54 Atul Ltd | Annual Report 2022-23 Atul Ltd | Annual Report 2022-23 Atul Ltd Atul House G I Patel Marg Ahmedabad 380 014, Gujarat India Atul Ltd | Annual Report 2022-23 Reconnect | Reimagine | Regrow Corporate Overview Statutory Reports Financial Statements compliance with the stock exchanges and legal requirements concerning the Financial Statements disclosure of any related party transactions going concern assumption 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 • the Auditors’ independence, performance and effectiveness of the audit process • the Financial Statements, in particular, investments made by unlisted subsidiary companies • the following information mandatorily: appointment, removal and terms of remuneration of the Chief Internal Auditor Internal Audit Reports relating to weaknesses in the internal control systems Management Discussion and Analysis of financial condition and results of operations management letters | letters of internal control weaknesses issued by the Statutory Auditors statement of related party transactions submitted by the Management • the functioning of the whistleblowing mechanism • utilisation of loans | advances from the holding company to the subsidiary company or investments by the holding company in the subsidiary company exceeding ` 100 cr or 10% of the asset size of the subsidiary company, whichever is lower • 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, preferential issue, etc), the statement of funds utilised for purposes other than those stated and the report submitted by the monitoring agency monitoring the utilisation of proceeds of such issue v) Others: • Consider and comment on the rationale, cost-benefits and impact of schemes involving merger, demerger, amalgamation, etc on the Company and the shareholders. • Evaluating internal financial controls and risk management system. • Recommending appointment, remuneration and terms of appointment of the Auditors and approval for payment for any other services. • Scrutinising inter-corporate loans and investments. • Other functions as mentioned in the terms of reference of the Audit Committee. 3.1.2. Composition The Committee comprises the following members, all having relevant experience in financial matters: No. Name Designation 1. Bansi Mehta Chairman 2. Srinivasa Rangan Member 3. Baldev Arora Member 4. Mukund Chitale Member
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