The Audit Committee has been constituted in accordance with the provisions of Clause 49 (II) of the listing agreement and Section 292A of the Companies Act, 1956. The terms of reference of the said Committee is in conformity with the provisions of Clause 49 (II) of the listing agreement read with provisions of Section 292A of the Companies Act, 1956.
During the current financial year 2011-12, the Audit Committee has met five times on May 10, 2011, July 8, 2011, October 17, 2011, December 9, 2011 and January 12, 2012. The gap between the previous two meetings did not exceed four months. The details of attendance of each director at the said meetings and sitting fees paid to them, are listed below:
| Members |
No. of Meetings Attended |
Sitting Fees Paid (Rs.) |
| Dr. S. A. Dave (Chairman) |
5 |
100,000 |
| Mr. B. S. Mehta |
5 |
100,000 |
| Mr. D. N. Ghosh |
5 |
100,000 |
|
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