Tata Chemicals wins ICAI Award for Excellence in Financial Reporting
Mumbai: The Annual Report and Accounts of Tata Chemicals (TCL), for the year ended March 31, 2010, were adjudged the second best entry amongst the entries received under 'manufacturing sector — turnover equal to or more than Rs500 crore' of the ICAI Awards for Excellence in Financial Reporting.
TCL received the Silver Shield at a glittering ceremony held at Vigyan Bhawan, New Delhi, India, on January 4, 2011, in the presence of senior Indian government officials, industrialists and chief executives of large public and private sector organisations.
Speaking on the achievement, PK Ghose, executive director and chief financial officer, TCL, said, “We constantly focus on keeping ourselves apprised of accounting practices and standards prevailing across the world. The recognition is reflection of transparent practices adopted by TCL in following accounting standards in practice and following established models of good corporate governance.”
Organised by the Institute of Chartered Accountants of India (ICAI), these awards signify that the accounting policies followed by the concerned enterprise are satisfactory amongst the enterprises that have participated in the competition. On the basis of degree of compliance with the accounting standards, statutory guidelines and other relevant pronouncements, the Gold Shield, the Silver Shield and the Plaque are awarded for the best, the second best and commendable entries respectively.
The awardees were selected by an esteemed panel of judges on review of accounting practices adopted by the participating enterprises in the preparation of financial statements and the policies adopted for disclosure and presentation of financial statements and other information in the annual reports without regard to their financial condition and operating performance.