Atul Ltd 2020-21

56 Atul Ltd | Annual Report 2020-21 • with the Internal Auditors any significant findings and follow-up thereon, including findings of any internal investigations into matters where there is suspected fraud or irregularity or failure of the internal control systems of material nature and reporting such matters to the Board • financial reporting process and the disclosure of financial information to ensure that the Financial Statements are correct, credible and sufficient • compliance reports of all applicable laws as well as steps taken to rectify instances of non-compliances periodically • reasons for substantial defaults, if any, in the payment to the depositors, the debenture holders, the Members (in case of non-payment of declared dividends) and creditors • the Financial Statements, in particular, investments made by unlisted subsidiary companies • the functioning of whistleblowing mechanism • the following information mandatorily: appointment, removal and terms of remuneration of the Chief Internal Auditor Internal Audit Reports relating to weaknesses in the internal control systems Management Discussion and Analysis of financial condition and results of operations management letters | letters of internal control weaknesses issued by the Statutory Auditors statement of related party transactions submitted by the Management • with the Management the statement of uses | applications of funds raised through an issue (public issue, rights issue, preferential issue, etc), the statement of funds utilised for the purposes other than those stated • utillisation of loans | advances from the holding company to the subsidiary company or investments by the holding company in the subsidiary company exceeding ` 100 cr or 10% of the asset size of the subsidiary company, whichever is lower v) Others: • 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 3.1.2 Composition The Committee comprises the following Members, all having relevant experience in financial matters: No. Name Designation 1. B S Mehta Chairman 2. V S Rangan Member 3. B R Arora Member 4. M M Chitale Member 3.1.3 Meetings and attendance During 2020-21, four meetings were held. No. Name Total Attended 1. B S Mehta 4 2 2. V S Rangan 4 4 3. B R Arora 4 4 4. M M Chitale 4 4 The Statutory Auditors, the Cost Auditors, the Chairman and Managing Director, the Whole-time Director and Chief Financial Officer (CFO), the Company Secretary, and 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.