DRIVIN G ROWTH - Dr. Reddy's

(iii) Ms. G Anuradha (daughter of Dr.
K Anji Reddy and spouse of G V Prasad),
(iv) Ms. Deepthi Reddy (spouse of Satish
Reddy), (v) Madras Diabetes Research
Foundation (promoted by Dr. V Mohan,
a non-executive director of Dr. Reddy’s),
and (vi) Dr. Reddy’s Heritage Foundation
(where Dr. K Anji Reddy is a director). In
2001-02, Dr. Reddy’s purchased goods
worth Rs. 5.7 million from other related
parties and paid Rs. 12.4 million towards
rent and hotel expenses to these parties.
The amount due to these parties was
Rs. 0.2 million. Rent paid to key
management personnel was Rs. 8.0
million.
committees of the board
COMMITTEES APPOINTED by the
Board focus on specific areas, and take
decisions within the authority delegated to
them by the Board. The Committees also
make specific recommendations to the
Board on various matters from time-totime.
All decisions and recommendations of
the Committees are placed before the Board
for information or approval. Dr. Reddy’s has
six board-level Committees:
■ Audit Committee.
■ Shareholders’ Grievances Committee.
■ Remuneration Committee.
■ Management Committee.
■ Investment Committee.
■ Compensation Committee.
1. REPORT OF THE AUDIT
COMMITTEE
THE MANAGEMENT is primarily
responsibility for Dr. Reddy’s internal
controls and the financial reporting process.
The Statutory Auditors are responsible for
performing independent audits of the
Company’s financial statements in
accordance with generally accepted auditing
and accounting standards, and for issuing
reports based on such audits. The Audit
Committee has been entrusted by the Board
of Directors to supervise these processes
and, thus, ensure accurate and timely
disclosures that maintain the transparency,
integrity and quality of financial control and
reporting.
The Committee consists of the following
five non-executive Directors, four-fifth of
whom are independent even by the strictest
criterion of ‘independence’.
■ Dr. Omkar Goswami (Chairman)
■ Dr. P Satyanarayana Rao
■ Ravi Bhoothalingam
■ P N Devarajan
■ Dr. A Venkateswarlu
DR. REDDY’S LABORATORIES LTD. | CORPORATE GOVERNANCE | ANNUAL REPORT 2001-2002
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