Amal Ltd 2019-20

7 15.2.3 Factors for determining and changing variable pay: i) Business performance ii) Individual performance iii) Grade 16. Analysis of remuneration The information required pursuant to Sections 134(3)(q) and 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given at page number 25. The Company is not required to disclose the information required as there were no employees during 2019-20 drawing remuneration exceeding the limit specified. 17. Management Discussion and Analysis The Management Discussion and Analysis Report covering performance is given at page number 26. 18. Corporate Governance Report 18.1 Statement of declaration given by the Independent Directors. The Independent Directors have given declarations under Section 149(6) of the Companies Act, 2013. 18.2 Report The Corporate Governance Report is given at page number 27. Details about the number of meetings of the Board held during 2019-20 are given at page number 32. The composition of the Audit Committee is given at page number 35. All the recommendations given by the Audit Committee were accepted by the Board. 18.3 Whistle-blowing Policy The Board, on the recommendation of the Audit Committee, had approved a vigil mechanism (Whistle-blowing Policy). The policy provides an independent mechanism for reporting and resolving complaints pertaining to unethical behaviour, actual or suspected fraud and violation of the Code of Conduct of the Company and is displayed on thewebsite (of the Company) at www. amal.co.in/investors/policies No personnel has been denied access to the Audit Committee. 18.4 Secretarial standards Secretarial standards as applicable to the Company were followed and complied with during 2019-20. 19. COVID-19 The COVID-19 pandemic is a worldwide crisis and has meant that the economies will have to operate alongside the disease, now as the attention has started shifting from lockdown to safe reopening. The Company strictly followed the guidelines issued by the local, state and central governments and beyond to protect the health and well-being of its workforce and ensured minimum disruption to its customers. The Company closed its manufacturing facilities for a month and is taking all possible steps required to adjust to the new normal of working and growing. Atul Foundation took up initiatives to serve the society particularly in Valsad and Bharuch districts. The Foundation also contributed in its own small way to Gujarat Chief Minister Relief Fund and PM CARES Fund. 20. Acknowledgements The Board expresses its sincere thanks to all the employees, customers, suppliers, lenders, regulatory and government authorities, Stock Exchange and investors for their support. For and on behalf of the Board of Directors Atul (S S Lalbhai) April 23, 2020 Chairman