Audit Committee:

Name of the Member Category
Mr. K S Raju Member
Ms. Lalitha Raghuram Member

Terms of Reference
  1. Oversee the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible.
  2. Recommending to the Board, the appointment, re-appointment, remuneration and terms of appointment of auditors of the Company.
  3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors.
  4. Reviewing, with the management, the annual financial statements and auditors report thereon before submission to the Board for approval, with particular reference to:
    1. Matters required to be included in the Director's Responsibility statement to be included in the Board's Report in terms of clause (c) of sub- section 3 of Section 134 of the Companies Act, 2013.
    2. Changes, if any, in accounting policies and practices and reasons for the same.
    3. Major accounting entries involving estimates based on the exercise of judgement by management.
    4. Significant adjustments made in the financial statements arising out of audit findings.
    5. Compliance with listing and other legal requirements relating to financial statements.
    6. Disclosure of any related party transactions.
    7. Qualifications in the draft audit report.
  1. Reviewing with the management, the quarterly financial statements before submission to the Board for approval.
  2. Reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document / prospectus/ notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue and making appropriate recommendations to the Board to take up steps in this matter.
  3. Review and monitor the auditor's independence and performance and effectiveness of audit process.
  4. Approval or any subsequent modification of transactions of the Company with related parties.
  5. Scrutiny of inter - corporate loans and investments.
  6. Valuation of undertakings or assets of the Company, wherever it is necessary.
  7. Evaluation of internal financial controls and risk management systems.
  8. Reviewing with the management, performance of statutory and internal auditors, adequacy of the internal control systems.
  9. Reviewing the adequacy of internal audit function, if any, 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.
  10. Discussion with internal auditors any significant findings and follow up thereon.
  11. Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board.
  12. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern.
  13. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non payment of declared dividends) and creditors.
  14. To review the functioning of the Whistle Blower mechanism.
  15. To approve the appointment of CFO / Whole time Finance Director.
  16. Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.
  17. To consider and commend to the Board appointment of Cost Auditor of the Company.