annual-report-FY2020

190 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS G. Strategic Investment Committee (A voluntary initiative of your Company) The Strategic Investment Committee is constituted by the Board with powers, inter alia , to evaluate and scrutinise significant investments / funding including but not limited to business acquisitions, reviewing and monitoring existing investments in subsidiaries, joint ventures and other group companies, overseeing and reviewing performance of various subsidiaries andmaking necessary recommendations to the Board from time to time including disinvestments. Mr. Anand G. Mahindra is the Chairman of the Committee. Mr. Nadir B. Godrej, Mr. Vikram Singh Mehta, Mr. T. N. Manoharan, Ms. Shikha Sharma and Mr. Vijay Kumar Sharma are other Members of the Committee. Ms. Shikha Sharma and Mr. Vijay Kumar Sharma were appointed as Members of Committee with effect from 8 th August, 2019 and 8 th February, 2020, respectively and Mr. Anupam Puri ceased to be a Member of the Committee with effect from 8 th August, 2019 upon cessation as a Director of the Company. The Committee met five times during the year under review on 28 th May, 2019, 6 th August, 2019, 7 th & 8 th November, 2019, 7 th February, 2020 and 26 th March, 2020. The attendance at the Meetings was as under: Members Number of Meetings attended Mr. Anand G. Mahindra (Chairman) 5 Mr. Nadir B. Godrej 5 Mr. Anupam Puri* 2 Mr. Vikram Singh Mehta 5 Mr. T. N. Manoharan 5 Ms. Shikha Sharma** 3 Mr. Vijay Kumar Sharma*** 1 * Ceased to be a Director and thereby Member of the Committee with effect from 8 th August, 2019. ** Appointed as an Independent Director of the Company and as a Member of Committee with effect from 8 th August, 2019. *** Appointed as a Member of Committee with effect from 8 th February, 2020. H. Loans & Investment Committee (A voluntary initiative of your Company) The Loans & Investment Committee is authorised to approve loans and investment, disinvestment, borrowing moneys and related aspects of fund management in accordance with the authority granted and the parameters prescribed by the Board with Mr. Anand G. Mahindra as the Chairman of the Committee and the other Members being Dr. Pawan Goenka, Mr. Vikram Singh Mehta, Mr. Haigreve Khaitan and Ms. Shikha Sharma. Mr. Haigreve Khaitan and Ms. Shikha Sharma were appointed as Members of the Committee with effect from 8 th August, 2019 and Mr. R. K. Kulkarni ceased to be a Director and thereby Member of the Committee with effect from 8 th August, 2019. Apart from the Meetings, Circular Resolution(s) is/ are also passed by the Members after discussion over a conference call between the Members. Subsequently, these Resolution(s) are noted in the Meeting held after the date on which the Circular Resolution(s) is/are passed by the Members. The Committee met four times during the year under review on 28 th May, 2019, 17 th July, 2019, 6 th August, 2019 and 1 st October, 2019. The attendance at the Meetings was as under: Members Number of Meetings attended Mr. Anand G. Mahindra (Chairman) 4 Dr. Pawan Goenka 4 Mr. R. K. Kulkarni* 3 Mr. Vikram Singh Mehta 3# Mr. Haigreve Khaitan** 1 Ms. Shikha Sharma** 1 * Ceased to be a Director and thereby Member of the Committee with effect from 8 th August, 2019. # In addition, Mr. Vikram Singh Mehta participated in one Committee Meeting through audio call. No sitting fees was paid to him for participation through audio call. ** Appointed as Independent Directors of the Company and as Members of Committee with effect from 8 th August, 2019. V. SUBSIDIARY COMPANIES Regulation 16 of the Listing Regulations defines a “material subsidiary” to mean a subsidiary, whose income or net worth exceeds ten percent of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year. Under this definition, Mahindra & Mahindra Financial Services Limited (Listed), Ssangyong Motor Company (Listed in South Korea) and Mahindra Vehicle Manufacturers Limited (Unlisted) are material subsidiaries of the Company.