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a) Disclosures on materially significant related-party transactions i.e. transactions of the Company of material nature, with its Promoters, the Directors or the management, their subsidiaries or relatives, etc. that may have potential conflict with the interests of the Company at large:
None of the transactions with any of the related parties were in conflict with the interests of the Company.
The details of all transactions with related parties in the manner required to be tabled before the Audit Committee as per the Clause 49 of the Listing Agreement, were placed before the Audit Committee on quarterly basis during 2010-11.
b) Details of non-compliance by the Company, penalties, strictures imposed on the Company by stock exchange or SEBI or any statutory authority, on any matter related to capital markets, during the last three years:
There were no instances of non-compliance of any matter related to the capital markets during the last three years.
c) Disclosure of risk management:
The Company has laid down the procedures to inform Board members about the risk assessment and minimization procedures and the Board reviews the risk management report on quarterly basis.
(d) LICHFL Code of Conduct to prevent insider trading: The Company has a Code of Conduct for prevention of insider trading known as LICHFL Code of Conduct for Prevention of insider trading in the shares and securities of the Company by its Directors and designated employees.
(e) Code of Conduct for Directors and senior management: The Company has a Code of Conduct for its Directors and the senior management, which, inter alia, includes the maximum tenure for Independent Director as nine years.
The above Codes are hosted on the Company’s websitewww.lichousing.com and has been circulated to all the members of the Board and senior management and the compliance of the same has been affirmed by them. A declaration confirmed by Director and Chief Executive is given below:
As provided under Clause 49 of the Listing Agreement with stock exchanges, all Board and senior management personnel affirmed compliance with LIC Housing Finance Limited — Code of Conduct for Board of Directors and senior management for the year ended 31st March, 2011.
(f) Whistleblower policy: The Company has whistleblower policy – a mechanism for employees to report to the management any concerns about unethical behaviour, actual or suspected fraud or violation of the rules and regulations. The Board confirms that no personnel were denied access to the Audit Committee.
(g) Employee Stock Option Scheme: The Company does not have Employee Stock Option Scheme.
(h) Accounting Standards: In the preparation of financial statements no treatment materially different from that prescribed in the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 has been followed.
(i) Directors confirm that the Company has adequate resources to continue its business and, therefore, financial statements are prepared on a going concern basis..
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