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Basis of Related Party Transactions
A statement, in summary form, of all the transactions entered into with the related parties in the ordinary course of business, details of material individual transactions with related parties that are not in the normal course of business and details of material individual transactions with related parties that are not on an arms length basis are placed before the audit committee. There are no material transactions with related parties, which require separate disclosure. A comprehensive list of transactions entered into with the related parties as required by the Accounting Standards (AS) 18 issued by the Institute of Chartered Accountants of India is given as a separate Schedule to the accounts in the Annual Report.
Disclosure of Accounting Treatment
The Company has followed all relevant accounting standards while preparing the financial statements.
The risk management issues are discussed in detail in the report of Management Discussion and Analysis. Since the risk control framework is new to Indian corporate culture, it is being strengthened on a continuous basis.
Proceeds from public issues, right issues, Preferential Issues
There were no public issues, right issues, preferential issues etc. during the Financial Year 2016-17 under review.
Remuneration of Directors
No Remuneration has been paid to the Directors.
Management Discussion and Analysis report has been given as a separate chapter in the Annual Report.
Disclosure of Material Transactions
No material transaction has been entered into by the Company with the Promoters, Directors or the Management, or relatives etc. that may have a potential conflict with interests of the Company.
Insider Trading Disclosure:
Comprehensive insider trading disclosure guidelines in line with the SEBI Regulations have been adopted by the Board in which the procedure to be followed by all the key managerial persons, staff and other relevant business associates for disclosure of all security transactions of the shares of the company on the basis of any unpublished price sensitive information relating to the company.
Communication to Shareholders:
Notices and Quarterly results are sent to the stock exchanges on which the Company is listed and are also published in leading dailies namely Business Standards (Published in English) and E Sanjae (Published in Kannada).