The Memorandum of Association sets out the Objects of the Company and the Articles of Association set out the Shareholders’ rights and obligations and the management of the Company through its Board of Directors.

Shareholders’ meetings are held at least once in 12 months and Board meetings of the Company are held at least four times a year, with a maximum gap of three months between any two meetings. The Board discusses the developments in the industry, opportunities and threats, product-wise performance, business outlook, risks and concerns, internal controls, operational performance, human resources, rewards and industrial relations.

The compensation paid to the ‘Executive’ Directors is well within industry standards for executives at the same levels of qualification, expertise, responsibilities and experience.

The Statutory Auditors of the company are appointed in the Annual Shareholders’ meeting. Care is taken to ensure that services not to be provided by an audit firm are not sought for with the exception being the legal requirements for certification under the Companies Act and FEMA.

The company has appointed internal auditors, cost accounting auditors and company law compliance auditors who carry out the mandatory periodic audits. The company adheres to all the mandatory corporate governance recommendations.