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With a view to continuously maintaining the spirit and practice of good governance, this Code of Conduct lays down a set of guidelines for the members of the Board of Directors and the Management Team. These guidelines bring transparency, professionalism, accountability and responsibility in their actions and focus on the broader ethical issues and lawful business conduct in discharging their respective functions in the Company. It is hoped that every member of the Board of Directors and the Senior Management Team will exercise good judgment in compliance with the principles set out in this Code. It encourages the MVL team to take positive actions which are not only commensurate with the values and beliefs, but are also perceived to be so.
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The Code of Conduct shall come into force with immediate effect and it shall apply to-
- a) All Directors of the Company, whether executive or non-executive including Nominee Directors.
- b) All Executives of the Company of the rank of General Manager and above including all functional heads.
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The Company is committed to manufacture and supply products of the highest quality standards backed by efficient after sale service consistent with the requirements of the customers to ensure their total satisfaction. The quality standards of the Company’s products should meet the required national standards and our aim is to achieve international quality standards.
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The members shall adhere to and comply with the provisions of all applicable laws, rules and regulations as well as the Company’s internal guidelines and policies framed from time to time. The members shall also endeavor to ensure that the officers of the Company are complying with the various statutory compliances efficiently and effectively and proper procedures are being followed in this regard.
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The Company shall prepare and maintain its accounts fairly and accurately in accordance with the accounting and financial reporting standards which represent the generally accepted guidelines, principles, standards, laws and regulations. Internal accounting and audit procedures shall fairly and accurately reflect all of the company’s business transactions and disposition of assets. All required information shall be accessible to company auditors and government agencies.
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The members shall ensure that the assets and resources of the Company are properly, judiciously and efficiently used for its business purposes and are properly safeguarded. Any unauthorized use of the Company’s assets should not be allowed and appropriate steps should be taken for the same. These assets include tangible assets such as land, building, plant & machinery, equipments, systems, facilities, materials and other resources as well as intangible assets such as proprietary information, relationships with the clients and suppliers etc.
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The Directors and Executives shall deal on behalf of the Company with professionalism, honesty, integrity as well as high moral and ethical standards. Such conduct shall be fair and transparent and be perceived to be so by third parties. Every Director and Executive of the Company shall, in his business conduct, comply with all applicable laws and regulations, both in letter and in spirit. The members shall use due care and diligence in performing their duties and responsibilities attached to their respective office and exercise the powers in good faith and without negligence and with proper application of mind for fulfilling their duties and obligations towards the Company and its Stakeholders.
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The Directors and Executives should be scrupulous in avoiding ‘conflict of interest’ with the Company. The conflict of interest is a situation where personal interest may, in any way, interfere with the interests or benefits of the Company impacting the exercise of independent judgment while discharging one’s duties and responsibilities. In case of a situation that involves or appears to involve conflict of interest, the members are expected to make a suitable disclosure to the Board of Directors of the Company and shall abstain from participating in any discussion for such transaction. The members are expected not to derive any improper personal benefit or a benefit to any of their relatives from the Company, including by making or influencing decision relating to any transaction of the Company.
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The Directors and Executives shall maintain the confidentiality of information including all information of the Company not authorized by the management for public dissemination. This includes information on trade, trade secrets, drawings, manufacturing processes, confidential and privileged information regarding customers/ buyers/employees etc. The company believes that protection of all confidential information is essential and is committed to protecting business and personal information of confidential nature obtained from clients, associates and employees. Directors/Senior Management shall ensure that no confidential information is disclosed inadvertently or otherwise except when disclosure is authorized or legally mandated. The use of confidential information for personal advantage or profit is prohibited.
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Date:
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The Managing Director,
- Mihijam vanaspati limited,
- Administrative Office,
- Kolkata 700 001
- Dear Sir,
- Subject- Code of Conduct for Directors & Senior Management Team
- I have carefully gone through the code of conduct for the Directors and the Senior Management Team. I fully understand the standards and policies contained in it. I assure you to comply with the said Code of Conduct in its letter and spirit.
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Name
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Signature
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