annual-report-FY2021

170 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS Members constituting the Committees are Independent Directors and each Committee is guided by its Charter or Terms of Reference, which provides for the composition, scope, powers & duties and responsibilities. The Chairman of the respective Committee informs the Board about the summary of the discussions held in the Committee Meetings. The minutes of the Meeting of all Committees are placed before the Board for review. During the year, all recommendations of the Committees of the Board which were mandatorily required have been accepted by the Board. There are seven Board constituted Committees as on 31 st March, 2021, which comprise of five statutory committees and two non-statutory committees (voluntary committees), details of which are as follows: The Board Mr. T.N. Manoharan Ms. Shikha Sharma Mr. Vikram Singh Mehta Mr. Haigreve Khaitan Audit Committee Mr. Haigreve Khaitan Mr. Anand G. Mahindra Dr. Vishakha N. Desai Dr. Anish Shah Stakeholders Relationship Committee Dr. Vishakha N. Desai Mr. Anand G. Mahindra Dr. Anish Shah Mr. Vikram Singh Mehta Mr. Muthiah Murugappan Corporate Social Responsibility Committee Mr. Vikram Singh Mehta Ms. Shikha Sharma Mr. Haigreve Khaitan Ms. Nisaba Godrej Governance, Nomination and Remuneration Committee Dr. Anish Shah Mr. T.N. Manoharan Mr. Rajesh Jejurikar Ms. Shikha Sharma Mr. Vikram Singh Mehta Mr. Haigreve Khaitan Risk Management Committee Mr. Anand G. Mahindra Mr. Vikram Singh Mehta Mr. T.N. Manoharan Ms. Shikha Sharma Mr. Vijay Kumar Sharma Strategic Investment Committee* Loans & Investment Committee* Mr. Anand G. Mahindra Dr. Anish Shah Mr. Vikram Singh Mehta Ms. Shikha Sharma Mr. Haigreve Khaitan Board Committees as on 28 th May, 2021 Chairperson Members * Voluntary Committees A. Audit Committee This Committee comprises of the following Directors viz. Mr. T. N. Manoharan (Chairman of the Committee), Ms. Shikha Sharma, Mr. Vikram Singh Mehta and Mr. Haigreve Khaitan. All Members of the Committee are Independent Directors. Mr. Vikram Singh Mehta and Mr. Haigreve Khaitan were appointed as Members of the Committee with effect from 8 th August, 2020 and Mr. Nadir B. Godrej and Mr. M. M. Murugappan ceased to be Members of the Committee with effect from 8 th August, 2020 upon cessation as Directors of the Company. All the Members of the Committee possess strong accounting and financial management knowledge. The Company Secretary is the Secretary to the Committee. The terms of reference of this Committee are very wide and are in line with the regulatory requirements mandated by the Act and Part C of Schedule II of the Listing Regulations. Besides having access to all the required information from within the Company, the Committee can obtain external professional advice whenever required. The Committee acts as a link between the Statutory and the Internal Auditors and the Board of Directors of the Company. It is authorised to, inter alia , review and monitor the Auditor’s independence and performance, scope and effectiveness of audit process, oversight of the Company’s financial reporting process and the disclosure of its financial information, review with the management the quarterly and annual financial statements and auditor’s report before submission to the Board for approval, select and establish accounting policies, review Reports of the Statutory and the Internal Auditors and meet with them to discuss their findings, suggestions and other related matters, approve (wherever necessary) transactions of the Company with related parties including subsequent modifications thereof, grant omnibus approvals for