As mentioned in Chapter II, business of the Company is overseen by the President through his nominees and managed by the Board of Directors. Directors of the Company are appointed by the President. BOD delegates powers to Managing Director for managing the affairs of the Company. Re-delegation to Director (Finance) and other Officers is also resorted to as necessary by MD. Accordingly, decisions are taken at the appropriate levels i.e. GMs. DF and MD.
All decisions relating to raising of funds are taken at the level of MD. Papers are put up by the concerned GM through Director Finance. MD steers all major activities of the Corporation including personnel, corporate planning and project implementation matters.
Management’s accountability lies in performance of the Company against targets set for it at the beginning of each, and from time to time. Targets against various parameters set out in the MOU signed with MoR and annual borrowing target set out in the Railway Budget each year constitute major components against which accountability is benchmarked. The Company has been successfully meeting the borrowing targets set by MoR from year to year. As regards targets in the MOU, the Company has been getting “Excellent” rating from DPE for seven years in succession. Besides, the Company has also received awards both from the President of India and Prime Minister India for the years 2001-02 and 2002-03 respectively for being among top 10 of the Central PSUs.
Functionaries at different levels in the Company are responsible for performance in their assigned areas of work. They are expected to monitor market conditions and initiate timely action to complete borrowing/redemption and/or other activities as per schedule. They are also responsible for keeping the Company in compliance in regard to regulatory/Statutory requirements and timely and effective interface with regulatory/Statutory agencies.
Machinery for enforcing accountability is strengthened through the role and functioning of Internal Auditors, Statutory Auditors, Comptroller and Auditor General of India and Chief Vigilance Officer.
