ISPAT INDUSTRIES LIMITED
Report on Corporate Governance for the Quarter
ended on 30th June, 2009
|
Particulars |
Clause of Listing agreement |
Compliance
Status Yes/No |
Remarks |
|
I. Board of Directors |
49 I |
|
|
|
(A) Composition of Board |
49 (IA) |
Yes |
|
|
(B) Non-executive
Directors’ compensation & disclosures |
49 (IB) |
Yes |
|
|
(C) Other provisions as to
Board and Committees |
49 (IC) |
Yes |
|
|
(D) Code of Conduct |
49 (ID) |
Yes |
Compliance affirmed for the year 2008-09 and
declaration by CEO shall be duly incorporated in the Annual Report for the
year 2008-2009. |
|
II. Audit Committee |
49 (II) |
|
|
|
(A) Qualified & Independent Audit Committee |
49 (IIA) |
Yes |
Chairman of the Audit Committee has resigned
effective 29th January, 2009.
Appointment of the Chairman of the Audit Committee shall be decided by
the Audit Committee. |
|
(B) Meeting of Audit Committee |
49 (IIB) |
Yes |
|
|
(C) Powers of Audit Committee |
49 (IIC) |
Yes |
|
|
(D) Role of Audit Committee |
49 II(D) |
Yes |
|
|
(E) Review of Information by Audit Committee |
49 (IIE) |
Yes |
|
|
III. Subsidiary Companies |
49 (III) |
Yes |
|
|
IV. Disclosures |
49 (IV) |
|
|
|
(A) Basis of related party transactions |
49 (IV A) |
Yes |
|
|
(B) Disclosure of Accounting Treatment |
49 (IV B) |
N.A. |
In respect of audited financial results for
quarter and year ended 31st March 2009, the Company has not followed
any accounting treatment which is different from that prescribed in
Accounting Standards. In respect of the said financial results, the Company
has, pursuant to The Companies (Accounting Standards) Amendment Rules, 2009,
exercised the option of deferring the charge/credit to the Profit and Loss
Account arising on exchange differences, in respect of accounting Periods
commencing from 1st April, 2007, on long term foreign currency monetary
items, which were hitherto recognised as income or
expenses in the period in which they arose.
Due disclosure of the fact has been made in the publication of the
aforementioned financial results as well as in the financial statements. |
|
(C) Board Disclosures |
49 (IV C) |
Yes |
|
|
(D) Proceeds from public issues, rights issues, preferential issues
etc. |
49 (IV D) |
N.A. |
|
|
Particulars |
Clause of Listing agreement |
Compliance
Status Yes/No |
Remarks |
|
|
(E) Remuneration of Directors |
49 (IV E) |
Yes |
Disclosed in the Annual Report for the year 2007-08. Shall be disclosed in the Annual Report for the year 2008-09. |
|
|
(F) Management |
49 (IV F) |
Yes |
Formed part of the Annual Report for the year
2007-08. Shall form part of the Annual Report for the year 2008-09. |
|
|
(G) Shareholders |
49 (IV G) |
Yes |
Formed part of the Annual Report for the year 2007-08. Shall form part of the Annual Report for the year 2008-09. |
|
|
V. CEO/CFO Certification |
49 (V) |
Yes |
Complied in respect of Financial Year 2008-09. |
|
|
VI. Report on Corporate Governance |
49 (VI) |
Yes |
Formed part of the Annual Report for the year 2007-08. Shall form part of the Annual Report for the year 2008-09. |
|
|
VII. Compliance |
49 (VII) |
Yes |
Sub-clause (1) – Formed part of the Annual Report
for the year 2007-08. Shall form part of the Annual Report for the year 2008-09. Sub-clause (2) – Non-mandatory disclosure made in the Annual Report
for the year 2007-08. Disclosure shall be made in the Annual Report for the year 2008-09. |
|