| ii) |
COMPOSITION, NAME OF MEMBERS AND CHAIRMAN : |
| |
As on 31.03.2011 the Audit Committee consists of three non-executive independent Directors. Four meetings were held during the financial year ended 31st March, 2011 i.e. on 28th April, 2010, 24th July, 2010, 10th November, 2010 and 10th February, 2011. 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 |
3 |
|
| iii) |
SECRETARY : |
| |
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 10th November, 2010. |
| |
(b) |
The Statutory Auditors. |
| |
(c) |
The Internal Auditors and Cost Auditors. |
| |
(d) |
Shri Deepak Tandon, Whole-time Director (since resigned w.e.f.15.04.2011), Shri U. S. Asopa, Sr. Joint President (Finance) and Shri Suresh 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 1st July, 2010 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, 2011 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, 2010 |
28th April, 2010 |
| Quarter ended 30th June, 2010 |
24th July, 2010 |
| Quarter ended 30th September, 2010 |
10th November, 2010 |
| Quarter ended 31st December, 2010 |
10th February, 2011 |
|
