| DIRECTORS |
Shri G. B. Pande, Nominee Director of Life Insurance Corporation of India on the Board of the Company, resigned with effect from 10th February, 2011. The Board placed on record, its appreciation for his valuable contribution made to the Company during his tenure as a Director.
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| Shri Deepak Tandon, Whole-time Director, also resigned from the Board with effect from 15th April, 2011. |
Shri K. C. Jain was appointed as Whole-time Director by the Board in place of Shri Tandon, effective 15.04.2011.
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| Shri P. K. Choksey and Shri Amitabha Ghosh, Directors of your Company, retire from the Board by rotation but are eligible for re-election. |
| AUDITORS |
| The Company has received a requisite certificate pursuant to Sec.224 (1B) of the Companies Act, 1956 and a confirmation that Price Waterhouse, the Auditors of your Company, is complying with ongoing cycle of peer review process as required by the 'Statement on Peer Review' issued by the The Institute of Chartered Accountants of India (ICAI) together with a copy of the peer review certificate dated 21st September, 2010 issued by the 'Peer Review Board' of ICAI regarding their eligibility for re-appointment as Auditors, who retire at the ensuing Annual General Meeting and we recommend their re-appointment. |
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| COST AUDITORS |
| The Company has appointed qualified Cost Auditors, in terms of the directives of the Central Government under section 233B of the Companies Act, 1956, to conduct cost audits of the products manufactured by the Company. |
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| PARTICULARS OF EMPLOYEES |
| The particulars as required under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 forms part of this Report and the same is enclosed as Annexure 'C'. |
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| CASH FLOW ANALYSIS |
| The Cash Flow Statement for the year under reference in terms of clause 32 of the Listing agreement with the Stock exchanges is annexed hereto. |
