Evaluation of Internal Financial Controls – Audit Committee

“RESOLVED THAT pursuant to Section 177(4)(vii) and other applicable provisions, if any, of the Companies Act, 2013, the Audit Committee, having evaluated the internal financial controls and the risk management systems of the Company for the financial year ended 31 March [●] on the basis of management’s assessment, the internal audit reports, the risk register and the comments of the statutory auditors, hereby records that, in its opinion, the internal financial controls with reference to the financial statements are adequate and were operating effectively, and the risk management systems are adequate for the size and nature of the business of the Company [, subject to the observations recorded in the minutes].

RESOLVED FURTHER THAT the Committee recommends that the Board take this evaluation into account for the disclosures in the Board’s Report under Section 134(3)(n) of the said Act and Rule 8(5)(viii) of the Companies (Accounts) Rules, 2014 [and in the Directors’ Responsibility Statement under Section 134(5)(e) of the said Act], and directs the management to remediate the deficiencies identified by [●] and report progress to the Committee.

RESOLVED FURTHER THAT the Company Secretary be and is hereby authorised to place this resolution before the Board and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”