Atul Ltd 2008-09

| Annual Report 2008-09 35 particular, the investments made by the unlisted subsidiary company xix) Review all significant transactions and arrangements entered into by the unlisted subsidiary company xx) Determination of procedures about the risk assessment and minimisation and periodically review to ensure that the executive management control risks through means of a properly defined framework xxi) Review of uses|applications of funds raised through public|right|preference issues by major categories vis-à-vis the purposes narrated in the offer document|prospectus|notice 3.2 Composition, name of Members and Chairperson Chairman: Dr S S Baijal, other Members: Mr G S Patel and Mr B S Mehta. All the Members of the Audit Committee are Non-Executive Directors. The Chairman and Managing Director, the Company Secretary, heads of accounts, Costing and Internal Audit Department, the cost auditor and the statutory Auditors are permanent invitees to the meetings. The Board of Directors notes the minutes of the Audit Committee meetings. 4. Remuneration Committee 4.1 Brief description of terms of reference, composition, name of Members and Chairperson, attendance during the year and the remuneration policy A. The Remuneration Committee will determine, on behalf of the Board and on behalf of the Members, policy of the Company, on specific remuneration packages for Managing Directors and Executive Directors, including pension rights and any compensation payment. The Committee will also determine the remuneration packages of the Executive Directors. B. Composition, name of Members and Chairperson Chairman: Mr H S Shah; other Members: Mr G S Patel and Dr S S Baijal. All the Members of the Remuneration Committee are Non-Executive Directors. C. Meetings and attendance during the year: No meeting was held during the year. D. Remuneration policy: The Remuneration Committee determines the remuneration of the Executive Directors based on individual performance, qualifications, experience, Company performance and comparable industry practices, among others. 3.3 Meetings and attendance during the year Number Name of Director and designation Audit Committee meetings Total Attended 1 Dr S S Baijal (Chairman) 7 6 2 Mr G S Patel (Member) 7 7 3 Mr B S Mehta (Member) 7 7