Objective
The Audit Committee assists the Board in its responsibility for overseeing the quality and integrity of the accounting, auditing and reporting practices of the Company and its compliance with the legal and regulatory requirements. The Committee's purpose is to oversee the accounting and financial reporting process of the Company, the audits of the Company's financial statements, the appointment, independence, performance and remuneration of the statutory auditors including the Cost auditors, the performance of internal auditors and the Company's risk management policies.

Terms of Reference
The terms of reference / powers of the Audit Committee are as under :
A. Powers of the Audit Committee
• To investigate any activity within its terms of reference.
• To seek information from any employee.
• To obtain outside legal or other professional advice.
• To secure attendance of outsiders with relevant expertise, if it considers necessary.
B. The role of the Audit Committee includes
     A. The role of the audit committee shall include the following:
     • oversight of the listed entity’s financial reporting process and the disclosure of its financial information to ensure that the financial        statement is correct, sufficient and credible;
     • recommendation for appointment, remuneration and terms of 68 appointment of auditors of the listed entity;
     • approval of payment to statutory auditors for any other services rendered by the statutory auditors;
     • reviewing, with the management, the annual financial statements and auditor's report thereon before submission to the board for        approval, with particular reference to:
       (a) matters required to be included in the director’s responsibility statement to be included in the board’s report in terms of
       clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013;
       (b) changes, if any, in accounting policies and practices and reasons for the same;
       (c) major accounting entries involving estimates based on the exercise of judgment by management;
       (d) significant adjustments made in the financial statements arising out of audit findings;
       (e) compliance with listing and other legal requirements relating to financial statements;
       (f) disclosure of any related party transactions; (g) modified opinion(s) in the draft audit report;
     • reviewing, with the management, the quarterly financial statements before submission to the board for approval;
     • reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue,        preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document / prospectus /        notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public or rights issue, and        making appropriate recommendations to the board to take up steps in this matter;
     • reviewing and monitoring the auditor’s independence and performance, and effectiveness of audit process;
     • approval or any subsequent modification of transactions of the listed entity with related parties;
     • scrutiny of inter-corporate loans and investments;
     • valuation of undertakings or assets of the listed entity, wherever it is necessary;
     • evaluation of internal financial controls and risk management systems;
     • reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
     • reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and      seniority of the official heading the department, reporting structure coverage and frequency of internal audit;
     • discussion with internal auditors of any significant findings and follow up there on;
     • reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or      irregularity or a failure of internal control systems of a material nature and reporting the matter to the board;
     • discussion with statutory auditors before the audit commences, about 69 the nature and scope of audit as well as post-audit      discussion to ascertain any area of concern;
     • to look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of      non-payment of declared dividends) and creditors;
     • to review the functioning of the whistle blower mechanism;
     • approval of appointment of chief financial officer after assessing the qualifications, experience and background, etc. of the      candidate;
     bull; Carrying out any other function as is mentioned in the terms of reference of the audit committee.
     • management discussion and analysis of financial condition and results of operations;
     • statement of significant related party transactions (as defined by the audit committee), submitted by management;
     • management letters / letters of internal control weaknesses issued by the statutory auditors;
     • internal audit reports relating to internal control weaknesses; and
     • the appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review by the audit committee.
     • statement of deviations:
     (a) quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of      Regulation 32(1).
     (b) annual statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice in terms of      Regulation 32(7).