The Company formed an Audit Committee vide resolution dated 20th May, 2000. The Committee has been reconstituted from time to time in compliance with section 292A of the Companies Act, 1956 and Listing Agreement thereon. It consists of the below mentioned Independent and Non Executive Directors.
The terms of reference of the audit committee among others are overseeing the financial reporting process and disclosure, reviewing adequacy of internal control systems, reviewing financial and risk management policies, investigate any activity, obtain outside legal or professional advice.
For redressing investor complaints, the Company has also formed an Investor Grievance Committee titled Share transfer/Share Allotment/Shareholders Grievance Redressal Committee. The Committee has been reconstituted from time to time as per the requirements of Clause 49 of the Listing Agreement for Corporate Governance consisting of the following Executive Director as well as Independent Non-Executive Director.
In order to facilitate transactions that require the approval of the directors between two board meetings, the Company has constituted a Management Committee of the Board of Directors consisting of the following directors.
The terms of reference of the committee include, inter alia opening and closure of bank accounts, signing any deed or documents, signing any leave and license agreement, commence and prosecute any suit or legal proceedings and defend any suit or legal proceedings, issue power of attorney in favor of any officer, borrow from Banks and financial Institutions, invest the surplus funds of the company.
The Board vide their resolution dated 24th July, 2006 constituted a remuneration committee to determine on their behalf and on behalf of the shareholders with the agreed terms of reference, the company's policy on specific remuneration packages for executive directors.. It consists of the below mentioned independent directors.
