Familiarization program for independent directors

FAMILIARIZATION PROGRAMMES FOR INDEPENDENT DIRECTORS

Preamble

Pursuant to Regulations 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 inter-alia stipulates that the Company shall familiarize the independent directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company, etc., through various programmes.

Overview of the Familiarization Process

All Independent Directors are aware and further updated about their roles, rights, responsibilities in the Company. A detailed presentations is given to the Independent Directors about the Company’s overview, key milestones, key business segments, nature of business activities, depth of management, awards and recognitions received.. The appointment letter issued to Independent Directors inter alia sets out the expectation of the Board from the appointed director, their fiduciary duties and the accompanying liabilities that come with the appointment as a director of the Company.

Independent Directors are provided with necessary documents/brochures, reports and internal policies to enable them to familiarize with the Company’s procedures and practices. Periodic presentations are made to the Board Committee Members, on business and performance updates of the Company, global business environment, business strategy and risks involved. Quarterly updates on relevant statutory changes and landmark judicial pronouncements encompassing important laws will be regularly circulated to the Directors.

Each director of the Company has complete access to any information relating to the Company. Independent Directors have the freedom to interact with the Company’s management. They are given all the documents sought by them for enabling a good understanding of the Company, its various operations and the industry segments of which it is a part. Further, they meet without the presence of the Company’s Management Personnel to discuss matters pertaining to the Company’s affairs and put forth their combined views to the Chairman and Managing Director.

Site visits to various plant locations are organized for the Directors to enable them to understand the operations of the Company.

Overall, the Board of Directors were given adequate information and understanding about the business model, regulatory framework and business environment in which the Company and its subsidiary operates. During the year 2018-19, no new independent director was appointed by the Company.

The Company’s Familiarisation programme for independent Directors is hosted on its website viz., www.mangalamorganics.com

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