PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

53 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS The details of composition of the Committee and attendance at Meetings are as follows: Name of the Member Designation / Category No. of Committee Meeting(s) attended Mr. P. R. Barpande (Chairman) Non-Executive Independent Director 6 Mr. Mahesh Babani Chairman and Managing Director - Promoter 6 Mr. Nahoosh Jariwala* Managing Director - Promoter 3 Mr. Sumit Maheshwari ^ Non-Executive Nominee Director 6 Mr. Rajesh Budhrani Non-Executive Independent Director 6 Mr. Hemang Gandhi* Non-Executive Independent Director 3 Ms. Radhika Pereira* Non-Executive Independent Director 3 Mr. Darius Pandole* Non-Executive Independent Director 3 Mr. Viren Joshi* Non-Executive Independent Director 3 Mrs. Anuradha Thakur** Non-Executive Independent Director 3 Mr. Dwarko Khilnani** Non-Executive Independent Director 3 * Ceased to be Director/Member of Audit Committee of the Company w.e.f. closing hours of August 12, 2020. ** Appointed as the Director/Member of the Audit Committee of the Company w.e.f. opening hours of August 13, 2020. The terms of reference of the Audit Committee are: a. recommendation for appointment, remuneration and terms of appointment of auditors of the Company b. approval of payment to statutory auditors for any other services rendered by them; c. review and monitor the auditors’ independence and performance, and effectiveness of audit process. d. reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems; e. reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit f. discussion with internal auditors of any significant findings and follow up there on g. reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board. h. discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern. i. call for the comments of the auditors about internal control systems, the scope of audit, including the observations of the auditors and review of financial statement before their submission to the Board and may also discuss any related issues with the internal and statutory auditors and the management of the company. j. review, with the management, the annual financial statements and auditor’s report thereon before submission to the board for approval, with particular reference to: i. matters required to be included in the director’s responsibility statement to be included in the board’s report in terms of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013; ii. changes, if any, in accounting policies and practices and reasons for the same; iii. major accounting entries involving estimates based on the exercise of judgment by management; iv. significant adjustments made in the financial statements arising out of audit findings; v. compliance with listing and other legal requirements relating to financial statements vi. disclosure of any related party transactions vii. modified opinion(s) in the draft audit report;