Atul Ltd 2014-15

Atul Ltd | Annual Report 2014-15 v) Others » determining procedures for risk assessment and minimisation, and reviewing them periodically to ensure that the Executive Management controls risks through means of a properly defined framework » evaluating internal financial controls and Risk Management system » recommending appointment, remuneration and terms of appointment of the Auditors and approval for payment for any other services » scrutinising inter-corporate loans and investments » carrying out any other function as mentioned in the terms of reference of the Audit Committee 3.1.02 Composition The Committee comprises following Members, all having relevant experience in financial matters. No. Name Designation 1 S S Baijal Chairman 2 B S Mehta Member 3 V S Rangan Member 4 G S Patel * Member * Upto December 31, 2014 3.1.03 Meetings and attendance During 2014-15, five meetings were held: No. Name Total Attended 1 S S Baijal 5 5 2 B S Mehta 5 5 3 V S Rangan 5 5 4 G S Patel 4 2 The Statutory Auditors, the Cost Auditors, the Chairman and Managing Director, the Whole-time Director and CFO, the Company Secretary, the heads of Finance, Accounts, Costing and Internal Audit are permanent invitees to the meetings. The Board notes the minutes of the Audit Committee meetings. 3.2 Nomination and Remuneration Committee 3.2.01 Role i) Devising a policy on the Board diversity ii) Formulating criteria for evaluation of the Independent Directors and the Board iii) Formulating criteria for determining qualifications, traits and independence of a Director and recommending to the Board a policy relating to the remuneration for the Directors, Key Managerial Personnel and other employees. iv) Identifying persons who are qualified to become Directors and who may be appointed in senior Management in accordance with the criteria laid down, recommending to the Board their appointment and removal and carrying out evaluation of performance of every Director. v) Recommending | Determining remuneration of the Executive Directors as per the Policy