annual-report-FY2021

181 MAHINDRA & MAHINDRA LTD. INTEGRATED ANNUAL REPORT 2020-21 The Committee met eight times during the year under review on 9 th April, 2020, 17 th April, 2020, 23 rd April, 2020, 5 th June, 2020, 18 th July, 2020, 6 th August, 2020, 9 th November, 2020 and 12 th January, 2021. The attendance at the Meetings was as under: Loans & Investment Committee Meeting Name of the Directors Committee Meetings 1 2 3 4 5 6 7 8 Held during tenure Attended % of attendance of a Member 9 th April, 2020 17 th April, 2020 23 rd April, 2020 5 th June, 2020 18 th July, 2020 6 th August, 2020 9 th November, 2020 12 th January, 2021 Mr. Anand G. Mahindra (Chairman) 8 8 100% Dr. Pawan Goenka* 8 8 100% Mr. Vikram Singh Mehta 8 8 100% Mr. Haigreve Khaitan 8 8 100% Ms. Shikha Sharma 8 8 100% % of attendance at a Meeting 100% 100% 100% 100% 100% 100% 100% 100% Attended through video conference * Ceased to be a Director and thereby Member of the Committee with effect from 2 nd April, 2021. LOANS & INVESTMENT COMMITTEE REPORT FOR THE YEAR ENDED 31 ST MARCH, 2021 Activities of the Committee during the year Frequency Reviewed and approved issuance of corporate guarantees in favour of Bank/Financial Institutions to secure financial assistance to be availed of by subsidiary company(ies) P Approved raising of funds by way of issuance of Non-Convertible Debentures P Considered and approved investments in and/or providing financial assistance to various subsidiaries, Joint Ventures and other group entities within the parameters as approved by the Board P Considered and recommended to the Board additional investments in and/or providing financial assistance to various subsidiaries, Joint Ventures and other group entities P Frequency P Periodically 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. The subsidiaries of the Company function independently, with an adequately empowered Board of Directors and adequate resources. For more effective governance, the minutes of Board Meetings of subsidiaries of the Company are placed before the Board of Directors of the Company for their review at every quarterly Meeting. In addition to the above, Regulation 24 of the Listing Regulations requires that at least one Independent Director on the Board of Directors of the listed entity shall be a Director on the Board of Directors of an unlisted material subsidiary, whether incorporated in India or not. For the purpose of this provision, material subsidiary means a subsidiary, whose income or net worth exceeds twenty percent of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year. There is no Subsidiary which falls under this definition of unlisted material subsidiary for the financial year ended 31 st March, 2021. The other requirements of Regulation 24 of the Listing Regulations with regard to Corporate Governance requirements for Subsidiary Companies have been complied with.