Arohan Financial Services Limited | Annual Report 2022-23

93 | Annual Report | 2022-2023 Committee of the Board- Composition as on March 31, 2023. 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. Dinesh Kumar Mittal, Member • Mr. Sumantra Banerjee, Member • Ms. Matangi Gowrishankar, Member • Mr. Piyush Goenka, Member The Board reconstituted the Audit Committee vide Circular Resolution passedwithmajority on November 10, 2022 and thereby Mr. Dinesh Kumar Mittal was appointed as a member of the Audit Committee. As on March 31, 2023 the Committee comprised of Four (4) Independent Directors and one (1) Nominee Director, all of whom are financially literate and have relevant finance exposure. The Managing Director, the Chief Financial Officer and other Executive Committee Members are 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 May 10, 2022, August 11, 2022, November 10, 2022, November 23, 2022, February 13, 2023 and March 23, 2023. 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 4 Ms. Matangi Gowrishankar Independent Director 6 5 Mr. Dinesh Kumar Mittal* Independent Director 4 3 Mr. Piyush Goenka Nominee Director 6 5 * Mr. Dinesh Kumar Mittal is a member of the Committee w.e.f November 10, 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. Further, the Secretarial Auditor is invited once in a financial year for the discussion of the Secretarial Audit Report. The Company Secretary acts as the Secretary to the Audit Committee. 2. Risk Management Committee Periodic assessment to identify the risk areas is very necessary for a rapid growth of a company and this is effectively carried out by the Committee and management is briefed on the risks in advance by the Committee to enable the Company to control risk through a properly defined plan. The risks are taken into account while preparing the annual business plan for the Company. The Committee also assists the Board in fulfilling its corporate governance oversight