Amal Ltd 2013-14

9 xi) Reviewing periodically compliance reports of all laws applicable to the Company as well as steps taken to rectify instances of non-compliances xii) Reviewing Financial Statements xiii) Reviewing all significant transactions xiv) Reviewing uses | applications of funds raised through public | right | preference issues by major categories vis-à-vis the purposes narrated in the offer document | prospectus | notice xv) Recommending appointment and removal of the Statutory Auditors and fixation of audit fees and approval for payment for any other services xvi) Determining | formulating the Code of conduct and related matters xvii) Determining procedures about the risk assessment and minimisation and reviewing periodically to ensure that the executive management controls risks through means of a properly defined framework xviii) Discussing with the Internal Auditors on any significant findings and follow up thereon xix) Discussing with the Auditors before the audit commences regarding nature and scope of the audit as well as to have post-audit discussion to ascertain any areas of concern xx) Discussing with the Auditors, periodically, about Internal Control Systems, the scope of audit including the observations of the Auditors and review of quarterly, half-yearly and annual Financial Statements before submission to the Board xxi) Ensuring compliance of Internal Control Systems 3.1.02 Composition The Committee comprises three Members. All the Members are Independent Directors. The Members have relevant experience in financial matters. Number Name Designation 1 Mr Naresh Singhal Chairman 2 Mr Sujal Shah Member 3 Mr Abhay Jadeja Member 3.1.03 Meetings and attendance During 2013-14, four meetings were held: Number Name Total Attended 1 Mr Naresh Singhal 4 4 2 Mr Sujal Shah 4 3 3 Mr Abhay Jadeja 4 3 The Statutory Auditors, the Cost Auditors, the Chairman, the Managing Director, the Company Secretary, heads of Finance, Accounts and Internal Audit are permanent invitees to the meetings. The Board notes the minutes of the Audit Committee meetings.