37 • Management Discussion and Analysis of financial condition and results of operations • management letters | letters of internal control weaknesses issued by the Statutory Auditors • statement of related party transactions submitted by the Management xii) the functioning of the whistleblowing mechanism xiii) utilisation of loans | advances from the holding company to the subsidiary company or investments by the holding company in the subsidiary company exceeding ` 100 cr or 10% of the asset size of the subsidiary company, whichever is lower xiv) with the Internal Auditors any significant findings and follow-up thereon, including findings of any internal investigations into matters where there is suspected fraud or irregularity or failure of the internal control systems of the material nature and reporting such matters to the Board xv) with the Management the statement of uses | applications of funds raised through an issue (public issue, rights issue, preferential issue, etc), the statement of funds utilised for purposes other than those stated and the report submitted by the monitoring agency, monitoring the utilisation of proceed of such issue e) Others: i) Consider and comment on the rationale, cost-benefits and impact of schemes involving merger, demerger, amalgamation, etc on the Company and the shareholders. ii) Evaluating internal financial controls and risk management system. iii) Recommending appointment, remuneration and terms of appointment of the Auditors and approval for payment for any other services. iv) Scrutinising inter-corporate loans and investments. v) Other functions as mentioned in the terms of reference of the Audit Committee. 3.1.2 Composition, meetings and attendance The Committee comprises the following members, all having relevant experience in financial matters. During 2023-24, four meetings were held: No. Name Designation Meetings entitled Meetings attended 1. Mahalakshmi Subramanian Chairman 4 4 2. Sujal Shah1 Member 4 4 3. Abhay Jadeja1 Member 4 4 4. Jyotin Mehta2 Member - - 5. Dipali Sheth2 Member - - 6 Drushti Desai2 Member - - 7. Venkatraman Srinivasan2 Member - - 1 up to March 31, 2024 | 2 effective April 01, 2024
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