REC Limited's Board reserved the proposal to merge into Power Finance Corporation Limited for the approval of the Hon'ble President of India, under Sections 230-232 of the Companies Act, 2013. The CMD is authorized to seek approval, with the share exchange ratio to be determined by valuers, subject to the merged entity maintaining its status as a 'Government Company'. The Board also appointed Mr. Mohammed Azaz Ali as Chief Compliance Officer effective May 17, 2028, until his superannuation on June 30, 2028.
REC Board Reserves PFC Merger Proposal for Presidential Approval
