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Atul Ltd | Annual Report 2015-16
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
01
S S Baijal
Chairman
02
B S Mehta
Member
03
V S Rangan
Member
3.1.03 Meetings and attendance
During 2015-16, 4 meetings were held:
No.
Name
Total
Attended
01
S S Baijal
4
4
02
B S Mehta
4
4
03
V S Rangan
4
4
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
3.2.02 Composition
The Committee comprises following Members:
No.
Name
Designation
01
H S Shah
Chairman
02
S S Baijal
Member
03
R A Shah
Member
3.2.03 Meetings and attendance
During 2015-16, no meeting was held.