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The Audit Committee comprises of the following Directors as members

S.No Name Designation
1 Mr. Jagdeesh K. Reddy Chairman
2 Mr. Irfan Razack Member
3 Dr. Pangal Ranganath Nayak Member
4 Mr. S N Nagendra Member
5 Mr. Neelam Chhiber Member
6 Dr. Ravindra Munishwar Mehta Member

Mr. Manoj Krishna JV, Company Secretary and Compliance Officer, acts as Secretary to the Audit Committee.

Brief description of terms of reference

The general terms of reference of the Audit Committee are as under

Oversight of the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statements are correct, sufficient and credible;

Recommending to the Board the appointment, re-appointment and, if required, the replacement or removal of the statutory auditors and the fixation of the audit fees;

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

Reviewing, with the management, the annual financial statements before submission to the Board for approval, with particular reference to

  • Matters required to be included in the Director's Responsibility Statement to be included in the Board's report

  • Changes, if any, in accounting policies and practices and reasons for the same

  • Major accounting entries involving estimates based on the exercise of judgment by the management

  • Significant adjustments made in the financial statements arising out of audit findings

  • Compliance with listing and other legal requirements relating to financial statements

  • Disclosure of any related party transactions

  • Qualifications in the draft audit report

Reviewing, with the management, the quarterly financial statements before submission to the board for approval

Reviewing, with the management, performance of statutory and internal auditors, and adequacy of the internal control systems

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

Discussion with internal auditors any significant findings and follow up there on

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

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

To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non payment of declared dividends) and creditors

To monitor the utilization of the Issue proceeds

Approval or any subsequent modification of transactions of the company with related parties

Scrutiny of inter-corporate loans and investments

Valuation of undertakings or assets of the company and

Such other functions as may be specifically referred to, by the Board, from time to time

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