(III) Decision making process

Subject to the provisions of the Companies Act, 1956 & the directives/Instructions issued by the Government from time to time and the provisions contained in the Memorandum & Articles of Association of the Company, the business of the Company is being managed by the Board of Directors of the Company, who issues guide lines & formulate policies for smooth functioning of the business. All the powers are vested with and exercised by the Board excepting those, which are specifically to be exercised by the share holders of the Company in General Body meetings. However, for day-to-day operations the C M D / Functional Directors are delegated with adequate powers. The functional Directors are, in-turn, supported by professional executives and Chiefs of Operating Units in discharging responsibilities of their respective functional Area.