In the matter of the CERC (Procedure, Terms and Conditions for grant of Trading Licence and other related matters) Regulations for the grant of inter- State trading licence – EQ
Summary:
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## **Case Summary – Mahagenco Renewable Energy Ltd. (MREL) Trading Licence Application**
**Forum:** Central Electricity Regulatory Commission (CERC), New Delhi
**Petition No.:** 445/TD/2025
**Date of Order:** 31 August 2025
**Coram:**
* Jishnu Barua, Chairperson
* Ramesh Babu V., Member
* Harish Dudani, Member
* Ravinder Singh Dhillon, Member
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### **1. Case Background**
* **Petitioner:** Mahagenco Renewable Energy Limited (MREL), Mumbai
* **Nature:** Application under **Section 14 of Electricity Act, 2003** & **Reg. 6 of CERC Trading Licence Regulations, 2020**.
* **Relief Sought:** Grant of **Category IV inter-State trading licence (Pan-India)**.
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### **2. Proceedings**
* **20.06.2025 Hearing:**
* Commission asked Petitioner to:
* Undertake that it would not engage in transmission business while holding trading licence.
* Clarify whether professionals listed are **full-time employees**, with designations.
* Petitioner complied via affidavit dated 03.07.2025.
* **31.07.2025 Hearing:**
* Counsel confirmed compliance & sought grant of licence.
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### **3. Commission’s Examination**
* **Procedural Compliance:**
* Application filed in Form-I with requisite fee.
* Published notices (Financial Express & Business Standard, 08.05.2025).
* Uploaded application on website.
* No objections received.
* **Company Background:**
* Incorporated in 2007 (formerly Dhule Thermal Power Co. Ltd.).
* MoA authorises **trading in electricity**.
* **Financial Criteria:**
* **Net worth requirement:** ≥ ₹3 Cr.
* **Special Audited Balance Sheet (28.02.2025):**
* Net worth: ₹102.23 Cr
* Current ratio: 204.95
* Liquidity ratio: 204.95
* Criteria satisfied.
* **Professional Criteria:**
* **Mr. Harshal S. Bhaskare** (M.Tech, MBA, 20+ yrs RE/regulatory experience) – Chief GM (I/C).
* **Mr. Pravin D. Bhoir** (CA, 12+ yrs in finance/accounts at Mahagenco) – DGM (F\&A).
* Both confirmed as **full-time professionals working for gain**.
* Requirement met.
* **Transmission Authorisation in MoA:**
* Company affirmed (via affidavit) it will not engage in transmission unless trading licence surrendered.
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### **4. Commission’s Findings & Directions**
* MREL satisfies all requirements of **Trading Licence Regulations (2020)**.
* Commission proposes to grant **Category IV inter-State trading licence**.
* Directed to issue **public notice under Section 15(5)(a)** inviting objections/suggestions.
* **Next Hearing:** 23 September 2025 (for final decision).
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### **5. Outcome**
* **Type of Order:** Preliminary/procedural.
* **Effect:** Proposal to grant Category IV trading licence to MREL; public consultation initiated.
* **Final licence grant pending** – subject to outcome of objections and final hearing.
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