COMPANY HAS A WELL-DEFINED SYSTEM/CRITERION FOR EVALUATION OF PERFORMANCE OF THE BOARD AND ITS COMMITTEES, INDEPENDENT DIRECTORS, NON-INDEPENDENT DIRECTORS AND CHAIRPERSON OF THE COMPANY AS APPROVED BY ITS NOMINATION AND REMUNERATION COMMITTEE. PURSUANT TO THE PROVISIONS OF SECTION 178(3) OF COMPANIES ACT, 2013 AND REGULATION 17(10) OF SEBI (LODR) REGULATIONS, 2015, THE BOARD HAS CARRIED OUT THE ANNUAL EVALUATION OF INDEPENDENT DIRECTORS OF THE COMPANY VIZ. SHRI M. S. RAMACHANDRAN, SHRI R. KANNAN, MS. AMEETA PARPIA, DR. S. SIVARAM AND SHRI RAJEEV PANDIA INDIVIDUALLY AND THE BOARD ALSO CARRIED OUT EVALUATION OF ALL THE COMMITTEES OF THE BOARD AND FOUND THE PERFORMANCE OF THE INDEPENDENT DIRECTORS AND THE COMMITTEES UPTO THE MARK. THEY ALSO NOTED THAT ALL THE INDEPENDENT DIRECTORS OF THE COMPANY ARE FULFILLING THE CRITERIA OF THEIR INDEPENDENCE AS PER THE PROVISIONS OF SECTION 149(6) OF COMPANIES ACT, 2013 AND REGULATION 16(1)(B) OF SEBI (LODR) REGULATIONS, 2015 AND THE DIRECTORS OF THE COMPANY DO NOT BEAR ANY DEBARMENT / DISQUALIFICATION WITH RESPECT TO THEIR CONTINUANCE IN THE DIRECTORSHIP OF THE COMPANY AS PER THEIR DISCLOSURES MADE TO THE COMPANY. FURTHER IN TERMS OF THE AFORESAID PROVISIONS OF COMPANIES ACT, 2013 AND REGULATION 25(4) OF SEBI (LODR) REGULATIONS, 2015, THE INDEPENDENT DIRECTORS CARRIED OUT THE ANNUAL EVALUATION OF NON- INDEPENDENT DIRECTORS VIZ. SHRI M. P. TAPARIA, SHRI RAJAN B RAHEJA, SHRI B. L. TAPARIA, SHRI S. J. TAPARIA, SHRI K.V. MUJUMDAR AND THE BOARD AS A WHOLE AND THE CHAIRPERSON OF THE COMPANY AND WERE HIGHLY CONTENTED WITH THEIR EFFICIENT MANAGEMENT OF THE OVERALL AFFAIRS OF THE COMPANY. THEY ALSO APPRECIATED THE FOCUSED AND APT LEADERSHIP OF THE BOARD CHAIRPERSON SHRI M. P. TAPARIA IN OPERATING THE BUSINESS AND MAINTAINING THE VALUES, ETHOS, PRINCIPLES AND STANDARDS OF CORPORATE GOVERNANCE. THE BOARD EXPRESSED ITS CONTENTMENT WITH THE EVALUATION RESULTS REFLECTING THE HIGH LEVEL OF ENGAGEMENT OF THE BOARD AND ITS COMMITTEES IN MANAGING THE OVERALL AFFAIRS OF THE COMPANY AND ITS MANAGEMENT. |