Company's Philosophy on Corporate Governance
ROLTA adheres to good corporate practices and is constantly striving to better them and adopt emerging best practices. It is believed that adherence to business ethics and commitment to corporate social responsibility would help the Company achieve its goal of maximizing value for all its stakeholders. The Company is committed to good corporate governance and continuously reviews various investor relationship measures with a view to enhance stakeholders' value. The Company has adopted a Code of Conduct for top three tier of management including the Whole-time Directors, and Managing Directors. The Company's Corporate Governance policy has been further strengthened through the "Rolta Directors and Designated Employees Code of Conduct for Prevention of Insider Trading" which is in line with the Securities and Exchange Board of India (SEBI) Regulations in this regard. The Company provides detailed information on various issues concerning the Company's business and financial performance.
Rolta has complied in all material respects with the features of Corporate Governance as specified in the revised guidelines under Clause 49 of the Listing Agreement.
1 Board of Directors
(i) Composition of the Board
The Board of Directors of the Company includes individuals who are professionals in their respective areas of specialization and who have held eminent positions. The Board is broad based and comprises of individuals drawn from management, technical, financial and legal fields. The members of the Board are individuals with leadership qualities and strategic insight. The current policy of the Company is to have an Executive Chairman who is also the Managing Director. Directors including Non-Executive Directors are professionally competent. Company has an appropriate mix of Executive and Independent Directors to maintain independence of Board, at present the Board consists of eleven members, of which six are Non-Executive Independent Directors. None of the Non-Executive Independent Directors is responsible for day-to-day affairs of the Company. The Board periodically evaluates the need for change in its composition and size. All Directors informed the Board about the Board Membership and Board Committee Membership they occupy in other companies including Chairmanship in Board / Committee of such companies. They notify Company of any change that take place in these disclosures at the Board Meetings. None of the Directors on the Board of Rolta India Ltd. is a director in more than ten listed companies, member of more than ten committees and Chairman of more than five committees , across all the Companies in which he is a Director. The Board's role, functions, responsibilities and accountability are clearly defined.
The Board has unfettered and complete access to all information within the Company and to any of our employees. At Board Meetings, managers who can provide additional insights into the items being discussed are invited.
Regular updates provided to the Board inter-alia, include:
• Quarterly results of our operating divisions or business segments.
• Annual, Mid-Term and Long-Term operating plans and budgets and any updates.
• Minutes of meetings of Audit, Compensation, Investor Grievance and Management Committees.
• General Notices of Interest received from Directors.
• Dividend data.
• Information on recruitment and remuneration of senior officers one level below the Board level, including appointment or removal of Chief Financial Officer and the Company Secretary.
• Materially important litigations, show cause, demand, prosecution and penalty notices.
• Any materially relevant defaults in financial obligations to and by us.
• Details of joint ventures, acquisitions of companies or collaboration agreements.
• Any significant development on the human resources aspect.
• Any issue, which involves possible public or product liability claims of substantial nature, including any judgment or order which, may have passed strictures on the conduct of the Company or taken an adverse view regarding another enterprise that can have negative implications on the Company.
• Sale of material nature of investments, subsidiaries and assets, which are not in the normal course of business.
• Transactions that involve substantial payment towards goodwill, brand equity, or intellectual property.
• Details of foreign risk exposure and the steps taken by the management to limit risks of adverse exchange rate movement.
• Status of Compliances, Regulatory, statutory or listing requirements and shareholders service such as Non-Payment of Dividend, Investor Grievances etc.
(ii) Board Meetings:
Six Board Meetings were held last year with a minimum of one meeting in each Quarter. The Board Meetings of the Company are prescheduled and adequate notice is given to the members of the Board. Apart from the Quarterly Board Meetings, the Company convenes additional Board Meetings if required by giving appropriate notice to the Directors to consider specific matters related to the business of the Company. Board Meetings are held generally at the Registered Office of the Company at Rolta Tower-A, Rolta Technology Park, MIDC-Marol, Andheri (East), Mumbai - 400093, India.
For effective corporate management, the Board has constituted various Committees viz. Management Committee which meets generally every month, Audit Committee quarterly, Compensation Committee had its meeting three times in the year and Investors' Grievance Committee also met twice in a year.
During the financial year 2012-13, the Board of the Company, as also the various specialised Committees constituted by the Board, held as many as 26 meetings, which include 6 meetings of the Board. The necessary Quorum was present for the meetings. Information as required to be given in terms of Annexure 1A to Clause 49 of the Listing Agreement, was placed before the Board for its consideration and all matters with explanatory notes / reports relating to the respective committees were circulated to the committee members before the meetings.
The Directors, including the Non-executive Directors, actively participated at length in the deliberations of the Board. During the financial year 2012-13, the Board held its meetings on 22nd August 2012, 23rd October 2012, 24th November 2012, 12th February 2013, 27th April 2013 and 17th May 2013. The time gap between any two Board meetings did not exceed four months.
2. Management Committee
The Management Committee is a Committee of the Board and is authorised to deliberate, act and decide on all matters, which the full Board is otherwise empowered to do, except those matters, which are specifically required by law to be considered and decided by full Board. The Management Committee generally meets on monthly basis to deliberate and take decisions on various issues relating to strategic, financial, corporate and legal matters ensuring smooth management of the Company.
The Management Committee comprises of five Directors out of which three are Whole-time Directors namely Mr. Kamal K Singh, Mr. A D Tayal, Mr. Hiranya Ashar and two are non-executive and independent Directors, namely Mr. R R Kumar and Mr. K R Modi. Mr Kamal K Singh is the Chairman of the Management Committee. The Company Secretary acts as the Secretary to the Management Committee. The minutes of the Management Committee and other Committee meetings are placed before the Board for its information and ratification at the immediate following Board Meeting.
3. Investors' Grievance Committee
The Board of Directors of the Company has formed an Investors' Grievance Committee comprising of four Directors out of which two are Non-Executive and two Whole-time Directors. The Investors' Grievances Committee is chaired by Mr. K R Modi and its other members include Mr. R R Kumar, Mr. A D Tayal and Mr. Hiranya Ashar. Company Secretary and the Compliance Officer under Clause 49 of the Listing Agreement, also acts as the Secretary of the Investors' Grievance Committee.
This Committee's mandate requires it to look into investors' grievances relating to matters such as the transfer of shares, non-receipt of Annual Reports and non-receipt of dividends, and also reviews any cases filed by aggrieved investors before the courts or other forums. It also supervises the Company's in-house Investor Service Cell, which services the shareholders of the Company by monitoring, recording and processing share transfers and requests for dematerialization of shares.
M/s. Link Intime India Pvt. Ltd. are our Registrar & Share Transfer Agent. The share transfers received by the Company/ Registrar & Share Transfer Agent are generally processed and transferred within 15 days from the date of receipt if the documents are complete in all respects. No valid transfer request remains pending for transfer to the transferees as on 30th June 2013. All requests for dematerialization of shares are likewise processed and confirmation thereof is normally communicated to the concerned depository within 10 working days of receipt of all documents.
The Committee monitors the Redressal of Investor Grievances. The total number of complaints received and replied to the satisfaction of the shareholders during the year under review was 232. There are no complaints outstanding or pending with the regulatory authorities as on 30th June, 2013 for redressal.
The Company is in receipt of 'No Complaint' Certificates as on 30th June, 2013 from both the Exchanges where the equity shares are listed BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).
4. Audit Committee
The Company's Audit Committee was formed in compliance with Clause 49 of the Listing Agreement with the Indian Stock Exchanges as read with Section 292A of the Companies Act, 1956. Presently the Audit Committee consists of three independent and non-executive Directors, namely, Mr. R R Kumar (as Audit Committee Chairman), Mr. K R Modi and Mr. V K Chopra and one Whole-time Director Mr. Hiranya Ashar.
Mr. R R Kumar was the former Chairman & Managing Director of Union Bank of India and has sound knowledge in the areas of Finance, Banking and Accounts. Mr. K R Modi another member of the Audit Committee has deep knowledge in law. Mr. V K Chopra is a Fellow Member of The Institute of Chartered Accountants of India. He has held various top positions during his 39 years of experience in Banks; including 3 years as Chairman & Managing Director in Corporation Bank, Mangalore & SIDBI, Delhi / Lucknow; 3 years as Executive Director in Oriental Bank of Commerce. He retired as Whole-time Member in SEBI, after serving for about a year. He has deep knowledge of Banking & Finance. Mr Hiranya Ashar is Director Finance & Chief Financial Officer of the Company and has sound knowledge in the areas of Finance, Banking and Accounts.
The Company held 4 Audit Committee meetings for the review of Quarterly financial results relating to the period July 1, 2012 to June 30, 2013. These meetings were attended by all the Committee members. The Committee invited the Auditors to be present at each of these meetings. The Company Secretary acts as the Secretary of the Audit Committee.
The Audit Committee also advises the management on the areas where in internal audit process can be strengthened. The minutes of the meetings of the Audit Committee are circulated to the members of the Committee and placed before the Board.
Terms of Reference: The terms of reference/powers of the Audit Committee have been specified by the Board of Directors and includes all aspects specified under Clause 49 of the listing agreement, as under:
A. The primary objective of the Audit Committee is to monitor and provide effective supervision of the management's financial reporting process with a view to ensure accurate, timely and proper disclosures and transparency, integrity and quality of financial reporting. The Committee oversees the work carried out in the financial reporting process by the management, the internal auditors and the independent auditor and reviews the processes and safeguards employed by each.
B The role of the Audit Committee includes the following:
1. Oversight of the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible.
2. Recommending to the Board, the appointment, reappointment and, if required, the replacement or removal of Statutory Auditors and fixation of audit fees.
3. Approval of payment to Statutory Auditors for services rendered by the Statutory Auditors.
4. Reviewing with the management, the annual financial statements before submission to the Board for approval, with particular reference to:
• Matters required to be incorporated in the Directors' Responsibility Statement forming part of the Directors' Report in terms of sub-section (2AA) of Section 217 of the Companies Act, 1956.
• Changes, if any, in accounting policies and practices and reasons for the same.
• Major accounting entries involving estimates based on the exercise of judgment by the Management.
• Significant adjustments made in the financial statements arising out of audit findings.
• Compliance with listing and other legal requirements relating to financial statements.
• Disclosure of related party transactions.
• Qualifications in draft audit report.
5. Reviewing with the management, the quarterly financial statements before submission to the Board for approval.
6. Reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue etc.) the statement of funds utilized for purposes other than those stated in the offer document / prospectus/ notice and the report submitted by the agency monitoring the utilization of proceeds of a public or rights issue, and making appropriate recommendation to the Board to take needed steps in the matter.
7. Reviewing with the management, the performance of Statutory and Internal Auditors, and adequacy of internal control systems.
8. Reviewing the adequacy of internal audit functions, 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.
9. Discussion with internal Auditors of any significant findings and follow-up thereon.
10. Reviewing the findings of any internal investigations by the internal Auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board.
11. Discussion with Statutory Auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern.
12. Looking into the reasons for substantial defaults in the payment to the shareholders (in case of non-payment of declared dividends) and creditors.
13. Reviewing the functioning of the Whistle Blower Mechanism.
14. Carrying out such other function as may be specifically referred to the Committee, by the Board of Directors and/or other Committee of Directors of the Company.
15. Reviewing the following information:
• The management discussion and analysis of financial condition and results of operations;
• Statement of significant related party transactions (as defined by the Audit Committee), submitted by Management;
• Management letters / letters of internal control weaknesses issued by the Statutory Auditors;
• Internal audit reports relating to internal control weaknesses; and
• The appointment, removal and terms of remuneration of internal Auditors.
16. The Audit Committee's powers, include the following:
• To investigate any activity within its terms of reference.
• To seek information from any employee.
• To obtain outside legal or other professional advice.
• To secure attendance of outsiders with relevant expertise, if it considers necessary.
5. Compensation Committee:
The Company's Board has set up a competent and qualified Compensation Committee in compliance with the SEBI guidelines. As on 30 June 2013, its members include Mr. Kamal K Singh (as Compensation Committee Chairman), Mr. R R Kumar, Mr. V. K. Agarwala and Mr. K R Modi. The Committee considers and recommends the compensation structure for Whole-time Directors, approving yearly merit increases for employees and the implementation and administration of the Employee Stock Option Plans.
The Non-Executive Directors of the Company are paid sitting fees at the rate of Rs.20,000/- for attending each Board Meeting and Rs.10,000/- for attending each Board Committee Meeting. Non-executive Directors of the Company are not paid commission.
The Compensation Committee held three meetings during the period July 1, 2012 to June 30, 2013.
The Committee reviews the performance of all executive directors annually, and approves the payment of Commissions to each one of them. The committee believes that the compensation and benefits are adequate to motivate and retain the senior officers of the Company.
The remuneration paid to Mr Kamal K Singh , Mr. A D Tayal and Mr Hiranya Ashar Whole-time Directors, is paid in accordance with the approvals taken previously from the members in the respective Annual General Meetings.
6. Code for Prevention of Insider Trading/SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997:
The Company has adopted the Code of Conduct for Prevention of Insider Trading in the equity shares of the Company. This code is known as the "Rolta Directors and Designated Employees Code of Conduct for Prevention of Insider Trading". The Company's Insider Trading Code of Conduct, inter-alia prohibits purchase / sale of equity shares of the Company by the Directors and Designated Employees in management position (at the level of Group Directors and above) while in possession of unpublished price sensitive information in relation to the Company. The Company makes disclosures to the Stock Exchanges of transactions covered under the "Rolta Directors and Designated Employees Code of Conduct for Prevention of Insider Trading". This code meets with the regulations stipulated by the Securities and Exchange Board of India (SEBI), on Prohibition of Insider Trading.
The Company also made disclosures to the Stock Exchanges for transactions covered under the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 by submitting, from time to time, the requisite reports and applications under the said Regulations.
Related party transactions are defined as transactions of the Company of material nature with Promoters, Directors or the management, their relatives, subsidiaries, etc. that may have potential conflict with the interest of the Company at large. Details of material and significant related party transactions are given in the Notes to the Accounts annexed to the financial statements. Necessary approvals, as required are taken before entering into any such arrangements. Register Under Section 301 of the Companies Act, 1956 is maintained and particulars of transactions are entered in the register wherever applicable. Such transactions are provided to the Board and the interested Directors neither participate in the discussion, nor do they vote on such matters, where approval of the Board is sought.
The Company has complied with requirements of the Stock Exchange and SEBI on matters related to Capital Markets as applicable.
The Company's equity shares are listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) and the Company's Global Depository Receipts (GDRs) have been listed with London Stock Exchange (LSE). The Company has paid the Listing Fees, as applicable to the BSE, NSE and LSE for the Financial year 2013-14.
The Company has duly complied with the requirements of the Clause 49 of the Listing Agreement with the Stock Exchanges, as well as with the Regulations of the Securities Exchange Board of India and such other statutory authority relating to the Capital Markets.
A qualified practicing Company Secretary has carried out Secretarial Audit every quarter to reconcile the total admitted capital with National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) and the total issued and listed capital. The Audit report confirms that the total issued/paid up capital is in agreement with the total number of shares in physical form and the total number of dematerialized shares held with NSDL and CDSL.
The Company follows Accounting Standards issued by the Institute of Chartered Accountants of India. In the preparation of the financial statements, the Company has not adopted a treatment different from that prescribed in any Accounting Standard. The Company also publishes its Accounts drawn under International Financial Reporting Standards (IFRS).
8. Means of Communication
Timely disclosure of consistent, relevant and up-to-date information on corporate matters, financial matters etc. are at the core of good corporate governance. Towards this end, the quarterly results of the Company were published within 45 days of the end of each quarter and the Audited Annual Results within 60 days of the end of the financial year. The Company also ensures that Press Releases are issued on significant developments and the Investors kept informed of important announcements. The Quarterly Financial Results are published in English and vernacular newspapers. These results are generally published in Mumbai Edition of Economic Times and all India editions of Business Standard, Financial Express and Hindu Business Line and other English & vernacular newspapers. The results are posted on the Company's website www.rolta.com. Investor / shareholders may directly address their queries at firstname.lastname@example.org. The results and the various Press Releases issued by the Company are also promptly forwarded to the Stock Exchanges whereat the equity shares of the Company are listed and to LSE where GDRs are listed. The Company frequently organizes facilities visits for representatives of institutional investors. These visits are generally accompanied by presentations by the Company's Strategic Business Units and a briefing on the Company's products and services both in the international markets and in India. The entire Annual Report of the Company as well as the Quarterly Results are also available on the Company's website. The Management's Discussion and Analysis (MDA) giving an overview of the Company's business and its financials etc., Risk Management, Shareholders' Information, Ratio & Ratio Analysis, Directors' Profile, are provided separately in this Annual Report.
In terms of the green initiative launched by the Ministry of Corporate Affairs, to allow service of documents to the members through electronic mode, Rolta would send the copy of Annual Report for the year 2012-13 alongwith the Notice convening the Annual General Meeting in electronic form to those shareholders who have registered their email id with the DPs/ R&T Agents, and have opted not to receive Annual Reports in physical form.
9. General Shareholders Information
Annual General Meeting:
Date : 23rd November 2013
Time : 11.30 a.m
Venue : Auditorium, Rolta Tower - A,Rolta Technology Park, MIDC-Marol, Andheri (East), Mumbai - 400093.
Financial Calendar for the Year 2012-13 (tentative)
1st Quarter ended Sep. 2013 — On or before 15-11-2013. 2nd Quarter ended Dec. 2013 - On or before 15-02-2014. 3rd Quarter ended Mar. 2014 - On or before 15-05-2014. 4th Quarter & Financial Yearended June 2014 (Audited) - On or before 30-08-2014.
Date of Book Closure:
Book Closure dates 12th Nov., 2013 to 15th Nov., 2013 (both days inclusive)
Rs. 3.00 per share of Rs. 10/- each (proposed) (i.e. 30%)
Dividend Payment Date:
N-ECS Credit/Despatch of dividend warrant on or after 27-11-2013 but not later than 30 days from the date of declaration of dividend as provided in the Companies Act, 1956.
1. BSE Limited - (BSE)
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001.
2. National Stock Exchange of India Limited - (NSE) Exchange Plaza, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051.
NSE - ROLTA BLOOMBERG - RLTA@IN
LSE - RTI REUTERS - ROLTA BO
The shares form part of the following indexes on BSE and NSE.
S&P BSE Smallcap
S&P BSE 500
CNX Small Cap CNX 500
GDR listed on London Stock Exchange
10 Paternoster Square, London, EC4M 7LS The Company's Global Depositary Receipts (GDR) Programme has been listed on the Main Board of the London Stock Exchange plc. (LSE).
The GDRs are traded on the London Stock Exchange under the Ticker Symbol RTI. Each GDR represents one equity share. The GDRs began trading on the LSE on April 18, 2006, when they were issued by the Deutsche Bank Trust Company (the Depositary), pursuant to the Deposit Agreement. The Rule 144A GDRs have been designated as eligible for trading in the Portal Market of The NASDAQ Stock Market, Inc. (PORTAL). As on June 30, 2013, there were 19,78, 544 GDRs (equivalent to 19,78,544 equity shares) outstanding.
Two-way Fungibility of Depositary Receipts
The Company offers foreign investors the facility for conversion of Ordinary Shares into Depositary Receipts within the limits permissible for Two-way Fungibility, announced by the Reserve Bank of India vide its circular dated February 13, 2002.
Name and Address of the Depository Bank for the Purpose of GDRs
In the US
Deutsche Bank Trust Company Americas
Trust & Securities Services 60 Wall Street, 27th Floor, MS # NyC60-2727 New York, NY 10005, USA.
Deutsche Bank A.G. Trust & Securities Services The Capital, C-70, G Block,14th Floor, Bandra Kurla Complex, Bandra (E), Mumbai 400051
Name and address of the Custodian in India for the purpose of GDRs
ICICI Bank Limited
Securities Markets Services, Empire Complex, F7/E7 1st Floor, 414, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013.
Senior Notes due 2018 listed on Singapore Stock Exchange (SGX-ST)
Rolta LLC has issued 10.75% Senior Notes due 2018, which are listed on Singapore Securities Exchange Trading Limited (the"SGX-ST") at 2, Shenton Way, #19-00, SGX Central 1, Singapore 06880
10.75% Senior Notes are listed in the in Singapore Stock Exchange under CUSIP Number Rule 144A Global Note 775793 AA0 and Regulation S Global Note U77587 AA8
Trustee and Security Agent
DB Trustees (Hong Kong) Limited, Level 52, International Commerce Centre 1 Austin Road West Kowloon, Hong Kong
Paying Agent, Transfer Agent and Registrar
Deutsche Bank Trust Company Americas
Trust and Agency Service, 60 Wall Street, 27th Floor MSNYC 60 - 2710, New York 10005 U.S.A.
Registered Office and Corporate Headquarters:
Rolta Tower 'A', Rolta Technology Park, MIDC-Marol, Andheri (East), Mumbai - 400093. Telephone: +91(22) 29266666 / 30876543 Fax: + 91(22) 28365992
Share Transfer System:
98.22% of the equity shares of the Company are in electronic form. Transfer of these shares are done through Depositories with no involvement of the Company. As regards, Transfer of shares in physical form the transfer documents can be lodged with Registrar & Share Transfer Agent named below :
M/s Link Intime India Pvt Ltd
Unit :- Rolta India Ltd.
C-13 Pannalal Silk Mills Compound, LBS Marg, Bhandup (W), Mumbai - 400078. Tel No:- 022-25963838, Fax No :- 022-25946969 Email : email@example.com
The transfers received by the Company/ Registrar & Share Transfer Agent are generally processed and transferred within 15 days from the date of receipt if the documents are complete in all respects. Authority is delegated to Certain Directors by the Board to approve transfer etc., which are noted at subsequent Board Meetings.
Designated e-mail address of investor services
In terms of Clause 47(f) of the Listing Agreement,the designated e-mail address for investor complaints firstname.lastname@example.org
The website of the Company carries relevant information in regard to the results of the Company, dividend declared by the Company, price sensitive information if any and launch of new products & services by the Company. The Company's website address is www.rolta.com.
a) National Securities Depository Ltd. (NSDL)
b) Central Depository Services (India) Ltd. (CDSL)
Annual Listing fees for the year 2013-14 (as applicable) have been paid to the Stock Exchanges.
Volume as percentage of Equity
The Company's scrip continues to enjoy high trading volumes in relevant stock exchanges offering high liquidity. Over 80.88% of the trading volume is on the NSE. The total number of shares traded on National Stock Exchange and BSE Limited between July 1, 2012 and June 30, 2013 was 163,033,322 which represents 101.06 % of the Share Capital of the Company as on June 30, 2013.
Payment of Dividend - Electronic Clearing Service (ECS):
The Company is providing facility of 'National Electronic Clearing Service' (N-ECS) for payment of dividend to shareholders around centres covered by Reserve Bank of India - National Clearing Cell. Shareholders holding shares in physical form, are requested to provide details of their bank account for availing N-ECS facility in the form attached to the Notice of Annual General Meeting. However, if the shares are held in electronic form, the N-ECS Mandate has to be communicated to the respective Depository Participant (DP). Changes, if any, in the details furnished earlier, may also be communicated to the DP, as the case may be. For any other information, kindly write to the Company Secretary at the Registered Office of the Company.
In terms of regulations of NSDL & CDSL, bank account details of the beneficiary owner of shares held in electronic (demat) form, will be printed on the dividend warrants as furnished by the Depository Participant. The Company will not entertain request for change of such bank details printed on their dividend warrants. In case of any changes in your bank details, please inform your DP now / immediately. In case of physical shareholding, in order to provide protection against fraudulent encashment of dividend warrants, members are requested to provide, if they have not already done, their bank account number, bank account type and name and address of bank branch, quoting folio number to the R & T Agent to enable the Company to incorporate the same on the dividend warrants.
Shareholder Initiatives :
The Company has paid a One Time Custody Fee to National Securities Depository Limited (NSDL) to pass on the benefit of reduced custody charges to it's shareholders. Shareholders' queries & grievances are replied promptly. Dividend Warrants are normally mailed within a week from the date of declaration at the AGM. Members are sent at least three reminders regarding unclaimed dividend, before the same is transferred to Investor Education & Protection Fund (IEPF)
The Company has also taken certain investor-friendly initiatives to provide transparency and valuable information, such as:
1) The Company hosts post-result earning calls for Institutional Investors and Analysts to talk to the management on result and outlook.
2) Company has also put up information useful to investors, on it's website as under:
a. Annual Report
b. Quarterly Results
ii. Press Release
iii. Transcript of Earnings Call
c. Events & Presentation
i. Financial Calendar
ii. Investor Presentation
iii. Corporate Audio Visual
d. Key Financial Data
e. Share Holding Pattern
f. Research Report on the Company by various analysts
The Company continues to improve the quality of information dissemination to investors by making information available on the web as well as by making the Annual Report more transparent and investor-friendly.
Shareholders are requested to send all correspondences with regard to Transfer of shares, Change of Address, Bank Mandate for Dividend payment and other grievances etc. to the Registrar and Transfer Agent M/s Link Intime India Pvt. Ltd. at the following address:
M/s. Link Intime India Pvt. Ltd.
Unit :- Rolta India Ltd.
C-13 Pannalal Silk Mills Compound, LBS Marg, Bhandup (West), Mumbai — 400078
Tel No:- 022-25963838, Fax No :- 022-25946969 Email : email@example.com
10. CEO/CFO Certification
A CERTIFICATE FROM CHAIRMAN AND MANAGING DIRECTOR AND DIRECTOR FINANCE & CHIEF FINANCIAL OFFICER ON THE FINANCIAL STATEMENTS OF THE COMPANY AND ON THE MATTERS WHICH WERE REQUIRED TO BE CERTIFIED ACCORDING TO THE CLAUSE 49(V) WAS PLACED BEFORE THE BOARD.
11. Code of Conduct for Directors and Senior Management
The Rolta Code of Conduct (Code) is applicable to all Directors (including Whole-time Directors) and Senior Management of the Company at the level of Group Directors and above. The Code lays down the standards of business conduct, ethics for transparent corporate governance. A copy of the Code has been posted on the Company's website. The Code has been circulated to all members of the Board and Senior Management and the compliance of the same has been affirmed by them.
12. Report on Corporate Governance
This Corporate Governance Report forms part of the Annual Report. The Company is fully compliant with the provisions of Clause 49 of the Listing Agreement of the Stock Exchanges in India.
13. Compliance with the corporate governance codes
Corporate Governance Voluntary Guidelines, 2009
The Ministry of Corporate Affairs, Government of India, published the Corporate Governance Voluntary Guidelines 2009. The Ministry hopes that adoption of these guidelines will also translate into a much higher level of stakeholders' confidence that is crucial to ensuring long-term sustainability and value generation by business. We substantially comply with the Corporate Governance Voluntary Guidelines.
SEBI, with a view to improve corporate governance standards in India and to enhance the transparency and integrity of the market, constituted the Committee on Corporate Governance under the chairmanship of N. R. Narayana Murthy. The Committee issued two sets of recommendations: the mandatory recommendations and the non-mandatory recommendations.
Status of compliance of non-mandatory requirement
The Company fully complies with the mandatory Clause 49 of the Listing Agreement and also complies with some of the non-mandatory provisions such as Remuneration Committee and unqualified financial statements.
Certificate from the Statutory Auditors confirming compliance with Clause 49 of the Listing Agreement is published below.
During the year under review, there was no audit qualification in company's financial statements.
Annual Declaration by the CEO Under Clause 49 I (D) of the Listing Agreement regarding Adherence to the Code of Conduct
In accordance with Clause 49 sub-clause I (D) of the Listing Agreement with the Stock Exchanges, I hereby declare that all the Directors and the Senior Management personnel of the Company have affirmed compliance to the Rolta Code of Conduct for the Financial Year ended June 30, 2013.
Kamal K Singh
Chairman & Managing Director
29th August 2013