PURSUANT TO THE PROVISIONS OF THE ACT AND SEBI LISTING REGULATIONS THE BOARD HAS CARRIED OUT AN ANNUAL EVALUATION OF ITS OWN PERFORMANCE, THE PERFORMANCE OF THE DIRECTORS INDIVIDUALLY AS WELL AS THE EVALUATION OF THE WORKING OF ITS COMMITTEES.FOR EVALUATING THE BOARD AS A WHOLE, VIEWS WERE SOUGHT FROM THE DIRECTORS ON VARIOUS ASPECTS OF THE BOARD'S FUNCTIONING SUCH AS DEGREE OF FULFILMENT OF KEY RESPONSIBILITIES, BOARD STRUCTURE AND COMPOSITION, ESTABLISHMENT, DELINEATION OF RESPONSIBILITIES TO VARIOUS COMMITTEES, EFFECTIVENESS OF BOARD PROCESSES, INFORMATION AND FUNCTIONING, BOARD CULTURE AND DYNAMICS, QUALITY OF RELATIONSHIP BETWEEN THE BOARD AND THE MANAGEMENT. THE PERFORMANCE OF THE COMMITTEES WAS EVALUATED BY THE BOARD AFTER SEEKING INPUTS FROM THE COMMITTEE MEMBERS ON THE BASIS OF CRITERIA SUCH AS THE COMPOSITION OF COMMITTEES, EFFECTIVENESS OF COMMITTEE MEETINGS, ETC. IN A SEPARATE MEETING OF INDEPENDENT DIRECTORS, PERFORMANCE OF NON-INDEPENDENT DIRECTORS, THE BOARD AS A WHOLE AND CHAIRMAN OF THE COMPANY WAS EVALUATED, TAKING INTO ACCOUNT THE VIEWS OF NON-EXECUTIVE DIRECTORS. THE INDEPENDENT DIRECTORS REVIEWED THE PERFORMANCE OF NON-INDEPENDENT DIRECTORS AND THE BOARD AS A WHOLE, TOOK INTO ACCOUNT THE VIEWS OF NON-EXECUTIVE DIRECTORS AND TO ASSESS THE QUALITY, QUANTITY AND TIMELINESS OF FLOW OF INFORMATION BETWEEN THE MANAGEMENT AND THE BOARD. THE INDEPENDENT DIRECTORS WERE SATISFIED WITH THE PERFORMANCE OF THE BOARD AS A WHOLE AND TIMELINESS OF FLOW OF INFORMATION. |