Rail Vikas Nigam Limited has scheduled its 20th Annual General Meeting (AGM) for September 27, 2023, fixing September 20, 2023, as the record date for determining dividend entitlements. The meeting will be conducted via Video Conferencing or Other Audio Visual Means (OAVM), enabling remote participation in compliance with Ministry of Corporate Affairs guidelines. Shareholders holding units as of the cut-off date are eligible to vote on ordinary and special resolutions and receive dividends if declared by the Board.

The company filed the intimation with the National Stock Exchange of India Ltd. and BSE Ltd. on August 29, 2023, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The deemed venue is the 1st Floor of August Kranti Bhawan in New Delhi, though physical attendance is not required. Kumar Naresh Sinha & Associates serves as the scrutinizer to oversee the e-voting process.

Voting and Meeting Schedule

Remote e-voting is open to members registered as of September 20, 2023. The voting window runs from September 24, 2023, at 9:00 A.M. IST to September 26, 2023, at 5:00 P.M. IST. Votes cast during this period are final. Members attending the virtual session who have not voted remotely may cast electronic votes during the meeting. Transfer books remain closed from September 21 to September 27, 2023.

Dividend and Compliance Procedures

Dividend payments will be processed electronically within 30 days of the AGM’s conclusion, provided bank details are updated. Shareholders without Electronic Clearing System (ECS) mandates must submit forms to their depository participants or the Registrar and Share Transfer Agent, Alankit Assignments Limited. Physical shareholders preferring warrants may email bank details to the RTA. The Notice of AGM and Annual Report for FY23 are available on the company website and stock exchange portals. Kalpana Dubey, Company Secretary & Compliance Officer, signed the notice dated August 29, 2023. Voting results will be declared within 48 hours of the meeting.

Rail Vikas Nigam declared a final dividend of ₹0.36 per equity share for FY 2022-23 at its 20th Annual General Meeting held on September 27, 2023. The meeting, conducted via Video Conferencing/Other Audio-Visual Means (VC/OAVM), saw shareholders approve key board appointments, authorize statutory auditor remuneration for FY 2023-24, and propose amendments to the Articles of Association (AoA) and Memorandum of Association (MoA) following the grant of Navratna status. This governance update coincides with the company reporting its highest-ever turnover of ₹20,281.57 crore, driven by robust project execution in railway infrastructure.

Financial Performance Highlights

Rail Vikas Nigam reported strong financial results for FY 2022-23, crossing the milestone of ₹20,000 crore in project expenditure. The company achieved its highest-ever turnover and declared the highest-ever total dividend. Key financial metrics are presented below:

The company received ₹15,898.84 crore (approx.) from the Ministry of Railways for project expenditure during the year. No borrowing was made from IRFC during FY 2022-23, with the outstanding IRFC loan standing at ₹5,341.65 crore as on March 31, 2023.

Board Appointments and Reappointments

Shareholders approved several key personnel changes during the special business segment of the AGM:

Sanjeeb Kumar retired by rotation and offered himself for reappointment. Anil Kumar Khandelwal, a Principal Executive Director (GS) from the Railway Board, joined the board as a Government Nominee Director. Mrs. Anupam Ban was appointed as Director (Personnel) pursuant to provisions of the Companies Act, 2013.

Operational Performance

FY 2022-23 was a year of significant operational achievement for Rail Vikas Nigam. The company again crossed the 1,000 km commissioning benchmark for New Lines, Doublings, and Gauge Conversion. Key physical performance highlights are summarized below:

Eight major projects were fully commissioned during the year, including Sambalpur-Titlagarh (182 km), Bhimsen-Jhansi (206 km) with RE, Daund-Gulbarga Doubling (224.9 km), Bina-Kota (282.66 km) with electrification, and Palanpur-Samakhiali (247.73 km). The Joka-Taratala section (13.02 km) of the Kolkata Metro was also commissioned and dedicated to the public by the Prime Minister on December 30, 2022.

Navratna Status and Charter Amendments

Following the grant of Navratna status by the Department of Public Enterprises vide O.M. No. PD-I-26/0003/2022-DPE dated May 1, 2023, the company proposed amendments to both its Articles of Association (AoA) and Memorandum of Association (MoA). The AoA amendments included updating Article 64 to incorporate Navratna powers, modifying Article 66A regarding sitting fees for non-official directors, amending Article 69 to delete references to Mini Ratna Category-I status, and updating quorum provisions in Articles 45(2) and 77 to align with the Companies Act, 2013. The MoA amendment proposed insertion of new business objects at serial numbers 6 and 7, expanding the company's scope to include infrastructure projects in rail transportation (domestic and international), manufacturing and supply of signalling and telecommunication equipment, road infrastructure, NLD networks, rolling stock manufacturing and leasing, energy sector projects, data centres, and general infrastructure projects such as highways, irrigation, and power plants.

Withdrawn Agenda Items

Two items from the original notice — alteration of the Articles of Association and alteration of the Memorandum of Association — were withdrawn during the meeting pending approval from the President of India. Company Secretary Kalpana Dubey informed members that these changes require government clearance, and the company intends to seek shareholder approval via postal ballot once the necessary approvals are received.

CSR and Other Highlights

During FY 2022-23, Rail Vikas Nigam spent ₹26.26 crore on CSR initiatives, exceeding its statutory obligation of ₹23.46 crore. The company received an 'Excellent' rating from the Department of Public Enterprises for the 12th consecutive year, scoring 97.83 out of 100. Rail Vikas Nigam also achieved ISO 9001, ISO 14001, and ISO 45001 certifications on March 24, 2023. The company's first overseas project — the UTF Harbour Project in Maldives — progressed well, with preliminary works including topographic survey, bathymetric survey, and coral mapping completed during the year. Contracts worth approximately ₹3,885.18 crore were awarded during FY 2022-23.