29 Apr 2017 | Livemint.com

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Shonkh Technologies International Ltd. Accounting Policy

REPORT ON CORPORATE GOVERNANCE

As required by Clause 49 of the Listing Agreement with the Stock Exchange, a report on Corporate Governance in Accordance with the SEBI prescribed format is given below:

1. BRIEF STATEMENT ON COMPANY'S PHILOSOPHY ON CODE OF CORPORATE GOVERNANCE

"Endeavor to maximize economic value and stakeholders' wealth" is the edifice on which the Corporate Governance initiative of Shonkh Technologies Int'l Ltd is built. The essence of Corporate Governance influenced its voluntary adoption proactively ahead of mandatory implementation. At Shonkh Technologies Int'l Ltd, Corporate Governance encompasses monitoring business management effectively leading to accountability to all the stakeholders and in particularto the shareholders.

2. BOARD OF DIRECTORS

a. Composition and Category of Directors

The Board Comprises of a Chairman (Executive Director) and three non-executive Directors.

b. Number of Board Meeting held and the dates on which held:

Fourteen Board Meetings were held during the period 2009-10 as against the minimum requirement of four Board Meetings.

The dates on which the meetings were held are given below.

10th January 2009, 29th January 2009, 27th March 2009, 29th April 2009, 04th May 2009,19th May 2009,1st June 2009, 29th July 2009, 31 st August 2009, 8th September 2009, 29th October 2009 and 17th November 2009, 29th January, 2010, and 29th March 2010.

Information placed of before the Board of Directors

In addition to matters requiring statutory approval of the Board, all major matters relating to mobilization of resources, capital expenditure, investments, acquisition, technology and risk management are discussed in the Board. All the information laid down in the Corporate Governance code is placed before the Board of Directors.

Particulars of Directors being appointed at the Annual General Meeting and Directors retiring by rotation and seeking re-appointment have been given in the Notice convening 25th Annual General Meeting along with Explanatory Statement.

3. ACCOUNTS & AUDIT COMMITTEE:

a. Brief description and terms of reference

The Audit Committee shall have discussion with the auditors periodically about internal control systems, the scope of audit including the observations of the auditors and review the quarterly, half-yearly and annual financial statements before submission to the Board and also ensure compliance of internal control system. The Audit Committee shall have authority to investigate into any matters in relation to the terms specified in Section 292Aof the Companies Act, 1956 or refereed to it by the Board and for this purpose shall have full access to information contained in the records of the company and external professional advice, if necessary. The recommendation of the Audit Committee on any matter relating to financial management, including the audit report, shall be binding on the Board.

b. Composition, name of members and Chairperson

Complying with the requirement of Section 292A of the Companies Act, 1956 the Audit Committee was established to review various areas of Accounts & Audit including internal control system and their adequacy, with the following members:

Mr. Suresh Agarwal, Director-Chairman of the Audit Committee

Mr. Ram Pal Singh, Director

Mr. Tripurari Nath, Director

The Committee met three times during the period 2009-10 on 4* May 2009, 08" September 2009 and 29" January 2010 . All the members of the committee are having financial an accounting knowledge.

4. REMUNERATION COMMITTEE

As the company is not paying any remuneration to its Directors, hence the company has not constituted remuneration committee.

No Sitting fee has been paid to any of the Non-Executive Directors during the year.

5.SHAREHOLDERS' COMMITTEE

Shareholders'/Investors' Grievance Committee

Three meetings of the committee were held on 4th May 2009, 08th September 2009 and 29th January 2010.

The responsibilities of the committee are to supervise the mechanism of investor grievance redressal and to ensure cordial investor relations. This committee also approves/rejects the applications for share transfers/transmission/duplicate/ split/remat/consolidation etc.

There is no shareholder's / Investor's grievances pending.

5. EMPLOYEE SATISFACTION AND EMPLOYEE COMPENSATION COMMITTEE:

The Committee met three times during the period 2009-10 on 4th May 2009, 08th September 2009 and 29th January 2010.

6. SUBSIDIARIES COMPANIES

The company has no subsidiary company.

7. RELATED PARTY TRANSACTION:

Related parties and transactions with them, as required under Accounting Standard 18 (AS-18), are furnished under the Notes of Accounts attached with the financial statements for the period ended 31st March 2010.

The transactions with the related parties are neither materially significant nor they have potential conflict with the interests of the company at large.

8. GENERAL SHAREHOLDERS'INFORMATION:

a. Annual General Meeting

Date :Friday, 3rd September, 2010 10.00 A.M.

Time : 10.00 A.M.

Venue :Apollo House, Office N0.-6, 82/84, B.S. Marg, Fort, Mumbai 400001.

b. Registered Office

Apollo House, Office N0.-6, 82/84, B.S. Marg, Fort, Mumbai 400001.

c. Financial Calendar (Tentative Calendar for the Calendar year 2010)

Adoption of Results for the quarter ending 30th June, 2010 : 16 July 2010

Adoption of results for the quarter ending 30th September, 2010  : 16th October 2010

Adoption of results for the quarter ending 31st December, 2010 :16th January 2011

Adoption of Results for the quarter ending 31st March, 2011  : 16th April 2011

d. Book Closure :

From Thursday 2nd September, 2010 To Friday 3rd September, 2010

e. Dividend payment date :

Not applicable

f. Listing on Stock Exchanges:

a. Stock Exchanges at

1. The Stock Exchange, Mumbai

Listing Department Phiroze Jeejeebhoy Towers 25th Floor, Dalai Street Mumbai-400 001

2. The Delhi Stock Exchange Association Limited

New Delhi-110003

3. The Calcutta Stock Exchange Association Limited

7, Lyons Range, Kolkatta-700001

b. Depositories

1. National Securities Depository Ltd.

Trade Word, 4th Floor Kamala Mills Compound Senapati Bapat Marg Lower Parol Mumbai-400 013

2. Central Depository Services (India) Ltd.

28th Floor, Phiroze Jeejeebhoy Towers Dalai Street, Fort Mumbai-400 023

g. Stock Code on Mumbai Stock Exchange:

512028

h Registrar and transfer agent

Securities Exchange Board of India (SEBI) has mandated, vide Circular No. D&CC/FITTC/CIR-15/2002 dated December 27, 2002 that all Share Registry work relating to both physical shares and shares held in electronic mode must be maintained at a single point, either in house or by a SEBI registered Registrar and Transfer Agent.

The company has already enlisted the services of M/s MCS Limited, Mumbai to act as Registrar and Transfer Agents to handle all investor services relating to shares held in physical form as well as electronic mode. Their address is given below:

M/s MCS LIMITED

Sri Venkatesh Bhavan, Plot No. 27 Road No. 11, M.I.D.C.

Mumbai-400 093 Tel.: 2821 5235 Fax: 022-28350456

k. Dematerialization of Shares

At present 98.84% of the Company's shares are held in electronic form. The table herein below gives the break up of the shares in physical and de-mat form as at 3r'March,2010.

I. Share Transfer System:

The shares of the company, being in the compulsory demat list, are transferable through the depository system. Shares in physical form are processed by M/s MCS Ltd, Mumbai. Registrar and Transfer Agent of the Company and approved by the Share Transfer Committee.

The shares received in physical mode by the Company's Registrars and Share Transfer Agent are transferred within a period of 15 days from the date of receipt.

m. Dematerialization of shares and liquidity

For Dematerialisation of Equity shares, the company has entered in to tripartite agreement with National Securities Depository Limited (NSDL) and Central Depository Sen/ices (India) Limited (CDSL). The shares of the Company are optionallytraded in dematerialized form by w.e.f. 7* August 2000.

n. Address for Correspondence

Investor correspondence for transfer/ Dematerlisation of shares, payment of Dividend on shares and other query Relating to the shares of the company

M/s MCS LIMITED

Sri Venkatesh Bhavan, Plot No. 27 Road No. 11, MIDC, Mumbai-400 093 Tel. : 821 5235 Fax : 022-2835 0456

Any query on Annual Report

Compliance Officer

Shonkh Technologies International Limited

Apollo House, Office No- 6 82/84, Bombay Samachar Marg, Fort, Mumbai-400001 E-mail : shonkh2008@yahoo.in

Investor correspondence for transfer/ Dematerlisation of shares, payment of Dividend on shares and other query Relating to the shares of the company