| ii) |
COMPOSITION, NAME OF MEMBERS AND CHAIRMAN : |
| |
As on 31.03.2010 the Audit Committee consists of three non-executive independent Directors. Four meetings were held during
the financial year ended 31st March, 2010 i.e. on 1st May, 2009, 25th July, 2009, 30th October, 2009 and 28th January, 2010.
The composition of the Audit Committee and the attendance of each member at these meetings were as follows : |
| |
| Sl. No. |
Members |
No. of Meetings attended |
| i. |
Shri P. K. Mallik – Chairman |
4 |
| ii. |
Shri P. K. Choksey |
3 |
| iii. |
Shri Amitabha Ghosh |
4 |
|
| iii) |
SECRETARY : |
| |
Shri S. K. Parik, Director was the Secretary of the Company as well as Audit Committee upto 31st December, 2009. With effect
from 1st January, 2010, Shri S. K. Patodia, Secretary of the Company is Secretary of the Audit Committee. |
| iv) |
INVITEES : (as & when considered necessary) |
| |
(a) |
Shri G. B. Pande, a nominee Director of LICI attended the meeting held on 1st May, 2009. |
| |
(b) |
The Statutory Auditors. |
| |
(c) |
The Internal Auditors and Cost Auditors. |
| |
(d) |
Shri U. S. Asopa, Sr. Joint President (Finance) and Shri Suresh Kumar Sharma, Sr. Joint 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 26th June, 2009 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, 2010
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, 2009 |
1st May, 2009 |
| Quarter ended 30th June, 2009 |
25th July, 2009 |
| Quarter ended 30th September, 2009 |
30th October, 2009 |
| Quarter ended 31st December, 2009 |
28th January, 2010 |
|
