ICWAI National award for excellence in Cost Management
NEW DELHI, INDIA: CyberMedia India Ltd. has been conferred the prestigious ICWAI Award for Excellence in Cost Management.
CyberMedia happens to be the first media company to receive the award for its innovative HR practices in managing costs, under the private sector service unit’s category.
Minister for Corporate Affairs, Prem Chand Gupta gave away the award to Pradeep Gupta, chairman of CyberMedia Group at a function marked to celebrate the occasion at Vigyan Bhavan this evening.
Receiving the award Pradeep Gupta said that it was a privilege to receive the award as the only media company in the four-year history of the awards. “We have achieved cost efficiency through our HR process within the company, by KRAs and creating cost consciousness among the employees at every stage,” he said. Gupta thanked the entire team at CyberMedia for the conferment of the award
Talking to CyberMedia News later, Gupta said that the employees were being made conscious of their work and the cost involved in it. “We have followed a HR process, thus ensuring that the employee understand the implications of cost and their work. We have also created a pyramid of information dissemination, and sharing information at all levels,” he said further.
Earlier, Minister for Corporate Affairs, Prem Chand Gupta, lined up the achievements of his ministry, and especially the MCA-21 scheme. “We are also drafting a bill to redefine the Company Act, which is become irrelevant with innumerable by-laws,” he informed.
ICWAI President, Dhananjay, V Joshi informed the gathering about the establishment of industry-specific research projects to achieve cost efficiency in all the sectors. V C Kothari, member council of ICWAI delivered the vote of thanks.
The ICWAI National Award for Excellence in Cost Management is an annual award given to companies in India, by the Institute of Cost and Work Accountants of India (ICWAI) for promising companies, which achieve cost management and efficiency through various innovative and proactive practices.
Companies which received the awards were National Mineral Development Corporation, Bharat Electronics Ltd., Gujarat State Fertilisers and Chemicals Ltd., GAIL Ltd., Tata Motors and Tata Steel among others.
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