Committees

Committees of the Board

As on 31st March 2016, the Company had three committees of the Board of Directors – Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee. The minutes of the Committee Meetings are noted by the Board. The role and composition of the aforesaid Committees, including the number of meetings held and the related attendance of the members are given below:

Audit Committee

As on 31st March, 2016 the Audit Committee comprised of three Independent Mr. Vidhu Bhushan Verma is the Chairman and Mr. Manoj Mundhra & Ms. Vishakha Mundra are the other two members of the Committee. All the members of the Committee have accounting or related financial management expertise.

During the year under review, four meetings of the committee were held on 30.05.2016, 12.08.2015, 13.11.2015 and 08.02.2016.The composition of the committee and attendance at its meeting is given below:

Name of the Director Category No. of Meetings Held No. of Meetings Attended
Mr. Vidhu Bhushan Verma Chairman-Non-Executive- Independent Director 4 4
Mr. Manoj Kumar Mundhara Non-Executive Independent Director 4 4
Ms. Bharti Ranga* Non-Executive Director 3 0
Ms. Vishakha Mundhra** Non-Executive Independent Director 0 0

*Resigned w.e.f 2nd February, 2016
** Appointed w.e.f 9th February, 2016

The Committee acts as a link between the management, auditors and the Board of Directors of the Company and has full access to financial information

Function of the committee include :

Nomination and Remuneration Committee

As on 31st March, 2016 the Nomination & Remuneration Committee comprised of three Independent Directors. Mr. Vidhu Bhushan Verma is the Chairman and Mr. Manoj Mundhra & Ms. Vishakha Mundra are the other two members of the Committee. All the members of the Committee have accounting or related financial management expertise.

Function of the committee include:

To evaluate, review and recommend to the Board, the remuneration of the Executive Directors, striking a balance between the performance and achievement.

Meeting Details

The Committee held three meetings during the year 15th July, 2015, 9th February, 2016 and 2nd March, 2016. On meeting held on 9th February the committee took note of resignation of Ms. Bharti Ranga, Mr Ashish Jalan, and further note Mr Jitendra Kumar Goyal as to resigned as member of committee as executive director cannot be member of the committee. Ms. Vishaka Mundra and Mr Mahesh Kumar Bhalotia were the new members on the committee.

None of the Non-executive Directors held any shares in the Company.

Sitting fee has been waived and no sitting fee is presently paid to any director or any member of any committee of Directors.

Stakeholders Relationship Committee

The committee is headed by Mr. Nikunj Kanodia, as Chairman (Non-Executive Director) and Mr. Jitendra Kumar Goyal,, Ms. Vishakha Mundhra are the member of the committee. Ms Poonam Dalmia, Company Secretary and Compliance Officer, is the Secretary of the Committee. The Committee held one meeting during the year on 9th February, 2016. No Complaint had been received during the Financial Year 2015-16. The Company is registered with SEBI under SCORES.