| PURSUANT TO PROVISIONS OF THE COMPANIES ACT, 2013, THE BOARD HAS CARRIED OUT AN ANNUAL PERFORMANCE EVALUATION OF ITS OWN PERFORMANCE, THE DIRECTORS INDIVIDUALLY AS WELL AS THE EVALUATION OF THE WORKING OF ITS AUDIT, NOMINATION & REMUNERATION AND OTHER COMMITTEES OF THE BOARD OF DIRECTORS. A STRUCTURED QUESTIONNAIRE DESIGNED FOR THE PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES, CHAIRPERSON AND INDIVIDUAL DIRECTORS AND IN ACCORDANCE WITH THE CRITERIA SET AND COVERING VARIOUS ASPECTS OF PERFORMANCE INCLUDING STRUCTURE OF THE BOARD, MEETINGS OF THE BOARD, FUNCTIONS OF THE BOARD, ROLE AND RESPONSIBILITIES OF THE BOARD, GOVERNANCE AND COMPLIANCE, CONFLICT OF INTEREST, RELATIONSHIP AMONG DIRECTORS, DIRECTOR COMPETENCY, BOARD PROCEDURES, PROCESSES, FUNCTIONING AND EFFECTIVENESS WAS CIRCULATED TO ALL THE DIRECTORS OF THE COMPANY FOR THE ANNUAL PERFORMANCE EVALUATION. BASED ON THE ASSESSMENT OF THE RESPONSES RECEIVED TO THE QUESTIONNAIRE FROM THE DIRECTORS ON THE ANNUAL EVALUATION OF THE BOARD, ITS COMMITTEES, THE CHAIRPERSON AND THE INDIVIDUAL DIRECTORS, A SUMMARY OF THE BOARD EVALUATION WAS PLACED BEFORE THE MEETING OF THE INDEPENDENT DIRECTORS FOR CONSIDERATION. SIMILARLY, THE BOARD AT ITS MEETING ASSESSED THE PERFORMANCE OF THE INDEPENDENT DIRECTORS. THE DIRECTORS WERE SATISFIED WITH THE RESULTS OF THE PERFORMANCE EVALUATION OF THE BOARD & ITS COMMITTEES, CHAIRPERSON AND INDIVIDUAL DIRECTORS. THE BOARD HAS COMPLETED THE ANNUAL EVALUATION OF ITS OWN PERFORMANCE, THE INDIVIDUAL DIRECTORS (INCLUDING THE CHAIRPERSON) AS WELL AS AN EVALUATION OF THE WORKING OF ALL BOARD COMMITTEES. THE BOARD OF DIRECTORS WAS ASSISTED BY THE NOMINATION AND REMUNERATION COMMITTEE (“NRC”). THE PERFORMANCE EVALUATION WAS CARRIED OUT BY SEEKING INPUTS FROM ALL THE DIRECTORS/MEMBERS OF THE COMMITTEES. |