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accordance with the provisions of the Companies Act, 2013 and the relevant
Indian Accounting Standards (Ind AS) form part of the Annual Report of the
Corporation.

30. EXPLANATION OR COMMENTS BY THE BOARD ON EVERY
QUALIFICATION, RESERVATION, ADVERSE REMARK OR DISCLAIMER
MADE BY THE SECRETARIAL AUDITOR, STATUTORY AUDITORS &
COMPTROLLER AND AUDITOR GENERAL OF INDIA:

Secretarial Auditor's Report: The comments of the Secretarial Auditor and
Management reply thereto has been placed at Annexure – 2.

Statutory Auditor's Report: The comments of the Statutory Auditor and
Management reply thereto has been placed at page no. 132.

Comments of Comptroller and Auditor General of India: The comments of the
Comptroller and Auditor General of India has been placed at page no. 151.

Frauds reported by the Auditors: No fraud has been reported by the Statutory
Auditor or Secretarial Auditor of the Corporation.

31. CORPORATE GOVERNANCE

Philosophy on Corporate Governance: The Corporation's philosophy on
Corporate Governance is based on the principles of honesty, integrity,
accountability, adequate disclosures, legal compliances, transparency in
decision making and avoiding conicts of interest. The Corporation gives
importance to adherence to adopted corporate values and objectives and
discharging social responsibilities as a good corporate citizen. The Corporation
believes in providing excellent services to the Shareholders and Customers
including ensuring safety to the passengers and improving the productivity
through efciency in all spheres of activities. The motto of the Corporation is
“Sadar Seva” summarizing the ethos of the Corporation. The Corporation, being
a Government Company, its activities are monitored by several external agencies
like the Secretarial Auditors, Statutory Auditors, the Comptroller & Auditor
General of India, the Central Vigilance Commission (CVC), Parliamentary
Committees, etc. Corporation structure, business and disclosure practices have
been aligned to the Corporate Governance Philosophy.

In order to uphold the highest standards of corporate governance, the

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