Page 81 - Arvind 2024
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Corporate Governance Report
Your Directors present the Company’s Report on Corporate Governance for the year ended on March 31, 2024.
1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE
Corporate governance at Arvind SmartSpaces Limited (here onwards will be referred as ‘Arvind SmartSpaces Limited’, ‘the Company’) is a value-based framework to manage our Company affairs in a fair and transparent manner. As a responsible corporate citizen, we use this framework to maintain accountability in all our affairs and employ democratic and open processes. We are adopting applicable guidelines and best practices to ensure timely and accurate disclosure of information regarding our financials, performance and governance of the Company.
Our corporate governance philosophy is based on the following principles:
Satisfy the spirit of the law and not just the letter of the law. Corporate governance standards should go beyond the law.
Be transparent and maintain a high degree of disclosure levels.
Make a clear distinction between personal conveniences and corporate resources.
Communicate externally, in a truthful manner, about how is the Company running internally.
Have a simple and transparent corporate structure driven solely by business needs.
The Management is the trustee of the shareholders’ capital and not the owner.
The Board of Directors (“the Board”) is at the core of our corporate governance practice and oversees how the Management serves and protects the long-term interests of all our stakeholders. We believe that an active, well-informed and independent Board is necessary to ensure the highest standards of Corporate Governance. The Company has optimum combination of executive and non-executive directors including Independent Directors with at least one woman director. Given below is the report on Corporate Governance at Arvind SmartSpaces Limited.
2. BOARD OF DIRECTORS
2.1 Composition of the Board:
The Board has 8 (eight) Directors, comprising of Chairman, 1 (one) Managing Director & CEO, 3 (three) Non - Executive Non Independent Directors including Chairman and Nominee Director and 4 (four) Non- Executive Independent Directors including a Woman Director. The Non-Executive Independent Directors are leading professionals from varied fields who take care of the stakeholder’s interest and bring in independent judgment to the Board’s discussions and deliberations.
Corporate Overview
Statutory Reports
Financial Statements
The Composition of the Board as at March 31, 2024 is as under:
Sr. No.
Name of Director
Executive/Non-executive/ Independent
No. of Directorships Held (Including the Company)*
**Committee(s) position (Including the Company)
Member
Chairman
1 Mr. Sanjay S. Lalbhai
2 Mr. Kamal Singal
3 Mr. Kulin S. Lalbhai
4 Mr. Pratul Shroff
5 Mr. Prem Prakash Pangotra
6 Mr. Nirav Shah
7 Ms. Pallavi Vyas
8 Mr. Vipul Roongta
Chairman and Non-Executive Director
Executive Director
Non-Executive Director and Vice Chairman
Independent Director
Independent Director
Independent Director
Independent Director
Non-Executive Nominee Director
5 2 1
2 2 0
7 2 1
2 2 1
1 2 0
8 5 0
1 0 0
2 0 0
* All the Companies have been considered excluding Companies incorporated under Section 8 of the Companies Act, 2013 and Companies incorporated outside India.
**Only Audit Committee and Stakeholders’ Relationship Committee has been considered as per Regulation 26 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”).
Annual Report 2023-24 | 79
