Amal Ltd 2011-12

Amal Ltd | Annual Report 2011-12 2.7 Remuneration Number Name Remuneration during the year Sitting Fees ` Salary & perquisites ` Commission ` Total ` 1 Mr S S Lalbhai - - - - 2 Mr V Koppaka - 710,000 - 710,000* 3 Mr N C Singhal 120,000 - - 120,000 4 Mr T R Gopi Kannan - - - - 5 Mr S A Shah 80,000 - - 80,000 6 Mr A R Jadeja 80,000 - - 80,000 Sitting fees constitute fees paid to Non-executive Directors for attending Board and Committee meetings of up to ` 10,000 per meeting. * Represents lower of 10% of the remuneration paid by Atul Ltd to the Managing Director (being an employee of Atul Ltd) or an amount allowable under Section I or Section II of Part II of the Schedule XIII of the Companies Act, 1956. Accordingly, an amount of ` 710 (‘000) is reimbursable to Atul Ltd. Mr Vasudev Koppaka has been appointed Managing Director for a term of 5 years from July 22, 2010 to July 21, 2015. 3. Committees of the Board The Board has the following Committees: • Audit Committee • Share Transfer and Shareholders’ | Investors’ Grievance Committee • Remuneration Committee 3.1 Audit Committee 3.1.1 Role i) Approving the appointment of CFO ii) Reviewing | Overseeing the financial reporting process and the disclosure of financial information to ensure that the financial statements are correct, sufficient and credible iii) Reviewing matters under the Directors’ Responsibility Statement to be included in the Directors’ Report in terms of Clause (2AA) of Section 217 of the Companies Act, 1956 iv) Reviewing of the following information mandatory • Management Discussion & Analysis of financial condition and results of operations • Statement of significant related party transactions (as defined by the Audit Committee), submitted by the Management • Internal audit reports relating to weaknesses in Internal Control Systems • Appointment, removal and terms of remuneration of the Chief Internal Auditor v) Reviewing quarterly | annual financial statements with the Management before submission to the Board, focusing primarily on • Any changes in Accounting Policies and practices • Major accounting entries based on exercise of judgement by the Management • Qualifications in the draft audit report • Significant adjustments arising out of audit • Going concern assumption • Compliance with Accounting Standards • Compliance with the Stock Exchanges and legal requirements concerning financial statements