None of the Director on the Board is a member of more than 10 Committees and Chairman of more than 5 Committees. All the Directors have made the requisite disclosure regarding committee’s position held by them in other Companies. B. BOARD PROCEDURE A detailed agenda folder is sent to each Director in advance of Board and Committee meetings. To enable the Board discharge its responsibilities effectively, the chairman briefs the Board at every meeting on the overall company performance. C. Remuneration of directors Remuneration paid or payable to Directors during the year 2009-2010 Name of Sitting Commission Salary & Contribution Perquisites Total Director Fees on Profit Allowance to PF H.S. Bhatia --- --- 18,00,000/- --- --- K.S. Bhatia --- --- 9,00,000/- --- --- No sitting Fees was paid to any Director of the Company during the financial year. D. Committees of the board Audit Committee The audit Committee of the company has been constituted to perform the following functions: l Overseeing the Company’s financial reporting process and disclosure of financial information to ensure that the financial statement is correct, sufficient and credible. l Recommending the appointment and removal of external auditor, fixation of audit fee and approval of payment of any other services: l Reviewing with management, the annual financial statement before submission to the Board: l Reviewing with the management and external and internal auditors, the adequacy of internal control systems: l Reviewing the adequacy of internal audit function; l Discussing with internal auditors, any significant findings and follow up on such issues; l Reviewing the findings of any internal investigations by the internal auditors in matters where there is suspected fraud or irregularity, or a failure of internal control systems of a material nature, and then reporting such matters to the Board; l Discussing with external auditors before the audit commences on the nature and scope of audit, as well as having post-audit discussion to ascertain any area of concern, l Reviewing the Company’s financial and risk management policies; SIMRAN FARMS LIMITED, INDORE Composition of the committee and attendance of the members are as follows: Name of the Director Position No. of Meetings attended Mr. Surendra Singh Chairman 4 Mr. Gurdeep Singh Member 4 Mr. Surjeet Singh Kohli Member 4 During the year the committee met on four occasions on following dates Namely: 25/06/2009 31/07/2009 31/10/2009 30/01/2010 RECONSTITUTION OF AUDIT COMMITTEE, REMUNERATION COMMITTEE AND SHAREHOLDER / INVESTORS GRIEVANCE COMMITTEE: Audit committee, Remuneration Committee and Shareholder/ Investors Grievance Committee of the company previously comprises Shri Surender Singh, Shri Gurdeep Singh and Shri Surjit Singh. Board of director of your company believe in rotational policy among the committees, for the purpose of achieving transparency and proper accountability among operations of the committees and in result of such policy company introduced CA. Lalit Khatri in place of Mr. Gurdeep Singh as member of aforesaid committees.
Posted on: Sun, 15 Sep 2013 16:26:07 +0000
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