Annual Report 2006-2007 - Gammon India

GAMMON INDIA LIMITED
• Significant adjustments arising out of audit
• The going concern assumption
• Compliance with accounting standards
• Compliance with Stock Exchange and legal requirements concerning financial statements
• Any related party transactions i.e. transactions of the Company of material nature, with promoters
or the management, their subsidiaries or relatives etc. that may have potential conflict with the
interests of the Company at large.
(d) Reviewing with the management, external and internal auditors, and the adequacy of internal control
systems.
(e) Reviewing the adequacy of internal audit functions, including the structure of the internal audit
department, staffing and seniority of the official heading the department, reporting structure coverage
and frequency of internal audit.
(f) Discussion with internal auditors, any significant findings and follow up thereon.
(g) Reviewing the findings of any internal investigations by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting
the matter to the board.
(h) Discussion with external auditors before the audit commences, nature and scope of audit as well as
have post audit discussion to ascertain any area of concern.
(i) Reviewing the Company’s financial and risk management policies.
(j) To look into the reasons for substantial defaults in the payment to the depositors, debenture holders,
shareholders (in the case of non payment of declared dividends) and creditors.
During the period under review, the Audit Committee met 5 times and the dates of such meetings are:
29/06/2006, 31/07/2006, 31/10/2006, 31/01/2007 and 21/03/2007.
The Composition of the Audit Committee and the details of meetings attended by the Directors are
given below :
Name of the Member Category No. of Audit Committee
Meetings attended
Mr. C. C. Dayal Non-Executive – Independent 5
Mr. S. K. Guha Thakurta Non-Executive – Independent 2
Mr. Atul Dayal Non-Executive – Independent 5
Mr. C. C. Dayal, Chairman of the Audit Committee was present at the previous Annual General Meeting
held on 26 th September, 2006.
(b) SHAREHOLDERS/INVESTORS GRIEVANCE COMMITTEE :
As on 31st March, 2007 the Shareholders/Investors Grievance Committee comprised of three members
i.e. two Non-Executive Directors and one Executive Director. Mr. C. C. Dayal, Non-Executive Director is the
Chairman of the Committee.
The Committee approves and monitors share transfers, transmissions, dematerialisation, rematerialisation,
issue of duplicate share certificates, etc. The Committee also monitors redressal of complaints from
Shareholders relating to transfer of shares, non-receipt of Annual Report, dividends etc.
During the year 2006-07 the Committee held 21 (Twenty One) meetings on 15/04/2006, 29/04/2006,
15/05/2006, 30/05/2006, 30/06/2006, 15/07/2006, 31/07/2006, 14/08/2006, 30/08/2006, 15/09/2006,
18/09/2006, 30/09/2006, 30/10/2006, 15/12/2006, 30/12/2006, 15/01/2007, 31/01/2007, 15/02/2007,
28/02/2007, 15/03/2007 and 29/03/2007.
The Composition of the Shareholders/Investors Grievance Committee and the attendance of each member
during the year 2006-2007 are detailed below :
Name of the Director Executive/Non-Executive No. of Committee
Meetings attended
Mr. C. C. Dayal Non-Executive – Chairman 19
Mr. S. K. Guha Thakurta Non-Executive 12
Mr. Himanshu Parikh Non-Executive 18
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