• Corporate Governance
  • Committees

Audit Committee  

The Audit Committee comprises of three Non-Executive, Independent Directors with expertise in finance, accounts, treasury and law. During the year, six Audit Committee meetings were held.

The Audit Committee possesses adequate powers and terms of reference to play an effective role as mentioned in Clause 49 of the Listing Agreement.

Role and powers of Audit Committee

The terms of reference of the Audit Committee comprise :

  • Overview of the Company’s financial reporting process and disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible.

  • Recommendation for appointment, remuneration and terms of appointment of auditors of the Company.

  • Approval of payment to statutory auditors for any other services rendered by the statutory auditors.

  • Reviewing with the management, the annual financial statements and auditor’s report thereon before submission to the Board for approval with particular reference to:

    1. Changes, if any, in accounting policies and practices and reasons for the same;

    2. Matters required to be included in the Directors Responsibility Statement to be included in the Board’s report in terms of clause © of sub-section 3 of section 134 of the Companies Act, 2013;

    3. Major account entries involving estimates based on the exercise of judgement by management;

    4. Significant adjustments made in the financial statements arising out of audit findings;

    5. Compliance with listing and other legal requirements relating to financial statements;

    6. Disclosure of any related party transactions;

    7. Qualifications in the draft audit report.

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