Know about our Committees in the organisation
Audit Committee:
Audit Committee was constituted in the year 2001 and reconstituted in the year 2004. The terms of the Audit Committee comply with requirements of section 292A of the Companies Act, 1956 and Clause 49 of the Listing Agreement entered into with Stock Exchanges. The Committee comprises of Mr. Ravi Raheja, Mr. Deepak Ghaisas, Mr. Nitin Sanghavi and Mr. Shahzaad Dalal. Mr. Deepak Ghaisas is the Chairman of the Committee.
The members of the Committee possess the sound knowledge of finance and accounts. The Audit Committee invites such of the executives, as it considers appropriate to be present at the meetings of the Committee. The Managing Director, Group Chief Financial Officer, Company Secretary, representatives of internal Auditors and statutory Auditors are also present at the Audit Committee meetings as invitees.
The Committee deals with various aspects of financial statements, adequacy of internal controls, various audit reports, compliance with accounting standards and our Company's financial and risk management policies. Mr. Prashant Mehta, Customer Care Associate, Vice President Legal and Company Secretary of our Company acts as the Secretary of the Committee. It reports to the Board of Directors about its findings and recommendations pertaining to above matters.
Role of the Audit Committee :
1) Overseeing our Company's financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible.
2) Recommending to the Board, the appointment, re-appointment and, if required, the replacement or removal of the statutory auditor and the fixation of audit fees.
3) Reviewing, with the management, the annual financial statements before submission to the Board for approval, with particular reference to :
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Matters required to be included in the Director's Responsibility Statement to be included in the Board's report in terms of clause (2AA) of Section 217 of the Companies Act 1956
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Changes, if any, in accounting policies and practices and reasons for the same
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Major accounting entries involving estimates based on the exercise of judgment by management
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Significant adjustments made in the financial statements arising out of audit findings
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Compliance with listing and other legal requirements relating to the financial statements
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Disclosure of any related party transactions; Qualifications in the draft audit report.
4) Reviewing, with the Management, the quarterly financial statements before submission to the Board for approval.
5) Reviewing, with the management, performance of statutory and internal auditors, and adequacy of the internal control systems.
6) Monitoring the status of utilization of IPO proceeds of Company.
7) Reviewing the adequacy of internal audit function, if any, 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.
8) Discussions with internal auditors on any significant findings and follow up thereon.
9) Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board.
10) Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern.
11) To review the functioning of the whistle blower mechanism.
Remuneration Committee:
The Remuneration Committee (also known as the Compensation Committee) was constituted in 2001 and includes non-executive directors. The Committee currently comprises of Mr. Ravi Raheja, Mr. G.L. Mirchandani, Mr. Nitin Sanghavi and Mr. Shahzaad Dalal. Mr. G. L. Mirchandani is the Chairman of the Committee.
The scope of the activities of the Compensation / Remuneration Committee is to recommend the remuneration payable to Managing Director of our Company, payment of commission and sitting fees to Non-Executive Directors and formulation and implementation of various Employees Stock Option (ESOP) Schemes in the Company.
Investors Grievances & Share Transfer Committee:
The Investors Grievances & Share Transfer Committee was constituted on March 29, 2004. The Committee currently comprises of Mr. Ravi Raheja, Mr. Neel Raheja and Mr. B. S. Nagesh. Mr. Ravi Raheja is the Chairman of the Committee.
This Committee looks in to redressal of shareholder and investor complaints, issue of duplicate/split/consolidated share certificates, allotment and listing of shares and review of cases for refusal of transfer/transmission of shares and reference to statutory and regulatory authorities and such other authorities as may be granted by the Board of Directors from time to time.