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Corporate Governance

The corporate governance provisions of the SEBI Listing Regulations will be applicable to us immediately upon the listing of the Equity Shares with the Stock Exchanges. The corporate governance framework is based on an effective independent Board, separation of the Board’s supervisory role from the executive management team and constitution of the Board committees, as required under law. We are in compliance with the requirements of the applicable regulations, including the SEBI Listing Regulations, the Companies Act and the SEBI ICDR Regulations, in respect of corporate governance including constitution of the Board and committees thereof and formulation of policies.

Currently, our Board has five Directors. In compliance with the requirements of the SEBI Listing Regulations, we have two Executive Directors and three Independent Directors on our Board. Our Board also has one woman Director.

The Board of Directors functions either as a full board or through various committees constituted to oversee specific operational areas. The executive management provides the Board of Directors detailed reports on its performance periodically.

The composition of our Board is also in compliance with the BR Act and conditions stipulated by RBI in the inprinciple approval dated October 7, 2015 (“RBI In-Principle Approval”). In terms of the BR Act and the RBI In-Principle Approval, not less than 51% of the total members of our Board have professional and other experience as specified under section 10A of the Banking Regulation Act. Further, in terms of the RBI In-Principle Approval, majority of our Directors i.e. three out of five, are Independent Directors.

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