Gliders India Limited (GIL) will strive continuously to identify, evaluate, prioritize and minimize existing as well as potential risks related to the business of the Company.
This Policy is in compliance with the requirements under Section 134(3)(n) of the Companies Act, 2013, which requires the Company to lay down procedures for risk assessment and risk minimization. The extract of the provision is reproduced below:
“Section 134(3)(n) - A statement indicating development and implementation of a Risk Management Policy for the Company including identification therein of elements of risk, if any, which in the opinion of the Board may threaten the existence of the Company.”
The Board of Directors of the Company will periodically review and evaluate the risk management system of the Company so that the management controls the risks through a properly defined network.
The Head of Department, Unit Head, General Manager, and Senior General Manager shall be responsible for the implementation of the risk management system as may be applicable to their respective areas of functioning and will report to the Board.