PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

59 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS 8. Risk Management Committee Pursuant to the provisions of the Act and SEBI (LODR) Regulations 2015, the Company has formed Risk Management Committee on June 23, 2020. For the period upto August 12, 2020, composition of committee was one Executive Director, One Managing Director and One Nominee Director with Mr. Nahoosh Jariwala, Executive Director, as Chairman of the Committee and Mr. Sumit Maheshwrai, Non-Executive Nominee Director and Mr. Mahesh Purshottam Babani, Managing Director as members of the Committee. However, during the year, Mr. Nahoosh Jariwala resigned, therefore, the Committee was reconstituted at the Board meeting held on August 12, 2020 where Mr. Dwarko Topandas Khilnani, Non-Executive Independent Director was appointed as the Chairman of the Committee and Mr. Sumit Maheshwari, Non-Executive Nominee Director, Mr. Mahesh Purshottam Babani, Chairman and Managing Director, Mr. Padmanabh Ramchandra Barpande, Non-Executive Independent Director, Mr. Anurag Surana, Non-Executive Independent Director and Mr. Bhaktavatsala Rao Doppalapudi, Executive Director were appointed as the members of the Committee. During the year under review the Risk Management Committee meeting was held on March 31, 2021. The details of composition of the Risk Management Committee and attendance at Meetings during the financial year 2020-21 were as follows: Name of Member Designation No. of Committee Meeting(s) attended Mr. Nahoosh Jariwala (Chairman)* Managing Director - Promoter 0 Mr. Mahesh Purshottam Babani Executive Director - Promoter 1 Mr. Sumit Maheshwari *** Non-Executive Nominee Director 0 Mr. Dwarko Topandas Khilnani (Chairman)** Non-Executive Independent Director 1 Mr. Bhaktavatsala Doppalapudi Rao Executive Director 1 Mr. Padmanabh Ramchandra Barpande Non-Executive Independent Director 1 Mr. Anurag Surana** Non-Executive Independent Director 1 * Ceased to be Director/Member of Risk Management Committee of the Company w.e.f. closing hours of August 12, 2020. ** Appointed as the Director/Member of Risk Management Committee of the Company w.e.f. opening hours of August 13, 2020. *** Ceased to be Director/Member of Risk Management Committee of the Company w.e.f. closing hours of April 29, 2021. 9. Other Disclosures a. Related Party Transactions All related party transactions that were entered into during FY 2020-21 were on arm’s length basis, in the ordinary course of business and were in compliance with the applicable provisions of theAct and the SEBI Listing Regulations. There were no material significant related party transactions entered into by the Company with Promoters, Directors, KMPs or other designated persons which may have a potential conflict with the interest of the Company at large. The Policy on Related Party Transactions as approved by the Board is uploaded on the Company’s website at http://www.privi.com/Downloads/Policies-PSCL/PSCL-Policy-on-Related-Party-Transactions.pdf b. Statutory Compliance, Penalties and Strictures The Company has complied with the requirements of the Stock Exchanges, SEBI and Statutory Authority on all matters related to capital markets. During the last three years, no penalties or strictures have been imposed on the Company by these authorities. None of the Company’s listed securities is suspended from trading. c. Whistleblower and Vigil Mechanism Policy The Company has in place the Whistle Blower Policy and the same is available on the website of the Company http://www.privi.com/Downloads/Policies-PSCL/PSCL-Vigil-Mechanism-Policy.pdf . The said policy provides the employees a formal mechanism for the employees and other shareholders to report genuine concerns about misconduct, actual or suspected fraud or violation of Companies Code of Conduct without fear of punishment or unfair treatment. During the year under review, no employee was denied the access to the Audit Committee and/ or its Chairman. d. Compliance with requirement of Corporate Governance Report The Company has complied with all mandatory requirements of Regulation 17 to 27 and clauses (b) to (i) of sub regulation (2) of Regulation 46 of SEBI (LODR) Regulations, 2015.