112002 and the same was approved by the council vide

Info icon This preview shows pages 19–22. Sign up to view the full content.

View Full Document Right Arrow Icon
Director (Commercial) was constituted by the Chairman vide orders dated 15.11.2002 and the same was approved by the Council vide Resolution No. 3 (xxxxix) dated 22.11.2002. As per office order No. D/336/PA(Dir (A/c)/03 dated 20.6.2003, Director (Accounts) and staff working under him has been placed under F.A. and as such it has been felt that the Investment Sub-committee earlier constituted vide Resolution No. 3 (iii) dated 05.11.1996 may be restored. The Chairman has seen the case. The case is noted to the Council for consideration and approval for restoration of the composition of Investment Sub-Committee as originally approved by the Council vide Resolution No. 3 (iii) dated 5.11.1996 as stated in Para 1 above. COUNCIL’S DECISION Resolved by the Council that following will be the composition of the Investment Sub- Committee :- 1. Financial Advisor - Chairman 2. Dir. (A/Cs) or Dir. (Fin.) – Convenor Two HODs to be rotated every 3 months as per approval of Chairman. Director (Vigilance) will not be the member of Investment Sub-Committee. - 19 -
Image of page 19

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
ITEM NO. 3 (iv) (D-11) INVESTMENT POLICY OF NDMC : MINUTES OF THE MEETING HELD UNDER THE SAID POLICY OF THE COUNCIL LAID DOWN BY RESOLUTION NO. 3 (III) DATED 5 TH NOVEMBER, 1996 READ WITH RESOLUTION NO. 3 (I) DATED 27 TH MARCH, 2002. In accordance with the decision of the Council as per the above mentioned resolutions, the minutes of the meeting of Investment Sub-Committee held on 10 th July, 2003 are placed below for noting the same to the Council. (See pages 21 - 22). COUNCIL’S DECISION Information noted. - 20 -
Image of page 20
ANNEXURE INVESTMENT SUB COMMITTEE PROCEEDING ON 10 TH JULY, 2003. The following were present :- 1. Sh. G.S.Meena Director(Commercial)(In Chair) 2. Sh. S.N.Mishra Director (P-I) 3. Sh. Ajit Kumar Director (Accounts) It was informed by Director(Accounts)to the Investment Committee that an amount of Rs 6 Crores (approx.) from General Fund Account is estimated to be available as surplus for investment at present. The investment policy approved by the Council vide resolution No. 3(i) dated 27-3-2002 is under review. As audited balance sheets has not been received by all the banks, therefore, the investment is being done as per the approved policy of the Council for last year. Once audited balance sheet of all the banks is received the recommendation will be put up to the Council for approval. Quotations were accordingly invited on 09-07-2003 through fax from 12 out of 13 empanelled banks except ICICI Bank as approved by the Council vide Resolution No. 3(i) dated 27-3-2002 and as per investment policy originally approved by the Council vide Resolution No. 3(iii) dated 5-11-1996 for quoting rates on 10-07-2003 by 11.00 A.M in sealed cover to remain valid for three days against various instruments. The Fax Message could not reach the Syndicate Bank, Super Bazar as the building is stated to have been sealed by Delhi Fire Service. Quotations were not invited from ICICI Bank because they already have deposits of Rs.200 Crores with them as per policy of the Council . The banks who did not respond/sent their quotation are Andhra Bank, Bank of Baroda, Bank of India, Corporation Bank. As per the Oriental Bank of Commerce has quoted the highest rate of 6.25% p.a. for a period
Image of page 21

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 22
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern