Welcome, Friday, Jun 5, 2020

The Procedure followed in the Decision Making Process including channels of Supervision and Accountability

The Corporation follows a hierarchical system in its decision making process. A number of committees have also been set up to take advantage of collective wisdom. All authorities, including individual executives as well as committees, operate within the laid down Delegation of Powers  (DoP). The Corporation has a standard Purchase Procedure  followed for making purchase of administrative store. Detailed  Trade Guidelines have been laid for undertaking back-to-back trade.

The Corporation also has a proper system of checks and balances in place. Besides Statutory Audit and Audit by CAG, the functions of the Corporation are also subjected to an Internal Audit by professional outside agencies.  The quarterly financial statements, reporting processes, internal control systems as also findings of internal, external and Government audit are reviewed from time to time in the meetings of Management Audit Committee and the Audit Committee of the Board of Directors constituted for this purpose. The various systems and procedures of the Corporation have been laid down in such a manner that maximum transparency is ensured in all commercial deals. The Corporation has a full-fledged Vigilance Division to oversee that the guidelines of the Government are strictly adhered to/implemented in all matters requiring transparency of operations.