22 - major accounting entries involving estimates based on the exercise of judgement by the Management - matters required to be included in the Directors’ Responsibility Statement for the Directors’ Report - qualifications in the draft Audit Report - significant adjustments made in the Financial Statements arising out of audit findings • theAuditors’ independence, performance and effectiveness of the audit process • the Financial Statements, in particular, investments made by unlisted subsidiary companies • with the Internal Auditors any significant findings and follow-up thereon, including findings of any internal investigations into matters where there is suspected fraud or irregularity or failure of the internal control systems of material nature and reporting such matters to the Board • with the Management the statement of uses | applications of funds raised through an issue (public issue, rights issue, preferent ial issue, etc) , the statement of funds uti l ised for the purposes other than those stated. v) Others: • Determi n i ng procedures for r i sk assessment and minimisation, and reviewing them periodically to ensure that the Executive Management controls risks throughmeans of a properly defined framework • Evaluating internal financial controls and risk management system • Remuneration and terms of appointment of the Auditors and approval for payment for any other services • Scrutinising inter-corporate loans and investments • Other function as mentioned in the terms of reference of the Audit Committee 3.1.2. Composition The Committee comprises following members, all having relevant experience in financial matters: No. Name Designation 1. Sudhir Merchant Chairman 2. Sujal Shah Member 3. Gopi Kannan Thirukonda Member 3.1.3. Meetings and attendance During 2021-22, four meetings were held: No. Name Total Attended 1. Sudhir Merchant 4 4 2. Sujal Shah 4 4 3. Gopi Kannan Thirukonda 4 4 The Statutory Auditors, the Chairman, the Managing Director, the Chief Financial Officer, the Company Secretary and the Internal Auditors are permanent invitees to the meetings. The Board notes the minutes of the Audit Committee meetings.
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