Annual Rep. 2008-09.pmd - The New India Assurance Co. Ltd.

efo v³et Fefv[³ee SM³eesjvme kebÀ. efue.The New India Assurance Co. Ltd.Estbd. 1919Directors’ Reportthe Financial Year 2007-08 along with the Directors’ Report was placed before both the Houses ofParliament on 23rd December 2008 as per the requirement of Section 619A read with Section 619B ofthe Companies Act, 1956.XXXIII. DIRECTORS’ RESPONSIBILITY STATEMENTPursuant to the requirements under Section 217(2AA) of the Companies Act, 1956, the Board ofDirectors of the Company hereby state and confirm that;a) in the preparation of the Annual Accounts, the applicable accounting standards have been followedalong with proper explanation relating to material departures.b) the Directors have selected accounting policies and applied them consistently and made judgementsand estimates that are reasonable and prudent so as to give a true and fair view of the state ofaffairs of the Company at the end of financial year and of the profit of the Company for the yearunder review.c) the Directors have taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act, 1956, for safeguarding the assetsof the Company and for preventing and detecting fraud and other irregularities.d) the Directors have arranged preparation of the accounts for the financial year ended 31 st March,2009 on ‘going concern’ basis.XXXIV. ADDITIONAL INFORMATION REQUIRED UNDER THE COMPANIES (DISCLOSURE OFPARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988The Company is not engaged in any manufacturing activity and as such no particulars are required tobe disclosed under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules,1988 as regards Conservation of Energy or Technology Absorption.XXXV. ACKNOWLEDGEMENTDirectors take this opportunity to thank all the valued clientele, individual and corporate agents,bancassurance partners, surveyors, intermediaries, reinsurance brokers and insuring public of theCompany for their constant support to the Company to attain greater heights.Board wishes to place on record their appreciation to all New Indians at all levels for their hard work,dedication and commitment put in by them for achieving the Corporate goals.Directors are grateful to the Ministry of Finance (Insurance Division), Insurance Regulatory andDevelopment Authority (IRDA), General Insurers’ (Public Sector) Association of India (GIPSA), and thePrincipal Director of Commercial Audit & Ex-officio Member, Audit Board - I, Mumbai, for their continuedguidance and support.B. Chakrabarti Chairman-cum-Managing DirectorTarun BajajDirectorM. D. Mallya DirectorM. Razzack DirectorSanjay GuptaDirectorSarat PattanayakDirectorA. R. Sekar DirectorPlace : MumbaiDate : 4 th August, 200932