ICICI Bank 2003 Annual Report Download - page 53

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51
Directors’ Report
3. that they have taken proper and sufficient care for the maintenance of adequate accounting records, in
accordance with the provisions of the Banking Regulation Act, 1949 and the Companies Act, 1956 for
safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities; and
4. that they have prepared the annual accounts on a going-concern basis.
ACKNOWLEDGEMENTS
ICICI Bank is grateful to the Government of India, RBI and SEBI, for their continued co-operation, support and
advice. ICICI Bank is thankful to the domestic and international banking community, rating agencies and stock
exchanges for their support in resource mobilisation.
ICICI Bank would also like to take this opportunity to express sincere thanks to its valued clients and customers,
including depositors and bondholders, for their continued patronage. The Directors express their deep sense
of appreciation to all employees, who continue to display outstanding professionalism and commitment,
enabling the organisation to achieve market leadership in its business operations and to operate successfully
as a universal bank. Finally, the Directors wish to express their gratitude to the Members for their continued
trust and support.
For and on behalf of the Board
Place : Mumbai N. VAGHUL
Date : July 11, 2003 Chairman
AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE
To the Members of ICICI Bank Ltd.
We have examined the compliance of conditions of corporate governance by ICICI Bank Ltd. for the year ended
on March 31, 2003, as stipulated in clause 49 of the Listing Agreement of the said Bank with stock exchanges.
The compliance of conditions of corporate governance is the responsibility of the management. Our examination
was limited to procedures and implementation thereof, adopted by the Bank for ensuring the compliance of
the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial
statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that
the Bank has complied with the conditions of Corporate Governance as stipulated in the above-mentioned
Listing Agreement.
We state that no investor grievance is pending for a period exceeding one month against the Bank as per the
records maintained by the Shareholders/Investors Grievance Committee.
We further state that such compliance is neither an assurance as to the future viability of the Bank nor the
efficiency or effectiveness with which the management has conducted the affairs of the Bank.
For N. M. RAIJI & CO. For S. R. BATLIBOI & CO.
Chartered Accountants Chartered Accountants
JAYESH M. GANDHI per VIREN H. MEHTA
Partner a Partner
Mumbai: April 25, 2003