New Delhi: State-owned REC Limited has appointed Mr. Mukul Agarwal as its new Internal Auditor, effective August 1, 2026, following the retirement of Mr. Sahab Narain upon attaining superannuation.
The leadership transition was disclosed by the company under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. REC informed both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) about the change.
Sahab Narain Retires After Superannuation
REC announced that Mr. Sahab Narain ceased to serve as the company’s Internal Auditor with effect from August 1, 2026, after reaching the age of superannuation.
The company acknowledged the routine leadership transition as part of its succession planning, ensuring uninterrupted governance and internal oversight.
Mukul Agarwal Takes Charge as Internal Auditor
With effect from August 1, 2026, Mr. Mukul Agarwal has assumed the role of Internal Auditor.
He currently serves as General Manager (Finance & Accounts) at REC Limited and brings extensive experience in finance, accounting, and corporate governance.
According to the company:
- He is a Member of the Institute of Cost Accountants of India (ICMAI).
- He holds a Bachelor’s degree in Commerce.
- He is not related to any member of the Board of Directors, in line with regulatory disclosure requirements.
Appointment Ensures Continuity in Internal Audit and Compliance
The Internal Auditor plays a vital role in strengthening a company’s financial governance, internal controls, risk management, and regulatory compliance.
REC said the appointment of Mukul Agarwal will ensure continuity in its internal audit function while supporting the company’s robust financial oversight framework.
Such changes in key functional positions are part of the normal succession process followed by large public sector enterprises.
Disclosure Made Under SEBI Regulations
The appointment and cessation were formally disclosed under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
The regulatory filing was signed by Dinesh Garg, Company Secretary and Compliance Officer of REC Limited, and submitted to both NSE and BSE.
About REC Limited
REC Limited is a Maharatna Central Public Sector Enterprise under the Ministry of Power, Government of India. Established in 1969, the company is one of India’s leading infrastructure financing institutions, providing financial assistance to projects in the power sector as well as renewable energy, transmission, distribution, infrastructure, logistics, healthcare, education, and other strategic sectors. REC plays a key role in supporting India’s infrastructure development and energy transition through long-term project financing.
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