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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38<br />
Report <strong>of</strong> <strong>the</strong> Various<br />
Committees <strong>of</strong> <strong>the</strong> Board<br />
Report <strong>of</strong> <strong>the</strong> Audit Committee to <strong>the</strong> Members <strong>of</strong> <strong>Thomas</strong> <strong>Cook</strong> (<strong>India</strong>) Limited:<br />
The Audit Committee <strong>of</strong> <strong>the</strong> Board consisted <strong>of</strong> <strong>the</strong> following members:<br />
Mr. H. S. Billimoria<br />
Mr. A. V. Rajwade<br />
Mr. M. K. Sharma<br />
Mr. Ramesh Savoor<br />
Mr. R. R. Kenkare, President & Head - Legal & Company Secretary, acts as <strong>the</strong> Secretary <strong>of</strong> <strong>the</strong> Committee.<br />
<strong>Thomas</strong> <strong>Cook</strong> (<strong>India</strong>) Limited<br />
As per <strong>the</strong> requirement <strong>of</strong> <strong>the</strong> clause on Corporate Governance in <strong>the</strong> Listing Agreement as also <strong>the</strong> provisions <strong>of</strong> <strong>the</strong> Companies Act, 1956, <strong>the</strong><br />
Audit Committee consists exclusively <strong>of</strong> Non-Executive Director.<br />
The Committee has, inter alia, overseen <strong>the</strong> Company’s financial reporting system and <strong>the</strong> disclosure <strong>of</strong> financial information. The Committee<br />
reviewed <strong>the</strong> independence <strong>of</strong> both <strong>the</strong> internal and statutory auditors. The Committee also reviewed <strong>the</strong> reports <strong>of</strong> <strong>the</strong> Risk Management<br />
Committee. The management is in <strong>the</strong> process <strong>of</strong> resolving <strong>the</strong> implementation and integration issues in its Leisure Travel Outbound Business<br />
(LTOB) s<strong>of</strong>tware modules which is being implemented in a phased manner. This would streng<strong>the</strong>n internal control systems in respect <strong>of</strong> <strong>the</strong><br />
Company’s LTOB Business. Fur<strong>the</strong>r, all frauds are covered under <strong>the</strong> fidelity policy. The Company has recovered some <strong>of</strong> <strong>the</strong> amounts and where<br />
deemed appropriate, adequate provisions have been made in <strong>the</strong> accounts. A<strong>part</strong> from <strong>the</strong> aforesaid, <strong>the</strong> internal auditors and <strong>the</strong> statutory<br />
auditors reported to <strong>the</strong> Committee that <strong>the</strong> internal controls to ensure that <strong>the</strong> accounts <strong>of</strong> <strong>the</strong> Company are properly maintained and that<br />
prevailing laws and regulations are complied with, have been put in place. Based on <strong>the</strong>se reports, <strong>the</strong> Committee has nothing else to report.<br />
The Committee recommended to <strong>the</strong> Board <strong>the</strong> reappointment <strong>of</strong> M/s. Lovelock & Lewes, as statutory auditors <strong>of</strong> <strong>the</strong> Company for <strong>the</strong> year<br />
ended 31st December, 2012. The Committee also recommended <strong>the</strong> appointment <strong>of</strong> Sharp & Tannan as internal auditors along with <strong>the</strong>ir scope<br />
<strong>of</strong> work.<br />
Mumbai<br />
16th February, 2012<br />
Report <strong>of</strong> <strong>the</strong> Sub-Committee <strong>of</strong> <strong>the</strong> Board to <strong>the</strong> Members:<br />
H. S. BILLIMORIA<br />
Chairman<br />
Audit Committee<br />
The Sub-Committee <strong>of</strong> <strong>the</strong> Board met 23 times during <strong>the</strong> year ended 31st December, 2011. The requisite quorum was present from among <strong>the</strong><br />
following members <strong>of</strong> <strong>the</strong> Committee.<br />
Mr. Madhavan Menon<br />
Mr. Vinayak K. Purohit<br />
Mr. Rakshit Desai<br />
Mr. R. R. Kenkare, President & Head - Legal & Company Secretary, acts as <strong>the</strong> Secretary <strong>of</strong> <strong>the</strong> Committee.<br />
The Board has delegated certain powers <strong>of</strong> routine nature required to effectively manage <strong>the</strong> day to day affairs <strong>of</strong> <strong>the</strong> Company. These are<br />
considered at length at <strong>the</strong> meetings <strong>of</strong> this Committee, which, while relieving <strong>the</strong> full Board from <strong>the</strong> burden <strong>of</strong> considering routine matters,<br />
also helps to effectively reduce <strong>the</strong> time to go ahead in <strong>the</strong> matters requiring Board approval.<br />
The Sub-Committee presently consists <strong>of</strong> Mr. Madhavan Menon, Chairman, Mr. Vinayak K. Purohit, Member and Mr. Rakshit Desai, Member. The<br />
Sub-Committee meets once in a month or as and when required.<br />
Mumbai<br />
30th January, 2012<br />
MADHAVAN MENON<br />
Chairman<br />
Sub – Committee <strong>of</strong> <strong>the</strong> Board