Empanelment of CA Firm for Internal Audit of SJVN Limited

Introduction:

SJVN Limited, a Mini Ratna, Category-I and Schedule – ‘A’ CPSE under administrative control of Ministry of Power, Govt. of India, was incorporated on May 24, 1988 as a joint venture of the Government of India (GOI) and the Government of Himachal Pradesh (GOHP). SJVN is now a listed Company having shareholders pattern of 59.92% with Govt. of India, 26.85% with Govt. of Himachal Pradesh and rest of 13.23 % with Public. The present paid up capital and authorized capitals of SJVN are Rs. 3,929.80 Crore and Rs. 7,000 Crore respectively. The present Net Worth is Rs.13349.21 Crore.

Beginning with a single Project and single State operation (i.e. India’s largest 1500 MW Nathpa Jhakri Hydro Power Station in Himachal Pradesh) the Company has commissioned six projects totaling 2016.5 MW of installed capacity. SJVN is presently implementing Power Projects in Himachal Pradesh, Uttarakhand, Uttar Pradesh, Bihar, Maharashtra, Punjab and Gujarat in India besides neighboring countries viz. Nepal and Bhutan.

SJVN intends to empanel Chartered Accountant / Cost Accountant Firms to conduct internal audit of the functions and activities of the various projects/offices of company for the F.Y 2022-23 and onwards as required under section 138 (1) of the Companies Act, 2013. The applications are invited from the firms of Chartered Accountant / Cost Accountant preferably of Northern region, having requisite experience in Internal Audit of Power Sector organizations / PSUs.

In exercise of the powers conferred under sub-sections (1) section 138 read with section 469 of the Companies Act, 2013, the Ministry of Corporate Affairs, Govt. of India, New Delhi has issued notification for conducting Internal Audit of the function and activities of the company in respect of each of its financial year commencing on or after the 1stday of April, 2014 and Rule (13) (1) (a) of Companies (Accounts) Rules, 2014. Hence, SJVN Ltd desires to empanel the Internal Auditors for conducting Internal Audit of the functions and activities of SJVN Ltd.

Scope of Work:

SJVN is looking for engagement of eligible Chartered Accountant / Cost Accountant firm preferably from Northern Region for carrying out the following job: –

i. Internal audit is to be conducted for the Financial Year 2022-23 (extendable for further two years based on performance) in accordance with Rule (13) (1) (a) of Companies (Accounts) Rules, 2014 and as required by the Section 138 of the Companies Act, 2013 and in adherence to the relevant orders/clarifications as issued from time to time by Ministry of Corporate Affairs, Govt. Of India, and the Auditing Standards issued by the Institute of Chartered Accountants of India in respect of units/offices as per Annexure-IV.

ii. The Scope of work of Internal Auditors is attached at Annexure – I, which is indicative. The scope of work may increase/decrease depending upon the requirement of work.

Other Terms and Conditions:

i. The tenure of appointments shall be at the sole discretion of the Company. The tenure for appointments shall be initially for one year. The period of appointments can further be extended for another period of two years based on the satisfactory performance of Auditors.

ii. Maximum tenure of appointments for internal auditors shall be a continues period of three (3) years. After that Internal Auditors shall be considered for re-appointment after the cooling period of three years.

iii. Firms who have served in the capacity of Internal/Statutory/Cost Auditor of the Company up to FY 2021-22 for consecutive three years shall not be considered for appointment as Internal Auditors.

iv. Company shall deduct TDS/any other tax/levy as per prevailing rules/rates.

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