SJVN : वार्षिक रिपोर्ट 2022 - 2023

		CONTENTS
1.	Brief Profile of Directors	2
2.	Project Porfolio	4
3.	Selected Financial Information	6
4.	Notice	7
5.	Chairman's Letter to the Shareholders	19
6.	Directors' Report 2022-23	25
7.	Management Discussion and Analysis	40
8.	Report on Corporate Governance	49
9.	Compliance Certificate on Corporate Governance	62
10.	Business Responsibility and Sustainability Report (BRSR)	68
11. Report of Secretarial Auditor	102
12.	Independent Auditor's Report on the Standalone Financial Statements	105
13.	Comments of C&AG of India on the Standalone Financial Statements	114
14.	Standalone Financial Statements 2022-23	115
15.	Independent Auditor's Report on the Consolidated Financial Statements	167
16.	Comments of C&AG of India on the Consolidated Financial Statements	173
17.	Consolidated Financial Statements 2022-23	174

Reference Information

Company Secretary	:	Soumendra Das
Statutory Auditors	:	M/s APT & Co LLP
Cost Auditors	:	M/s A.J.S. & Associates, Cost Accountants
Secretarial Auditors	:	Mr. Santosh Pradhan, Practicing Company Secretary
Registered & Corporate Office	:	SJVN Corporate Office Complex, Shanan, Shimla - 171006
Shares Listed at	:	Bombay Stock Exchange Limited (BSE)
		National Stock Exchange Limited (NSE)
Non-Convertible Debentures Listed at	:	Bombay Stock Exchange Limited (BSE)
Depositories	:	National Securities Depository Limited
		Central Depository Services (India) Limited
Debenture Trustee	:	IDBI Trusteeship Services Limited
Bankers	:	State Bank of India
		Punjab National Bank
		Bank of Baroda
		H.P. State Co-operative Bank
		IDBI Bank
		HDFC Bank
		Axis Bank
		AU Small Finance Bank
		Bandhan Bank
		Bank of India
		Canara Bank

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THE BOARD OF DIRECTORS - BRIEF PROFILES

CHAIRMAN & MANAGING DIRECTOR

Sh. Nand Lal Sharma is the Chairman & Managing Director of SJVN. He is also the Chairman of SJVN Arun-3 Power Development Company Pvt. Ltd., Nepal, SJVN Thermal Private Limited, Bihar & SJVN Green Energy Limited.

Sh. Nand Lal Sharma holds MBA & M.Sc. degrees. He has done MBA from International Centre for Promotion of Public Enterprises (ICPE), University of LUBLIANA, Slovenia (Europe). He is also an alumni of Dr. Y. S Parmar University of Horticulture & Forestry Nauni, Solan, H.P Krishi Vishwavidyalaya, Palampur.

Sh. Nand Lal Sharma started his career as an officer with the coveted Himachal Pradesh Administrative Services in 1989. During his tenure in HP Administrative Services, he held various key posts namely Asstt. Commissioner, Sub-Divisional Magistrate, Special Secretary (GAD), Director Ayurveda, Special Secretary (Health) and Secretary, HP State Electricity Board.

He joined SJVN in 2008 as Executive Director (HR). He was selected as Director (Personnel) SJVN and served this post w.e.f 22nd March 2011 to November 2017. During his tenure in Human Resources, he envisaged and successfully implemented numerous HR initiatives. He was also the Chairman, SJVN Foundation responsible for planning and implementation of CSR programs of the company. He spearheaded the foundation with the firm belief that the growth of an organization is meaningful only when it is shared with the society.

Sh. Nand Lal Sharma took over as Chairman & Managing Director of SJVN in December 2017. He has steered SJVN towards exponential growth in India & abroad. Portfolio of the company expanded from around 5200 MW in 2017 to around 55,814.40 MW at present. He has played a pivotal role in expansion and diversification of SJVN in the fields of Hydro, Thermal, Solar, Wind, Transmission, Consultancy and Power Trading.

With more than 33 years of experience in administration and Power Sector, Sh. Sharma has an innate ability to turn challenges into opportunities. He has led SJVN towards realizing its Shared Vision of 5000 MW by 2023-24, 25000 MW by 2030 & 50000 MW capacity by 2040. Under his leadership, SJVN has transformed into fully diversified transnational company operating in all verticals of energy.

FUNCTIONAL DIRECTORS

Smt. Geeta Kapur, has been appointed as Director (Personnel) w.e.f. 18th October 2018. Prior to this, she held the post of General Manager (Human Resource) at SJVN Limited. Mrs. Kapur is a Post Graduate in Management from Himachal Pradesh, University, Shimla. She has more than 3 (three) decades of experience in core areas of Human Resource (HR), out of which 28 years in SJVN. She started her career with Punjab Wireless Systems (PUNWIRE) a Punjab State Industrial Development Corporation (PSIDC) owned concern in Mohali, Punjab. She was 1st woman officer to join the HR Team in 1986. She also happens to be the first woman Functional Director of the Company.

During her tenure in SJVN, in addition to policies and defining appropriate standard operating procedures, she played a vital role in Wage Settlements with Unions since inception. As a Head of Policy Section, she implemented Pay Revision applicable to Executives and Board Level Executives w.e.f. 01.01.1997 and 01.01.2007. Drawing inspiration from the concept of variable pay introduced by DPE w.e.f. 01.01.2007, she headed the section which introduced the concept of Balanced Score Card (BSC). Thus, driving a strategic performance management framework to drive performance for payment of variable pay generally referred to as Performance Related Pay. The payment was based on three Parameters namely- MOU, BSC and Individual Contribution as a key differentiator. To promote general well-being, create congenial atmosphere, sustainable hand holding upon superannuation various schemes like Voluntary Superannuation Scheme, Group Saving Linked Insurance Scheme, Benevolent Fund Scheme and Defined Contributory Pension Scheme were implemented. This positively impacted all palpable measures reflecting HR culture in the organization. As a Human Resource Director, she envisions an organization which finds a place in the Revered List of "Great Place to Work" amongst India's CPSEs.

Shri Akhileshwar Singh has been appointed as Director (Finance) w.e.f. 6th January 2020. He holds Master of Business Administration (Finance) from Patna University. He has more than 35 years of experience in various organizations including SJVN. He started his career in the year 1987 with Hindustan Paper Corporation Ltd. He joined SJVN in 1993 as Sr. Officer (Finance) and worked in various departments and projects and rose to the level of Chief General Manager (Finance). During his tenure in Hindustan Paper Corporation Ltd., he worked at various Executive positions and completed various significant assignments. He was associated with Finance and Internal Audit.

In SJVN, he worked at various positions and completed various significant assignments including Buyback of Shares. He worked in various sections of Finance, Commercial & System Operation, HOD (Finance) of LHEP, HOD (Internal Audit), CFO, SAPDC Nepal and as Chief General Manager (Finance) of Corporate Headquarters, Shimla. He has been also appointed as Chief Financial Officer of SJVN w.e.f. 27th November 2019. He is responsible for all legal and statutory compliance as Key Managerial Personnel including vetting of all proposals and agendas for Board and Committee Meetings.

Shri Sushil Sharma has been appointed Director (Electrical) w.e.f. 01st August 2020. Prior to this, Shri Sharma was holding the post of General Manager (Mechanical) in SJVN at 1500 MW Nathpa Jhakri Plant. Shri Sharma did his B.E. (Mechanical) from VNIT, Nagpur. He has more than 33 years of rich and varied experience in various organisations including SJVN. He started his career in H.P. State Technical Education Service in 1990. He joined SJVN in January, 1994 as Astt. Engineer and worked in various Departments / Projects and rose to the level of General Manager (Mechanical).

In SJVN, he was involved in the Design / Construction of 1500 MW Nathpa Jhakri Project and 412 MW Rampur HPS. He has a vast experience in Design, Erection and Maintenance of Hydro Power Plants. Initially he worked in the Design office of SJVN for about 19 years for Planning and Design of Hydro-Mechanical components of various projects. Later on he was involved in the successful Erection & Commissioning of 412 MW Rampur HPS. After Commissioning, he looked after the Maintenance of Electrical and Mechanical equipment of 412 MW Rampur Project. Subsequently, he was In-charge of Mechanical Maintenance of 1500 MW Nathpa Jhakri Project.

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GOVERNMENT NOMINEE DIRECTORS

Shri Ajay Tewari, has been appointed as Nominee Director of Government of India on the Board of SJVN Limited w.e.f. 1st December 2022.

Shri Tewari is an Indian Administrative Service Officer of 1993 Batch. He is presently serving as Additional Secretary, Ministry of Power looking after Energy Conservation, Energy Transition, International Co-operation, Training & Research and Perspective Planning of Ministry of Power.

Mr. Ajay Tewari is B. Tech (Electrical Engineer) from Indian Institute of Technology and holds PG Diploma in Financial Management. Before joining Central deputation in the Ministry of Labour & Employment as Joint Secretary & Director General of Labour Welfare in the year 2018, he had served on many important administrative positions in the State of Assam and Meghalaya. Shri Ajay Tewari has wide range of experience of working in Finance, Education, Housing & Urban Affairs, Sports, Youth Welfare, General Administration, Revenue Administration, Disaster Management & Labour Welfare sectors.

Shri Ajay Tewari was born on August 5, 1970 and before joining Indian Administrative Service in the year 1993, he had also worked in Gas Authority of India Ltd. (GAIL) and Ordnance Factory, Nagpur for brief periods.

Shri Rajeev Sharma, Secretary (MPP & Power), has been appointed as the Nominee Director of Govt. of Himachal Pradesh on the Board of SJVN Limited w.e.f. 21.02.2023.

Mr. Sharma, is a 1989 batch, Himachal Pradesh Administrative Services (HPAS) Officer who was elevated as Indian Administrative Services (IAS) Officer from 2004. He holds Master's Degree in Botany from H.P. University and Master's in Business Administration (Public Policy) from Ljubljana University, Slovenia. In addition, he has acquired training and experience in diverse areas of Governance and Management from various prestigious educational and administrative Institutions of the country and abroad.

He is presently heading the MPP & Power, Non-Conventional Energy Sources, Ayush, Printing & Stationery and Youth Services & Sports departments in Himachal Pradesh State Government.

He is also serving as Nominee Director in the H.P. State Electricity Board Limited, H.P. Power Corporation Ltd., H.P. Power Transmission Corporation Ltd., Beas Valley Power Corporation Ltd., H.P. Beverages Ltd and Himachal Emta Power Limited.

During his career spanning over 37 years, he has served on many key administrative positions in Himachal Pradesh State Government, like Secretary

• Education, Commissioner - Excise & Taxation, Director - Finance and Personnel Department, Director- Elementary Education, State Project Director - District Primary Education Program, Special Secretary - Public Works Department (PWD), Revenue Department, Disaster Management Department, Additional Director- Rural Development Department, Divisional Commissioner (Shimla Division) etc.  

INDEPENDENT DIRECTORS

Dr. Udeeta Tyagi, has been appointed as Part-TimeNon-Official Independent Director on the Board of SJVN Limited w.e.f. 8th November 2021. Dr. Tyagi holds a Master's degree and Doctorate (2009) in Chemistry. She has over 17 years' teaching experience of chemistry in various institutions. However, her areas of service and experience extend far beyond her professional qualifications. She happens to be a distinguished social worker in the fields of Waste Management, Skill Development, Women Empowerment, Youth Empowerment, Primary Education, Cleanliness and Beautification of Cities etc.

As National President, Member of various State level and National Level Social Service Organisations, she has been working for Social Welfare and Empowerment of youth etc. by bringing not only the youth but also schools, institutions, business organizations, local and state governments together with the objective of bringing prosperity through the community. Her achievements also include incorporating career counselling in CBSE curriculum, starting private schools in 124 villages and launching project 'Kaliyaan' to encourage girls' education. She has also been awarded by Hon'ble Prime Minister for Women Empowerment and by Hon'ble Chief Minister of Uttar Pradesh for beautification of different cities of U.P.

Shri Saroj Ranjan Sinha, has been appointed as Part-TimeNon-Official Independent Director on the Board of SJVN Limited w.e.f. 8th November 2021. Shri Sinha is a Graduate from IEC University, Himachal Pradesh. He is a renowned and respected Public Activist and Social Worker from the State of Bihar who has led and participated in a number of campaigns for a Public Cause. His areas of service include Farmers Welfare and Agricultural Development, empowerment of Farmers to name a few. He has nearly 33 years' experience in Social and Public Service. He has also served as Former Governing Body Member - Indian Council of Agricultural Research Eastern Region Patna, Bihar and Former Member- Bihar State Seed and Organic Certification Agency. He has also been felicitated with the Innovative Farmer Award by Indian Agricultural Research Institute in 2017.

Dr. Danveer Singh Yadav, has been appointed as Part-TimeNon-Official Independent Director on the Board of SJVN Limited w.e.f. 9th November 2021. Dr. Yadav served as Professor in KGK PG College, Moradabad and is presently serving as Principal, S.M. College, Chandausi, Sambhal. He holds a Master's Degree (1990) and Doctorate in Chemistry (1994) from Allahabad University. He has over 27 years of teaching experience in the Department of Chemistry. In addition, he has acquired training and experience in diverse areas of Management from various prestigious educational and administrative Institutions of the country. He has over 12 Research Papers published in the field of Organic Chemistry in International Journals to his credit. He also has written 7 Books in the field of Organic Chemistry.

Dr. Shashikant Jagannath Wani has been appointed as the Independent Director on the Board of SJVN Limited w.e.f. 13th March 2023. Shri Wani holds Diploma in Homeopathy & Biochemistry from State Council of Homeopathy, Madhya Pradesh.

He is Education institute director with over 20 years of experience at Shri Sainath Education Society & Shri Sadguru Vidya Vikas Sanstha. In his current role as a Chairman & Director at Shri Sainath Education Society, he is responsible for overseeing the day-to-day operations of the institute, developing and implementing strategic plans, managing budgets, and ensuring academic excellence. He also works closely with faculty and staff to create a positive learning environment for students. He is also Director at Dilawar Singh Dada Patpedhi, Taloda, Dist. Nandurbar and Shri Jogeshwari Farmer Producer Company. He has been awarded twice with "Khandesh Shikshan Ratna Puraskar'' by Lokmat group.

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