| 204 Annual Report | 2023-2024 Financials Note 50: Disclosures pursuant to Scale Based Regulation as per circular RBI/DoR/2023-24/106 DoR.FIN.REC. No.45/03.10.119/2023-24 (Cont'd) 2) Committees of the Board and their composition (a) Audit Committee Audit Committee has been constituted under Section 177 of the Companies Act, 2013 and under Regulation 18 and Part C of Schedule II of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Committee has been charged with the principal oversight of financial reporting process and to ensure accurate and timely disclosure with the highest levels of transparency, integrity and aims to enhance the confidence in the quality of the Company’s financial reporting, to review of internal audit reports and action taken reports and assessment of the efficacy of the internal control systems. The Audit Committee also looks after the compliance with the legal and statutory requirements, related party transactions and recommends the appointment of statutory auditor to the Board. Sl. No. Name of the Director Member of Committee since Capacity (i.e., Executive/ Non-Executive/ Chairman/ Promoter nominee/ Independent) Number of Meetings of the Committee Number of shares held in the NBFC Held Attended 1 Mr. Rajat Mohan Nag April 27, 2018 Non Executive - Independent Director 5 5 Nil 2 Mr. Sumantra Banerjee April 27, 2018 Non Executive - Independent Director 5 4 10,000 3 Ms. Matangi Gowrishankar (*) April 27, 2018 Non Executive - Independent Director 4 4 Nil 4 Mr. Dinesh Kumar Mittal November 10, 2022 Non Executive - Independent Director 5 5 Nil 5 Mr. Piyush Goenka April 27, 2018 Non Executive - Nominee Director 5 3 Nil 6 Mr. John Arunkumar Diaz (**) January 15, 2024 Non-Executive- Independent Director 1 1 57,345 7 Mr. Ulhas Sharadkumar Deshpande (**) January 15, 2024 Non-Executive- Independent Director 1 1 Nil (*) Owing to the resignation w.e.f January 14, 2024, Ms. Matangi Gowrishankar ceased to be a member of the committee. (**) Mr. John Arunkumar Diaz and Mr. Ulhas Sharadkumar Deshpande were appointed as a member of the committee w.e.f January 15, 2024. (b) Nomination and Remuneration Committee Nomination and Remuneration Committee has been constituted under Section 178 of the Companies Act, 2013 and under Regulation 19 and Part D of Schedule II of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Committee has been responsible to oversee that the Company’s nomination process including succession planning for the senior management and the Board and specifically to assist the Board by identifying, screening and reviewing individuals qualified to serve as directors so that the directors appointed would have appropriate skills to support the functioning of the Company and also to advise Board on Remuneration policy for Directors, Key Managerial Personnel and other employees. Arohan Financial Services Limited Notes to financial statements for the year ended March 31, 2024 (Contd.) (All amounts in ` lakhs unless otherwise stated)
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