So as to detect frauds, irregularities and encouraging employees to come forward to Audit Committee, concept of "Whistle Blower "has been introduced. The following are the notable features of the 'Whistle Blower Policy" are:
i. Personnel who observe an unethical or improper practice (not necessarily a violation of law) shall be able to approach the audit committee without necessarily informing their supervisors. ii. Companies shall take measures to ensure that this right of access is communicated to all employees through means of internal circulars, etc. The employment and other personnel policies of the company shall contain provisions protecting "whistle blowers" from unfair termination and other unfair prejudicial employment practices. iii. Company shall annually affirm that it has not denied any personnel access to the audit committee of the company (in respect of matters involving alleged misconduct) and that it has provided protection to "whistle blowers" from unfair termination and other unfair or prejudicial employment practices. iv. Such affirmation shall form a part of the Board report on Corporate Governance that is required to be prepared and submitted together with the annual report.
The appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review by the Audit Committee.
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