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Corporate Governance

Orbit Corporation Limited is committed to good Corporate Governance and in ensuring adequate disclosure for our stakeholders. We believe that the governance process should be such as to ensure proper utilisation of resources in a manner intended to meet the expectations of shareholders.

We believe in transparency, empowerment, accountability, safety of people and environment, and we lay emphasis on business ethics in all dealings. We believe in meeting the obligations of all stakeholders, including amongst others, shareholders, customers, employees and the community in which we operate.

As part of our Corporate Governance initiatives, we have instituted 4 committees to look into pertaining Corporate Governance matters.

Audit Committee

The Audit Committee currently has Mr Ravi Kiran Aggarwal, Mr Kuldip Bhargava and Mr Raman Maroo as members. Their responsibilities include:

  • Overseeing the Company's financial reporting process
  • Reviewing financial statements and pre-publication announcements before submission to the Board
  • Recommending the appointment and removal of statutory auditors, fixation of audit fee
  • Ensuring compliance of internal control system and action taken on internal audit report
  • Holding periodical discussions with statutory auditors on the concept and content of audit
  • Reviewing the Company's Financial and Risk Management Policies
  • Apprising the Board on the impact of accounting policies, accounting standards and legislation

Remuneration Committee

The Remuneration Committee currently comprises of non-executive independent directors, Mr Kuldip Bhargava and Mr Prithvi Raj Jindal. The Committee’s responsibilities include:

  • Determining on behalf of the Board, the Company's Policy on remuneration package for Executive Directors including pension rights and compensation packages
  • Deciding any other related matters

Shareholders'/ Investors' Grievance Committee

The Shareholders'/ Investors' Grievance Committee has been constituted to look into investors’ complaints like transfer of shares, non-receipt of declared dividends, and take necessary steps for redressal thereof. The Committee is a Board level committee comprising of Mr. Raman Maroo, Mr Ravi Kiran Aggarwal and Mr Pujit Aggarwal.

The Committee's responsibilities include:

  • Resolving all complaints received from investors/shareholders
  • Placing before the Board, the status of various complaints received by the committee

Compensation Committee

The Compensation Committee currently comprises of non-executive independent directors, Mr. Kuldip Bhargava and Mr. Raman Maroo.

The Committee’s responsibilities include:

  • Implementation, administration and superintendence of Orbit Employees Stock Option Scheme on behalf of the Board
  • Decide all matters related to Employees Stock Option Scheme and any other matters as directed by the Board of Directors from time to time
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