Arohan Financial Services Limited | Annual Report 2021-22

120 | Annual Report | 2021-2022 Committee of the Board- Composition as on March 31, 2022. 1. Audit Committee The primary objective of the Audit Committee is to monitor and provide an effective supervision of the Management’s financial reporting process, to ensure accurate and timely disclosures, with the highest levels of transparency, integrity and quality of financial reporting and the committee assists the Board in dissemination of financial information. The terms of the reference of the Audit Committee covers all matters specified in Section 177 of the Companies Act, 2013. The terms of the reference broadly include review of internal audit reports and action taken reports, assessment of the efficacy of the internal control systems/financial reporting systems and reviewing of the adequacy of the financial policies and practices followed by the Company. The Audit Committee also looks after the compliance with the legal and statutory requirements, the quarterly and annual financial statements and related party transactions and report its finding to the Board. The Committee also recommends the appointment of statutory auditor to the Board. The Committee also looks into those matters specifically referred to it by the Board. Composition:  Mr. Rajat Mohan Nag, Chairperson  Mr. Sumantra Banerjee, Member  Ms. Matangi Gowrishankar, Member  Mr. Piyush Goenka, Member The Board at its meeting held on February 11, 2022 has reconstituted the Audit Committee and therebyMr. Anurag Agarwal ceased to be a member of the Audit Committee. As on March 31, 2022 the Committee comprised of three (3) Independent Directors and one (1) Nominee Director, all ofwhomare financially literateand have relevant finance exposure. The Managing Director, the Chief Financial Officer, the SVP & Head- Internal Audit, the EVP- Business, the SVP & Head- Risk & Credit, the SVP- Central Operations, the VP- MSME Lending Head of HR, ADMIN & CSR and the DVP- Heads of Accounts are the invitees to the meetings of the Committee. The other directors are invited to attend the Audit Committee meetings as when required. The Company Secretary acts as the secretary to the Committee. The Audit Committee met Six (6) times during the year on June 03, 2021, August 06, 2021, November 10, 2021, December 07, 2021, February 10, 2022 andMarch 17, 2022. The time gap between any two meetings was less than four (4) months. Attendance of Directors: Name of the Member Position No. of Meetings Held No. of Meetings Attended Mr. Rajat Mohan Nag Independent Director 6 6 Mr. Sumantra Banerjee Independent Director 6 6 Ms. Matangi Gowrishankar Independent Director 6 6 Mr. Piyush Goenka Nominee Director 6 6 Mr. Anurag Agrawal* Promoter Nominee Director 6 5 * Mr. Anurag Agrawal is not a member of the Committee w.e.f February 11, 2022 The Chief Financial Officer, who is responsible for the finance function, the Head of Internal Audit and the representative of the Statutory Auditors, are permanently invited to attend meetings of the Audit Committee. The Company Secretary acts as the Secretary to the Audit Committee.