The Board has, in place, various Committees to oversee specific business areas. A brief overview of the various Committees of the Board is as below:-
a) Asset Acquisition & Reconstruction Committee
The Asset Acquisition & Reconstruction Committee oversees, evaluates and approves acquisition in IARC and discusses resolution strategy and approach in cases acquired thereof.
b) Audit Committee (also the Risk Management Committee)
The Audit Committee oversees financial reporting process to ensure fairnes, sufficiency and credibility of financial statements. It reviews the annual financial statements before recommending to Board and also monitors the quality of internal and statutory audit, appointment of Statutory and Internal Auditors and reviews the adequacy of internal control
c) Nomination & Remuneration Committee
The Nomination & Remuneration Committee reviews the structure, size and composition of the Board. The terms of reference of the committee include identification of persons who are qualified to become directors, especially independent directors and MD&CEO and nominating them for the approval of the Board, succession planning, review of the leadership needs of the company, remuneration of Directors such as sitting and advisory fees and evaluation of Board performance etc. It also look into all HR related issues, compensation structure, employee development strategies, incentives schemes and other employee benifits.
d) Fund Committee of IARF-I and II
The Fund Committee considers and approves acquisition of Financial Assets by the Fund, as per parameters set in the Fund Documents, and plan for resolution thereof.
e) Corporate Social Responsibility (CSR) Committee
The CSR Committee oversees the CSR efforts of the company as per the CSR Policy and the requirements of Companies Act 2013. The Committee also recommends to the Board, the amount of CSR expenditure to be incurred by the company each year.
f) Review Committee (under Policy for identifying and disseminating credit information pertaining to wilful defaulters)
The Committee reviews the orders issued by the Committee of Executives in respect of identifying Wilful Defaulters.
This is an Internal Committee of the company comprising of the MD&CEO and the functional heads that looks into and approves acquisition of financial assets on cash/SR basis in the books of IARC/IARC Trust up in terms of financial powers delegated therefore by the board. The Committee also approves resolution plan, review progress in resolution, approves Reserve Price and also reviews appointment of outsourcing agencies, review of MIS systems in the company and other matters as delegated by the Board.