1. INTRODUCTION
Sri. Chamundeswari Sugars Limited is committed to conduct its business in accordance with the applicable laws, rules and regulations and with highest standards of business ethics. The Company is committed to be a good corporate citizen.
The Directors and Senior Management Team of the Company must not only comply with applicable laws, rules and regulations but should also strive to promote honesty in conducting business. They must abide by the policies and procedures that govern the conduct of the Company's business. The Company shall prepare and maintain its accounts fairly and accurately in accordance with the accounting and financial reporting standards.
2. CONFLICTS OF INTEREST
The Directors and Senior Management Team shall not engage in any business, relationship or activity, which is likely to develop a conflict of interest with the Company.
Conflicts may arise in many situations. It is not possible to cover every possible conflict situation. Some of the common circumstances that may lead to actual or potential conflict of interest are:
Any activity / employment that interferes with the performance or responsibility to the Company or is otherwise in conflict with or prejudicial to the Company.
Investment by them / their family members viz.: parents, spouse, sons, daughters in unlisted entities of competitors, customers, suppliers and any other investments that compromise their responsibility to the Company.
If a Director discloses his interest, direct or indirect, in other Companies or entities (either as Director, shareholder or otherwise) under Sections 297/299 of the Companies Act 1956, that will be deemed to be sufficient compliance with this code.
3. FINANCIAL REPORTING AND RECORDS
The professional and ethical conduct in the matter of financial affairs is essential for the proper functioning of the Company. The officers and employees engaged in the finance functions should act with honesty and integrity. The persons in-charge of finance and accounting function should prepare and maintain Company's accounts fairly and accurately in accordance with generally accepted guidelines, principles, standards, laws and regulations applicable to the Company. Internal accounting and audit procedures shall fairly and accurately reflect all of the Company's business transactions and disposition of assets. There shall be no willful omissions of the Company transactions from the books and records. Any willful material misrepresentation or misinformation on the financial accounts and reports shall be regarded as a violation of this code.
4. PROTECTING COMPANY ASSETS
The Directors and Senior Management Team have the responsibility as well as legal duty to protect the property and financial assets of the Company and the confidentiality of its intellectual property. The Directors and the Senior Management Team should not use the Company's assets or manpower or Company related information for their personal purposes unless approved by the Board in the case of Directors or the Managing Director in the case of Senior Management Personnel.
5. ADVANCING INTERESTS OF THE COMPANY
Directors and Senior Management Team owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises. They should not use Company's property, information or position for personal gains. All Directors and Senior Management Team of the company must strive to perform best at all times.
6. INTEGRITY AND HONESTY
The Directors and Senior Management Team shall act in accordance with the highest standards of personal and professional integrity, honesty and ethical conduct. They shall act and conduct free from fraud and deception. Their conduct shall conform to the professional standards of conduct.
7. FAIR DEAL
Each Director and the members of Senior Management Team should deal fairly with customers, suppliers and competitors. They should not take unfair advantage of anyone through manipulation, concealment, abuse of confidential, proprietary or trade secret information, misrepresentation of material facts or any other unfair practices.
8. HEALTH, SAFETY, ENVIRONMENT AND SOCIAL RESPONSIBILITY
Sri. Chamundeswari Sugars Limited shall strive to provide a safe and healthy working environment and comply with all regulations regarding the preservation of the environment in and around its manufacturing facilities and other points of operations. The Company is committed to prevent the wasteful use of natural resources and minimize any hazardous impact of the development, production, use and disposal of any of its products and services on the ecological environment.
9. CONFIDENTIALITY
Any information concerning the Company's business, its customers, suppliers, business associates or stake holders which is not in the public domain and which they possess or have access to must be kept in strict confidence unless disclosure is authorized or becomes as legal requirement. The use of confidential information for personal advantage or profit is also prohibited. They shall not provide any information, either formally or informally, to the Press or any public media unless specially authorized.
10. COMPLIANCES
The Directors and the Senior Management Team shall comply with all applicable laws, rules and regulations. Transactions relating to sale or purchase of Company's equity shares should not be undertaken without complying the formalities contained in the Company's code of internal procedures and conduct for prevention of insider trading. If any Director or Member of the Senior Management Team who knows of or suspects a violation of applicable laws, rules or regulations or this Code of Conduct, he must immediately report the same to the Board of Directors or any designated person thereof. Such person should as far as possible provide the details of suspected violations with all known particulars relating to the issue. The Company recognizes that resolving such problems or concerns will advance the overall interests of the Company that will help to safeguard the Company's assets, financial integrity and reputation.
All Directors and Senior Management Team should adhere to the Code of Conduct and Ethics of the Company. Violations of this Code of Ethics will result in disciplinary action, which may even include termination of services of the employee. The Board of Directors or any person designated by the Board for this purpose shall determine appropriate action in response to violations of this Code of Ethics.
11. PERIODIC REVIEW
In the last month of every financial year or whenever this code is reviewed, every Director / Senior Management Personnel shall acknowledge understanding of the Code and execute an Undertaking to continue to comply with it. |
