28 Apr 2017 | Livemint.com

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Last Updated: Dec 28, 03:41 PM
Finaventure Capital Ltd.

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  • 5.65 0.00 (0%)
  • Vol: 49
  • BSE Code: 512219
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Finaventure Capital Ltd. Accounting Policy

CORPORATE GOVERNANCE REPORT

1. Company's philosophy on code of governance believes that good governance generates goodwill among business partners, customers and investors, earns respect from society, brings about a consistent sus­tainable growth for the Company and generates competitive returns for the investors. Your Company is committed to the principles of good governance.

Further, the Company believes that while its primary responsibility is to generate sustainable returns for all its stakeholders, it must also make a harmonious contribution to the socio-economic environment in which it operates. Toward these ends, the Company strives to follow two guiding principles.

(i) The Company must not compromise on certain core values like Integrity, Statutory Compliance and Fairness in all of its internal or external dealings, transactions, financial statements or corporate announcements.

(ii) The Company must always remain sensitive to the long-term societal implications of its businesses.

2. Board of Directors

The Board of Directors comprises of Four Directors, out of which one is an Executive Director and three other Directors are Non Executive Directors Independent Directors.

The composition of the Company's Board of Directors is in conformity with the listing agreement.

The Company does not have any Nominee Director on its Board. Except the Executive Director, all other directors are liable to retire by rotation as per the provisions of the Companies Act, 1956.

3. Audit Committee:

The composition of the reconstituted Audit Committee is as under:

1. Mr. Balkrishna Parab - Chairman, Independent and Non-Executive Director

2. Dr. Ullooppee Badade - Member, Independent and Non-Executive Director

3. Mr. Giridhar Pulleti - Member, Independent and Non-Executive Director

The Chairman has the requisite financial knowledge.

TERMS OF REFERENCE OF AUDIT COMMITTEE:

a) To ensure transparency, integrity, correctness, statutory compliance, and credibility of all financial statements or announcements before their submissions to the Board.

b) To hold periodic discussions with statutory auditors on the scope and content of audit; and to recom­mend the appointment, removal and remuneration of Auditors.

c) To review with management the adequacy of Company's internal control systems and the action taken on Auditors' Reports.

d) To apprise the Board on the impact of accounting policies, standards and legislation.

e) To examine and report on the Company's financial and risk management policies and major defaults if any.

4. Remuneration of Directors:

The Board of Directors is authorized to decide remuneration to Executive Director. The remuneration structure comprises of Salary and Perquisites. Salary is paid to Executive Director within the salary grade as approved by the Members.

No remuneration was paid to the Managing Director for the Financial Year 2013-2014.

The composition of the Remuneration Committee is as under:

1. Mr. Balkrishna Parab - Chairman, Independent and Non-Executive Director

2. Dr.Ullooppee Badade - Member, Independent and Non-Executive Director

3. Mr. Giridhar Pulleti - Member, Independent and Non-Executive Director

5. Shareholder's Cum Investors Grievance Committee:

The Shareholder's Cum Investors Grievance Committee is headed by Mr. Balkrishna Parab. The composition of the Shareholders' Cum Investors Grievance Committee is as under:

1. Mr. Balkrishna Parab - Chairman, Independent and Non-Executive Director

2. Dr.Ullooppee Badade - Member, Independent Non Executive Director

3. Mr. Giridhar Pulleti - Member, Independent and Non Executive Director

Status of number of shareholders' complaints received, pending & redressed is as under:

(i) No. of Shareholder's complaints received - 13

(ii) No. of complaints not redressed and pending as on date - 0

(iii) No. of share transfers pending for more than a fortnight - 0

6. Investment Committee:

The Board of Directors has formed an Investment Committee during the year under review for consider­ing the options for investments in other companies.

The Investment Committee is headed by Mr. Balkrishna Parab.

The composition of the Investment Committee is as under:

1. Mr. Balkrishna Parab - Chairman, Independent and Non-Executive Director

2. Dr.Ullooppee Badade - Member, Independent and Non-Executive Director

3. Mr. Giridhar Pulleti - Member, Independent and Non-Executive Director

8. Disclosures:

The Company has been complying with all statutory requirements and no penalties or restrictions have been imposed on it by SEBI, BSE or any regulatory or statutory body on any matter.

Means of Communication:

The quarterly, half yearly and full year results are published in English (Financial Express) and Marathi (Aapla Mahanagar) daily newspapers. These are not sent individually to the shareholders

The Company did not make any presentation to any institutional investor or to any analyst.

9Financial Calendar (tentative and subject to change) Financial reporting for quarter ended

June 30, 2014 : by August 14, 2014

September 30, 2014 : by November 15, 2014

December 31, 2014 : by February 15, 2015

March 31, 2014 : by May 30, 2015

Annual General Meeting for the year ended 31st March 2015 - on or before September 30, 2015.

10. General Shareholder Information ANNUAL GENERAL MEETING

(i) Date and Time : 29th September, 2014 at 11.00 A.M.

(ii) Venue : Hotel Broadway, 403-K, Sion Trombay Road, Near Diamond Garden, Chembur (East), Mumbai-400071.

iii) Financial year : April 01, 2013 to March 31, 2014

iv) Book Closure Date :

Tuesday, 23rd September 2014 to Monday, 29th September, 2014 (both days inclusive)

(v) Listing on Stock Exchange : Bombay Stock Exchange Ltd.

(vi) Stock Code : 512219

(vii) Share Transfer System :

All share transfer, dematerialization and related work are managed by a common agency, Link Intime India Pvt. Ltd, Mumbai-400078. Shareholders are requested to send all share transfer requests, demat / remat requests, correspondence relating to shares i.e. change of address, Power of Attorney, etc. to the registrar and transfer agents.

(xi) Dematerialization of Shares:

The Company's shares are available for trading in dematerialized form under both the Depository Sys­tems - NSDL and CDSL. Connectivity with both NSDL and CDSL is provided by Link Intime India Pvt. Ltd, Mumbai - 400078 under tripartite agreements. The distribution of dematerialized and physical shares as on March 31, 2014 was as follows:

 (xii) Outstanding GDR/ADR/Warrants/Convertible instruments etc:

There are no outstanding securities. However, there are 1, 24, 510 equity shares which were forfeited and are pending re allotment