DRIVIN G ROWTH - Dr. Reddy's

increase speed of reporting and create
continuously improving management
information systems.
c) Detailed presentation of performance,
including budget versus actuals,
disaggregated at the level of each Strategic
Business Unit (SBU).
d) Discussion with Statutory Auditors, including
new accounting standards and policies
relating to Indian as well as US GAAP.
e) Detailed operational and financial risk
appraisals, as well as risks relating to legal
compliance.
A key feature of the Audit Committee
meetings was that it focused on follow-ups
and action-taken reports. The management
was expected to, and did, place on the table
the changes it had instituted or formalised
based upon decisions taken during previous
Audit Committee meetings. Time-lines set
by the Audit Committee were generally
adhered to. Consequently, the Committee
actively assisted the management in updating
audit systems and shortening timelines
for financial reporting.
Based on its discussion with the Statutory
Auditors and the management, the Audit
Committee has recommended to the Board
that the audited financial statements
prepared according to Indian GAAP and
US GAAP be accepted by the Board as true
and fair statements of the financial health of
Dr. Reddy’s.
Further, the Committee has
recommended that for 2002-03, the Board
re-appoint Bharat S Raut & Co. and KPMG
as statutory, independent Auditors for
Indian GAAP and US GAAP respectively.
The Committee has also expressed
satisfaction over the performance of the
finance and legal departments of the
Company, and of the efficiency and
independence of internal audit department.
DR. OMKAR GOSWAMI
Chairman, Audit Committee
2. SHAREHOLDERS’ GRIEVANCE
COMMITTEE
DR. REDDY’S HAS constituted a
Shareholders’ Grievance Committee of the
Board of Directors to specifically look into
and redress the complaints received from
the shareholders of the Company.
The Committee is chaired by a nonexecutive,
independent Director and
consists of the following members:
■ Dr. P Satyanarayana Rao (Chairman)
■ G V Prasad
■ Satish Reddy
DR. REDDY’S LABORATORIES LTD. | CORPORATE GOVERNANCE | ANNUAL REPORT 2001-2002
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