The audit committee consists of:
Mr. Rajiv Kapasi - Chairman
Mrs. Alka Devi Bangur - Member
Mr. Amitav Kothari- Member
The primary objective of the Committee is to monitor and provide effective supervision of the financial reporting process to ensure reliability and timeliness of disclosures while ensuring integrity and quality of the reports. The Committee interacts with the audit agencies involved in the validation of the financial disclosures and assesses the adequacy of checks and controls in the business. The broader responsibilities of the Committee are as under:
1. Facilitate two-way communication between the auditors and the Board;
2. Assurance to the independence of the auditors by taking suitable steps including appointment, Fixation of compensation, removal and defining the audit charter, when required.
3. Review of the quarterly and annual financial statements, whether audited / unaudited or reviewed by the auditors including the approval of the managementís discussion and analysis of financial performance and reporting forming part of the Directorsí report in the annual report of the Company. The following points would specifically be approved by the audit committee:
a. Review of related party transactions.
b. Review of contingent liabilities of the Company that may have significant implications on the financial health of the Company.
c. Review the change, if any, in the accounting policies / practices and relevant qualifications / disclosures by the auditors.
d. Compliances with the relevant accounting standards.
e. Compliances with the stock exchange and legal requirements concerning financial statements.
4. Review, approve and monitor the code of ethics that the senior management and financial personnel of the Company must adhere to.
5. Review and approval of the risk management policy of the Company.
6. Approval of the financial reports / results for consideration of the Board.