The Company constituted the Audit Committee in line with the requirements of Section 292A of the Companies Act, 1956 read with Clause 49 of the Listing Agreement.
TERMS OF REFERENCES
Overseeing Company’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible.
Reviewing with the Management, the annual financial statements before submission to the Board for approval.
Discussion and review of periodic audit reports.
Discussion with External Auditors about the scope of audit including the observations of the Auditors.
Approving internal audit plans and internal control function and reviewing the efficacy of the functions.
The Audit Committee is empowered, pursuant to the term of reference to :
Investigate any activity within its terms of reference and to seek any information it requires from any employee.
Obtain legal or other independent professional advice and to secure the attendance of outsiders with relevant experience and expertise, which is considered necessary.
COMPOSITION The Audit Committee comprised three Directors namely Mr. Pankaj Shrimali, Independent Director, Mr. S.K. Sapra, Independent Director and Mr. Nikhil Dua, Executive Director.
The meetings of the Committee are headed under the Chairmanship of Mr. Pankaj Shrimali.
Members of the Audit Committee have requisite Financial and Management expertise. The Company Secretary of the Company acts as the Secretary of the Committee.