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All Directors are covered with the Director and Ofcer Insurance Liability Policy
with requisite sum.

The Board members, based on their requirement, attend various seminars,
conferences, training programs from time to time. During the year, Corporation's
Directors were nominated / had attended training programs organized by DPE,
CII, ASSOCHAM, Indian Research Centre, SCOPE, Institute of Directors, etc.

The composition of Board of Directors, attendance at the Board meetings during
the year 2019-20, attendance at the last Annual General Meeting and the number
of other Directorships, Chairmanships and Committee's memberships is placed
at Annexure – 3.

33. AUDIT COMMITTEE

The terms of reference of the Audit Committee are as specied in Section 177 of
the Companies Act, 2013, and the rules framed there under and the Guidelines on
Corporate Governance issued by the Department of Public Enterprises. The
primary function of the Committee is to assist the Board of Directors in fullling its
oversight responsibilities by reviewing the nancial reports, the Corporation's
systems of internal controls regarding nance, accounting and legal compliance
that management and the Board have established and the Corporation's auditing,
accounting and nancial reporting process, generally.

The Audit Committee reviews reports of the Internal Auditors, meets Statutory
Auditors and discusses their ndings, suggestions and other related matters and
reviews the major accounting policies followed by the Corporation. The Audit
Committee reviews the half yearly and annual nancial statements before their
submission to the Board.

The Chairman of the Audit Committee apprises the Board about the observations
of the Audit Committee during the Board Meetings. The Minutes of the Audit
Committee Meetings are placed before the Board of Directors, for information and
noting.

The recommendations of the Audit Committee on any matter relating to nancial
management including the Audit Report, shall be binding on the Board. However,
where such recommendations are not accepted by the Board, the reasons for the
same shall be recorded in the minutes of the Board meeting and the same are to
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