SOP Updated Amendment 2019
SOP updated including Amendment no. 50 dated 22.10.2019
SCHEDULE OF POWERS OF RAIL VIKAS NIGAM LIMITED
(Updated version of SOP issued vide No. C/Policy/Tender Cell dated 1.10.2009 duly embodying all amendments up to Amendment No. 50 dated 21.10.2019)
The Chairman and Managing Director is authorized to exercise in full all or any of the powers vested in the Board of Directors of the Company (as incorporated in the Articles of Association) for the management and administration of the Company except on matters as listed in Annexure-A which requires the approval of the Board of Directors and/or the Central Government. He will report to the Board of Directors salient features of all offers made/contracts signed by him.
1. The exercise of the powers delegated to the Chairman and Managing Director will be subject to:
The provisions of the Companies Act, 1956;
The Memorandum and Articles of Association of the Company;
The relevant directives and instructions of the Central Government;
The policies, rules, regulations and budgets as approved by the Board of Directors from time to time;
The principles of financial propriety;
Financial concurrence /consultation wherever required. In cases where there is a difference of opinion between the Director (Finance) and the
Chairman and Managing Director, the latter will take appropriate decisions and implement them. If in any such case, considered to be of considerable importance and therefore the Director (Finance) require that it should be referred to the Board of Directors, the views of the finance branch shall be fully presented to the Board while referring the disputed case to them;
The availability of funds in the sanctioned budget. The Chairman and Managing Director has full powers of re-appropriation of funds and he can also exceed the total provision of budget upto 10%, if required, subject to availability of funds, and its approval by the Board subsequently; and The General supervision and ultimate control by the Board of Directors.
2. The Chairman and Managing Director is authorized to sub-delegate any or all the powers he is vested with to Director (Finance)/Directors, Executive Directors,
General Managers and other officers under him to facilitate speedy and efficient discharge of responsibilities entrusted to them.
3. If circumstance so warrant, to meet an emergency or within the ambit of operational necessity and efficiency, the Chairman and Managing Director may assume full powers of the Board or take a decision even in respect of any matter requiring the approval of the Board, but in such cases a report should be made to the Board and its post facto approval obtained at the earliest opportunity.
4. The Chairman and Managing Director is delegated full powers on behalf of RVNL to institute, conduct, intervene, defend, abandon or compound any suit, appeal, review, revision, writ petition or other proceedings by or against the Company or its employees or otherwise concerning the affairs of the Company in any court and/or quasi-judicial authorities, to refer any claims or demands by or against the Company to arbitration and observe and perform the awards, to sign and verify plaints, written statements, execution and other petitions, applications, affidavits, objections, memorandum of appeal or other pleadings to be filed before any judicial or quasi-judicial authorities or arbitrators to enforce judgment, execute any decree or orders of any judicial/quasi-judicial authorities or to satisfy the same and/or to realize or withdraw money from any court, persons or other authorities in execution of such decree or order and to sign
5. The Chairman and Managing Director is delegated full powers on behalf of RVNL to execute contracts, collaboration agreement(s), general/special instruments, including joint undertakings, service agreements/Bond(s), indemnity/guarantee Bond(s) and deeds in respect of or connected with sale/lease/license, mortgage, hypothecation, pledge or other deed(s) of a legal character of whatever description, Power(s) of Attorney, to enforce guarantee(s) or any other legal rights to incur legal expenses and to act as agent of the Company for any purpose whatsoever relating to the Company’s business.
6. The Chairman and Managing Director is authorized to form Selection Board/Committee and to make appointments to the posts created by the Board of Directors and to take such disciplinary actions as may be required under the policy of the Company.
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