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» 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
ĺūŕēĿŠij ČūŞƎîŠNj ĿŠ ƥĺĚ ƙƭċƙĿēĿîƑNj ČūŞƎîŠNj ĚNJČĚĚēĿŠij
`
100 cr or 10% of the asset size of the subsidiary
ČūŞƎîŠNjȡ DžĺĿČĺĚDŽĚƑ Ŀƙ ŕūDžĚƑ ĿŠČŕƭēĿŠij ŕūîŠƙ ʈ îēDŽîŠČĚƙ ʈ ĿŠDŽĚƙƥŞĚŠƥƙ ĚNJĿƙƥĿŠij îƙ ūŠ ƎƑĿŕ Ǧǧȡ ǨǦǧǯ
v)
Others:
Ƚ /DŽîŕƭîƥĿŠij ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ îŠē ƑĿƙŒ ŞîŠîijĚŞĚŠƥ ƙNjƙƥĚŞ
» 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
¹ĺĚ ūŞŞĿƥƥĚĚ ČūŞƎƑĿƙĚƙ ƥĺĚ ljūŕŕūDžĿŠij qĚŞċĚƑƙȡ îŕŕ ĺîDŽĿŠij ƑĚŕĚDŽîŠƥ ĚNJƎĚƑĿĚŠČĚ ĿŠ ǛŠîŠČĿîŕ ŞîƥƥĚƑƙȠ
No.
Name
Designation
1.
S S Baijal
1
Chairman
2.
B S Mehta
2
Member
3.
V S Rangan
Member
4.
B R Arora
Member
5.
M M Chitale
3
Member
1
Up to March 31, 2019 |
2
Chairman effective April 01, 2019 |
3
Effective July 20, 2018
3.1.3 Meetings and attendance
During 2018-19, four meetings were held.
No.
Name
Total
Attended
1.
S S Baijal
4
4
2.
B S Mehta
4
3
3.
V S Rangan
4
4
4.
B R Arora
4
4
5.
M M Chitale
2
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
3.2.1 Role
i)
Devising a policy on the Board diversity
ii) Formulating criteria for evaluation of the Independent Directors and the Board
ĿĿĿȴ
GūƑŞƭŕîƥĿŠij ČƑĿƥĚƑĿî ljūƑ ēĚƥĚƑŞĿŠĿŠij ƐƭîŕĿǛČîƥĿūŠƙȡ ƥƑîĿƥƙ îŠē ĿŠēĚƎĚŠēĚŠČĚ ūlj î 'ĿƑĚČƥūƑ îŠē ƑĚČūŞŞĚŠēĿŠij ƥū
the Board a policy relating to the remuneration for the Directors, Key Managerial Personnel and other employees
ĿDŽȴ
TēĚŠƥĿljNjĿŠij ƎĚƑƙūŠƙ Džĺū îƑĚ ƐƭîŕĿǛĚē ƥū ċĚČūŞĚ 'ĿƑĚČƥūƑƙ îŠē Džĺū ŞîNj ċĚ îƎƎūĿŠƥĚē ĿŠ ¬ĚŠĿūƑ qîŠîijĚŞĚŠƥ ĿŠ
accordance with the criteria laid down, recommending to the Board their appointment and removal and carrying
out evaluation of performance of every Director
DŽȴ
¤ĚČūŞŞĚŠēĿŠij ʈ 'ĚƥĚƑŞĿŠĿŠij ƑĚŞƭŠĚƑîƥĿūŠ ūlj ƥĺĚ /NJĚČƭƥĿDŽĚ 'ĿƑĚČƥūƑƙ ʈ ¬ĚŠĿūƑ qîŠîijĚŞĚŠƥ ¡ĚƑƙūŠŠĚŕ îƙ ƎĚƑ ƥĺĚ
policy
71
Corporate Governance Report