We are fast growing company with a wide range of Pharmaceutical Products   

Corporate Governance Statement :

Our Corporate Governance Statement :  

The Board

Members, management and staff members of Oriscon Biotech India Private Limited (the Company) fully support and are committed to compliance with the MCA 21 Report on Corporate Governance, in terms of which its shareholders and stakeholders are assured that  the Company is being managed ethically and in compliance with legislation and best practices.

Board of Directors

Composition :-

There is a clear procedure for appointments to the Board. Such appointments are formal and transparent and a matter for the Board as a whole. There is a clear division of responsibility to ensure a balance of power, such that no one individual has unfettered powers of decision-making.

Chairman and Managing Director Managing the Executive Committee is the responsibility of the Chairman & Managing Director, Mr.Priya Ranjan Shrivastava .

Functions :-

As the Board is ultimately accountable and responsible for the performance and affairs of the Company, it is the Board's responsibility to adopt strategic plans, monitor all operational performance and management, ensure an effective risk management strategy is in place and ensure compliance with applicable law & legislation by the Company.

Meetings :-

The Board of Directors meets quarterly. Prior to the meetings, all Board Members timeously receive a comprehensive Board pack with all the relevant documents for Board Members to study in order to make informed decisions at The Executive Management Committee assists the Chairman & Managing Director, to whom the daily running has been delegated by the Board, to efficiently and effectively manage the ORISCON BIOTECH (I) PVT LTD (Company) and to enforce the strategic plans as approved by the Board.

The main objective of the Committee is to assist the Chairman & Managing Director to guide and control the overall direction of the business of the Company and to act as a medium  of communication and co-ordination between the various business units. As the Committee members attend the Board  Meetings,  direct reporting and feedback is given to the Board of Directors.

The objective of the Audit Committee is to assist the Board in discharging its duties relating to the safeguarding of assets,operation of adequate systems, control processes and the preparation of accurate financial reporting and statements in compliance with all applicable legal requirements and accounting standards. The responsibilities include the review of the full year's financial statements prior to the submission to the Board.

The Audit Committee ensures that the Annual Financial Statements of ORISCON BIOTECH (I) PVT LTD are true and fair presentation of the financial position at year-end.

The functions of the Committee include inter alia the following: 

Monitor corporate risk assessment processes;  Review internal control systems; Oversee the performance of the internal audit function;  Review internal and external audit reports to ensure that, where major deficiencies or breakdown in controls and procedures have been identified, appropriate and prompt remedial action is instituted;  Review the nomination, appointment, independence, performance and remuneration of the external auditor;  Review theft and fraud, and monitor procedures designed to ensure that the Company's fraud control plans are being implemented; and Review compliance with taxation responsibilities, legal, regulatory and industry code responsibilities.

Audit Committee Meetings :

The Audit Committee meets quarterly with the internal and external auditors and management to review the effectiveness of internal controls. All the Audit members are financially literate and no relationships exist that could interfere with the members independence from management.

Functions :-

The Remuneration Committee is there to establish a transparent procedure to determine the policy and approach the Company should follow with regard to remuneration and the determination of the remuneration packages for the Directors and Senior Executives, taking  cognisance of market related packages, skill, experience and to avoid potential conflicts of interest.

Functional Objective :-

The objective of the Investment Committee is to ensure that appropriate and timely decisions are taken with regard to the investment of Company funds. Accounting and Auditing External Audit The external auditors, M/S Jha Shailendra & Associate are responsible for reporting on whether the financial statements are fairly presented in conformity with International  Financial Reporting Standards.

The external auditors offer some reasonable, but not absolute assurance on the accuracy of financial disclosures. The preparation of the financial statements is the  responsibility of management. Consultation occurs between external and internal auditors to effect an efficient audit process.The Audit Committee sets the principles for recommending the use of the external auditors for non-audit services.

Director's Responsibility :-

The Directors acknowledge their responsibility for the preparation of the Annual Financial Statements, adherence to applicable accounting policies and standards and the presentation of related information that fairly presents the state of affairs and the results of the Company, as well as for the effectiveness of risk management and the internal control environment.

Going Concern Based on the Annual Financial Statements as set out, the Directors have every reason to believe that the Company has adequate resources in place to continue operations for the foreseeable future.  

Code of Business Conduct :-

The Company has a formal Code of Business Conduct, which incorporates a Code of Ethics. The Code applies throughout the Group and ensures that best business practices are applied on a constant basis. Communication to Members/Promoters & Shareholders embodies the principles of balanced reporting, clarity and openness. Positive and negative aspects of both financial and non-financial information are provided.

The Board encourages Promoters/Members & Shareholders  to attend its Annual General Meeting. This provides opportunities  for Promoters/Members to ask questions of the Board. Disclosure  The Annual Report deals adequately with disclosures pertaining to financial statements, auditor's responsibility, accounting records, internal control, risk management, accounting policies, adherence to accounting standards, going concern issues and adherence to codes of governance.