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POLICY ON DIVERSITY OF BOARD

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The Board of Directors of the Company has adopted this Policy in its meeting held on 30th January, 2016 based on the recommendation of the Nomination & Remuneration Committee. The Policy shall come into effect from 30th January, 2016.

  1. Purpose

    In accordance with Clause 49 of the Listing Agreement as amended, the purpose of the Policy on Board Diversity is to set out a framework to promote diversity on Company’s Board of Directors (the Board).

  2. Vision

    The Company recognizes the importance and benefits of having a diverse Board to enhance quality of its performance.

  3. Policy Statement

    The Company believes that a diverse Board will enhance the quality of the decisions made by the Board by utilizing the different skills, qualification, professional experience, gender, knowledge etc. of the members of the Board, necessary for achieving sustainable and balanced development.

  4. Implementation

    For appointments of persons to the office of Directors and deciding composition of the Board, first the Nomination & Remuneration Committee (NRC Committee) and then the Board shall have due regard to this policy on Board Diversity. In this process the NRC Committee and then the Board will review the current composition of the Board of Directors of the Company and also take into consideration qualification and wide experience of the persons to be appointed as directors on the Board of the Company going forward in the fields of finance, accounting, management, regulatory, administration, legal apart from compliance of legal and contractual requirements of the Company.

    The Board of Directors of the Company shall have an optimum combination of executive and non-executive directors with at least one woman director and the composition of the Board shall be in accordance with requirements of the Articles of Association of the Company, the Companies Act, 2013, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Listing Agreements  with the Stock Exchanges and other applicable statutory, regulatory and contractual obligations (as may be amended from time to time) and applicable to the Company.

  5. Review of Policy

    The NRC Committee will review the policy from time to time and make recommendations on any required changes to the Board for consideration and approval.

  6. Disclosure of the Policy

    This policy may be posted on the Company’s website. The necessary disclosure about the Policy will also be made as per requirements of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies Act, 2013, as amended from time to time.

    Place - Mumbai
    Approval Date - 30th January, 2016