP), is reportedly a strong contender, currently serving as Director General (DG), CID, and approaching the position with some momentum, according to insider sources.

Since the code of conduct is implemented throughout the country due to the Lok Sabha Election 2024, the state government will soon seek permission from the Election Commission regarding the appointment of the new DGP.

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