ii) COMPOSITION, NAME OF MEMBERS AND CHAIRMAN :
 
As on 31.03.2008 the Audit Committee consists of three non-executive independent Directors.Four meetings were held during the financial year ended 31st March, 2008 i.e on 1st May, 2007, 31st July, 2007, 30th October, 2007 and 30th January, 2008.The composition of the Audit Committee and the attendance of each member at these meetings are as follows :-
 

Sl. No.	Members	No. of Meetings attended
i.	Shri P. K. Mallik – Chairman	4
ii.	Shri Amitabha Ghosh	4
iii.	Shri P. K. Choksey	2

iii) SECRETARY:
 
Shri S. K. Parik, Director & Secretary, is the Secretary to the Audit Committee.
 
iv) INVITEES: (as & when considered necessary)
 
(a) The Statutory Auditors.
 
(b) The Internal Auditors and Cost Auditors.
 
(c) Shri U. S. Asopa, Sr. Vice President (Finance) and Shri Suresh Sharma, Sr. Vice President (Commercial) at the corporate office of the Company.
 
v) The Audit Committee comprises of all non-executive and independent directors and they are the persons of vast knowledge and experience. Shri P. K. Mallik, Chairman of the Audit Committee is a Senior Chartered Accountant with the requisite Financial and Accounting expertise. Shri P. K. Choksey and Shri A. Ghosh, the other two members are also Senior Chartered Accountants. All the present members are financially literate.
 
vi)The Chairman of the Audit Committee attended the Annual General Meeting of the company held on 29th June, 2007 and he ensured that necessary clarifications and explanations were provided to the members of the Company on issues regarding accounts and finance.
 
vii)The Quarterly Unaudited Financial Results as well as the Annual Financial Statements during the year ended 31st March, 2008 were reviewed and examined by the members of the Audit Committee before recommendation of the same to the Board of Directors for their perusal and approval on the following dates :

Financial Reporting	Date of approval by Audit Committee
Annual Financial Statements & Results for the year ended 31st March, 2007	1st May, 2007
Quarter ended 30th June, 2007	31st July, 2007
Quarter ended 30th September, 2007	30th October, 2007
Quarter ended 31st December, 2007	30th January, 2008