About Our Company

The Company was originally incorporated by Mrs. Chandrakanta Golechha and Mr. Devendra Kumar Golechha Promoters as a private company under the name and style “M/s Golechha (Madras) Finance & Leasing Private Limited” in the State of Tamil Nadu on 18th April, 1991 pursuant to the provisions of the Companies Act, 1956 Later on, the Company got converted into a public limited company and also the name of the Company was changed from M/s. Golechha (Madras) Finance & Leasing Private Limited to M/s. GOLECHHA GLOBAL FINANCE LIMITED, vide fresh Certificate of Incorporation dated 13th August 1992 issued by the Registrar of Companies, Tamil Nadu.

The Company‘s shares are Listed at the Bombay Stock Exchange Limited, Mumbai and the Madras Stock Exchange Limited, Chennai, Jaipur Stock Exchange and Ahmedabad stock exchange.

The Company was taken over by M/s Advani Private Limited in the FY 2010-11 in compliance with the Takeover Regulations.

The Registered office of the Company has been shifted from Chennai, State of Tamil Nadu to Kolkata, State of West Bengal for operational convenience after following the due process prescribed under the provisions of Companies Act, 1956.

The Company is engaged in the business of a non- deposit taking Non-Banking Finance Company (NBFC).

The Company has been registered as a non- deposit taking Non-Banking Finance Company (NBFC) by Reserve Bank of India.

Our Achievement 2015

“RESOLVED that, pursuant to Section 139, 142 and other applicable provisions of the Companies Act, 2013 and the Rules made thereunder, pursuant to the recommendations of the audit committee of the Board of Directors, and pursuant to the resolution passed by the members at the AGM held on 23rd September, 2014, the appointment of M/s. V. Goyal & Associates, Chartered Accountants, Kolkata (ICAI Firm Registration No 312136E) as the auditors of the Company to hold office till the conclusion 28th AGM be and is hereby ratified and that the Board of Directors be and is hereby authorized to fix the remuneration payable to them for the financial year ending March 31, 2016 as may be determined by the audit committee in consultation with the auditors on such remuneration as may be fixed by the Board of Directors and mutually agreed by the Auditors “.

AUDIT COMMITEE

The Audit Committee consists of 2 Independent Directors and one executive Director. It provides assistance to the Board of Directors in fulfilling its oversight responsibilities. The Audit committee has been entrusted with the responsibilities as laid down under Section 177 of the Companies Act, 2013 and Clause 49 of the Listing Agreement, to the extent applicable and required.

Composition:

1. Sri. Devendra Kumar Garg – Chairman
2. Sri. Durga Ramkrishnan – Member
3. Sri. Divya Garg – Member

Terms of Reference:

The terms of reference of the Audit Committee are as per the guidelines set out in the Listing Agreement entered into with Stock Exchanges read with Section 177 of the Companies Act, 2013 and includes such other functions as may be assigned to it by the Board from time to time.

(i) Powers of Audit Committee:

• To investigate any activity within its terms of reference.
• To seek information from any employee
• To obtain outside legal or other professional advice.
• To secure attendance of outsiders with relevant expertise, if it considers necessary.

(ii) Role of the Audit Committee includes:

1. Oversight of Company’s financial reporting process and disclosure of its financial information to ensure that the financial statements are correct, sufficient and credible.
2. Recommending to the Board, the appointment, re-appointment and if required, the replacement or removal of auditors and fixation of audit fee.
3. Approval of payment to statutory auditors for any other services rendered by them.
4. Reviewing, with the management, the annual financial statements before submission to the Board for approval, with particular reference to:
    a. matters required to be included in the Director’s Responsibility Statement to be included in the Board’s report in terms of clause(c) of sub-section 3 of Section 134 of the Companies Act, 2013
    b. changes, if any, in accounting policies and practices and reasons for the same
    c. major accounting entries involving estimates based on the exercise of judgment by management
    d. significant adjustments made in the financial statements arising out of audit findings
    e. compliance with listing and other legal requirements relating to financial statements
    f. disclosure of any related party transactions
    g. review of draft Auditors Report, in particular qualifications / remarks / observations made by theAuditors on the financial statements
    i. Management Discussion and Analysis of financial conditions and results of operations
5. Review of Statement of significant related party transactions submitted by the management.
6. Review of management letters/letters of internal control weaknesses issued by the statutoryauditors.
7. Review of internal audit reports relating to internal control weaknesses.
8. Review of appointment, removal and terms of remuneration of the Chief Internal Auditor.
9. Reviewing, with the management, the quarterly financial statements before submission to the Board for approval
10. Review of the financial statements of subsidiary Companies
11. Review and monitor the auditor’s independence and performance and effectiveness of audit process
12. Approval or any subsequent modification of transactions of the Company with related parties
13. Scrutiny of inter-corporate loans and investments
14. Valuation of undertakings or assets of the Company, wherever it is necessary
15. Evaluation of internal financial controls and risk management systems
16. To look into the reasons for substantial defaults in the payment to the shareholders (in case of non-payment of declared dividends) and creditors
17. Reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposesother than those stated in the offer document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue and making appropriate recommendations to the Board to take up steps in this matter.
18. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems
19. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit
20. Discussion with internal auditors of any significant findings and follow up there on
21. Reviewing the risk management policies, practices and the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board
22. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern.
23. To review the functioning of the Whistle Blower Mechanism
24. Approval of appointment / reappointment / remuneration of CFO (or any other person heading
25. the finance function or discharging that function) after assessing the qualifications, experience & background, etc. of the candidate
26. Carrying out any other function as may be mentioned in the terms of reference of the Audit Committee
27. The Audit Committee discharges its functions and obligations on regular basis and on the occurrence of the events.