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CODE OF CONDUCT OF BOARD & SENIOR MANAGEMENT

 

 

VEDANT ASSET LIMITED

CIN:U74900JH2015PLC003020

Registered Office: 3rd Floor, Gayways House Pee Pee Compound Ranchi Jharkhand 834001, India

Telephone No.: +91- 9304955502 ; E-mail: cs@vedantasset.com

Website: www.vedantasset.com

   

CODE OF CONDUCT OF BOARD & SENIOR MANAGEMENT

1. Preamble:

 

Company’s Philosophy on Code of Governance –

 

“Good Corporate Governance is the adoption of best business practices which ensure that the Company operates not only within the regulatory frame-work, but is also guided by ethics. The adoption of such corporate practices ensures accountability of the persons in charge of the Company on one hand and brings benefits to investors, customers, suppliers, creditors, employees and the society at largeon the other.”

 

2. Applicability:

 

This Code applies to all members of the audit committee, all members of the Board of Directors of the Company and to members of the Senior Management Team of the Company. The Directors and members of the Senior Management Team of the Company are expected to abide by this Code as well as other applicable Company policies or guidelines.

 

“Senior Management” for the purpose of this Code includes the following personnel of the Company:

 

The departmental heads serving in the role of finance, marketing & service, purchase, internal audit, production, technical and operations, personnel, Information Technology and legal and secretarial.

 

3. Purpose of the code:

 

Vedant Asset Limited is committed to conducting its business in accordance with the applicable laws, rules and regulations and with highest standards of business ethics. This code is intended to deter wrong doing and provide guidance and help in recognizing and dealing with ethical issues, provide mechanisms to report unethical conduct, and to help foster a culture of honesty and accountability. The matters covered in this Code of Business Conduct and Ethics are of utmost importance to the Company, its shareholders, consumers, business partners, and are essential to the Company’s ability to conduct its business in accordance with its stated values. Each Director, officer and senior management employee is expected to comply with the letter and spirit of this Code.

 

The directors, officers and senior management employees of the Company must not only comply with applicable laws, rules and regulations but should also promote honest and ethical conduct of the business. They must abide by the policies and procedures that govern the conduct of the Company’s business. Their responsibilities include helping to create and maintain a culture of high ethical standards and commitment to compliance, and to maintain a work environment that encourages the stakeholders to raise concerns to the attention of the management.

 

4. Code of Business Conduct and Ethics

 

i) Financial Reporting and Records

 

The Company shall prepare and maintain its accounts fairly and accurately in accordance with the accounting and financial reporting standards, which represent the generally accepted guidelines, principles, standards, laws and regulations of the country in which the company conducts its business affairs.

Internal accounting and audit procedures shall fairly and accurately reflect all of the Company’s  business transactions and disposition of assets. All required records shall be accessible to company auditors and other authorised parties and government agencies. There shall be no willful omissions of any company transactions from the books and records, no advance income recognition and no hidden bank account and funds.

 

Any willful material misrepresentation of and/or misinformation on the financial accounts and reports shall be regarded as a violation of the code apart from inviting appropriate civil and/or criminal action under the relevant laws.

 

ii) Equal-Opportunities by Employer

 

The Company shall provide equal opportunities to all its employees and applicants for employment without regard to their race, cast, religion, color, ancestry, marital status, sex, age, nationality, disability and veteran status. Employees of Vedant Asset Limited shall be treated with dignity and in accordance with Company’s policy to maintain a work environment free of sexual harassment, whether physical, verbal or psychological. Employee policies and practices shall be administered in a manner that would ensure that in all matters equal opportunity is provided to those eligible and the decisions are merit-based.

 

iii) Gifts and donations

 

The Company and its employees shall neither receive nor offer or make, directly or indirectly, any illegal payments, remuneration, gifts, entertainment, donations, or comparable benefits which are intended to or perceived to obtain business or uncompetitive favors for the conduct of its business. However, the Company and its employees may accept and offer nominal gifts, which are customarily given and are of commemorative nature for special events.

 

iv) Health, Safety and Environment

 

The Company shall strive to provide a safe and healthy working environment and comply, in the conduct of its business affairs, with all regulations regarding the preservation of the environment of the territory in which it operates. The Company shall be 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.

 

v) Quality of Products and Services

 

The Company shall be committed to supply goods and services of the highest quality standards backed by efficient after-sales-service consistent with the requirements of the customers to ensure their total satisfaction. The quality standards of the Company’s goods and services should at least meet the required national standards and the Company should Endeavour to achieve international standards.  

 

vi) Shareholders /Stakeholders

 

The Company shall be committed to enhance shareholder value and comply with all regulations and laws that govern shareholders’/stakeholders rights. The Board of Directors of Vedant Asset Limited shall duly and fairly inform its shareholders / stakeholders about all relevant aspects of the Company’s business and disclose such information in accordance with the respective regulations and agreements.  

vii) Honest and Ethical Conduct

 

The directors, officers and senior management employees shall act in accordance with the highest standards of personal and professional integrity, honesty and ethical conduct not only on Company’s premises and offsite but also at company sponsored business, social events as well as any places. They shall act and conduct themselves free from fraud and deception. Their conduct shall conform to the best-accepted professional standards of conduct.

 

viii) Corporate Opportunities

 

The Directors, officers and employees owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises. The Directors, officers, and employees are expressly prohibited from:

 

a) Taking for themselves personally, opportunities that are discovered through the use of Company’s property, information, or position,

b) Competing directly with the business of the Company or with any business that the Company is considering.

c) Using Company’s property, information, or position for personal gain. If the Company has finally decided not to pursue an opportunity that relates to the Company’s business activity, he/she may pursue such activity only after disclosing the same to the Board of directors or the nominated person/committee.

 

ix) Fair Dealing

 

Each director, officer, and employee should deal fairly with customers, suppliers, competitors, and employees of group companies. 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 dealing-practices.