By TC News Desk
Agartala, 28th September 2024: The 20th Annual General Meeting (AGM) of Tripura State Electricity Corporation Limited (TSECL) was successfully conducted on Friday last at the State Civil Secretariat, Capital Complex in Agartala city marking a significant milestone in the state’s public sector governance.
Along with the TSECL, AGMs of other two State Power Sector PSUs namely Tripura Power Generation Limited (TPGL) and Tripura Power Transmission Limited (TPTL) were also conducted on the same day and venue. It was 10th AGM for TPGL while FIRST AGM for TPTL as the later was incorporated on 19.01.2023 only.
This event was particularly notable as it is for the first time that these three State PSUs had convened their AGMs on the same day, highlighting a new level of coordination among the state’s electricity Generation, Transmission and Distribution Undertakings.
These three AGMs were presided over by Abhishek Singh IAS, Secretary (Power), Govt of Tripura and these followed the completion of Statutory Audit & Supplementary Audit of Annual Accounts both by Statutory Auditors and Comptroller and Auditor General of India (CAG) respectively ensuring that the corporations adhere to established Financial Regulations under Companies Act 2013 and Accounting Standards (Ind AS). This thorough preparation & audit underscore a commitment to transparency and compliance to accountability within State Power Sector. These meetings were also attended by other Shareholders including TSECL Managing Director Biswajit Basu who attended from Delhi through a Video Link.
TSECL, which is the sole distribution company in the State, plays a very crucial role in the state energy landscape and is currently implementing the Revamped Distribution Sector Scheme (RDSS). This initiative aims to improve the efficiency and reliability of power distribution across the State. As part of this project, TSECL has emphasized the importance of preparing both Quarterly and Annual Accounts, which are essential for effective operational oversight and compliance with regulatory requirements as prescribed under the given scheme.
During the AGM, TSECL presented its Annual Report for the financial year 2023-24 and got the approval & consent of the Shareholders of the Company. Earlier, TSECL had presented and placed the three Annual Reports of the Company for FY 20-21, 21-22 & 22-23on the Table of the State Legislative Assembly during 5th Session of the 13th Assembly held during first week of September 2024. This achievement is particularly significant as TSECL has become the first public sector undertaking in Tripura to do so. This submission not only reflects TSECL’s dedication to transparency but also reinforces the Company’s role as a leader among the State PSUs.
Ensuring complete compliance to the RDSS Framework, TSECL had successfully prepared its accounts for the first quarter for the financial year 2024-25. These accounts were approved by the Company Board of Directors earlier during the Board Meeting held on 28 August 2024 and have been forwarded to the REC Limited who is the Central Nodal Agency under RDSS for the State of Tripura. With this, TSECL became a select member among the very few Discoms in the country who have compiled their quarterly accounts as per RDSS Guidelines and this timely submission further exemplifies TSECL’s commitment to maintaining robust financial practices and meeting the regulatory timelines.
The coordinated holding of AGMs by TSECL, TPTL, and TPGL, one after another on the same day, represents a significant step forward in enhancing governance across States Power Sector PSUs. By convening these meetings on the same day, the corporations have set a precedent that encourages collaboration and strategic alignment among different entities operating within the energy sector.
As Tripura continues to navigate challenges in power generation and distribution, the outcomes of these AGMs will play a critical role in shaping the future of energy management in the State. The focus on transparency, accountability, and strategic planning indicates a promising path forward, not only for the corporations involved but also for the citizens who rely on their services.
The successful conduct of these historic AGMs marks a pivotal moment for Tripura’s power sector, reinforcing the importance of governance, collaboration, and accountability in achieving sustainable energy solutions for the State. The commitment displayed by TSECL, TPGL and TPTL at their respective AGMs will undoubtedly pave the way for future enhancements in the power sector of the State, benefiting not only the three Companies but also their Stakeholder, Esteemed Consumers and the Communities& Society at Large, they serve.
