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Board Resolution for Constitution of Audit Committee

“RESOLVED THAT Mr. D Cept, Mr. F Eept and Mr. H Gept, Directors do constitute a Committee of the Board in the name and style of 'Audit Committee'.

FURTHER RESOLVED THAT any member of the Audit Committee may be removed or replaced at any time by the Board. Any member of the Audit Committee ceasing to be a director shall be ceased to be a member of the Audit Committee.

FURTHER RESOLVED THAT the members of the committee shall elect a Chairperson amongst themselves.

FURTHER RESOLVED THAT Ms. J Iept, the Company Secretary of the company shall act as the Secretary of the Committee.


FURTHER RESOLVED THAT the Committee shall act in accordance with the terms of reference, a copy of which was tabled before the Board and initialed by the Chairman for the purpose of identification.

FURTHER RESOLVED THAT the committee be and is hereby vested with the following roles and responsibilities:
  1. providing recommendation for appointment, remuneration and terms of appointment of auditors of the company;
  2. reviewing & monitoring auditor’s independence and performance, and effectiveness of audit process;
  3. examining financial statement and the auditors’ report thereon;
  4. scrutinizing inter-corporate loans and investments;
  5. evaluating internal financial controls & risk management systems;
  6. monitoring the end use of funds raised through public offers and related matters;
  7. valuation of undertakings or assets of the company, wherever it is necessary;
  8. approval or any subsequent modification of transactions of the company with related parties;
  9. any other responsibilities as may be assigned by the Board from time to time.
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