27 *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 V of the Companies Act, 2013. Accordingly, an amount of ` 7.48 lakhs was paid to Atul Ltd for the year 2022-23. Commission of up to 1% of the net profit of the Company to the Non-executive Directors was approved by the members of the Company at the AGM held on September 08, 2022, for a period of five years, effective April 01, 2023. The Board approves, within the aforesaid limit as per the Remuneration Policy of the Company, the commission payable to each Non-executive Director. 3. Committees of the Board The Board has constituted the following committees: • Audit Committee • Corporate Social Responsibility Committee • Nomination and Remuneration Committee • Stakeholders Relationship Committee 3.1 Audit Committee 3.1.1 Role i) Approving: • appointment of the Chief Financial Officer • transactions with related parties and subsequent modifications thereof ii) Conducting: • pre-audit discussions with the Auditors regarding the nature and scope of the audit and post-audit discussion to ascertain any area of concern • valuation of undertakings or assets, wherever necessary iii) Formulating: • code of conduct and related matters • scope, functioning, periodicity and methodology for conducting the internal audit in consultation with the Internal Auditor iv) Reviewing: • adequacy of the internal audit function, including the structure of the Internal Audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit • compliance reports of all applicable laws as well as steps taken to rectify instances of non-compliances periodically • compliance with the provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015 at least once in a financial year and verify that the systems for internal control are adequate and are operating effectively
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