Ahluwalia Contracts (India) Limited has provided a formal clarification regarding the timeline of its Risk Management Committee meetings. The company acknowledged that while it met the requirement of holding at least two meetings per year, the gap between sessions exceeded 180 days. Management confirmed that the sessions held on February 13, 2023, and November 10, 2023, were conducted in good faith and pledged to ensure tighter scheduling adherence in future cycles.
Review of Meeting Timelines
Ahluwalia Contracts (India) Limited has reviewed its internal compliance regarding the frequency and spacing of its Risk Management Committee sessions. Records indicate that for the 2022-23 financial year, the committee convened on two occasions: the first meeting occurred on February 13, 2023, and the subsequent meeting took place on November 10, 2023.
Compliance Commitment
While the company successfully held the mandatory minimum of two meetings within the calendar year, the interval between these two specific dates amounted to 270 days. This exceeded the 180-day maximum gap threshold required for consecutive meetings.
In response to a warning letter received on July 9, 2024, the leadership has acknowledged the oversight. The company has expressed that the delay in providing timely information to the markets was unintentional and has committed to strictly adhering to the 180-day interval requirement for all future Risk Management Committee proceedings to ensure robust corporate governance.
Source: BSE
