Share Wealth

Year End :2024-03

Your Directors are pleased to present the 21^st Annual Report and Audited Financial Statements for the Financial Year ended 31^st March, 2024 together with the reports of Statutory Auditors and Comptroller & Auditor General of India thereon.

1. FINANCIAL PERFORMANCE HIGHLIGHTS

The key highlights of the financial performance of the company during F.Y. 2023-24 along with the corresponding performance in F.Y. 2022-23 are mentioned below (rounded to nearest rupees/crore):

(H in Crores)
Particulars	2023-24	% 2022-23 Increase/ Decrease
Turnover	21,732.58	20,281.57 7.15%
Total Income	22,915.13	21,285.51 7.66%
Operating Income	1,691.34	1553.97 8.84%
Reserves & Surplus	5,782.26	4394.13 31.59%
Profit Before Tax	1,939.40	1,644.38 17.94%
Profit After Tax	1,462.95	1,267.97 15.38%
Net worth	7867.28	6,479.15 21.42%
Appropriations
Dividend	*439.94	*444.11 -0.94%

* Final dividend amounting to J 439.94 crore @ J 2.11 per fully

paid equity share recommended by the Board of Directors subject to the approval of shareholders in the ensuing Annual General Meeting of the Company.

Capital Structure

With an Authorized share capital of the Company of H 3000 crores, there has been no change in the Capital Structure of the Company, with the Paid-up share capital of the Company remaining at H 2085.02 crore. The Company has not issued any share during the year under consideration.

Employee Stock Option Plan

Your Company has not provided any Employee Stock Option Plan (ESOP); therefore, disclosure requirement in relation to ESOP under Rule 12(9) and Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 is not applicable.

Offer for Sale (OFS)/Employee OFS

In compliance with Department of Investment and Public Asset Management (DIPAM), Disinvestment of equity shares of 5.36% was done by the President of India acting through Ministry of Railways through

OFS during the FY 2023-24. Present shareholding of Govt. of India is 72.84%.

Shareholding of President of India (POI)

As on 31.03.2024, the present Shareholding of President of India (POI) is 1,51,87,43,694 equity shares of H 10 each amounting to J 15,18,74,36,940 that is 72.84%.

Profit

Profit before Tax increased from J 1,644.38 crore in

2022- 23 to J 1,939.40 crore in 2023-24 showing an increase of 17.94%. Profit after Tax increased from J 1,267.97 crore in F. Y. 2022-23 to J 1,462.95 crore

in F. Y. 2023-24 showing an increase of 15.38%.

Net Worth

The Net Worth of your Company has increased over the previous year from J 6479.15 crore to J 7,867.28 crore on account of transfer of profits (after payment of Dividend& OCI).

Reserves

The Reserves & Surplus of the Company for FY 202324 stand at H 5782.26 crore as compared to H 4,394.13 crore in FY 2022-23, showing an increase of 31.59% from previous year.

Dividend

The Board recommended a final dividend of H 439.94 crores (H 2.11 per share) subject to the approval of shareholders in the ensuing Annual General Meeting of the Company. Total dividend for the Financial Year

2023- 24 is H 439.94 crore.

Acceptance of Deposits

Your company has not accepted any deposit from the public during the year.

Reimbursement of Expenditure

RVNL received an amount of J 23,528.31 crore (approx.) for project expenditure during the current year, from Ministry of Railways (MoR) for execution of various works.

Loans from IRFC

During the year, no borrowing was made from IRFC. With this, the total amount received from IRFC is H 7865.08 crore. The principal and interest on the borrowings from IRFC are repaid by Ministry of Railways (MoR) as a pass-through entry in the books of RVNL. During the year, an amount of H377.29 crore towards principal & H441.52 towards interest was paid to IRFC on this account, leaving an outstanding loan& Principal balance of H 6506.02 crore (including interest accrued of H1541.66Cr).

Turnover

Your Company has achieved a highest ever turnover of H 21,732.58 crore in 2023-24 as compared to H 20,281.57 crore in 2022-23 showing an increase of 7.15% over the previous year.

This became achievable mainly due to the assured availability of funds for project expenditure during the year by the Ministry of Railways, which accounts for 86.49 % of the Turnover. In addition, over the years the Company has also put a large number of large value contracts in place to speed up the process of project execution. At the same time, there has also been a significant increase in the revenue from the projects secured through bidding to the tune of H2254.81 crore during 2023-24 in comparison to H 637.58 crore in the previous year.

Consolidated Financial Statements

The consolidated Financial Statements of the Company prepared in accordance with the provisions of Companies Act, 2013 and the applicable Indian Accounting Standards (IND-AS) for the Financial Year 2023-24 forms part of the Annual Report of the Company. The accounts have been consolidated based on the performance and activities of the SPVs, JVs, Associates and the share of RVNL in those entities as an equity partner and its wholly owned subsidiaries. The related entries appearing in the standalone accounts of RVNL have been adjusted accordingly in consonance with the relevant Indian Accounting Standards (Ind AS 110& 28). The salient features of differences in the significant entries between the Standalone Accounts of RVNL and the Consolidated Accounts are as under:

(H in Crores)
Particulars	Figures as on 31.03.2024 Standalone	Figures as on 31.03.2024 Consolidated
Turnover	21732.58	21,889.23
Other Income	1182.55	1185.57
Direct Expenses	20041.24	20181.86
Indirect Expenses	934.48	943.97
PBT	1939.40	**2053.91
PAT	1462.95	1574.47
Reserve & Surplus	5782.26	6660.66
Net Worth	7867.28	8745.68

** PBT includes H 104.94 crore as proportionate share of RVNL in the profit/loss of Joint Ventures.

Subsidiary, Joint Venture and Associate Companies

A report on the performance and financial position of subsidiary, associates and joint venture Company as per Companies Act 2013 is provided in Note-43 to the Consolidated Financial Statements.

2. INTEGRAL REPORTS
Name of Report	Annexure
Management Discussion and Analysis	A
Corporate Governance Report	B
Corporate Social Responsibility (CSR) Report	C
“Business Responsibility and Sustainability Report (BRSR)”	D
Secretarial Auditor Report	E
Form AOC-2	F

The Management Discussion and Analysis Report provides an overview of the affairs of the Company, its business environment, mission and objectives, outlook, operational performance, its resources and systems, strengths, opportunities, constraints, risks and concerns, strategies, prospects, etc. (Annexure A).

The Corporate Governance Report highlights the Company's philosophy on Corporate Governance and Key Values, composition of Board of Directors and its Committees, attendance and remuneration of Directors etc. other relevant disclosures, CEO/ CFO Certification and general information for shareholders. The following compliance certificates as required under DPE Guidelines and SEBI Regulations supplement it. (Annexure B).

•    A Certificate signed by the Chairman and Managing Director affirming receipt of compliance with the Code of Conduct from all Board members and Senior Management personnel during the year 2023-24 (placed at Annexure “B-1”) as per guidelines ofDepartment of Public Enterprises on Corporate Governance.

•    A Certificate from the Chairman and Managing Director (CMD) and Chief Financial Officer (CFO) with regard to the authenticity of financial statements (placed at Annexure “B-2”); and

•    A Certificate of compliance of Corporate Governance signed by a practicing Company Secretary (placed at Annexure “B-3”) as per guidelines of Department of Public Enterprises on Corporate Governance and Listing Regulations.

•    Certificate on non-disqualification of Directors as per schedule V of SEBI (LODR) Regulations, 2015 (placed at Annexure “B-4”)

The Corporate Social Responsibility (CSR) Report

reflects RVNL's plans, policy, budget, expenditure, evaluation process for projects and CSR activities undertaken during the year. (Annexure C)

The “Business Responsibility and Sustainability Report (BRSR)” describes the initiatives taken by the Company from an Environmental, Social and Governance (ESG) perspective in terms of amendment to Regulation 34 (2) (f) of SEBI (LODR) Regulations 2015.(Annexure D)

Pursuant to provisions of Section 204 of Companies Act, 2013 and Companies (Appointment and Remuneration of Managerial personnel) Rules 2014, the Company has appointed M/s. Kumar Naresh Sinha & Associates, Practicing Company Secretary, to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is placed at Annexure “E”

As per Section 92 (3) of the Companies Act, 2013, Annual Return will be available on the website of the Company i.e., www.rvnl.org.

The disclosure of Related Party Transactions, as required under section 134 (3) (h) of Companies Act, 2013 and Rule 8 (2) of the Companies (Accounts) Rules, 2014 in Form "AOC-2” is placed at Annexure “F”.

2A. GRANT OF “NAVRATNA” STATUS

Department of Public Enterprises (DPE) vide its O.M. no. F. No. PD-I-26/0003/2022-DPE dated 01.05.2023 has granted "Navratna” status to RVNL.

3. OPERATIONAL PERFORMANCE

Your Directors are delighted to inform that the F.Y. 2023-24 has been a year of excellence and growth for the Company.

• Total project Length completed during the F. Y. 2023-24 was 578.73 km which included 25.9 km of New Line, 517 km of Doubling, 24.53 km of Gauge Conversion, 11.3 km of Metropolitan Transport Project (MTP). Beside this, 2 Workshop Project have been physically completed. 211 km of Railway Electrification was carried out during the year and in addition, Railway Electrification of 528.3 km was also carried out in other than specific Railway Electrification projects as part of Doubling.

During 2023-24, Banspani-Daitari-Tomka-Jakhapura (180 km), Rajpura-Bhatinda Doubling with Electrification (172.64 km), Madurai-Maniyachi-Tuticorin (160 km), Maniyachi-Nagercoil DL, Barkhera

-    Budni 3^rd line, Mau-Gazipur-Tarighat New Line, Lucknow-Pilibhit via Sitapur, Lakhimpur (262.76 km), Hyderabad-Secunderabad - Multi modal transport system (Phase-II)-MTP, Kasganj-Bareilly-Bhojipura-Daliganj RE (401 km) were completed. Khurda Road - Construction of main line electrical multiple unit car shed (Phase-2) and Vadodara

-    Setting up of New PoH Shop for Electrical Locos projects under the Plan Head Worksop were completed.

3.1 Physical Size of the Projects:

Since its establishment in 2003, Ministry of Railways has transferred 190 projects to RVNL for execution, which may be broadly classified under the following heads:

	Doubling	71
	Gauge Conversion	12
	New Lines	12
	MTP	06
	Railway Electrification	39
	Workshops	21
	Others	27
	Unsanctioned	02 (2 GC)

And after implementation of revocation of policy for assignment of work to PSUs in 2021, RVNL had participated in Open Bidding and projects awarded through biddings as on March 2024 are:

• Awarded through Bidding 58

The distribution of project length under various plan heads is shown below:

3.1.1    Nature of Works being Executed by RVNL:

RVNL is executing all types of Railway Infrastructure works such as New Line, Gauge Conversion, Doubling/3^rd Line/4^th Line, Railway Electrification, Workshops, Hill Railway Projects, Institutional Buildings, Mega Bridges, Metro Railway, Tunnels, Monumental Bridges, Canals, Transmission Lines, Highways, Signaling Work, MMLPs etc.

3.1.2    Project Implementation Units (PIUs):

These projects are spread all over the country and for efficient implementation of projects, 30 Project Implementation Units (PIUs) have been established at 25 locations to execute projects in their geographical hinterland. They are located at Ahmedabad, Bengaluru, Bhopal, Bhubaneshwar (2 Units), Chennai (2 Units), Chandigarh, Gwalior, Indore, Kolkata (2 Units), Kharagpur, Kota, Lucknow,

Mumbai, Nagpur, Patna, Pune, Raipur, Rishikesh, Ranchi, Secunderabad, Varanasi (3 Units), Vijayawada and Waltair. Two projects units are also established outside India, one is at Maldives & another is at Dubai. The PIUs are established and closed as per requirement.

3.2 Status of physical progress of projects

The status of the 248 projects assigned to RVNL for execution is as under: -

Projects completed up to March 2024 :    152 No.

Projects under implementation :    94 No.

Projects yet to be sanctioned :    2 No.

3.2.1 RVNL has so far completed 152 projects.

The list of 140 projects fully completed up to March 2023 is as under:

3.3    Total project length completed:

Cumulatively, RVNL has completed a total of 6187 km of doubling, 2120.36 km of gauge conversion, 615.19 km of new lines, 7317.05 km of pure Railway Electrification, 4347.19 km RE as part of NL/GC/DL and 84.40 km of Metropolitan Transport Project (MTP). Thus, as on 31.3.2024, 16324 km of project length out of a total length of 17,398.64 km of 243 sanctioned projects (2 projects of 163.22 km of length are yet to be sanctioned) assigned to RVNL, have been completed.

3.4    Project length completed during 2023-24:

During 2023-24, 578.73 km (25.9 km of New Line, 517 km of Doubling, 24.53 km of Gauge Conversion,

11.3 km of Metropolitan Transport Project (MTP) and 2 Workshop Project have been physically completed. 211 km of Railway Electrification was carried out during the year and in addition, Railway Electrification of 528.3 km was also carried out in other than specific Railway Electrification projects as part of Doubling.

3.4.1    Sections completed under New Line Plan Head:

During the year, 25.9 km of New Line was completed, the details are given below:

3.4.1.1    Angul - Sukinda Road (98.7 km): During the year, 10.5 km project length was completed. Budhapank - Kamalang (Route - A) (5.7 km) was completed in June 2023, Talcher -Kamalang (Route - B) (4.8 km) was completed in September 2023.

3.4.1.2    Mau - Ghazipur - Tarighat (51 km): During the year, 7.16 km of project length was completed. Tarighat - Ghazipur Ghat (7.16 km) was completed in November 2023, with this completing the project fully.

3.4.1.3    Neora - Daniawan (40.92 km): During the year, 8.241 km of project length was completed. Fazalchak - Gauspur(H) (3.028 km) and Top Sarthua - Daniawan (5.213 km) were completed in May 2023.

3.4.2    Sections completed under Gauge Conversion Plan Head: During the year, 24.53 km of Gauge Conversion

was completed, the details are given below:

3.4.2.1    Lucknow - Pilibhit: During the year, 24.53 km of project length was completed. Shahgarh - Mala (11.59 km) was completed in January 2024 and Mala - Pilibhit Jn. (12.94 km) was completed in November 2023, with this completing the project fully.

3.4.3    Sections completed under Doubling Plan Head: During the year, 517.003 km of Doubling was

completed, the details are given below:

3.4.3.1    Dhanbad - Sonnagar (Patratu - Sonnagar) - 3^rd Line (291 km): During the year, 57.7 km of project length was completed. Japla -Haidernagar (7.02 km) was completed in May 2023. Baghabishnupur - Ankorah (8.06 km) and Demu - Richughuta (7.83 km) were completed in June 2023. Navinagar Rd. - Kajrat Nawadih (8.38 km) was completed in August 2023. Kumendi - Bendi (6.7 km) and Bendi - Latehar

 

Khurat (12.5 km) was completed in September 2023. Khurat - Muhamdabad (9.2 km) and Muhammad - Sathiaon (9 km) were completed in November 2023.

3.4.39 Bhatni- Aunrihar (126.30 km): During the year, 19.10 km of project length was completed. Bhatni - Peokol (5.25 km) was completed in June 2023. Belthara Road - Govindpur Dugauli (7.33 km) was completed in December 2023. Govindpur Dugauli - Kidihrapur (6.52 km) was completed in January 2024.

3.4.3.10    Khurda - Barang 3^rd Line (32.34 km): During the year, Bhubaneswar - Mancheswar (5.628 km) was completed in May 2023..

3.4.3.11    Maniyachi - Nagercoil (102 km): During the year, 15.01 km of project length was completed. Aralvaymoli - Nagercoil Jn. (11.412 km) and Tirunavalli - Melappalaiyam (3.6 km) were completed in September 2023, with this completing the project fully.

3.4.3.12    Vijayawada - Gudur 3^rd Line (287.67 km):

During the year, 74.23 km of project length was completed. Bapatla - Stuartpuram (6.89 km) was completed in May 2023. Manubolu -Gudur Jn. (9.35 km) and Stuartpuram - Chirala (8.1 km) were completed in June 2023. Ongole - Surareddipalem (10.15 km) was completed in July 2023. Niduvrolu - Appikatla (11.69 km) was completed in August 2023. Karvadi - Ongole (8.78 km) was completed in October 2023. Appikatla - Bapatla (8.77 km) was completed in February 2024. Tsundru - Niduvrolu (10.5 km) was completed in March 2024.

3.4.3.13    Kharagpur - Adityapur 3^rd line (132 km):

During the year, 21.848 km project length was completed. Asanboni - Gobindpur (PH) -Salgajuri (11.61 km) and Galudih - Rakhmines (6.996 Km) were completed in May 2023. Tatanagar - Adityapur (3.242 km) was completed in January 2024.

3.4.3.14    Varanasi - Madhosingh - Allahabad (120.20 km): During the year, Allahabad City - Allahabad Jn. (2.01 km) was completed in March 2024.

3.4.3.15    Hyderabad - Secunderabad MMTS Phase -II:

During the year, Sanathnagar - Mula Ali Bypass (21 km) was completed in August 2023, with this completing the project fully.

3.4.4 Sections completed under Metro Plan Head: During the year, 11.30 km of Metro was completed, the details are given below:

3.4.4.1 New Gharia - Airport Metro Railway: During the year, Hemanta Mukhopadhyay - Beliaghata (8.8 km) was completed in March 2024.

3.4.4.2    Joka - Esplanade Metro Railway: During the year, Majerhat - taratala (2.5 km) was completed in December 2023.

3.4.5 Sections completed under Pure Railway Electrification Works: During the year, 211 km of Railway Electrification was completed, the details are given below:

3.4.5.1    Daliganj - Mailani - Kasganj: During the

year, 50 km project length was completed. Kurriya-Shahgarh (27 km) was completed in Aug 2023. Shahgarh- Pilibhit (23 km) was completed in March 2024, with this completing the project fully.

3.4.52    Hospet-Hubli-Vasco Da Gama: During the

year, 11 km project length was completed. Cansaulium - Vasco Da Gama (11 km) was completed in Aug 2023.

3.4.5.3    Dhasa - Jetalsar (104 km): During the year, 57 km of project length was completed. Lunidhar-Kunkavav (14 km) were completed in May 2023. Kunkavav - Khakhariya (11 km) was completed in June 2023. Khakhariya -Jetpur (26 km) was completed in July 2023. Jetpur-Jetalsar (6 km) was completed in Sept 2023, with this completing the project fully.

3.4.5.4    Dallirajhara-Rowghat During the year, 36 km of project length was completed. Dallirajhara-Gudum (20 km) was completed in Jan 2024. Gudum- Bhanupratappur (16 km) was completed in Feb 2024.

3.4.5.5    Sabarmati-Botad: During the year, 57 km of project length was completed. Sabarmati-Moraiya (30 km) & Botad-Bhimnath (27 Km) was completed in Mar 2024.

3.5    Workshop projects completed: During the year, 2 Workshop projects were fully completed, the details of which are as under:

3.5.1    Khurda Road - Construction of main line electrical multiple unit car shed (Phase-2): The workshop was completed in September 2023.

3.5.2    Vadodara - Setting up of New PoH Shop for Electrical Locos: The workshop was completed in December 2023.

3.6    Projects Fully Commissioned and Handed over to Railways:

Out of 152 projects completed so far, 151 projects have been fully commissioned and handed over to Railways for operations and maintenance.

3.8 Signalling and Telecommunication

The Signaling & Telecommunication (S&T) domain provides appropriate and cost-effective solutions for efficient and safe operation of trains on Indian Railways. RVNL promotes use of modern technologies on Indian Railways namely Electronic Interlocking (EI), Digital Axle Counters, Fiber Optic Cable Network, Automatic Block Signaling, ETCS L1/L2/L3, IOT based Diagnostic & Predictive Maintenance systems etc.

The technological advancement is aimed to achieve high level of safety in train operations, availability of system and increased speeds of trains with minimum head ways. This ensures the efficient punctual operation of Freight as well as of Coaching Trains this has resulted in turnaround in freight transportation. With continuous and tireless effort of S&T vertical of RVNL in Railway Infrastructure, Indian Railways is able

to achieve increase in freight loading and operation of large number of passenger trains across the length and breadth of the country.

RVNL is a major contributor in providing EI installations on Indian Railways in connection with Doubling, 3^rd Line, New Line and Gauge Conversion. Keeping its tradition high, during FY 2023-24, RVNL has commissioned Electronic Interlockings at 72 Stations on Indian Railways. Besides new EIs, RVNL has commissioned modification at 57 Stations on Indian Railways to decongest Railways existing routes.

In its commitment to Indian Railways, RVNL has commissioned Major Yards of Indian Railways such as Yard remodeling of Gwalior, Jhansi RRI, Jhansi EI, Mathura RRI, SNF, Gudur, PATRATU, Budhapank, Bhubneswar, Bhubneswar New, Mancheswar,

Baghabisunpura and Nimpura with routes varying from 200 to 550 Routes.

RVNL has taken up 119 Nos. of Non-Interlocking (NIs) of stations for commissioning of Doubling & 3^rd Line projects during the year. RVNL has also commissioned the high numbers of 53 IBS, 85 Kilometers of Automatic Signalling using Electronic Interlocking and 69 Nos of mid-section level crossing gates have been interlocked with signals to improve safety of road user. Not only on the Signalling front, RVNL has also completed the incredible achievement in the area of telecommunication by providing 4090 km of Fiber Optic Network and 6 Quad Cable network during the year.

RVNL consists a team of IRSTELO license holders who are experienced to approve Logic & Interface Circuits and design drawings of all types of Railway signaling systems in-house. Besides, Railway Board had entrusted RVNL to approve Logic & Interface Circuits through 3^rd Party IRSTELO license holders for CR, SCR, WR & WCR up to 75 routes. So far, RVNL has approved Logic & Interface Circuits of more than 100 stations. This has reduced the workload of Zonal

Railways on document approval organization and expedited the approval process of Logic & Interface Circuits. This has resulted in timely commissioning of large number of stations by RVNL to adhere the target set by Railway Board.

RVNL S&T has participated in various tenders of Automatic Signalling of Zonal Railways and has been awarded Automatic Signalling works of Rs 262.04 Cr (SCR, NWR & NCR) during FY 2023-24. Out of 03 works of ABS won by bidding during 2023-24, one work spanning over 51 Kms (06 Block section & 07 stations) has been completed & commissioned. ABS work on Gwalior-Jhansi section has progressed to the tune of 70% & 3^rd work is progressing as per Southern railways requirement.

Having played a very vital role in providing large nos. of signaling installations in connection with large infrastructure projects on Indian Railway, Signaling & Telecommunication vertical is on the lookout for opportunities in various signalling and telecom sector of Railways & other industries in within India & abroad.

3.10    Projects yet to be Sanctioned (included in Pink Book):

(i)    Khijadiya-Visavadar GC (91.27 km)

(ii)    Veraval-Talala-Visavadar GC (71.95 km)

Total 163.22 km project length is yet to be sanctioned.

3.11    Major Projects awarded through Bidding:3.11.1 Indore Metro Project:

The Indore Metro is a rapid transit system which is under construction for the city of Indore, India. The total system consists of 11 corridors (lines) covering a distance of 124 kilometres (77 mi). The metro system will be elevated, underground and on ground. Six corridors have been proposed by MPMRCL. This system consists of a Network of 100-107 km and with lines overlapping and branching. In May 2013, a detailed project report preparation for the MRTS including the selection of the system for the city was started.

In 2020 MPMRCL invited bids for the first phase/ yellow line consisting of 17 kms of Viaduct having 16 stations. In 2023 MPMRCL invited bids for the Package IN-04 / yellow line consisting of 5.33 kms of Viaduct having 05 elevated stations.

Rail Vikas Nigam Limited (RVNL) has been awarded two major packages (IN02 & IN03) of the yellow line of the project which includes Design and built 16 nos. of stations and 10.9 km of the viaduct in 2021.

RVNL-URCC JV [RVNL: 51% - URCC 49%] has been awarded one more package (IN04) of the yellow line of the project which includes Part design and built 5 nos. of stations and 5.33 km of the viaduct in 2024.

Package 02-

Design and Construction of Elevated Metro Rail Stations including all Civil, Structural, Roof structure, MEP works, Architectural finishes, Facade, Entry/Exits, FOB, Viaduct within the stations including Transition spans - Indore Metro Rail Project Yellow Line. (7 no. of Elevated Metro Stations).

Package 03-

Design and Construction of Elevated Viaduct, viaduct connecting Depot leading up to interface location, Elevated Metro Rail Stations including all Civil, Structural, Roof structure, MEP works, Architectural finishes, Facade, Entry/Exits, FOB, Viaduct within the stations including Transition spans - Indore Metro Rail Project Yellow Line. (10.9 Km Viaduct & 9 no. of Elevated Metro Stations)

Package 04-

Design (except segment design) and Construction of Elevated Viaduct, viaduct connecting Depot leading up to interface location, Elevated Metro Rail Stations including all Civil, Structural, Roof structure, Plumbing works, Architectural finishes, Facade, Entry/Exits, FOB, Viaduct within the stations including Transition spans - Indore Metro Rail Project Yellow Line. (5.33 km Viaduct & 5 no. of Elevated Metro Stations)

• Package-3 includes 9 nos. of Elevated Metro stations (Gandhi Nagar, Super Corridor 6, Super Corridor 5, Super Corridor 4, Super Corridor 3, Super Corridor 2, Super Corridor 1, Bhawarsala, MR10 Road station) & 10.9 Km of elevated viaduct (Elevated Viaduct, viaduct connecting Depot leading up to interface location).

Description	Unit	IN-03
Route length	KM	10.927
Alignment - Straight	KM	5.619
Alignment - Curve	KM	3.566
Alignment - Stations	KM	1.26
Shunting line	KM	0.48
Connection line to Depot	KM	1.171
Elevated Stations	No's	9

• Package-4 includes 5 nos. of Elevated Metro Stations (Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha, Patrakar Colony & Palasia Chauraha) & 5.33 Km of elevated viaduct.
Description	Unit	IN-02
Route length	KM	5.335
Elevated Stations	No's	5

 

3.12    The work has taken off well. As on date, RVNL has successfully completed the dredging & reclamation works and land is ready to start the work for buildings. North breakwater is almost completed and south breakwater is in progress. Work for Shore Protection & Groyne, Wharf & Quay Wall, Mechanical Equipment of marine works are in progress. Overall progress is 30%.

3.13    Kolkata Metro Projects:

3.13.1.Indian Railways transferred the works of four major projects for extension of Kolkata Metro to RVNL in March 2010 viz.

• Joka-BBD Bag via Majerhat (16.72 km)

•    Dum Dum Airport-New Garia via Rajarhat (32 km)

•    Baranagar-Barrackpore &Dakshineswar (14.5 km)

•    Noapara (Ex.)-Baranagar (2.6 km)

3.13.2Thereon RVNL was entrusted to build Metro corridors of about 65 km in Kolkata without any survey of underground utilities and without any DPR (Detailed Project Report). DPR is a pre-requisite for planning of Metro corridors in urban areas. RVNL first engaged RITES for preparation of DPR. Late arrival of metro extension work in the congested and unplanned city was a challenge and required a lot of meticulous planning for identification and removal of encroachments and other impediments to start construction activity of Metro. The land acquisition in Kolkata/West Bengal poses a big problem causing delayed construction of Metro corridors and other infrastructural projects. The issues like removal of encroachments and relocation of utilities along with traffic diversion have affected the execution. RVNL has taken all possible action for implementation and early commissioning of Metro projects for larger interest of people of Kolkata.

3.13.3The foundation stone for Joka-BBD Bag project was laid by Her Excellency, President of India on 22.01.2010. Subsequently, 2 packages for viaduct and 2 packages for stations were awarded in December 2010 and April 2012 respectively. This entire Metro corridor has been planned in 2 phases i.e. in 1^st phase

 

Since this Metro stretch is a standalone system, a Maintenance Depot has been developed in Joka and Ph-I part is under operation. Earlier, due to nonavailability of land (24.48 hectare), the tender for the depot was discharged twice, once in February 2013 and again on October 2017. Thus, the commissioning is planned in 3 phases i.e (a)Ph-I-Joka-Taratala, (b)Ph-II-Taratala-Majerhat, (c) Ph-III- Majerhat-Esplanade. After starting of commercial services of 1^st & 2^nd phase commissioning the outskirt population of Kolkata has been connected to Kolkata which is a great relief for the people residing away from Kolkata

but normally come to Kolkata on daily basis doing a tough journey every day.

3.13.5. New Garia-Airport Metro Corridor

In the section of New Garia to Rabindra Tirtha of Dum Dum Airport-New Garia project, initially 4 packages of Viaduct were awarded on 21.10.2011. About 18 km viaduct has been completed. The contracts for 21 stations (3 packages) were awarded on 05.03.2014. Out of 21 stations, station land for Technopolis Metro station is now handed over. The project got delayed because of issues relating to land acquisition, traffic

diversion, utility diversion and other permission over busy EM Bypass road. Further, change of alignment proposed by State Government where unauthorized buildings were constructed even after the Gazette Notification for Metro construction, and other impediments like shifting of markets, traffic guard, raising of 220 KV overhead line, removal of encroachments, etc. slowed down the progress of work. Substantial part of these impediments have been either removed and the balance are on the way of being removed. The alignment from City Centre-II to Airport is now approved by State Government after long persuasion and contract for construction of Metro beyond Titumir to Airport has been awarded on 18.01.2021. The work is under progress. In this section the commissioning was planned in 3 phases phases earlier i.e (a) Ph-I-New Garia-Hemanta Mukhopadhyay, (b) Ph-II-Hemanta Mukhopadhyay to Salt Lake Sector-V and (c) Ph-III- Salt Lake Sector-V to Airport. Due to unavailable work front in various stretches of the corridor and considering commissioning point of view the phases were revised i.e. (a) Ph-I-New Garia-Hemanta Mukhopadhyay, (b) Ph-II-Hemanta Mukhopadhyay to Beleghata, (c) Ph-III Beleghata to Salt Lake Sector-V and (d) Ph-IV-Salt Lake Sector-V to City Centre 2 and (e)Ph-V City Centre 2 to Airport.

Now in present scenario, (a) Ph-I-New Garia-Hemanta Mukhopadhyay (5.4 Km) commercial run has been started from 15.03.2024 after being dedicated to the nation by the Hon'ble Prime Minister on 06.03.2024, (b) Ph-II-Hemanta Mukhopadhyay to Beleghata (4.46 Km) CCRS Inspection has been conducted on 28.03.2024 & 29.03.2024, (c) Ph-III Beleghata to Salt Lake Sector-V has been planned for commission in Dec'2024 and balance 02 phase i.e. (d) Ph-IV- Salt Lake Sector-V to City Centre 2 has been planned for commission in Dec'2024 and (e)Ph-V City Centre 2 to Airport are planned for commission upto Dec'2025.

3.13.6 Noapara - Baranagar - Dakshineswar Metro

For Baranagar-Barrackpore & Dakshineswar and Noapara-Baranagar, the work was planned in 2 phases i.e. the first phase being Noapara-Baranagar-Dakshineswar and in the second phase, from Baranagar-Barrackpore. The first phase, i.e. from Noapara to Dakshineswar, the Metro corridor has been inaugurated and dedicated to the Nation by Hon'ble Prime Minister on 22.02.2021 for public use. For the second phase of this Metro corridor, i.e. Baranagar-Barrackpore, an MoU was signed between State Government, Metro Railway and

RVNL in October 2011 where it was decided that RVNL shall commence the work of Metro viaduct construction on BT Road after commissioning of 64” pipeline under the BT Road with the closure of 60” and 42” diameter pipelines. The work of new pipeline has been commissioned but RVNL has not been able to start the work due to non-compliance of provisions of tripartite MoU by the State Government. State Government in their letter of 03.05.2018 had proposed for change of alignment i.e. through Kalyani Expressway. Ministry of Railways (CRB) had responded this proposal by writing to Chief Secretary, GoWB that under such a situation, it will become a new project requiring fresh sanction. RVNL, on its part, had requested State Government vide letter dated 19.11.2018 to lay a new pipeline through another alignment for which RVNL would bear the cost. Vide letter dated 05.05.2022, State Govt. asked for an additional pipeline of 90” dia at project cost in lieu of closing 60” ,48”, 42” pipe lines on BT Road. Work on this phase of the Metro corridor could not be initiated due to above account. After discussion with State Govt. RVNL has engaged the Technical Consultant on 15.03.2023 and submitted proposal to State Govt. (KMC) on 20.07.2023 to execute the Metro work on existing alignment by shifting the existing 48" pipeline at new location along BT road. After several correspondence between State Govt (KMC) RVNL submitted the compliance of KMC's 5^th latest observation vide their letter dtd 27.03.2024 on 29.05.2024 but still now Technical approval is awaited from State Govt.

3.13.7 Phase Commissioning of Metro Project:

(i)    Noarpara - Baranagar - Dakshineswar: The project has been inaugurated by Hon'ble PM on 22.02.2021 and Commercial Operation of train service started w.e.f. 23.02.2021.

(ii)    Joka-Taratala in Joka - Esplanade Metro Corridor:

9.0 km of continuous stretch from Joka Depot has been completed. Major structures and stations have been completed at Joka, Thakurpukur, Shaker Bazar, Behala Chowrasta, Behala Bazaar, Taratala. The first phase i.e. Joka to Taratala of Joka-Esplanade Section has been inaugurated by Hon'ble Prime Minister on 30.12.2022 and commissioned on the same day.

(iii)    Taratala-Majerhat Joka - Esplanade Metro Corridor:

2^nd phase of 1.25 Km has been inaugurated by Hon'ble PM on 06.03.2024 and Commercial Operation of train service started w.e.f. 15.03.2024.

(iv)    New Garia-Hemanta Mukhopadhyay in New Garia-Airport corridor: 5.4 Km has been inaugurated by Hon'ble PM on 06.03.2024 and Commercial Operation of train service started w.e.f. 15.03.2024.

(v)    Hemanta Mukhopadhyay to Beleghata in New Garia-Airport corridor: 4.4 Km of stretch towards Beleghata from Hemanta Mukhopadhyay, CRS

inspection has been conducted on 28.04.2024 & 29.04.2024, authorization is awaited.

Accidents

During 2023-24, no accident was reported from any of the project sites of RVNL.

3.14    ADB funded projects:

The first ADB loan (IND-1981) sanctioned for "Railway Sector Improvement” was closed on 31.12.2011. A 2^nd ADB Loan has been sanctioned for funding of 5 projects, namely:

•    Raipur-Titlagarh doubling

•    Sambalpur-Titlagarh doubling

•    Hospet-Tinaighat doubling

•    Daund-Gulbarga doubling

•    Pune-Guntakal Railway Electrification

The funding by ADB requires compliance of various loan covenants on resettlement and rehabilitation of project affected persons, procurement of works and stores following international competitive bidding and implementation of plans for mitigation of social and environmental impact norms. A Multi Tranche Financing Facility of $ 500 million has been agreed to by ADB. The loan agreement for first Tranche (Loan No. 2793-IND) of this MFF for an amount of $ 150 million was signed in July 2012 and the loan agreement for second Tranche (Loan No. 3108-IND) of this MFF for an amount of $ 130 million was signed in February 2014, the loan was closed on 20.12.2019 Project Agreement & Loan Agreement against ADB loan No. 3623-IND (Railway Sector Investment Program- Tranche III) for an amount of $ 130 million have been signed on 16.3.2018 and made effective on 07.06.2018. The loan was fully disbursed on 29 October 2021 and the loan account was closed effective on 2 December 2021. Project Completion Report (PCR) submitted to ADB and loan is fully closed.

3.15    Contracting:

As the size of projects being executed by RVNL is quite large, to ensure fast award and execution of projects, RVNL invites tenders consisting of multiple packages. Each tender may consist of up to 3 contract packages. This approach has a number of advantages such as:

a)    Multiple contracts can be awarded through one tender which saves time and effort in invitation and finalization of tenders.

b)    Both small and large agencies can compete for any contract package which increases competition.

c)    Large agencies who are capable of executing big contracts can quote for multiple packages

to achieve economy of scale and pass on the benefit to RVNL by quoting discounts in case of award of more than one package.

d) Smaller agencies, which would not be eligible to quote if the tender for the project was floated in a single package, are now able to compete in any of the contract packages individually as they may meet the qualification requirements of individual packages which are of comparatively smaller value.

During 2023-24, contracts worth approximately

K 7686.39 crore were awarded.

The following major contracts were awarded by the

Company during the year:

•    Design and Construction of the Ramp and Underground Metro Railway Works from Mominpur (Excl.) to Esplanade, 5.05 Km (from Chainage 9063.00m to 14113.00m) including four underground Stations (viz. Khidderpore, Victoria, Park Street and Esplanade), Tunnels by Tunnel Boring Machine and Cut & Cover method, Architectural Finishing Works, Track Works, etc. in connection with Joka-Esplanade Metro Corridor in the City of Kolkata, State of West Bengal, India (K 2447.91crore)

•    Pkg 6 "Construction of Tunnels T17 to T20 from Chainage Km 50+900 to Km 62+900, Station Yard and Works related to Bridges and Formation on Approaches of such Tunnels in Connection with New Single Line Broad Gauge Rail Link Between Bhanupali-Bilaspur-Beri in the State of Himachal Pradesh, India. (K 802.77 crore)

•    Construction of Gati Shakti Vishwavidyalaya at Vadodara (K 744.46 crore)

•    Package-V: Construction of Road Bed, Major Bridges, Minor Bridges, ROBs, RUBs, including road approaches, Station Buildings, Staff Qtrs, Other Service buildings, HL Platforms, COPs, FOBs, General electrical work and other works related to construction of Yavatmal-Nanded New BG Line from Km: 253 to Km: 286 of Central and SC Railway in Maharashtra State including junction arrangements for meeting the new line with the existing NED-NZB BG line. (K 562.15 crore)

•    Construction of Foundations, Substructure & Superstructure along With River Training/ Protection Work, Earthwork & allied works for viaduct 1 & 2 in Between Chainage Km 47+415 to Km 50+900, in connection with Bhanupali-Bilaspur-Beri New Railway Line in District Bilaspur of Himachal Pradesh State, India. (K 466.11crore)

•    Package-V: Construction of Road Bed, Major Bridges, Minor Bridges, ROBs, RUBs, including road approaches, Station Buildings, Staff Qtrs, Other Service buildings, HL Platforms, COPs, FOBs, General electrical work and other works related to construction of Yavatmal-Nanded New BG Line from Km: 253 to Km: 286 of Central and SC Railway in Maharashtra State including junction arrangements for meeting the new line with the existing NED-NZB BG line. (K 449.99 crore)

•    Package - IIIA: Construction of Road Bed, Major Bridges, Minor Bridges, ROBs, RUBs, including road approaches, Station Buildings, Staff Qtrs, Other Service buildings, HL Platforms, COPs, FOBs, General electrical work and other works related to construction of Yavatmal- Nanded New BG Line from Km: 157 to Km: 169 of Central Railway in Maharashtra State including construction of two tunnels: T1 (1290m) & T2 (2 505 m) with BLT in tunnels. (K 381.84 crore)

•    Construction of Roadbed, Minor Bridges and Track Linking (excluding Supply of Rails and Sleepers, Thick Web Switches and Special Sleepers) in connection with Doubling between Bhandai to Kitham on Bypass alignment (26.5 km) on Agra Division of North Central Railway in Uttar Pradesh State of India (K 207.78 crore)

•    Design, Supply, Erection, Testing & Commissioning of 1X25 KV, 50 Hz, Single Phase, Traction Over-Head Equipment works between section Dallirajhara (Excl.) - Bhanupratappur SP (Excl.) 27.850 RKM / 30.580 TKM and Design, Supply, Erection, Testing & Commissioning of 2X25 KV, 50 Hz, Single Phase, Traction OverHead Equipment, TSS, Switching Station, SCADA, General Electrical Services Works along with Signalling & Telecommunication work, Civil Engineering work and other associated works between section Bhanupratappur SP (Incl.) - Taroki (Incl.) 48.300 RKM / 60.080 TKM” of Raipur Division in South East Central Railway, Chhattisgarh, India. (K 165.00 crore)

•    Design, Supply, Erection, Testing & Commissioning of 2x25 KV, 50 Hz, Single Phase, Traction Conventional Over Head Equipment, Traction Sub Stations, Switching Stations, SCADA and other associated works, Civil Engineering work i.e., Service buildings, quarters, Tower Car sidings, Sheds and electrical general services works for Railway Electrification of Sabarmati (Excl)- Lothal Bhurkhi (Incl) single line section (88 RKM/101.54 TKM) of Bhavnagar Division of Western Railway in the state of Gujarat, India (K 150.90 crore)

•    Design, Supply, Erection, Testing & Commissioning of 2x25 KV, 50 Hz, Single Phase, Traction High Rise and Conventional Over Head Equipment, Traction Sub Stations, Switching Stations, SCADA and other associated works, Civil Engineering work i.e., Service buildings, quarters, Tower Car sidings, Sheds and electrical general services works for Railway Electrification of Lothal Bhurkhi (Excl)- Botad(Excl) single line section (77 RKM/105 TKM) of Bhavnagar Division of Western Railway in the state of Gujarat, India (K 141.19 crore)

•    Package - Depot Approach: Construction of Viaduct & Ramp including related works for the approach of New Town Maintenance Depot (1.38 KM approx.) from Depot Line Ch. 110 M (Main Line Pier CPP-655 near New Town Station) to Ch. 1490 M (entrance of New Town Maintenance Depot) including balance viaduct superstructure work between Technopolis and Owl more in connection with New Garia - Biman Bandar Metro Corridor of Kolkata Metro Railway Line, West Bengal (K 139.86 crore)

•    Installation and linking of BG railway track, P-way materials supply, Track Ballast supply, Mobile Flash Butt Welding of joints and all other associated P-way works (excluding supply of rails, line/ordinary wider base PSC sleepers) in section between Janghai (excluding) to Phaphamau (excluding) in connection with doubling of 46.79 km Railway track in Janghai-Phaphamau section on Lucknow Division of Northern Railway in Jaunpur/ Prayagraj Districts of Uttar Pradesh, being executed under CPM/ RVNL/Lucknow (K 124.79 crore)

•    Rayagada Yard Phase-II works, Balance Construction of Road bed works, Extension of Minor Bridges, supply of ballast, installation of track (Excluding supply of Rails & B.G Main line sleepers), Construction of Platforms, Platform shelters etc., in between Bissamcuttack - Ladda stations, Part soft development of Rayagada Circulating Area and other miscellaneous works etc., in Package-4 of Sambalpur/Waltair Divisions of East Coast Railway, Odisha, India (K 65.03 crore)

•    Provision of S&T System Supply, Installation, testing & commissioning from JNH(Excl.) to PFM (Excl.) (46.79Km) in connection with doubling with Electrification of Janghai- Phaphamau section, NR Lucknow Division, Uttar Pradesh, India (K 59.09 crore)

•    Design, Supply, Erection, Testing & Commissioning of 2 X 25 KV AC OHE between Phaphamau (Excl.)-Janghai (Excl.) Section on Lucknow Division of Northern Railway for upgradation of electric traction system in connection with doubling of track between Phaphamau (Excl.)-Janghai (Excl.) Section of Lucknow Division on N. Railway in the state of Uttar Pradesh, India (K 52.88 crore)

Besides these Works Contract, FLS, DD&PMC and PMC contracts on nomination basis for K 36.38 crore have also been awarded during 2023-24.

4. PROJECT PLANNING & DEVELOPMENT4.1 Public Private Partnership (PPP) in Indian Railway Connectivity Projects

Detailed Status of SPVs

As a part of the mandate of Rail Vikas Nigam Limited (RVNL) to undertake project development, mobilization of financial resources and to implement projects pertaining to strengthening of Golden Quadrilateral and better connectivity to various ports, six Special Purpose Vehicles (SPVs) as Joint Ventures (JVs) have been created. RVNL has a minimum equity participation of 26 percent in each one of these SPVs.

Through these SPVs, RVNL has been able to mobilize a cumulative investment of H 10409.18 Cr. out of which H 3838.25 Cr. is equity and H 6570.93 Cr. is debt. RVNL itself has invested a total of H 1485.74 Cr. as equity in these 6 SPVs, which is approximately 14.27% of their gross total investment (refer to table below).

A SPV formed as Dighi Roha Rail Ltd. (DRRL) for execution of New Rail connectivity between Roha to Dighi Port is under process for closure. Cancellation of sanction of the project had been issued vide Railway Board's Letter No. 2012/Infra/12/35 dated 13.01.2022.

During the year, RVNL has incorporated following 2 wholly owned Subsidiary Companies in India and abroad :

1.    Masakani Paradeep Road Vikas Limited (MPRVL)-M/s. MPRVL has been incorporated on 21.08.2023 for "Rehabilitation and Up gradation from 4 to 8 laning of Chandikhole -Paradip Section of NH-53 (Old NH -5A) from Km.60.000 toKm.76.646 (Package-4) in the State of Odisha Hybrid Annuity Mode.

2.    RVNL Infra South Africa- RVNL Infra South Africa has been incorporated on 15.01.2024 for exploring new business opportunities in South Africa.

After the close of the year, following wholly owned Subsidiaries have also been incorporated abroad for exploring new business opportunities:

1.    RVNL Infra Middle East- Incorporated on 04.04.2024 in Sultanate of Oman

2.    RVNL Middle East Contracting L.L.C. (Dubai)-Incorporated on 26.06.2024 in Dubai

3.    Rail Vikas Nigam LLC- Incorporated on 01.08.2024 in Uzbekistan

5. PERSONNEL DEVELOPMENT

Hiring of talented and experienced manpower, developing, motivating and retaining them have been the principal areas of HR for achieving the corporate

objectives. The primary focus of the organisation has been to have not only a lean and thin cadre of highly motivated, skilled and experienced manpower but also to retain these scarcely available resources by creating a conducive work environment.

HR policies are meticulously framed taking into account the short-term and long-term manpower requirements of the organisation. As RVNL is mandated to execute Railway projects for and on behalf of Ministry of Railways, persons with requisite technical expertise and domain knowledge of Railway Systems and Railway construction are required for smooth and timely completion of rail projects assigned to RVNL. The manpower is largely met by sourcing employees from Railways and other Government Departments on deputation basis. RVNL has also a regular cadre of its own created by absorbing willing employees from Railways, other Govt. Departments and PSUs. As on 31.03.2024, the on-roll strength of the company stood at 186 regular employees and 208 deputationists. Apart from absorbing Railway employees, Recruitment are being made on contract basis for various projects taken on Bidding.

RVNL has attractive and employee- friendly policies to boost the morale and motivate the employees to perform to the best of their abilities. The perks and perquisites being paid to the employees are reviewed periodically to enhance the efficiency.

Skill development of the employees has been given special attention through in-house and customised training programmes to the employees at different levels not only relevant to their working area but also to enhance their overall capabilities so that the employees are able to adapt to the changing technology and customer needs and discharge their roles as a strategic business partner contributing in the growth of the organisation.

As a motivation to the employees, RVNL recognises the services of meritorious employees through individual/ group Awards and by presenting shields and cash awards every year on the Annual Day function.

Welfare Programmes:

In line with the guidelines of the Government, the RVNL conducted many welfare programme such as arranging medical camps for Regular, Deupationists, Housekeeping & Outsource employees and their families. A Cricket match was also arranged in this chain of welfare programme on 20.01.2024. Women day celebration was organised on 11.03.2024 for all the women employees of the organisation.

5.1    Industrial Relations

Cordial and harmonious Industrial relations have been maintained throughout the year. All efforts were made to keep the employees and their families safe during the Covid pandemic by complying with the safety protocols and guidelines.

5.2    Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013.

The RVNL Conduct and Discipline Rules are in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. An Internal Complaints Committee called "Vishaka Committee” has been set up in RVNL to redress complaints received regarding sexual harassment. All employees are covered under this policy. The following is a summary of sexual harassment complaints received and disposed off during the calendar year:-

i)    No. of complaints received:    Nil

ii) No. of complaints disposed of:    Nil

5.3    Right to Information Act

The provisions of the Right to Information Act are followed diligently in letter and spirit and timely responses are given to all queries. The Company has nominated Appellate Authority, Chief Public Information Officer and Asstt. Public Information Officer at the Corporate Office and Asstt. Public Information Officer for each PIU. During the year 2023-24, 296 Applications were received and disposed off on time.

5.4    Rajbhasha (Official Language)

The company has been making concerted efforts to implement the directives of the Government of India on use of Rajbhasha (Official Language). The Rajbhasha Department of the Company has a Part-time Mukhya Rajbhasha Adhikari and Sr. DGM (Rajbhasha) cum Up-Mukhya Rajbhasha Adhikari. All the computers in the Corporate Office have been provided with Unicode compliant software and fonts to facilitate access to common templates in Devnagari. To encourage use of Rajbhasha, total 13 officials who use Rajbhasha in Hindi drafting notes and letters were identified from all the departments and given Late Shankar Dayal Singh Smriti Puraskar amounting to H 3,000/- each. A competition on Hindi essay writing, Hindi noting and drafting, Hindi Shabd Gyan and Quiz was organized on the occasion of Hindi Pakhwara in the month of September, 2023. Cash awards of H 78,300 were distributed to 51 successful participants. The Company has also set

up a reading room-cum-library in the Corporate Office with a good collection of books, newspapers and periodicals in Hindi. During 2023-24, 4 meetings of the Rajbhasha Implementation Committee of RVNL were held and promotion of Rajbhasha was discussed and reviewed. During Financial Year 202324, Parliamentary Committee (On Official Language) carried out inspections of Rishikesh, Lucknow, Bengaluru, Secunderabad, Visakhapatnam, Jhansi, Varanasi, Kolkata and Pune Units and Committee has expressed satisfaction. Hindi Prashn Manch Pratiyogita was organized on 20.12.2023 on the directives of Delhi Nagar Rajbhasha Karyanvayan Samiti, Delhi Upkram-2, in which total 21 Officials participated, out of which 5 were awarded with cash award amounting to H 7,800. During Financial Year 2023-24, Nagar Official Language Implementation Committee, Upkram-2 has provided Rajbhasha Shield to RVNL for organizing Hindi Nibandh Lekhan Pratiyogita for member offices of Nagar OLIC Upkram-2.

5.5 Presidential Directives:

During the year 2023-2024, no presidential directive was issued.

6. VIGILANCE

Vigilance Department is headed by Chief Vigilance Officer (CVO). RVNL Vigilance functions with a dominant focus on preventive approach towards strengthening transparency in the systems, work procedures and accountability. Besides examining the allegations in the complaints received from various fora, it also carries out preventive checks and

inspections. The findings of these investigations/ inspections are communicated to the Management for suitable action including system improvements, wherever required. The compliance of corrective actions suggested against deficiencies/lapses noticed during the inspections/preventive checks are also ensured.

During the FY2023-24, focus was made to finalize/ conclude the pending CVC/CTE/Vigilance cases by vigorously pursuing the concerned authorities/ RVNL field units for their comments/action taken. Moreover, observations made during earlier CTE/ CTE Type inspections were followed up and replies on paras pertaining to various CTE inspections were sent to CTE/CVC.

During the period, three (03) CTE Type checks and five (05) preventive checks were conducted by RVNL(Vigilance). Besides, comments against pending paras of CTE checks conducted in earlier years were also sent to the Commission and many paras also got closed from CVC.

A summary of progress of the work done by RVNL Vigilance during the FY 2023-24 is given below:

System Improvements:

Based on the observations during various inspections/checks, RVNL Vigilance makes certain recommendations for system improvements. During the FY 2023-24, following system improvements were suggested by RVNL Vigilance to the Management for implementation: -

Scrutiny of Immovable Property Returns (IPR):

A total of immovable property returns of 85 officials of RVNL (Regular employees) were scrutinized during the Financial Year 2023. Non-compliance by officials towards timely filing of IPR was highlighted by Vigilance after examination resulting into warning issued by HR to 31 officials.

Disciplinary Action:

1.    During the period, in relation to a DAR case arising out of vigilance investigation, as per advice of CVC/RB, enquiry against major penalty concluded w.r.t. one regular employee (Shri G. S. Srinivasulu, DGM/Elect/RVNL/SC). Further, in reference to another case, Major Penalty charge issued to the same officer on 17.08.2023 in which DA advised for D&AR enquiry. The enquiry is already concluded on 19.03.2024 and report from IO is awaited.

2.    In connection with a PIDPI complaint forwarded by CVC followed by CVC advice received on

26.05.2023 for suitable disciplinary proceedings against Shri D.V.Subramanyam, CPM/RVNL/ Chennai, the administrative action of Recorded Warning issued against the officer on 28.12.2023.

3.    In connection with another PIDPI complaint forwarded by CVC followed by CVC advice received on 05.10.2023, Minor Penalty charge-sheet issued to Shri Sushil Kumar Srivastava, Sr.Mgr/Civil/LKO and to Shri Rakesh Yadav, Mgr./Civil/LKO on 22.11.2023. Minor Penalty of "Reduction of one stage lower of pay for six months without cumulative effect" has been imposed on 27.12.2023 against Shri Sushil Kumar Srivastava, Sr.Mgr/Civil/LKO. In case of Shri Yadav, the Disciplinary authority after consideration of Defense has proposed to impose the penalty of "Withholding of one set of Privilege Ticket Order for two (02) years”. Since Sri Yadav is on Deputation, the proposed penalty has been advised to DRM, Solapur, Central Railway but the confirmation of the same is awaited.

4.    Vigilance deptt. of North Eastern Railway vide letter dated 06.03.2024 has informed that in a preventive check conducted by NER Vigilance, Railway Board in consultation with CVC have advised for Minor Penalty proceedings against Shri Ashutosh Shukla, the then Dy. CE/Con./ East/ NER/GKP now AGM/Civil/RVNL/Varanasi. Same has been advised to HR/RVNL vide letter dated 15.03.2024 for issuance of Minor penalty charge sheet.

5.    Vigilance deptt. of Northern Railway vide letter dated 01.03.2024 has informed that in a preventive check conducted by NR Vigilance, Railway Board in consultation with CVC have advised for Minor Penalty proceedings against

Shri JiwanRam Sharma, the then DSTE/ UMB, at present, JGM/S&T, RVNL, Chandigarh. Same has been advised to HR/RVNL vide letter dated 05.03.2024 for issuance of Minor penalty charge sheet.

Vigilance Status:

During the FY 2023-24, approx. 549 cases of vigilance status of officers/employees were processed by RVNL Vigilance as required by HR/RVNL, Railway Board Vigilance, Zonal railways Vigilance etc. All Vigilance status/clearance cases were processed invariably through e-office for prompt disposal.

Periodic Reports to CVC/Railway Board:

The status of various matters namely inspections, complaints, disciplinary cases and miscellaneous matters was regularly apprised to CVC/Railway Board through periodic quarterly and annual reports. The quarterly progress report of physical progress of different works being executed by RVNL was duly sent to CTEO (office of Chief Technical Examiner under Central Vigilance Commission) for each quarter.

CTE Type Inspections:

The initial emphasis was on clearing the pendency of complaints. Besides above, Vigilance paras arising out of the inspections/checks done earlier were also followed up rigorously for taking the cases to logical conclusion. During the FY 2023-24, three (03) CTE type checks have been conducted by RVNL(Vigilance).

SN	Name of Work
1	Design, Supply, Construction, Testing and Commissioning of single circuit 110 KV, 2-phase Transmission line from 110/11 kVBetegra substation to Traction substation at Bhanpur(Halageri village) on 110 KV DC Transmission line tower for an approximate route length of 17.746 KM along with one number of terminal Bay at Bhanpur TSS on Turnkey basis. (conducted between 11.09.2023 to 15.09.2023).
2	Design, Supply, Erection, Testing &Commissioning of Signaling and Telecommunication works involving indoor and outdoor signaling works at six(06) stations ,Daniawan Jn, Top Sarthua , Fazalchak, Jatdumri, Gonpura and Neora Junction in Neora Jn(incl)-Daniawan (incl) section of East Central Railway. (conducted between 11.03.2024 to 15.03.2024).
3	Construction of Roadbed, Major Bridges, ROBs & RUBs including Road approaches, Station Buildings, Staff Quarters, other service buildings, HL platforms, COPs, FOBs, General Electrification & other works related to construction of new BG line from km.78(excluding Yavatmal station) to km 110 of Central Railway (conducted between 11.12.2023 to 15.12.2023).

CTE Inspection: RVNL Vigilance facilitates intensive examination by the Chief Technical Examiner Organization of Central Vigilance Commission (CVC). In reference to the previous observations of CTE/CVC, the replies on all old pending paras for CTE inspections prior to 2021 were furnished by RVNL Vigilance to the Commission and now, no old CTE/CVC paras are pending for reply/closure by CTE/CVC, except of few CTE paras related with Raebareli- Amethi Section Doubling Work (CTE inspection-2021) and CTE paras related with Rajpura- Bhatinda Doubling Project (PKG-01, PKG-02 & PKG-03) (CTE inspection-2022). Preventive Check : During the Financial Year below mentioned preventive checks conducted by RVNL(Vigilance). SN Description 1 Preventive check regarding whether the guidelines issued regarding engagement of consultants and employment/ re-employment of retired railway officers in the PSUs under Ministry of Railways as per IRVM para 705 of chapter VII of the Indian railways Vigilance Manual (2018 edition) (Advance correction Slip No. 07 amending para 705 introduced vide DVM/RB letter No. 2019/ V1/IRVM/1.2 dated 11.04.2023) is being followed at Rail Vikas Nigam Limited or not.

SN Description 2    Preventing check regarding quotation works (three Nos.) at Kaleshwar Bow String Bridge on River Alaknanda in connection with 125 km New Board Gauge rail link between Rishikesh and Karnaprayag in the state of Uttarakhand, India. 3    Preventive Check on the work of, "Construction of service building at station at ParewadiJinti Road and Bhigvan Stations and Station building at Jeur” (case referred by Central Railway Vigilance) 4    Preventive Check on the work of, "Doubling of Bhigvan-Mohol Section part of Daund-Gulbarga Doubling in Solapur Division of Central Railway”. (case referred by Central Railway Vigilance) 5    Preventive Check of PMC for the work "Design, Supply, Erection, Testing & Commissioning of 25 KV, AC, 50 Hz, Single Phase, Traction Over Head Equipment, Traction Sub Stations, Switching Stations and other associated works, Civil Engineering works i.e. Service Buildings, quarters, Tower car sidings, sheds and electrical general services works for Railway Electrification of Tinaighat (Excl.) - Vasco-Da-Gama (Incl.) Double/Single line section (97 RKM/ 203TKM) of Hubli Division of South Western Railway in the State of Karnataka & GOA, India”.

Vigilance Awareness Week:

• In a move towards inculcating the true spirit of participative vigilance, the Central Vigilance Commission had issued instructions detailing a three- month campaign period (16^th August, 2023 till 15^th November, 2023). As per CVC's advice, in the 03-months long campaign, following preventive vigilance measures were taken up as focus areas by all the Ministries / Departments and Organizations:

a.    Awareness building about Public Interest Disclosure and Protection of Informers (PIDPI) Resolution,

b.    Capacity Building Programs,

c.    Identification and implementation of Systemic Improvement measures,

d.    Leveraging of IT for complaint disposal,

e.    Updation of Circulars / Guidelines / Manuals,

f.    Disposal of complaints received before 30.06.23.

• At Rail Vikas Nigam Limited, following training programs were conducted as Capacity Building Exercise during the VAW 2023: -

(i)    A training program on "Stage Wise Integrity Risks in Public Procurement" by Mrs. Garima Lohani Bhagat, JS/Ministry of Finance, IRS, EX-CVO/ESIC was conducted on 20.09.2023.

(ii)    A training program on "Ethics & Governance" by Mrs. Garima Lohani Bhagat, JS/Ministry of Finance, IRS, EX-CVO/ESIC was conducted on 03.11.2023.

(iii)    A training program on "Systems and Procedures of RVNL" by Shri Vikas Awasthi, Executive Director/Planning/Corporate Office/RVNL was conducted on 08.11.2023.

(iv)    A training program on "Cyber Hygiene and Security" by Dr. Aparajita Bhatt, Asst. Professor and Director, Centre for Cyber Laws, National Law University, Delhi was conducted on 13.10.2023.

(v)    A training program on "Role of IO/PO in Conducting Enquiries" by Sh. Ghanshyam Bansal, Dean, Delhi Metro Rail Academy was conducted on 15.11.2023.

(vi)    03 (three) days offline Training of Trainers Programme with domain area “training on Ethics and Governance” at Delhi Metro rail Academy (DMRA), Delhi from 03.10.2023 to

05.10.2023 (Ref. CVC letter No. 023/TRG/04 dated 25.09.2023).

(vii)    02 (two) days Offline Training of Trainers Programme with domain area “training on Cyber Hygiene and Security” at National Institute of Electronics and Information Technology (NIELIT), Delhi from 10.10.2023 to 11.10.2023 (Ref. CVC letter No. 023/ TRG/04 dated 03.10.2023).

Under Vigilance Awareness Week 2023, various activities were held at Corporate Office of Rail Vikas Nigam Limited, New Delhi and also at some of the Project implementation Units of RVNL, as detailed below:

1.    VAW-2023 was started with administration of Integrity Pledge by CMD RVNL on 30.10.2023 at 11:00 hrs. at Conference Hall/1^st Floor of Corporate Office in which officials from Project implementation Units also connected through video link. After taking of Integrity Pledge, PIDPI awareness video and jingle, received from CVC was also run.

2.    On 31 .10.2023, a webinar was conducted on

31.10.2023 by RVNL Vigilance Department on PDPI awareness among officials of various categories of RVNL Corporate Office as well as of Project Implementation Units.

3. A Quiz competition was organized on 01.11.2023 during VAW-2023 at Corporate office of Rail Vikas Nigam Limited, New Delhi for spreading vigilance awareness among officials/employees (Regular/Deputation/Contractual) of RVNL in which a good number of officials participated.

4.    A “NukkadNatak” was also organized during Vigilance Awareness Week on 02.11.2023 at Corporate Office of RVNL, to sanitize the officials/

employees for increasing awareness regarding provisions of PIDPI resolution.

5.    A Slogan competition was organized between

25.10.2023 to 01.11.2023 during VAW-2023 at Corporate office of Rail Vikas Nigam Limited, New Delhi for spreading vigilance awareness among officials/employees (Regular/Deputation/ Contractual) of RVNL

6.    Apart from above, various banners/posters were displayed on office notice-board as well as on the website of RVNL for spreading awareness towards PIDPI resolution.

7.    A webinar was conducted on 31.10.2023 by RVNL Vigilance Department on PIDPI awareness among officials of various categories of RVNL Corporate Office as well as of Project Implementation Units.

8.    Radio advertisement of PIDPI resolution during Vigilance Awareness Week (30.10.2023 to 05.11.2023) was done to increase awareness among general public and persons outside the organization also.

9.    Jingle prepared and forwarded by CVC was played periodically at different meetings/video conferences and run on official social media groups for better sensitization and awareness.

10.    A separate radio Jingle on PIDPI awareness was got prepared through PRO Department of RVNL and run in different social media and official WhatsApp groups.

11.    A short Video on PIDPI awareness (in Hindi and English) as received forwarded through CVC, was also run during different meetings/video conferences and same was also uploaded on official YouTube channel of RVNL.

12.    A complaint Management System has been developed by RVNL/Vigilance in co-ordination with IT Department of RVNL which is in advanced stage of trial and testing. The System will be launched very soon to facilitate online filing of complaint by Citizen through RVNL website along with better management and monitoring of Complaints by RVNL Vigilance Department.

Management Audit of Vigilance Unit (MAVU):

Management Audit of vigilance Unit (MAVU) of RVNL by team of three Director level officials from CVC was conducted for the first time in a successful manner between 27.06.2023 to 29.06.2023.

7. MEMORANDUM OF UNDERSTANDING

The Company secured a rating of “Excellent” by Department of Public Enterprises for the year 2022-

 

 

23 on the basis of the achievement of the committed targets fixed in the Memorandum of Understanding signed between RVNL and Ministry of Railways. This is the thirteenth consecutive year for which the Company has been rated as “Excellent”.

In 2023-24, the Company was also able to meet the targets for all financial, enterprise specific and other parameters set in the MoU for 2023-24. Company has achieved 94.72 km of New Line and Gauge Conversion against the target of 97 km & 571.32 km was achieved against target of 757 km of Doubling set in MoU 2023-24, the company is expected to achieve "Excellent” target for this year also.

7.1    Physical

In 2023-24, the Company Commissioned New Line - 70.19 Km, Gauge Conversion- 24.53 Km, Doubling-571.32 (Total 666.04 Km.)

Highlight of the performance of Railway Infrastructures Commissioning was: -

a)    242.92 KM of Commssioning done in one month i.e. March 2024

b)    Approx 100 KM of Commissioning in a single month.

7.2    Financial

a)    All time high- Bottom line

b)    All time high- Top Line

8. PARTICULARS    RELATING    TOCONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO ETC.8.1 Conservation of Energy and Technology Absorption

RVNL is conscious of the limited nature of conventional sources and the importance of using our energy resources wisely. The Company has been consistently laying emphasis on utilizing energy efficient equipment in its office premises and in various projects so as to minimally effect on the ecology and environment. Initiatives taken to create awareness about conservation of energy among employees have resulted in a steady reduction in energy consumption at Corporate Office. Various environment friendly technologies have been adopted in the Corporate Office building. Solar panels are installed at all Railway Stations and level crossings. LED lighting system also installed and wherever feasible, automatic censor based lightings are installed.

 

 

 

 

11.    COMPLIANCE OF PROVISIONS OF COMPANIES ACT, 2013, SEBI (LODR) REGULATIONS, 2015 AND SECRETARIAL STANDARDS ISSUED BY ICSI

All the provisions of the Companies Act, 2013 and the Rules made thereunder, Secretarial Standards issued by ICSI and SEBI (LODR) Regulations, 2015 to the extent possible and applicable to the Company as well as all relevant notifications thereon issued by the Government of India, are being strictly complied with.

12.    COMPLIANCE OF DPE GUIDELINES AND POLICIES

All the guidelines and policies including guidelines having financial implications issued by Department of Public Enterprises from time to time are duly complied with by the Company.

13.    COMPLIANCE OF THE PUBLIC PROCUREMENT POLICY FOR MICRO AND SMALL ENTERPRISES (MSES) ORDER, 2012

The Government of India has notified Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012 with effect from 1^st April, 2012. As per the mandate of the Public Procurement Policy for Micro and Small Enterprises (MSEs) Order 2012, every Central Ministries/PSUs is required to set an annual target of minimum 25% procurement of goods & services from MSE Sector. Out of 25% annual procurement, a sub-target of 4% & 3% should be from MSEs owned by SC/ST and Women entrepreneurs, respectively.

Rail Vikas Nigam Ltd. (RVNL) has taken several steps for effective implementation of MSE policy. The benefits of waiver of cost of tender documents and deposit of earnest money, prescribed under the Policy, are incorporated in the tenders for stores procurement and obtaining services, etc.

Mrs Anupam Ban, Director (Personnel) is working as Nodal Officer and Shri P.C Jaiswal, GGM/PP&D has been nominated as the Grievance Officer for seamless implementation of the MSE policy in RVNL. Contract details of these officers are uploaded on RVNL website.

Annual Procurement Plan for purchase from MSEs during the year 2023-24 was made available on RVNL website for information of MSEs and to help them participate in procurement of goods and services.

In the year 2023-24, RVNL procured goods and services amounting to a total of H 46.33 crores. Out of this, the total value of goods and services purchased from MSEs (Including MSEs owned by SC/ST and Women entrepreneurs) was to the tune H 16.30 crores i.e. 35.18% of the total procurement. Thus, RVNL has fully complied with the Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012.

As desired, the expenditure incurred by RVNL on under mentioned head of accounts for the period from 01.04.2023 to 31.03.2024 is given below:
S. No.	Particulars	GL Code	Total Expenditure	MSME Expenditure	% of MSE
1.	Vehicle hiring	5206050004	5.69	1.57	27.51%
2.	Photocopy Exp./Printing & stationary	5206110002/5206110003	2.95	0.75	25.33%
3.	Outsourcing Staff	5206100005/5206120003	14.59	0.99	6.82%
4.	Housekeeping /Security Service	5206170003/5206170004	10.04	10.04	100%
5.	Office equipmen	1101010001	1.56	0.02	1.11%
6.	Furniture and Fixtures	1101020001	1.91	0.09	4.47%
7.	EDP Assets	1101030001	2.50	0.36	14.32%

14.    RESEARCH AND DEVELOPMENTImplementation of an Integrated IT Solution for RVNL

RVNL is utilizing a number of IT initiatives in order to automate the business processes of the organisation across employee services, office procedures, and project management and vendor billings. Among the latest systems implemented, below are noteworthy accomplishments:

RVNL is embarking on adapting Data Analytics and Artificial Intelligence technology making all our processes centralised, digitised and automated.

RVNL upgraded the data centre and shifted to RailTel. With this now our systems are running on latest hardware.

RVNL, being a Navratna Public Sector Enterprise, ensures that as per Information Technology Act, 2000, Your Company has always been at the forefront in the adoption of new technology solutions for the continual improvement in its business processes. With a vision to be a digitally empowered organization for operational excellence and stakeholder value creation, it has adopted several path-breaking technologies in its technology stack. Various IT projects that are in pipeline for implementation are Upgrading our SAP systems from ECC 6 to S4/ HANA, Implementing ISO 27001/2023 which is an internationally recognised standard for information security management systems etc.

15.    DIRECTORS' RESPONSIBILITY STATEMENTPursuant to Section 134(5) of the Companies Act, 2013, the Directors confirm that -

a)    In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

b)    The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are

 

The Company has been requesting Ministry of Railways (MoR), Government of India to appoint requisite number of Independent Directors (including woman Independent Director) to ensure the compliance to the provisions of SEBI (LODR) Regulations, 2015 and DPE Guidelines on Corporate Governance. Except the appointment of Independent Directors (including woman Independent Director), the composition of the Board is in compliance with Regulation 17 of SEBI (LODR) Regulations, 2015.

Woman Director & Independent Woman Director

In terms of the provisions of Section 149 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014, a Company shall have at least one Woman Director on the Board of the Company. Further, as per SEBI (LODR) (Amendment) Regulations, 2018, a Company shall have at least one Independent Women Director. Your Company had no Independent Woman Director on the Board of the Company since 18.09.2020. The Company has requested Ministry of Railways for appointment of Women Independent Directors in order to comply with the requirements under Regulation 17 of SEBI (LODR) Regulations 2015 and Companies Act, 2013.

Appointment/Resignations of Key Managerial Personnel's

The Board of Directors of the Company has designated all the whole-time Directors, Company Secretary, Chief Financial Officer (CFO) as the Key Managerial Personnel (KMP) of the Company; and Chairman & Managing Director (CMD) and Director (Finance) have been designated as CEO and CFO, respectively.

Annual evaluation by the Board of its own performance and that of its Committees and Individual Directors-

RVNL being a Government Company is exempted vide notification No. F.No.1/2/2014-CL. V dated 5.6.2015 issued by Ministry of Corporate Affairs, to comply with the provisions of Sec 134(3)(e) and Sec 134(3)(p) with respect to Annual evaluation by the Board of its own performance and that of its Committees and Individual Directors. Ministry of Corporate Affairs (MCA) vide General Circular dated 5^th 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. In case of RVNL, the performance evaluation of Directors is done by the Ministry of Railways as per their laid down procedure. Further, DPE, through our Administrative Ministry (MOR) has started the exercise of performance evaluation/ assessment of non-official (Independent) Directors on the Board of the Company.

Retirement of Directors by Rotation

The Companies Act, 2013 provides that the provisions in respect of retirement of Directors by rotation will not be applicable to Independent Directors. In view of this, no Independent Director is considered to be retiring by rotation; however, all other directors are considered to be retiring by rotation. Accordingly, as per provisions of section 152 of Companies Act, 2013, one third among all other directors namely Shri Dhananjaya Singh, (DIN: 08955500), Govt. Nominee Director and Mrs. Anupam Ban (DIN: 07797026) Director (Personnel), being longest in office, are liable to retire by rotation and being eligible, offer himself/herself for re-appointment. The details of Director seeking re-appointment at the ensuing AGM are contained in the Notice convening the ensuing AGM of the Company.

Meetings of the Board of Directors and Other Committees of the Board and their Composition

Pursuant to the Companies Act, 2013 and Rules framed there under, Ten (10) Board Meetings were held in the F.Y. 2023-24. The details of the Meetings are in the Corporate Governance Report forming part of this report. Your Company has Audit Committee, CSR Committee, and other Committees of the Board in place in compliance to Compliance Act, 2013 and SEBI (LODR) Regulations. The Composition and scope of the Committees are provided in the report of Corporate Governance, forming part of this report in Annexure-B. Further, there has been no instance where the Board of Directors have not accepted the recommendation of Audit Committee.

A Statement regarding Opinion of the Board with regard to Integrity, Expertise and Experience (including the Proficiency) of the Independent Directors appointed during the year

The Independent Directors appointed on the Board of the Company are eminent personalities drawn from fields like Science, Finance, management, industry

etc. having wide experience. Upon induction on the Board of the Company, the Independent Directors are familiarized with profile of the Company, its business, industry scenario, operations, organizational structure, statutory & regulatory responsibilities through familiarization programme. During the Financial Year 2023-24, No Independent Director on the board of Rail Vikas Nigam Limited (RVNL) has resigned from the post of Independent Director. However, the present two Independent Director has wide experience in his field and has contributed towards the growth of the Company. In the opinion of the Board, the Independent Director fulfils the conditions specified in the Listing Regulations and are independent of the management.

However, the composition of the Board of Directors was not in conformity with the provisions of the Companies Act, 2013, SEBI LODR Regulations and DPE Guidelines on Corporate Governance, due to absence of requisite number of Independent Directors including Woman Independent Director on its Board. The Company has been requesting Ministry of Railways (MoR), Government of India to appoint requisite number of Independent Directors (including woman Independent Director) to ensure the compliance to the provisions of SEBI (LODR) Regulations, 2015 and DPE Guidelines on Corporate Governance. Except the appointment of Independent Directors (including woman Independent Director), the composition of the Board is in compliance with Regulation 17 of SEBI (LODR) Regulations, 2015.

17.    AUDITORS Statutory Auditor

The Comptroller & Auditor General of India has appointed M/s V.K. Dhingra & Co., Chartered Accountants as Statutory Auditors of the Company for the year ended 31^st March, 2024. The Board would like to thank them for their valuable support and guidance during the audit of accounts under review.

Secretarial Auditor

The Board of Directors has appointed M/s Kumar Naresh Sinha & Associates, Practicing Company Secretary to conduct the Secretarial Audit for

Financial Year 2023-24. The Secretarial Audit Report is annexed and forms part of this Annual Report in Annexure E.

18.    REPORTING OF FRAUDS BY AUDITORS

During the year, neither the Statutory Auditor nor the Secretarial Auditor have reported to the Audit Committee under Section 143(2) of the Companies Act, 2013, any instance of fraud committed against the Company by its officers or employees.

19.    COMMENTS OF COMPTROLLER & AUDITOR GENERAL (C&AG) OF INDIA

The Comptroller & Auditor General of India has undertaken supplementary audit on the accounts of the Company for the year ended 31^st March, 2024 under Section 139(5) of the Companies Act, 2013. The comments of the C&AG on the Annual Accounts of the Company for the year ended 31^st March, 2024 are yet to be circulated.

20.    DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUSAND COMPANY'S OPERATIONS IN FUTURE.

No Significant and Material Orders Passed by The Regulators or Courts or Tribunals impacting the Going Concern Status and Company's Operations in Future during the year under Review

21.    PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The provisions of Section 134(3) (e) of the Companies Act, 2013 are not applicable to a Government Company. Similarly, Section 197 of the Companies Act, 2013 shall not apply to a Government Company. Consequently, there is no requirement of disclosure of the ratio of the remuneration of each Director to the median employee's remuneration and other such details, including the statement showing the names and other particulars of every employee of the Company, who, if employed throughout/part of the Financial Year, was in receipt of remuneration in excess of the limits set out in the Rules.

22.    MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF REPORT

There are no material changes and commitments affecting financial position of the Company which occurred between 01 .04.2023 to 31 .03.2024 and date of signing of this Report.

23.    COST RECORDS

The provisions of section 148 of the Companies Act, 2013 was not applicable during period under review.

24.    DIFFERENCE IN AMOUNT OF THE VALUATION

There was no such instance of either settlement or loan from Bank or Financial Institution during the year under review.

25.    GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these matters during the year under review:

•    Details relating to deposits covered under Chapter V of the Companies Act 2013.

•    Issue of equity shares with differential rights as to dividend, voting or otherwise.

•    There has been no change in the nature of business of the Company.

26.    CORPORATE INSOLVENCY RESOLUTION PROCESSINITIATEDUNDERTHEINSOLVENCY AND BANKRUPTCY CODE, 2016

The Company has no information to disclose under above.

27.    FAILURE TO IMPLEMENT ANY CORPORATE ACTION

The Company has implemented all Corporate Actions successfully within prescribed timelines. Therefore, the Company has nothing to report.

28.    ACKNOWLEDGEMENTS

Your Directors also take this opportunity to gratefully acknowledge the co-operation, guidance, and support in effective management of company's affairs and resources provided by Government of India, in particular Ministry of Railways (MoR), Ministry of Finance, Department of Public Enterprises, various banks, Asian Development Bank, the Zonal Railways, IRFC and our equity partners in Joint Venture SPVs for their continued interest and support to the Company. Your Directors would like to express their thanks for the devotion, commitment and dedication of each and every employee of the Company due to which your Company could face the new challenges and opportunities and create a niche for itself as a major provider of rail infrastructure in the country. Your Directors also acknowledge the support and guidance received from officials of Comptroller & Auditor General of India, Statutory Auditors, and Secretarial Auditors for their suggestions. Last but not the least, the Directors would like to express their deep appreciation and gratitude towards all their predecessors who have been associated with RVNL, for their valuable contribution to the growth and development of the Company in attainment of the Company's aim and goals in all the spheres.