1. Preface 

 

 

1.1 The Company believes in the conduct of the affairs of its constituents in a fair and  transparent  manner  by  adopting  highest  standards  of  professionalism,  honesty,  integrity and ethical behaviour.

 

1.2 The  Company  is  committed  to  developing  a  culture  where  it  is  safe  for  all  employees  to  raise  concerns  about  any  poor  or  unacceptable  practice  and  any  event of misconduct. 

 

1.3 Section  177  read  with  Rule  7  of  The  Companies  (Meetings  of  Board  and  its  Powers),  2014  and  revised  Clause  49  of  the  Listing  Agreement  ,  inter-alia,  provides,  a  mandatory  requirement,  for  all  listed  companies  to  establish  a  mechanism called “Vigil  Mechanism(Whistle Blower Policy)”  for  directors and  employees  to  report  concerns  about   unethical  behaviour,  actual  or  suspected  fraud or violation of the Company’s code of conduct or ethics policy. 

 

1.4 The purpose of this policy is to provide a framework to promote responsible and secure whistle blowing.   It protects directors and employees wishing to raise a concern about serious irregularities within the Company.

 

1.5 The  policy  neither  releases  directors  and  employees  from  their  duty  of  confidentiality  in  the  course  of  their  work,  nor  is  it  a  route  for  taking  up  a  grievance about a personal situation. 

 

 

2. Policy  

 

 

2.1 This Policy is for the Directors and the Employees as defined hereinafter.

 

2.2 The  Policy  has  been  drawn  up  so  that  the  Directors  and  Employees  can  be  confident about raising a concern. The areas of concern covered by this Policy are summarized in paragraph 5. 

 

 

3. Definitions   

 

 

3.1 “Director” means a Director on the board of the Company whether whole-time or otherwise. 

 

3.2 “Disciplinary Action” means any action that can be taken on the completion of /  during  the  investigation  proceedings  including  but  not  limiting  to  a  warning,  imposition of fine, suspension from official duties or any such action as is deemed  to be fit considering the gravity of the matter.  

 

3.3 “Employee” means every employee of the Company 

 

3.4 “Ombudsman” will be the chairman of the Audit Committee for the purpose of receiving all complaints under this Policy and ensuring appropriate action.   

 

 3.5 “Protected Disclosure” means a concern raised by a written communication made  in  good  faith  that  discloses  or  demonstrates  information  that  may  evidence  unethical or improper activity. 

 

3.6 “Subject” means a person against or in relation to whom a Protected Disclosure is made or evidence gathered during the course of an investigation. 

 

3.7 “Whistle  Blower”  is  someone  who  makes  a  Protected  Disclosure  under  this  Policy.

 

3.8 “Whistle Officer” or “Committee” means an officer or Committee of persons who is nominated/appointed to conduct detailed investigation. 

 

 

4. The Guiding Principles 

 

 

4.1. To ensure that this Policy is adhered to, and to assure that the concern will be acted upon seriously, the Company will: 

 

 

i. Ensure that the Whistle Blower and/or the person processing the Protected  Disclosure is not  victimized for doing so; 

 

 

ii. Treat  victimization  as  a  serious  matter  including  initiating  disciplinary  action on such person/(s); 

 

 

iii. Ensure complete confidentiality. 

 

 

iv. Not attempt to conceal evidence of the Protected Disclosure; 

 

 

v. Take disciplinary action, if any one destroys or conceals evidence of the  Protected Disclosure made/to be made; 

 

vi. Provide an opportunity of being heard to the persons involved especially  to the Subject;  

 

 

5. Coverage of Policy 

 

 

5.1 The Policy covers malpractices and events which have taken place/suspected to take place involving: 

 

i. Abuse of authority  

 

ii. Breach of contract 

 

iii. Negligence causing substantial and specific danger to public health and safety 

 

iv. Manipulation of company data/records 

 

v. Financial irregularities, including fraud, or suspected fraud 

 

vi. Criminal offence 

 

vii. Pilferation of confidential/propriety information 

 

viii. Deliberate violation of law/regulation 

 

ix. Wastage/misappropriation of company funds/assets 

 

x. Breach of employee Code of Conduct/Ethics Policy or Rules 

 

xi. Any other unethical, biased, favoured, imprudent event 

 

 

5.2 Policy should not be used in place of the Company grievance procedures or be a route for raising malicious or unfounded allegations against colleagues. 

 

 

6. Disqualifications 

 

 

6.1 While  it  will  be  ensured  that  genuine  Whistle  Blowers  are  accorded  complete  protection from any kind of unfair treatment as herein set out, any abuse of this  protection will warrant disciplinary action. 

 

6.2 Protection under this Policy would not mean protection from disciplinary action arising out of false or bogus allegations made by a Whistle Blower knowing it to be false or bogus or with a mala fide intention. 

 

6.3 Whistle  Blowers,  who  make  any  Protected  Disclosures,  which  have  been  subsequently  found  to be  mala fide,  frivolous  or  malicious  shall be  liable  to be  prosecuted under Company’s Code of Conduct. 

 

7. Manner in which concern can be raised 

 

7.1 Employees can make Protected Disclosure to Ombudsman, as soon as possible but not later than 30 consecutive days after becoming aware of the same. 

 

7.2 Whistle Blower must put his/her name to allegations.  Concerns expressed anonymously WILL NOT BE investigated.  

 

7.3 If initial enquiries by the Ombudsman indicate that the concern has no basis, or it is not a matter to be investigation pursued under this Policy, it may be dismissed at this stage and the decision is documented.  

 

7.4 Where initial enquiries indicate that further investigation is necessary, this will be  carried  through  either  by  the  Ombudsman  alone,  or  by  a  Whistle  Officer/Committee  nominated  by  the  Ombudsman  for  this  purpose.  The  investigation  would  be  conducted  in  a  fair  manner,  as  a  neutral  fact-finding  process and without presumption of guilt. A written report of the findings would be made. 

 

7.5 Name  of  the  Whistle  Blower  shall  not  be  disclosed  to  the  Whistle  Officer/Committee unless required for the purpose of investigation. 

 

7.6 The Ombudsman/Whistle Officer/Committee shall: 

 

i) Make a detailed written record of the Protected Disclosure.   

 

The record will include: 

 

a) Facts of the matter

  

b) Whether the same Protected Disclosure was raised previously by anyone, and if so, the outcome thereof; 

 

c) Whether any Protected Disclosure was raised previously against the same Subject; 

 

d) The financial/ otherwise loss which has been incurred / would have been incurred by the Company.  

 

e) Findings of Ombudsman/Whistle Officer/Committee; 

 

f) The recommendations of the Ombudsman/Whistle Officer/Committee on disciplinary/other action/(s). 

 

ii) The Whistle Officer/Committee shall finalise and submit the report to  the  Ombudsman  within  15  days  of  being  nominated/appointed,  unless  more  time  is  required  under  exceptional circumstances. 

 

7.7 On submission of report, the Whistle Officer /Committee shall discuss the matter with Ombudsman who shall either: 

 

i) In case the Protected Disclosure is proved, accept the findings of  the Whistle Officer /Committee and take such Disciplinary Action  as  he  may  think  fit  and  take  preventive  measures  to  avoid  reoccurrence of the matter; 

 

ii) In  case  the  Protected  Disclosure  is  not  proved,  extinguish  the matter; 

 

Or  

 

iii) Depending upon the seriousness of the matter, Ombudsman may 

refer  the  matter  to  the  Committee  of  Directors  (Whole-time  Directors) with proposed disciplinary action/counter measures. 

 

The Committee of Directors, if thinks fit, may further refer the matter to the Audit Committee for necessary action with its proposal. In  case the Audit Committee thinks that the matter is too serious, it  can  further  place  the  matter  before  the  Board  with  its  recommendations. The Board may decide the matter as it deems fit. 

 

7.8 In exceptional cases, where the Whistle Blower is not satisfied with the outcome  of  the  investigation  and  the  decision,  s/he  can  make  a  direct  appeal  to  the  Chairman of the Audit Committee.  

 

 

8. Protection 

 

 

8.1 No unfair treatment will be meted out to a Whistle Blower by virtue of his/her having reported a Protected Disclosure under this Policy.  The  Company,  as  a  policy,  condemns  any  kind  of  discrimination,  harassment,  victimization  or  any  other  unfair  employment  practice  being  adopted  against  Whistle  Blower.  Complete  protection  will,  therefore,  be  given  to  Whistle  Blower  against  any  unfair practice like retaliation, threat or intimidation of termination/suspension of  service,  disciplinary  action,  transfer,  demotion,  refusal  of  promotion,  discrimination, any type of harassment, biased behavior or the like including any  direct  or  indirect  use  of  authority  to  obstruct  the  Whistle  Blower’s  right  to  continue  to  perform  his  duties/functions  including  making  further  Protected  Disclosure.  The  Company  will  take  steps  to  minimize  difficulties,  which  the  Whistle Blower may experience as a result of making the Protected Disclosure.  Thus,  if  the  Whistle  Blower  is  required  to  give  evidence  in  criminal  or  disciplinary  proceedings,  the  Company  will  arrange  for  the  Whistle  Blower  to  receive advice about the procedure, etc. 

 

8.2 The identity of the Whistle Blower shall be kept confidential. 

 

8.3 Any  other  Employee  assisting  in  the  said  investigation  or  furnishing  evidence shall also be protected to the same extent as the Whistle Blower. 

 

 

9. Secrecy/Confidentiality 

 

 

The Whistle Blower, the Subject, the Whistle Officer and everyone involved in the process shall: 

 

a. maintain complete confidentiality/ secrecy of the matter 

 

b. not discuss the matter in any informal/social gatherings/ meetings 

 

c. discuss  only  to  the  extent  or  with  the  persons  required  for  the  purpose  of  completing the process and investigations  

 

d. not keep the papers unattended  anywhere at any time 

 

e. keep the electronic mails/files under password 

 

If anyone is found not complying with the above, he/ she shall be held liable for such disciplinary action as is considered fit. 

 

 

10. Reporting  

 

 

A  quarterly  report  with  number  of  complaints  received  under  the  Policy  and  their  outcome shall be placed before the Audit Committee and the Board. 

 

As Adopted by the Board of Directors at its Meeting held on 30th May, 2015