Annual Report 2016-17

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[. To review internal audit reports relating to internal control weaknesses

[i. To review, with the management, performance of statutory and internal auditors and adequacy of internal control

systems

[ii. To review adequacy of internal audit function, if any, including the structure of the internal audit department,

stafong and seniority of the ofocial heading the department, reporting structure coverage and frequency of

internal audit

[iii. To review the ondings of any internal investigations by the internal auditors in the 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

[iv. To review management discussion and analysis of onancial condition and results of operations

[v. To review statement of signiocant related party transactions (as deoned by the Audit Committee), submitted by

management

[vi. Approval or any subsequent modiocation of transactions of the Company with the related party.

[vii. To review substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-

payment of declared dividends) and creditors

develop a policy on the engagement of statutory auditors for non-audit services

[i[. To ensure the compliance with the statutory auditors’ recommendations

[[. To meet internal and statutory auditors without presence of the Company’s e[ecutive management periodically

[[i. To conorm the engagement of an Independent valuer for the valuation of shares, whenever called for and verify

whether the valuer for valuation has an advisory mandate and had past association with the Company management

[[ii. To review certiocates regarding compliance of legal and regulatory requirements

[

review the functioning of the :histle Blower mechanism

[[iv. To review, with the management, the statement of uses / application of funds raised through an initial public

offering of the Company, the statement of funds utilised for purposes other than those stated in prospectus and

making appropriate recommendations to the Board to take up steps in this matter

[[v. Approval of appointment of CFO (i.e. the whole-time Finance Director or any other person heading the onance

function or discharging that function) after assessing the qualiocations, e[perience and background, etc. of the

candidate

[[vi.Scrutiny of inter-corporate loans and investments and

[

carry out any other function as is mentioned in the terms of reference of the Audit Committee and entrusted

by the Board.

The Audit Committee is further empowered to do the following:

To investigate any activity within terms of reference

ii. To seek information from any employee

iii. To obtain outside legal professional advice and

iv. To secure attendance of outsiders with relevant e[pertise, if it considers necessary.

Meetings and attendance

Four Audit Committee meetings were held during the onancial year 2016-17. Table 4 gives the details of the attendance

of the members of the Audit Committee at its meetings held during the onancial year 2016-17.