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Atul Ltd |
Annual Report 2009-10
Commission to Non-executive Directors was
approved by the Members of the Company at the
AGM held on August 25, 2008 for a period of five
years effective from April 1, 2008 up to 1% of the
net profits of the Company. Within the aforesaid
limit, the Board approves the commission payable
to each Non-executive Director.
3. Committees of the Board
The Board has following Committees:
Audit Committee
Share Transfer and Shareholders’ | Investors’
Grievance Committee
Investment Committee
Remuneration Committee
3.1. Audit Committee
3.1.1. Role
i)
Overseeing of the financial reporting
process of the Company and the disclosure
of its financial information to ensure
that the financial statements are correct,
sufficient and credible
ii)
Recommending the appointment and
removal of the external auditor, fixation of
audit fee and also approval for payment
for any other services
iii)
Reviewing matters under the Directors’
Responsibility Statement to be included
in the Board’s Report in terms of Clause
(2AA) of Section 217 of the Companies
Act, 1956
iv)
Mandatory reviewing of the following
information
Management Discussion and Analysis
of financial condition and results of
operations
Statement
of
significant
related
party transactions (as defined by the
Audit Committee), submitted by the
Management
Internal audit reports relating to
weaknesses in internal control
Appointment, removal and terms of
remuneration of the Chief Internal
Auditor
v)
Reviewing quarterly | annual financial
statements with the Management before
submission to the Board, focusing
primarily on
Any changes in accounting policies and
practices
Major accounting entries based on exercise
of judgment by the Management
Qualifications in the draft audit report
Significant adjustments arising out
of audit
Going concern assumption
Compliance with accounting standards
Compliance with stock exchange and
legal requirements concerning financial
statements
Any related party transactions i.e.
transactions of the Company of
material nature, with promoters or the
Management, their subsidiary companies
and relatives, among others, that may
have potential conflict with the interest of
the Company at large
vi)
Reviewing with the Management, external
and internal Auditors, the adequacy of
internal control systems
vii)
Reviewing adequacy of internal audit
function, including the structure of
the internal audit department, staffing
and seniority of the official heading the
department, reporting structure coverage
and frequency of internal audit
viii)
Discussing with internal Auditors on any
significant findings and follow up thereon
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