Page 61 - KRCL ENglish

Functional Directors, Government Nominee Directors and Management
personnel of Corporation was to be held during the year under review. However,
in view of CoVID-19 outbreak, the holding of meeting of Independent Directors for
the year 2019-20 is exempted by the Ministry of Corporate Affairs vide General
Circular No. 11/2020 dated 24.03.2020. Therefore, meeting of Independent
Directors was not held in the year.

38. DECLARATION OF INDEPENDENT DIRECTORS

The Independent Directors have conrmed and declared that they are not
disqualied to act as Independent Directors as per Section 149 (7) of the
Companies Act, 2013 and they have complied with the Code for Independent
Directors prescribed in Schedule IV to the Act (to the extent applicable to a
Government Company). The declarations were placed in the meeting of Board of
Directors, which was duly noted and recorded.

39. RISK MANAGEMENT COMMITTEE

The Corporation has in place a Risk Management Policy in line with the DPE
Guidelines on Corporate Governance for CPSEs to ensure the integration and
alignment of the risk management system with the corporate and operational
objectives. The Risk Management Cell constituted by the Risk Management
Committee was tasked to evaluate department wise risks along with mitigation
plan. Accordingly, a booklet was prepared covering departmental risks and its
mitigation plan and same was placed before the Risk Management Committee
and subsequently approved by the Board of Directors.

The Board of Directors have reconstituted the Risk Management Committee on
20.01.2020, comprising of following Directors: -

Sl. Name of Member Status

No.

1 Shri Sanjay Gupta, Chairman and Managing Director Chairman

2 Shri Subhash Chand Gupta, Director (Way & Works) Member

3 Air Marshal Sukhchain Singh, AVSM, VSM(Retd.) Member

Independent Director

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