Question

write minutes of a meeting using Microsoft Word Name of the organization  Date and time the meeting  Those present and those who could not attend  A list of the agenda items/topics  Summary of discussion for each agenda item  The actions people committed to  Summary of any decisions made

Answer 1

MINUTES OF THE THIRTY SIXTH INTERNAL AUDIT COMMITTEE MEETING

Date	01st February’ 2020
Venue	BIRAC Registered Office at 1st Floor, MTNL Building, 9 CGO Complex, Lodi Road New Delhi – 110 003
Time	11.00 A.M
Members Present:
Sh. K. P. Pandian , Chairman       Ms. LalithaBalakrishnan, Head (F&A) Ms. KavitaAnandani, CS Sh. Nand Kishore, Senior Finance Officer Ms. Bhawna Arora, Sr. Manager Finance Mr. ShariqSuhail Deputy Manager (F&A) Mr. Shashikant Vishwakarma, F&AO Special Invitee Mr.Rajendra Sharma, Internal Auditors

*LIST OF AGENDA ITEMS/TOPIC:

Item No 1:

To ascertain the Quorum and to take note of the Chairman of Internal Audit Committee

The Committee took note that the quorum was adequate and accordingly the meeting was called to order by the Chairman.

Item No 2:

Welcome Note

Head (F&A), welcomed the Chairman and other members of the Committee to the 36thInternal Audit Committee Meeting. She informed that,internal audit of third quarter for FY 2019-20 has been completed. She also informed the committee that out of allocated budget of Rs.31.00 Crores & Rs. 150.00 crores under BIRAC core & PPP Activities respectively100% of BIRAC and 75% of PPP Activities has been received till 31stDecember’2019. Key Financials for the quarter ended alongwith Internal Audit report are p[placed as agenda.

Item No 3:

Opening Remarks- Chairman

The Chairman welcomed all the members and the Internal Auditor Mr. Rajendra Sharma in the meeting. The Chairman noted that BIRAC has obtained TDS exemption certificate under section 197 of the Income Tax Act, 1961 upto 31-03-2020.For every F.Y. the application under 197 to be submitted in order to get exemption not only for State bank of India but also for HDFC bank. He further stated that majority of the audit observations have been dropped and directed to take internal action for closure of the remaining audit observation.

Item No 4:

Adoption of the Minutes of the Thirty Fifth Internal Audit Committee Meeting

Minutes of the Thirty Fifth Internal Audit Committee Meeting held on 07thNovember’ 2019 waspresented to the Committee for adoption. The Minutes as approved by the Chairman were adopted by the Committee.

Item No 5:

Action Taken Report

The Committee was presented with the Action Taken Report in respect of decisions of the 35thmeeting.

Agenda Item	Decisions of the Internal Audit Committee taken during 35th IAC meeting	Action Taken
11 (IAC-35)	To take a note of the proposal for opening a bank account with private banks.	Approval of ACB has been taken and opening of account is in process.
9 (IAC-34)	To take note on obtaining TDS exemption certificate u/s 197 of Income Tax Act 1961	The same has been obtained.

The Committee took note of the same.

Item No 6:

To take note Key Financials for the half year ended as on 31.12.2019

The committee was presented with the Key Financials, Fund Position, Loan Recovery Status Report of BIRAC for the half year ended as on 31st December’ 2019. The Committee observed that Rs. 31.00 crres i.e., the total allocated budget of Grant in Aid under BIRAC has been received and Rs. 115.00 crores under PPP activities has been received from Department of Biotechnology. The committee noted that Rs. 1,887.34Lakhs and Rs. 9,646.40Lakhs has been spent under Core and PPP respectively. The committee took note of the same and directed to expedite the fund utilisations as only 60.87% under BIRAC core &64.31% under PPP activities, of allocated budget have been disbursed upto 31.12.2019. The committee observed the excess expenditure under MeITY, GBI and directed top take up for receipt of funds.

Item No 7:

To take note of Fixed Deposit Register

The Committee was presented with FixedDeposits Register. The committee took note of the same.

Item No 8:

To take note of Status Report on Loan Recovery as on 31.12.2019

The committee was presented with Status Report on Loan Recovery as on 31st December’ 2019. The committee noted thatrecovery position of current year demand is satisfactory. 95.78%. However the recovery positions of accumulated dues of Previous Yearsis stagnant and all the recourse as per the loan agreement are to be exercised to recover the dues.

Item No 9:

To take note of Internal Audit Report & Management Reply thereon for the quarter ended 31.12.2019

The committee was presented with the Internal Audit Report along with management reply for the quarter ended on 31.12.2019.Internal Auditor informed Chairman that there are no significant issues which have an impact on the financial statements. It was informed that the carry forward audit observation shall be examined in the next audit period.

Item No 10:

Any other item with the permission of the Chair

Since, there was no other item to discuss, the meeting concluded with a vote of thanks to Chair & members.

* THE ACTION PEOPLE COMMITED TO :

*SUMMARY OF ANY DECISION MADE:

Shashikant Vishwakarma                                                             Mr. ShariqSuhail

Finance & Accounts Officer                                                            Deputy Manager (F&A)

Bhawna Arora                                                                                  KavitaAnandani

Sr. Manager Finance                                                                        Company Secretary

Nand Kishore                                                                                   LalithaBalakrishnan

Senior Finance Officer                                                                     Head F & A

                                                            K. P. Pandian

                                                            Chairman

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