Amal Ltd | Annual Report 2023-24 14. Auditors Statutory Auditors Deloitte Haskins & Sells LLP, Chartered Accountants were reappointed as the Statutory Auditors of the Company at the 48th Annual General Meeting (AGM) held on September 08, 2022, until the conclusion of the 53rd AGM. The Auditor’s Report for the financial year ended on March 31, 2024, does not contain any qualification, reservation or adverse remark. The report is enclosed with the Financial Statements in this annual report. Secretarial Auditors SPANJ & Associates, Company Secretaries, continue to be the Secretarial Auditors for 2023-24 and their report is given on page number 19. The Secretarial Audit Report of Amal Speciality Chemicals Ltd, the material subsidiary, is also given on page number 22. 15. Directors’ responsibility statement a) In preparation of the annual accounts for the financial year that ended on March 31, 2024, the applicable accounting standards have been followed and there are no material departures. b) The accounting policies were selected and applied consistently and judgements and estimates thus made were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period. c) Proper and sufficient care was taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. d) The attached annual accounts for the year ended on March 31, 2024, were prepared on a going concern basis. e) Adequate internal financial controls to be followed by the Company were laid down and they were adequate and operating effectively. This is given under para number 7. f) Proper systems were devised to ensure compliance with the provisions of all applicable laws and the same were adequate and operating effectively. 16. Directors 16.1 Retirement | Reappointment | Appointments a) Retirement Mr Sujal Shah and Mr Abhay Jadeja, Independent Directors completed their second term as Independent Directors and retired on March 31, 2024. The Board places on record its deep appreciation for their valuable contribution through sustained involvement, critical analysis and insightful guidance. b) Reappointment According to the Articles of Association of the Company, Mr Sunil Lalbhai retires by rotation and being eligible offers himself for reappointment at the AGM scheduled on September 05, 2024. c) Appointment Ms Dipali Sheth, Ms Drushti Desai and Mr Venkatraman Srinivasan were appointed as Independent Directors for a period of five years, effective February 01, 2024. In the opinion of the Board, they possess knowledge, experience and expertise relevant to the Company. 16.2 Policies on appointment and remuneration The salient features of the Policy are as under: 16.2.1 Appointment While recommending the appointment of the Directors, the Nomination and Remuneration Committee considers the following factors:
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