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Annual Report 2016-17
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vi. To review capital e[penditure against the budget
vii. To authorise opening and closing of bank accounts
viii. To authorise additions / deletions to the signatories pertaining to banking transactions
i[. To approve investment of surplus funds for an amount not e[ceeding
`
25 Crores as per the policy approved by the
Board
[. To approve transactions relating to foreign e[change e[posure including but not limited to forward cover and
derivative products
[i. To approve donations as per the policy approved by the Board
[ii. To delegate authority to the Company ofocials to represent the Company at various courts, government authorities
and so on and
[iii. To attend to any other responsibility as may be entrusted by the Board to investigate any activity within terms of
reference.
Further, the E[ecutive Committee is empowered to do the following:
i.
To seek information from any employee as considered necessary
ii. To obtain outside legal professional advice as considered necessary
iii. To secure attendance of outsiders with relevant e[pertise and
iv. To investigate any activity within terms of reference.
Meetings and attendance
The E[ecutive Committee generally meets between two board meetings. Four meetings of the E[ecutive Committee
were held during the onancial year 2016-17. Table 18 gives the details of the attendance of the members of the E[ecutive
Committee at its meetings held during the onancial year 2016-17.
Table 18: Details of the attendance at the Executive Committee meetings during the onancial year 2016-17
Name of the Director
¡
------------- Executive Committee Meeting -------------
¢
June 10,
2016
September 13,
2016
November 22,
2016
February 20,
2017
Mr. Kiran Umrootkar
Y
Y
Y
Y
Mr. Pradeep Bhargava
N
Y
Y
Y
Ms. Roshini Bakshi
N
N
Y
Y
Dr. Anant Jhingran
N
N
NA
NA
Mr. Prakash Telang
N
Y
Y
Y
Mr. Mritunjay Singh
Y
Y
Y
Y
3. Performance Evaluation of the Board, its Committees and Directors
The Company conducted the annual performance evaluation of the Board, its various committees and the directors
individually. This was conducted in April 2016 by an e[ternal management consultant and the ondings of the evaluation
were presented at the meeting of the Nomination and Governance Committee and the Board of Directors. The Board
apprised the recommendations and suggested areas of improvement for the Board, its various committees and the
individual Directors.
4. Subsidiary Companies
The Company does not have any material non-listed Indian Subsidiary Company, whose turnover or net worth (paid-up
capital and free reserves) e[ceeds 20% of the consolidated turnover or net worth of the Company.
Further, the Audit Committee and the Board of Directors review the consolidated onancial statements of the Company
and its subsidiary companies on a quarterly basis.