With the rapid expansion of business in terms of volume, value and geography various risks associated with the business have also increased considerably. One such risk identified is the risk of fraud and misconduct. The Audit Committee is committed to ensure fraud free work environment and to this end the committee had laid down a “Fraud Risk Management Policy” providing a platform to all the Employees, Vendors and Customers to report any suspected or confirmed incident of fraud/misconduct through any of the following reporting protocols:
Phone : +91-020-30613333
Email ID : firstname.lastname@example.org
In order to instill more confidence amongst Whistle Blowers the management of the above reporting protocol are managed by Independent Chief Internal Auditor of the company Mr. A. T. Hozdar, Chartered Accountant. The policy is applicable to all the Directors, Employees, Vendors and Customers of the Company. The main objectives of the policy are as under:
- To protect the brand, reputation and assets of the Company from loss or damage resulting from suspected or confirmed incidents of fraud or misconduct.
- To provide guidance to Employees, Vendors and Customers on reporting any suspicious activity and handling critical information and evidence.
- To provide healthy and fraud free work culture.
The Audit Committee and Chief Internal Auditor, Mr. A. T. Hozdar of the Company are responsible for the following:
- Implementation of the policy and spreading awareness amongst Employees.
- Review all reported cases of suspected fraud/misconduct.
- Order investigation if necessary of any case either through internal audit or through external agency.
- Recommend to the management for taking appropriate actions such as disciplinary action, termination of service, changes in policy and procedure and review of internal control system.
The Chief Internal Auditor functions independently and reports to the Audit Committee.
The Company may amend or modify this policy in whole or in part, at any time without assigning any reason whatsoever. This modified policy will be binding on the parties on its publication.
The Company’s remuneration policy is based on the success and performance of the individual employee and the Company. Through, its compensation policy, the Company endeavours to attract, retain, develop and motivate a high performance workforce. The Company follows a compensation mix or fixed pay, variable and fixed allowances, benefits and bonuses etc.. Individual performance pay is determined by business performance and the performance of the
individuals measured through the annual appraisal process.
The Company pays remuneration by way of salary (fixed component), benefits, perquisites and allowances (variable component) to its Managing Directors and the executive directors. Periodical increases, if any, are decided by the Remuneration Committee and Board subject to the approval by the members and are effective from April 1 each year. The Remuneration Committee decides on the commission if any payable to Executive Chairman out of profits for the financial year and within the ceiling prescribed by the Companies Act based on the performance of the Company as well as that of the incumbent.
The Company pays sitting fees of Rs. 10,000 per meeting or as may be fixed from time to time to its directors for attending the meetings of the Board and Rs.10,000/5000 for meetings of the Committee of the Board. The Company also reimburses the out of pocket expenses incurred by the Directors for attending the meetings.