The Directors are responsible for preparing the Annual Report and the consolidated financial statements in accordance with applicable law and regulations. The Directors have elected to prepare the consolidated financial statements in accordance with International Financial Reporting Standards ('IFRSs') as adopted by the European Union. The consolidated financial statements are required to give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for the year. In preparing those consolidated financial statements Directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state that the consolidated financial statements comply with IFRSs as adopted by the European Union; and
- prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and enable them to comply with the Isle of Man Companies Act 2006. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the Group's website. Legislation in the Isle of Man governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Audit Committee
The Audit Committee is chaired by Narasimharamulu Pantam and comprises Harish Prasad Yarlagadda and Hari Kiran Vadlamani, both Non-Executive Directors. The Committee reviews the Group's interim and annual financial statements, internal control matters and the scope and effectiveness of the external audit. The Committee reviews the provision of non-audit services and monitors the auditor's independence.
* Given the small size of the Board, not all members of the Audit Committee are independent Non-Executive Directors
Remuneration Committee
The Remuneration Committee is chaired by Vivek Tandon and includes Narasimharamulu Partam, Non- Executive Director. This Committee determines the remuneration and benefits packages for the Executive Directors and any changes to the service contracts. The Committee also approves any share related incentive schemes within the Group. Non-Executive Director's fees are considered and agreed by the Board.
Nominations Committee
Given the small size of the Board, a separate Nominations Committee has not been established. The whole Board will review potential changes to the Board composition
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