The company believes that good corporate practices enable the board to direct and control the affairs of a company in an efficient manner and to achieve its ultimate goal of maximising shareholders value. Realising this, the company has adopted many practices over the last few years, even when there were no mandatory requirements in this regard. As a result, a number of provisions regarding Corporate Governance prescribed by the Listing Agreement have already been complied with and steps are being taken to comply with the balance provision within the current financial year.

The Internal Audit Department reports, on a quarterly basis, any significant findings to the Audit committee, which comprises of three non-executive Director: Mr. P.K Kaul - Chairman, Mr. S. M. Palia and Mr. Ishaat Hussain - Members. The committee met three times during the year to review the audit observation, adequacy of actions taken and followed up implementation of corrective actions.

The committee also met the company's statutory Auditors to ascertain their views on the adequacy of internal control systems in the company. The committee submits an annual report of its observation to the Board of Directors. The company has adopted the Tata Code of Conduct which entitles it to use the Tata Brand name. All the officers of the company have pledged compliance with the code of conduct which prescribes a manner in which the employees will conduct the company's business.