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Company's Philosophy on Code of Governance |
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Rajkumar
Forge Limited’s philosophy on Corporate Governance
aims at establishing and practising a system of good
corporate governance which will assist the management
in managing the company’s business in an efficient
and transparent manner for achieving the corporate objectives
so as to provide best services in the best interests
of the stakeholders like shareholders, employees, customers,
suppliers, vendors etc. |
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| 2.
Board Level Issues |
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Composition of the Board.
The strength of Board was six Directors as
on 31st March 2007, comprising of Chairman and
Managing Director, who is an executive Director
and 4 other Directors, of whom three are independent.
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Information placed before the Board
The Board of Rajkumar Forge Ltd. is presented with all
relevant information on various vital matters affecting
the working of the company in addition to the matters
set out in Annexure IA of Clause 49 of the Listing Agreement.
Also, extensive information is provided on various critical
matters such as production, sales, exports, financial
performance, foreign exchange exposure, staff matters,
legal proceedings, share transfer compliance, quarterly
financial results, significant labour and human relation
matters, and other such matters.
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| 3.
Audit Committee |
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The
role and terms of reference of the Audit Committee cover
the matters specified under Clause 49 of the Listing
Agreement with the Stock Exchanges, Section 292A of
the Companies Act, 1956, other terms as may be referred
by the Board of Directors and inter-alia includes the
following:
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Overseeing
of the company’s financial reporting process and
the disclosure of its financial information to ensure
that the financial statement is correct, sufficient
and credible. |
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Recommending to the
Board, the appointment, re-appointment and, if required,
the replacement or removal of the statutory auditor
and the fixation of audit fees. |
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Reviewing, with the
management, the quarterly financial statements before
submission to the board for approval etc. |
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The present Audit Committee comprises
of 3 non-executive, financially literate Directors viz., Shri
P. B. Kore, Mr.Pradeep Bhargava and Mr. Swastik Sirsikar.
Out of these three directors Mr.Pradeep Bhargava is the
Chairman of the Committee
The Audit Committee meetings are also attended by Managing
Director and Account Officer. The Statutory auditors/representatives
of the statutory auditors and the internal auditors also attend
the Meetings of the Audit Committee. The Company Secretary
acted as a Secretary of the Committee.
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