Committees

COMMITTEES

We have inbuilt committees with regards to RBI requirements as follows:

Audit Committees

In terms Section 292A of the Companies Act, 1956 and Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 the Board has constituted Audit Committee of the Board of Directors. The Audit Committee consists of four directors viz. Mr. Dinesh Thakkar, Mr. Lalit Thakkar, Mr. Vinay Agrawal and Mr. Santanu Syam as members. All the members of the Committee posses financial/accounting exposure. The Audit Committee inter alia advises the management on the areas where systems, processes, measures for controlling and monitoring revenue assurance, internal audit and risk management can be improved. The minutes of the meetings of the Audit Committee are placed before the Board.

Nomination / Remuneration Committees

The Nomination/Remuneration Committee of the Board is constituted to formulate from time to time (a) process for selection and appointment of new directors and succession plans, and (b) recommend to the Board from time to time, a compensation structure for directors and the manager. Presently, the Company has no executive director. The Nomination / Remuneration Committee of the Board comprises of Mr. Dinesh Thakkar, Mr. Lalit Thakkar, Mr. Vinay Agrawal and Mr. Santanu Syam as its members.

Risk Management Committees

The Company has laid down a robust Risk Management Policy comprising of Mr. Lalit Thakkar, Mr. Vinay Agrawal and Mr. Santanu Syam, defining Risk profiles involving Strategic, Technological, Operational, Financial, Organizational, and Legal and Regulatory risks within a well defined framework. The Risk management Policy acts as an enabler of growth for the Company by helping its businesses to identify the inherent risks, assess, evaluate and monitor these risks continuously and undertake effective steps to manage these risks.

Asset Liability Management Committees (ALCO)

Asset Liability Management Committee (ALCO) consisting of senior management executives Mr. Dinesh Thakkar, Mr. Lalit Thakkar, Mr. Vinay Agrawal and Mr. Santanu Syam monitors liquidity and interest rate risks of the Company. The functioning of ALCO is reviewed by the Risk Management Committee which meets on quarterly basis and reports to the Board of Directors.