Atul Ltd 2009-10

Corporate Identity Serving Diverse Industries Purpose and Values Overview by the Chairman Operational Highlights Financial Analysis Research and Technology Safety, HealthandEnvironment Serving the Society Directors’ Report Management Discussion andAnalysis Report on Corporate Governance Financial Statements ix) Reviewing 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 x) Discussing with the Auditors before the audit commences regarding nature and scope of the audit as well as to have post-audit discussion to ascertain any area of concern xi) Reviewing financial and risk management policies of the Company xii) Reviewing reasons for substantial defaults, if any in the payment to the depositors, debenture holders, Members (in case of non-payment of declared dividends) and creditors xiii) Discussing with the Auditors, periodically, about internal control systems, the scope of audit including the observations of the Auditors and review the half-yearly and annual financial statements before submission to the Board xiv) Ensuring compliance of internal control systems xv) Reviewing functioning of the whistle blower mechanism xvi) Formulating the Code of Conduct and related matters xvii) Periodically reviewing of compliance reports of all laws applicable to the Company as well as steps taken to rectify instances of non-compliances xviii) Reviewing financial statements, in particular, the investments made by the unlisted subsidiary companies xix) Reviewing all significant transactions and arrangements entered into by the unlisted subsidiary companies xx) Determining procedures about the risk assessment and minimisation and periodically review to ensure that the executive management control risks through means of a properly defined framework xxi) Reviewing uses | applications of funds raised through public | right | preference issues by major categories vis-à-vis the purposes narrated in the offer document | prospectus | notice 3.1.2. Composition The Committee comprises of three Members. All the Members are Non-executive and Independent Directors. The Members have relevant experience in financial matters. Number Name Designation 1 Dr S S Baijal Chairman 2 Mr G S Patel Member 3 Mr B S Mehta Member 3.1.3. Meetings and Attendance During the year seven meetings were held: Number Name Total Attended 1 Dr S S Baijal 7 5 2 Mr G S Patel 7 7 3 Mr B S Mehta 7 7