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II. Composition of Audit Committee EXTRACT OF ANNUAL RETURN

During the year under review, the Audit Committee comprised Pursuant to Section 92 (3) of the Act and Rule 12 (1) of the Companies
3 (three) Members out of which 2 (two) were Independent (Management and Administration) Rules, 2014, extract of annual
Directors and 1 (one) was a Non-Executive Director. During the return in Form MGT 9 is enclosed as Annexure 8 to this report.
year, 8 (eight) Audit Committee meetings were held, details
ACKNOWLEDGEMENTS
of which are provided in the Corporate Governance Report.
Ms. Padmini Khare Kaicker, an Independent Non-Executive The Directors wish to place on record their appreciation for the
Director, was appointed as a member of the Audit Committee continued support and co-operation by Financial Institutions, Banks,
with effect from 1 April, 2018.
Government authorities and other stakeholders. Your Directors also
III. Composition of CSR, Safety and Sustainability Committee acknowledge the support extended by the Company’s Unions and all
the employees for their dedicated service.
The Committee comprises 3 (three) Members out of which
1(one) is an Independent Director. During the year, 3 (three)
CSR, Safety and Sustainability Committee meetings were held,
details of which are provided in the Corporate Governance On behalf of the Board of Directors
Report.
IV. Secretarial Standards

The Directors have devised proper systems and processes for Bhaskar Bhat R. Mukundan
complying with the requirements of applicable Secretarial Director Managing Director & CEO
Standards issued by the Institute of Company Secretaries of
India and that such systems were adequate and operating Mumbai, 18 May, 2018
effectively.

68 Annual Report 2017-18