Sai Fin Corp - Delhi

Corporate Governance

COMPANY'S PHILOSOPHY

SFPL is perpetually engaged in practising good Corporate Governance standards contained in the RBI instructions on Corporate Governance and Clause 49 of Listing Agreement. The primary objective of our instant disbursal Gold Loan Company is optimization of shareholder value by ensuring effective, sincere and fruitful relations with stakeholders consistency w.r.t. the achievement of this objective is maintained by the company through its schemes, strategies and functioning. The same is meant to ensure the company, its stakeholders and economy at large sustained corporate growth through instant disbursal Gold Loan in Vikaspuri, Uttam Nagar & Dwarka Mor. The principles of Corporate Governance Standards of the company emphasises on transparency, accountability and integrity which it follows to the core in all its endeavours.

SFPL is a center of financial movement encompassing comprehensive and customer friendly operations channeled by a vision that intends to guarantee not only individual but also societal needs at large.

BOARD OF DIRECTORS

The Board of SFPL comprises directors from multifarious with great expertise in their concerned areas. The board fulfills the requirements laid down in clause 49 of the listing agreement with respect to its composition and functioning.

Mr. Kishan Lal - Forty years experience of Industry & Corporate Sector as M.D., CEO, Director Dr. B. Singh - Forty five years of experience as social entrepreneur Dr. R. K. Tandon - Twenty years experience as social entrepreneur at M.D., CEO, Director levels. On advisory board of various real estate companies

COMMITTEES OF THE BOARD

Audit Committee

The Company has constituted a qualified and independent audit committee for instant disbursal Gold Loan in Vikaspuri as per section 292 (A) of the Companies Act 1956 and Clause 49 of the Listing Agreement and RBI instructions.

• Audit Committee functions are chaired by Board of Directors of the Company
• There are independent directors in the audit committee who possess profound knowledge of accounts, finance, audit and legal matters
• The company secretary acts as the Secretary of the Audit Committee

Role of Audit Committee

• TTo oversee the company's financial reporting process and the disclosure of its financial information to ensure the accuracy and credibility of financial statement and instant disbursal Gold Loan in Uttam Nagar
• Recommendation of appointment, reappointment and if required, the replacement or removal of the statutory auditor and the fixation of audit fee to the Board
• Approval of payment to statutory auditors for any other services rendered by the statutory auditors
• Reviewing the annual financial statements with management before submission to the Board for approval with particular reference to:
  • Matters required to be included in the directors responsibility statement in the Board’s Report in terms of Clause 2AAof Section 227 of the Companies Act 1956
  • Major accounting entires involving estimates based on the exercise of judgement by management
  • Significant adjustment made in the financial statement arising out of audit findings
  • Changes if any in accounting policies and practices and reasons for the same
  • Disclosure of any related party transactions
  • Qualifications in the draft audit report
  • Compliance with listing and other legal requirements relating to the financials statements
• Reviewing quarterly financial statements with the management before submission to the Board for approval
• Reviewing performance of the statutory and internal auditors, adequacy of the internal control system, adequacy of internal audit function if any including the structure of internal audit department, staffing and seniority of the official heading the department and reporting structure coverage and frequency of internal audit.
• Discussion with internal auditors on any significant findings and follow up thereon and with statutory auditors before audit commences regarding nature and scope of audit as well as post audit discussion on areas of concern if any
• Reviewing the findings of any internal investigations by the internal auditors involving matters of suspected fraud or aberration or irregularity or a failure of internal control systems and furnishing a report to the Board
• To look into the reasons for substantial defaults if any in the payments to the depositors, debenture and creditors
• To review the function of whistle blower mechanism if any

The constitution of the Audit Committee of the Company is as under:

1. Director of the Company
2. Statutory Auditor
3. Manager Internal Auditor

Meeting of Audit Committee

The Committee meets 6 times a year

Nomination, Compensation and Corporate Governance Committee

• To oversee the appointment of directors who are suitable and fit for the profile
• The company’s policies on specific remuneration packages and pension rights will also come under the jurisdiction of the committee
• To ensure that the company follows good corporate governance standards in all its business and other activities

Risk Management Committee

To identify, measure, mitigate and monitor the various risks if any faced by the Company at all times and report to the top Management.

Grievance Committee

Under the chairmanship of a Director, an independent director monitors complaints / grievances and ensures quick redressal of complaints if any