Annual Report 2011-2012 - Bajaj Group

CORPORATE GOVERNANCE REPORT :A Certificate from the Statutory Auditors- M/s B.Chhawchharia & Co, CharteredAccountants, Nagpur; confirming compliance with conditions as stipulated under theaforesaid Clause 49 is annexed to the Report of Corporate Governance.Disclosures required to made under the heading 'Corporate Governance' Under Clause(IV) (1) & (2) of the proviso under the table (B) of Sub-Section 1 of Section II of part II ofSchedule XIII of the Companies Act, 1956, are made herein below :(i) The Company does not pay any remuneration to its's Non-Executive Director. Theelements of remuneration package payable to Shri Rohit Bajaj, Managing Director andShri Sunil Bajaj, Executive Director are detailed out in the explanatory statement annexedto the notice calling the ensuing Annual General Meeting which has been made a part ofthis Annual Report & Corporate Governance Report.(ii) Various components of remuneration payable to Shri Rohit Bajaj, Managing Directorand Shri Sunil Bajaj, Executive Director are detailed out in the explanatory statementannexed to the notice calling the ensuing Annual General Meeting which has been made apart of this Annual Report & Corporate Governance Report.(iii) No stock options are offered by the Company.(iv) The Corporate Governance Report and Management Discussion Analysis Report areattached with this Annual Report under Clause 49 of the Listing Agreement.AUDIT COMMITTEE :The Audit committee of the Board is under Chairmanship of Shri Deepak Batra, CharteredAccountant, an Independent Director of the Company and consisting of otherIndependent Directors viz. Shri Rajiv Ranka and Shri Alok Goenka as a practice of goodCorporate Governance.NEW PRODUCTS LINE :The Company is having distinguished manufacturing facilities in India for CottonGinning & Pressing Plants / Machineries. The facilities are equipped with state of artmachines with latest technologies and managed by team of engineers. Moreover, theCompany is in the process of executing various new projects for wider productrange,value additions and to make its product more competitive.• Delinting & Decorticating Machines (Capacity ranging from 100-800 TPD)• Continental Products based on Continental Eagle Corp, USA TechnologyThe Company has also proposed to develop Oil Mill Machineries (Capacity ranging from100-300 TPD).