Kolte-Patil Group believes that Corporate Governance signifies ethical business behaviour in every sphere and with all constituents. This ethical business behavior can be ingrained in the character of the organization through tradition, value systems and commitment to the later as much as the spirit of laws and regulations. Corporate Governance emerges as the cornerstone of the Kolte-Patil Group's governance philosophy of the trusteeship, transparency, accountability and ethical corporate citizenship.
In our endeavor to adopt the best Corporate Governance and disclosure practices, the Company complies with all the requirements of the Clause 49 of the Listing Agreement(s), entered with National Stock Exchange of India Limited and Bombay Stock Exchange Limited.
Board of Directors
"The Board of Kolte-Patil Developers Limited comprises of Executive and Independent Director(s) with wide range of skills and expertise.
Composition and category of Directors:
| Name of the Director |
Category |
Designation |
Mr. Rajesh Patil
Mr. Naresh Patil
Mr. Milind Kolte
Mrs. Sunita Kolte
Mrs. Vandana Patil |
Executive Directors
|
Chairman and Managing Director
Vice-Chairman
Executive Director
Executive Director
Director (Non-Executive)
|
Mr. G.L. Vishwanath
Mr. Achyut Watve
Mr. Manish Doshi
Mr. Jayant G Pendse
Mrs. Manasa Vishwanath
|
Independent Directors |
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
|
Audit Committee
The Audit Committee of the Company has been constituted in line with the provisions of clause 49 of the Listing Agreement read with section 292A of the Companies Act, 1956. The audit committee is comprised of 5 members, in which 4 members are independent directors. Mr. Abhijit Barje, Asst. Company Secretary of the Company acts as the secretary to the Audit Committee.
The Secretarial department of the Kolte-Patil Developers Limited will make available to the Employees, the addresses and email addresses of the members of the respective Audit Committee / Board members.
Employees may send communications on an anonymous basis. If an employee chooses to disclose his or her identity, the same will be treated as confidential and the recipient shall not disclose the same. This would not have any impact on the employee’s performance appraisal, assignment of work or other matters related to employment with the group companies.
Composition of Audit Committee:
| Name of the Director |
Designation |
| Mr. Manish Doshi |
Chairman |
| Mr. G. L. Vishwanath |
Member |
| Mr. Achyut Watve |
Member |
| Mr. Milind Kolte |
Member |
| Mr. Jayant G Pendse |
Member |
Terms of Reference to Audit Committee:
To oversee the Company's financial reporting process and the disclosure of its financial information and to ensure that the financial statement is correct, sufficient and credible.
To review, with the management, the annual financial statements prior submission to the board for approval, with particular reference to :
- To oversee the Company’s financial reporting process and the disclosure of its financial information and to ensure that the financial statements reflect a true and fair position and are sufficient and credible.
- To recommend to the Board, the appointment, re-appointment and if required, the replacement or removal of the statutory auditor and the fixation of audit fees and also approval of payment of any other services.
- To review, with the management, the annual financial statements prior to the submission to the Board for its approval, focusing primarily on any changes in accounting practices and policies, compliance with accounting standards, compliance with stock exchanges and legal requirements concerning financial statements, any related party transactions as per Accounting Standard - 18 among other matters.
- To review, with the management, the quarterly financial statements before submission to the Board for its approval.
- To review, with the management, performance of statutory and internal auditors, and adequacy of the internal control systems.
- Reviewing the Company’s financial and risk management policy.
- Disclosure of contingent liabilities.
- Reviewing compliances as regards Company’s Whistle Blower Policy.
To review, with the management, the quarterly financial statements before submission to the board for approval;
To review, with the management, performance of statutory and internal auditors, and adequacy of the internal control systems;
To review the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit.
Shareholders and Investors' Grievance Committee :
The investors' grievances committee of the board looks into the redressal of the investors' complaints like non-receipt of annual reports, dividend payments etc. and matters related to change or deletion of name, issue of duplicate share certificates, dematerialization, rematerialization, transfer, transmission, consolidation, sub-division of shares, debentures and securities and other allied transactions. It delegates power to the executives of the Company and to Registrar and Share Transfer Agent of the Company to accomplish aforesaid objectives.
Composition of Shareholders and Investors' Grievance Committee:
| Name of the Director |
Designation |
Category |
| Mr. G. L. Vishwanath |
Chairman |
Independent Director |
| Mr. Manish Doshi |
Member |
Independent Director |
| Mr. Achyut Watve |
Member |
Independent Director |
| Mrs. Sunita Kolte |
Member |
Executive Director |
| Mr. Jayant G Pendse |
Member |
Independent Director |
Remuneration and Compensation Committee:
Remuneration and Compensation Committee of the board looks into the appointment, re-appointment, determination, fixation of the remuneration and revision in the remuneration payable to the existing executive directors of the Company from time to time, grant and allotment of stock options to the eligible employees etc.
Composition of the Remuneration and Compensation Committee:
| Name of the Director |
Designation |
Category |
| Mr. Jayant G Pendse |
Chairman |
Independent Director |
| Mr. Manish Doshi |
Member |
Independent Director |
| Mr. G. L. Vishwanath |
Member |
Independent Director |
| Mr. Achyut Watve |
Member |
Independent Director |
| Mr. Milind Kolte |
Member |
Executive Director |
|
|
