Amal Ltd | Annual Report 2021-22 v) Others » Consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger, amalgamation, etc on the Company and the shareholders » Evaluating internal financial controls and risk management system » Recommending appointment, remuneration and terms of appointment of the Auditors and approval for payment for any other services » Scrutinising inter-corporate loans and investments » Other function as mentioned in the terms of reference of the Audit Committee 3.1.2 Composition The Committee comprises the following members, all having relevant experience in financial matters: No. Name Designation 1. Mahalakshmi Subramanian Chairman 2. Sujal Shah Member 3. Abhay Jadeja Member 3.1.3 Meetings and attendance During 2021-22, four meetings were held. No. Name Total Attended 1. Mahalakshmi Subramanian 4 4 2. Sujal Shah 4 4 3. Abhay Jadeja 4 4 The Statutory Auditors, the Chairman, the Managing Director, the Chief Financial Officer (CFO), the Company Secretary, the head of Finance, Accounts and Internal Audit are permanent invitees to the meetings. The Board notes the minutes of the Audit Committee meetings. 3.2 Corporate Social Responsibility Committee 3.2.1 Role i) Formulating and recommending the Corporate Social Responsibility (CSR) Policy to the Board ii) Formulating and recommending to the Board, the annual action plan, which must include: a) the list of CSR projects or programs that are to be undertaken b) the manner of execution c) the modalities of utilisation of funds and implementation schedules d) monitoring and reporting mechanism e) details of need and impact assessment iii) Indicating reasons to the Board in case the amount of expenditure is less than 2% of the average net profits in a given year iv) Monitoring the CSR Policy from time to time v) Recommending the amount of expenditure to be incurred on the CSR activities, which may not be less than 2% of the average net profits of the last three years
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