Schedules forming part of the Financial ... - Thomas Cook India
Schedules forming part of the Financial ... - Thomas Cook India
Schedules forming part of the Financial ... - Thomas Cook India
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<strong>Thomas</strong> <strong>Cook</strong> (<strong>India</strong>) Limited<br />
(f) The Anti Money Laundering Policy lays down internal control procedures to ensure that <strong>the</strong> compliances <strong>of</strong> all rules and<br />
regulations including business processes are met. The Company has also adopted <strong>the</strong> system <strong>of</strong> Concurrent Audit for its branches<br />
in <strong>the</strong> foreign exchange business with effect from October 2003 as per <strong>the</strong> requirements <strong>of</strong> Reserve Bank <strong>of</strong> <strong>India</strong>.<br />
(g) Code <strong>of</strong> Conduct has been formulated for <strong>the</strong> Board <strong>of</strong> Directors and Senior Management <strong>of</strong> <strong>the</strong> Company to enhance <strong>the</strong><br />
standards <strong>of</strong> ethical conduct and uphold <strong>the</strong>se standards in day-to-day activities, to fur<strong>the</strong>r achieve good corporate governance<br />
and to implement highest degree <strong>of</strong> transparency, integrity, accountability and corporate social responsibility in all its dealings.<br />
The Code is also put up on <strong>the</strong> Company’s website: www.thomascook.in. An affirmation <strong>of</strong> <strong>the</strong> Managing Director regarding<br />
compliance with <strong>the</strong> Code <strong>of</strong> Conduct by all <strong>the</strong> Directors and Senior Management Personnel <strong>of</strong> <strong>the</strong> Company is annexed to this<br />
report.<br />
6. Subsidiary Companies:<br />
There is no material non-listed <strong>India</strong>n subsidiary company <strong>of</strong> <strong>Thomas</strong> <strong>Cook</strong> (<strong>India</strong>) Limited for <strong>the</strong> year ended 31st December, 2011.<br />
Notwithstanding this, Mr. H. S. Billimoria, Independent Director <strong>of</strong> <strong>the</strong> Company, is an Independent Director on <strong>the</strong> Board <strong>of</strong> Travel<br />
Corporation (<strong>India</strong>) Limited, a wholly-owned subsidiary <strong>of</strong> <strong>the</strong> Company. The Company monitors <strong>the</strong> performance <strong>of</strong> all its subsidiaries,<br />
inter alia, by <strong>the</strong> following means:<br />
� The financial statements, in <strong>part</strong>icular, <strong>the</strong> investments made by <strong>the</strong> unlisted <strong>India</strong>n subsidiary company are reviewed by <strong>the</strong> Audit<br />
Committee <strong>of</strong> <strong>the</strong> Company as and when required.<br />
� The minutes <strong>of</strong> <strong>the</strong> Board Meetings <strong>of</strong> <strong>the</strong> subsidiaries are noted at <strong>the</strong> Board Meetings <strong>of</strong> <strong>the</strong> Company.<br />
7. Annual General Meetings:<br />
Location and time where last three Annual General Meetings held:<br />
Location Date Time<br />
Y. B. Chavan Auditorium<br />
Gen. Jagannath Bhosale Marg,<br />
Next to Sachivalaya Gymkhana,<br />
Mumbai 400 021<br />
28th May, 2009 3.30 p.m.<br />
Y. B. Chavan Auditorium<br />
Gen. Jagannath Bhosale Marg,<br />
Next to Sachivalaya Gymkhana,<br />
Mumbai 400 021<br />
Y. B. Chavan Auditorium<br />
Gen. Jagannath Bhosale Marg,<br />
Next to Sachivalaya Gymkhana,<br />
Mumbai 400 021<br />
12th May, 2010 3.30 p.m.<br />
5th May, 2011 3.30 p.m.<br />
Special resolutions passed at last three Annual General Meetings (AGM):<br />
1. 32nd AGM held on 28th May, 2009: Approving <strong>the</strong> payment <strong>of</strong> Commission to Non – Executive Directors <strong>of</strong> <strong>the</strong> Company.<br />
2. 33rd AGM held on 12th May, 2010: Minimum Remuneration and Waiver <strong>of</strong> Excess Remuneration paid for 2009 and Revision in terms<br />
<strong>of</strong> Remuneration <strong>of</strong> Mr. Madhavan Menon, Managing Director; Minimum Remuneration and Waiver <strong>of</strong> Excess Remuneration paid<br />
for 2009, Revision in terms <strong>of</strong> Remuneration and Re-appointment <strong>of</strong> Mr. Vinayak K. Purohit, Executive Director – Finance; Revision<br />
in terms <strong>of</strong> Remuneration <strong>of</strong> Mr. Rakshit Desai, Executive Director – Travel Services; Payment <strong>of</strong> Commission to Non- Executive<br />
Directors <strong>of</strong> <strong>the</strong> Company; Variation <strong>of</strong> <strong>the</strong> <strong>Thomas</strong> <strong>Cook</strong> Employees Stock Option Plan 2007; Extension <strong>of</strong> <strong>the</strong> amended <strong>Thomas</strong> <strong>Cook</strong><br />
Employees Stock Option Plan 2007 to <strong>the</strong> employees <strong>of</strong> subsidiaries.<br />
3. 34th AGM held on 5th May 2011: Reappointment <strong>of</strong> Mr. Rakshit Desai, Executive Director – Travel Services.<br />
8. Disclosures:<br />
i) The Company does not have any related <strong>part</strong>y transactions that may have any potential conflict with <strong>the</strong> interest <strong>of</strong> <strong>the</strong> Company at<br />
large.<br />
ii) The Company has complied with all <strong>the</strong> requirements <strong>of</strong> <strong>the</strong> Stock Exchanges, SEBI or any o<strong>the</strong>r statutory authority(ies) on any matter<br />
related to capital markets during <strong>the</strong> last three years and no penalties, strictures have been imposed against it by such authorities<br />
during such period.<br />
iii) The Company’s accounting policies are in line with generally accepted practices in <strong>India</strong> and <strong>the</strong>se policies have been consistently<br />
adopted & applied and <strong>the</strong>re is no change in <strong>the</strong>se policies during <strong>the</strong> year.<br />
iv) The Company has formulated a Policy on Ethics and Integrity, which is binding on all <strong>the</strong> employees <strong>of</strong> <strong>the</strong> Company.<br />
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