Page 55 - Index

02-40 CORPORATE OVERVIEW 41-59 STATUTORY REPORTS 60-147 FINANCIAL STATEMENTS Report on Corporate Governance
viii. reviewing, with the management, all periodic financial statements, including but not limited to quarterly, half- yearly and annual financial statements of the Trust, whether standalone or consolidated or in any other form as may be required under applicable law, before submission to the board of directors for approval;
ix. reviewing, with the management, the statement of uses/ application of funds raised through an issue of units by the Trust (including but not limited to public issue, rights issue, preferential issue, private placements, etc.) and any issue of debt securities, and the statement of funds utilised for purposes other than those stated in the offer documents/ notice, and making appropriate recommendations to the board of directors for follow-up action;
x. approval or any subsequent modifications of transactions of the Trust with related parties;
xi. recommending such related party transactions to the board of directors or the Unitholders, as may be required, in terms of the InvIT Regulations;
xii. scrutinising loans and investments of the Trust;
xiii. reviewing all valuation reports required to be prepared under applicable law, periodically, and as required, under applicable law
xiv. evaluating financial controls and risk management systems of the Trust;
xv. reviewing, with the management, the adequacy of the internal control systems of the Trust, as necessary;
xvi. discussion with internal auditors of any significant findings relating to the Trust and follow up there on;
xvii. reviewing the adequacy of internal audit function if any of the Trust, 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;
xviii. reviewing the findings of any internal investigations in relation to the Trust, 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 of directors;
xix. reviewing the procedures put in place by the Investment Manager for managing any conflict that may arise between the interests of the unitholders, the parties to the Trust and the interests of the Investment Manager, including related party transactions, the indemnification of expenses or liabilities incurred by the Investment Manager, and the setting of fees or charges payable out of the Trust’s assets;
xx. discussing with statutory auditors and valuers of the Trust prior to commencement of the audit or valuation, respectively, about the nature and scope, as well as post-audit/ valuation discussion to ascertain any area of concern;
xxi. reviewing and monitoring the independence and performance of the valuer of the Trust;
xxii. giving recommendations to the board of directors regarding appointment, re-appointment and replacement, remuneration and terms of appointment of the valuer of the Trust;
xxiii. evaluating any defaults or delay in payment of distributions to the unitholders or dividends by the SPVs to the Trust and payments to any creditors of the Trust or the SPVs, and recommending remedial measures;
xxiv. review of management’s discussion and analysis of financial condition and results of operations of the Trust;
xxv. review of statement of significant related party transactions of the Trust, submitted by the management;
xxvi. granting omnibus approval for related party transactions (which approvals shall be valid for a period not exceeding one year from the date of each such approval, and related party transactions undertaken after the expiry of such period shall require fresh approval of the Audit Committee);
xxvii. review, on a quarterly basis, of the details of related party transactions entered into by the Trust pursuant to the omnibus approval;
xxviii. review of management letters/letters of internal control weaknesses issued by the statutory auditors of the Trust;
xxix. giving recommendations to the board of directors regarding audit fee to be paid to the Statutory Auditors of the Investment Manager and payments for any other services rendered by such Statutory Auditors;
xxx. approval or any subsequent modification of transactions of the Investment Manager with related parties, in accordance with the provisions of the Companies Act, 2013 and the rules made thereunder;
xxxi. carrying out any other function in relation to the Investment Manager as mentioned in the terms of reference of audit committee under the Companies Act, 2013 and amendments thereto from time to time; and
xxxii.formulating any policy for the Investment Manager as necessary, in relation to its functions, as specified above.
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