CORPORATE GOVERNANCE REPORT
I. CORPORATE GOVERNANCE PHILOSOPHY:
Corporate Governance is an essential part of the management where the stress is on excellence in manufacture and delivery of the Company's products, which meet the highest quality standards. At Marmagoa Steel Limited, emphasis is on continuous improvement in all areas of activities for constantly enhancing value for all the stakeholders of the company and also for employee growth. The affairs of the company will be run in such manner so as to achieve continuous and sustained improvement in all areas of activity which would help realize the company's objective of maximizing value for all stakeholders of the company.
II. BOARD COMPOSITION:
There are presently Five Directors on the Board viz.:
Four Board meetings were held during the year 2014-15 on: 18.07.2014, 06.09.2014, 29.09.2014 and 24.01.2015.
Managerial Remuneration Under section 197 of the Companies Act, 2013 paid to (i) The Managing Director - Mr. R. K. Radhakrishna
III. AUDIT COMMITTEE:
The Audit Committee consists of four director's viz.: M/s P.J. Bhide, Chairman (Independent - Practicing Chartered Accountant) R.K. Radhakrishna (Managing Director), A. K. Sinha (Independent) and K. V Ramarathnam (Independent).
The committee met three times during the year 2014-15 on:
18.07.2014, 06.09.2014 and 24.01.2015.
IV. INVESTORS GRIEVANCE COMMITTEE
The Investors Grievance Committee which was reconstituted on 17th June, 2008 comprises of the following Directors:
M/s K. V. Ramarathnam, R.K. Radhakrishna and Ashok Mittal to approve transfer and transmission of shares, Issue of Split/Duplicate Share Certificates and redressal of Investors' grievances.
Total number of complaints received and redressed during the year - 5
Complaints pending redressal as on 31-03-2015 - Nil
V. REMUNERATION COMMITTEE
The remuneration committee comprising of three independent directors was reconstituted on 17th June, 2008. The Directors being: M/s, P.J. Bhide, A. K. Sinha and K. V. Ramarathnam.
VI. GENERAL MEETINGS
The previous three Annual General Meetings were held at the Registered Office of the Company at Plot no. 280, Eclate, Curtorim, Salcette, GOA - 403 709 on:
29th September, 2014 30th September, 2013 29th September, 2012
One Extraordinary General Meeting was held during the previous three years. No resolutions have so far been passed by postal ballot.
There have been no related party transactions during the year that may have potential conflict with the interests of the Company.
No penalties or strictures have been imposed on the Company by any regulatory authority relating to the capital market during the year.
VIII. GENERAL SHAREHOLDER INFORMATION:
Registered Office, 26.09.2015 , 4.30 pm.
2014 - 15
22.09.2015 to 26.09.2015 (both days inclusive)
Listing on Stock Exchanges
BSE - 513355
Rs.1.83 as on 20/03/2013
52 week High / Low
Trading suspended since 20.03.2013
Share Transfer Agents
Big Share Services Private Limited,
E-2/3, Ansa Industrial Estate, Sakivihar Road, Saki Naka, Andheri (E) 400072 - Mumbai
Dematerialisation of Shares
National Securities Depository Limited.
Central Depository Services (India) Limited.
ISIN - INE698E01023
The Company has set up a steel plant in Goa, on the West Coast of India.
Address for Correspondence
Plot no. 280, Eclate, Curtorim, Salcette, GOA - 403 709 Tel: 0832 - 2857604 Fax: 0832 - 2857495
For and on behalf of the Board
Ashok Mittal DIRECTOR DIN:00066318
P. J. Bhide DIRECTOR DIN:00012326
Place : Camp, Bangalore
Date : 17.07.2015