Section 4(b)-(iii)

The procedures followed in the decision making process, including channels of supervision and accountability

Overall management of the Company rests with the Board of Directors of the Company, the highest decision making body within the Company.

The Board of Directors is accountable to the shareholders of the Company, which is the ultimate authority of a Company. The primary role of the Board is that of trusteeship to protect and optimize shareholder's value. The Board oversees the Company’s strategic direction, reviews corporate performance, authorizes and monitors strategic decision, ensures regulatory compliance and safeguards interests of shareholders. The Board ensures that the Company is managed in a manner that fulfils stakeholder’s aspirations and societal expectations. The day-to-day management of the Company is entrusted with the Chairman & Managing Director who is supported by Functional Directors and other Officers and staffs of the Company

The Board of Directors has also set up several Committees with specific functions and powers. For effective discharge of functions, the Board of Directors has delegated substantial powers to the Chairman & Managing Director. The Chairman & Managing Director, in turn, delegated specified power to Functional Directors/Officers subject to due control being retained by him and subject to such conditions which are consistent with the need of prompt, effective and efficient discharge of responsibilities entrusted to such Directors/Officers.

The various proposals are mooted by the different heads of departments in their respective fields to the concerned functional directors. The functional directors takes decisions on those proposals, which are within their delegation of powers. The matter, which require the approval/vetting by the Board of Directors, are placed before the Board for approval vis a vis decisions.

As per the provisions of the Companies Act, 2013 certain matters require the approval of the shareholders of the Company in general meeting. Similarly, in terms of the Articles of Association of the Company and guidelines of Department of Public Enterprises certain matters require the approval of the President of India.