Regulation 25 (7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 stipulates that the company shall familiarise the independent directors through various programs about their roles, rights and responsibilities in the company, nature of the industry in which the company operates, business model of the company, etc.
OUTLINE OF THE FAMILIARISATION PROCESS
The Board including all Independent Directors have been explained about their roles, rights, responsibilities in the Company through detailed presentations on the changes in backdrop of Companies Act 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standards. The Company has arranged such presentations through internal resources as well as outside experts/consultants.
The Board including all Independent Directors are being provided with relevant documents, reports and internal policies to enable them to familiarise with the Company’s procedures and practices from time to time.
Periodic presentations are made at the Board and Board Committee Meetings, on business and performance updates of the Company, business strategy and risks involved.
As and when necessary, business/functional heads and senior executives are invited to Board or Committee meetings in order to give the directors a forum for discussion with the Company's key executives and to help them better understand the industry & economic outlook, regulatory updates, developments in emerging mobility space, sales & marketing, global business, strategy, research & development, organisational & talent review, innovation & new avenues, corporate governance and such other areas as may be necessary from time to time.
The process of on boarding a new Director begins with the delivery of a Director's kit that includes information on the Company, Memorandum and Articles of Association, Annual Report, Code of Conduct of the Company, Code for Independent Directors, Role, responsibilities, duties, etc. of a director, familiarisation with relevant provisions of law concerning a director, etc. All new Directors are also given an orientation program that includes a plant tour, sessions on corporate governance, finance, global business, research & development, sales & marketing, etc.
The Chairman periodically briefs all the Directors about the economic/industry outlook, strategy, operations, functions, future plans, expansion projects, etc. of the Company. Updates on relevant statutory changes concerning the Company are informed to the entire Board on regular intervals.
Independent Directors are facilitated to meet without the presence of the Company’s management to discuss matters pertaining to the Company’s affairs.
The Company organised visits to the plants for the Directors to facilitate them to understand the operations of the Company in detail.
The details of familiarisation programs imparted to independent directors are as under: