Airtel 2012 Annual Report Download - page 36

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BHARTI AIRTEL ANNUAL REPORT 2011-12
CORPORATE SOCIAL RESPONSIBILITY
At Bharti Airtel, Corporate Social Responsibility (CSR) encompasses much more than social outreach programs and is an
integral part of the way the Company conducts its business. Detailed information on the initiatives of the Company towards
CSR activities is provided in the Corporate Social Responsibility section of the annual report.
DIRECTORS
Ms. Chua Sock Koong, Mr. Craig Edward Ehrlich, Mr. Nikesh Arora, Mr. Rajan Bharti Mittal and Mr. Rakesh Bharti Mittal
retire by rotation at the forthcoming annual general meeting and being eligible, offer themselves for re-appointment.
A brief resume, nature of expertise, details of directorships held in other public limited companies, of the directors proposing
re-appointment along with their shareholding in the Company as stipulated under clause 49 of the listing agreement with
the stock exchanges is appended as an annexure to the notice of the ensuing annual general meeting. The Board recommends
their appointment.
Lord Evan Mervyn Davies has expressed his inability to continue as a director on the Board of the Company from the
conclusion of the ensuing annual general meeting. In addition, in line with the Policy of Independent Directors adopted by
the Board, H.E. Dr. Salim Ahmed Salim, independent director, has completed his term of office and will step down from the
Board from the conclusion of the ensuing annual general meeting. The Board would appoint new directors in their place in
due course in compliance with the statutory requirements.
FIXED DEPOSITS
The Company has not accepted any fixed deposits and as such, no amount of principal or interest was outstanding as of the
balance sheet date.
AUDITORS
The Statutory Auditors of the Company, M/s. S. R. Batliboi & Associates, Chartered Accountants, Gurgaon, retire at the
conclusion of the ensuing annual general meeting of the Company and have confirmed their willingness and eligibility for
re-appointment and have also confirmed that their re-appointment, if made, will be within the limits under Section 224(1B)
of the Companies Act, 1956. The Board recommends their re-appointment for the next term.
AUDITORS’ REPORT
The Board has duly examined the Statutory Auditors’ report to the accounts, which is self explanatory and clarifications
wherever necessary, have been included in the Notes to Accounts section of the annual report.
As regards the comments under paras i(a) and i(b) of the annexure to the Independent Auditors’ Report regarding updation of
quantitative and situation details relating to certain fixed assets in the Fixed Assets Register and reconciliation of the physical
verification results, the Company has strengthened its process for periodic updation of the Fixed Assets Register at frequent
intervals and a time bound plan has been put in place to complete the pending updation of the physical verification results in the
Fixed Assets Register. Further, the financial impact of the physical verification has been given effect to in the books of accounts.
As regards the comment under para xxi of the annexure to the Independent Auditors’ Report to address the issues of fraud
by employees and external parties, the Company has taken appropriate steps including issuance of warning letters, termination
of service of the errant employees, termination of the contract/agreements with the external parties, legal action against
the external parties involved, blacklisting the contractors, etc. The Company is further strengthening its internal control
systems to reduce the probability of occurrence of such events in future.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
For the Company, being a service provider organization, most of the information as required under section 217(1)(e) of the
Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules,
1988, as amended is not applicable. However, the information as applicable has been given in Annexure B to this report.