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Code of Conduct

CODE OF BUSINESS CONDUCT AND ETHICS FOR THE MEMBERS OF THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT PERSONNEL

Introduction :-

This Code of Business Conduct and Ethics envisages to ensure maintenance of standard, of Business Conduct and Ethic of T.T. Ltd. ("the Company") and due compliance with legal requirements. This code is to act as a deterrent from wrong and unethical doings and act as a catalyst to promote ethical values. This code is the manifestation of the Company's commitment to lawful and ethical business conduct which is critical to the successful operation of the Company and is of utmost important to the Company's Shareholders, Creditors and other Business Associates.

1. Applicability

This Code is in two parts :

Part I is for the Members on the Board of Directors of the Company; and Part II is for Senior Management Personnel as defined in explanation (b) of Sub Clause 1 of Clause 49 Listing Agreement with Stock Exchanges.

2. Guiding Principles

The following are the guiding principles enshrined in this Code :-

1. Act diligently, transparently, honestly and in good faith upholding the highest ethical standard of integrity, confidential, accountability and independence.
  • Provide leadership in advancing the Company's Vision, Values and Guiding Principles.
  • Become and remain familiar with Company's business and the economic and competitive environment in which the Company operates and understand the Company's business plans, strategies and objectives, operation results, financial condition and relative marketplace position.
  • Commit the time necessary to hold, attend and actively participate in regular and special meetings of the Board and of the Board Committee Meetings; Meeting of Shareholders and the Management Committee Meetings and other office functions, from time to time.
  • Not enter into, without the prior approval of the Board, any transaction or relationship with the Company which the Directors/Executives will have a financial or personal interest (either directly or indirectly, such as through a family member or other person or organization with which they are associated), or any transaction or situation which otherwise involves a conflict of interest.
  • Maintain the confidentiality of all material non-public information about the Company, its business affairs.
  • Scrupulous adherence to all applicable laws and regulations and the Company's Code of Prevention of "Insider Trading in Shares."
PART-1

1. This Code Vis-a-Vis the Members on the Board of Directors :-

Directors stand in fiduciary relationship to the Company. They act in dual Capacity as Trustees and Agents of the Company which call for exercise of utmost care, skill and diligence while dealing with the Company. They are trustees of the Company's funds and properties; they are agents in their transactions on behalf of the Company. Their fiduciary relationship prohibits them from making any secret profits, from entering into any contract for personal gain and demands complete disclosure of information regarding the Company's affairs to the Shareholders.

2. Attendance in Meetings

This Code of Conduct expects the Directors of the Company to strive to attend all the Meetings of the Board/Committees. Absence from the Meetings shall be with the approval of the Chairman. Absence from attending the meetings shall be communicated to the Chairman/Managing Director/Company Secretary, the communication can be either written or oral over the phone.

Continuance absence from the Meetings for a long period without concrete and convincing reason shall be treated as a breach of this Code.

3. Agenda for Board/Committee Meetings

All important matters affecting the business of the Company were particularly the items specified in the "Corporate Governance" shall be placed before the Board for discussion. Various Reports, Compliance Certificates and other documents placed before the Board shall be reviewed and discussed in the Meeting.

4. Board Room/Committee Room Deliberations

Directors should keep themselves abreast with the business to be transacted in the Board/Committee Meetings. The Agenda papers should be read thoroughly and come prepared to take active part in the discussions. The deliberations should be lively and informative and constructive. The discussions should be free, frank and fearless and stick to the subject matter.

Committee Meetings shall be viewed as important tools for effective management. The Directors shall be conversant with the Constitution, Powers and functions of the various Committees constituted under Corporate Governance.

5. Active participation in the Company's Business

The Directors are expected to participate actively in the day to day business of the Company. They should make positive contributions with their exemplary leadership qualities and unflinching devotion to the duties. On all occasions, the Company's interest as well as the interest of the Shareholders shall be uppermost in their mind.

6. Honest and Ethical Conduct

This Code expects all Directors to act in accordance with the highest standards of personal and professional integrity, honesty and ethical conduct, while working on the Company's premises, or at any other place where they represent the Company.

Honest conduct should be conduct that is free from fraud or deception. Ethical conduct should be conduct conforming to the accepted professional standards of conduct. Ethical conduct includes personal and professional relationships.

7. Avoidance of Conflicts of Interest

All actions of the Directors should be free from the conflicts of interest. The Directors should ensure to avoid any situation where a conflict of interest may arise or appear to arise. Even if there exists any such conflict, the same should be fully disclosed to the Board.

Conflict of Interest arises in the case of :-

a. Employment/Outside Employment :

Whole time Directors are expected to devote their full attention to the business of the Company. They are prohibited from engaging in any activity that interferes with their performance or responsibilities to the Company, or is otherwise in conflict with or prejudicial to the Company. Whole time Directors shall not accept simultaneous employment with suppliers, customers, competitors of the Company, or take part in any activity that enhances or supports a competitor's position. Directors must disclose to the Company's Audit Committee, any interest that they have which may conflict with the business of the Company.

b. Outside Directorships :

This Code prohibits Directors of the Company to accept any assignment with any Company or Agency that competes with the Company. Directors must first obtain approval from the Company's Audit Committee before accepting such assignment.

c. Business Interests :

If a Director contemplates to enter into any business relation with any customer, supplier or competitor of the Company, he must ensure that the proposed business relation shall not compromise with his responsibilities to the Company. This Code requires that the Directors shall obtain approval from the Company's Audit Committee before entering in to such business relations.

d. Related Parties :

As far as possible, the Directors should avoid conducting Company's business with a relative, or with a business in which a relative is associated in any significant role. The term relative denotes the same relationships given to Schedule I-A to Section 6 of the Companies Act, 1956.

In any unavoidable circumstances if a Director has to enter into any such related party transactions, it should be fully disclosed to the Board. The Company's Board must review and approve such related party transactions in advance. The related party transactions should be reported under applicable accounting rules, Indian Companies Act and rules and regulation of the regulatory authorities.

It shall be a good Board practice if the Directors disclose at every meeting their interest, if any, in any of the agenda items listed for discussion.

e. Payments or Gifts from Others :

Under no circumstances may Directors accept any offer, payment, promise to pay, or authorization to pay any money, costly gift, or anything of great value from customers, vendors, consultants, etc., that is perceived as intended, directly or indirectly, to influence any business decision, any act or failure to act, any commitment or fraud, or opportunity for the commitment of any fraud. Inexpensive gifts, infrequent business meals, celebratory events and entertainment, provided that they are not excessive or create an appearance of impropriety, do not violate this policy.

f. Corporate Opportunities :

Directors shall not exploit for their own personal gain, opportunities that are discovered through the use of corporate property, information or position unless the opportunity is disclosed fully in writing to the Company's Board of Directors and the Board accord its approval declines to pursue such opportunity.

The above list of situations which bring about conflict within is not exhaustive, but only indicative.

8. Compliance with Governmental Laws, Rules and Regulations

Directors must comply with all applicable Governmental Laws, Rules and Regulations. They must acquire appropriate knowledge of the legal requirements relating to their duties sufficient to enable them to recognize potential dangers, and to know when to seek advise from the finance/legal department. Violations of applicable Governmental Laws, Rules and Regulations may subject the Directors to individual criminal or civil liability. Such individual violations may also subject the Company to civil or criminal liability or the loss of business.

Scrupulous adherence to the Code for prevention of "Insider Trading" in the Company's Shares is strongly recommended.

9. Disclosures

The Statutory duties of the Directors include making certain disclosures to the Board at periodical intervals this include :

  • Disclosures of Directorship/Change in Directorships in other Companies.
  • Disclosure of Committee Positions/Change in Committee Positions in other Companies.
  • Disclosure of Partnerships in any Partnership firms.
  • Disclosure of Shareholdings in the Company and in other Companies.
  • Disclosure of contracts/arrangements with parties/Companies/firms in which the Directors were interested.
  • Disclosure of details and violations committed by the Company in which the Director is a Director.
  • Disclosure as required under the Code for prevention of Insider Trading in Shares.

10. Violation of the Code

This is the ethical responsibility of all Directors to help enforce this Code. They should be alert to possible violations and report this to the management. Reprisal, threat, retribution or retaliation against any person who has, in good faith, reported a violation or a suspected violation of law, this code or other Company policies, or against any person who is assisting in any investigation or process with respect to such a violation, is prohibited.

11. Waivers and Amendments of the Code

The Company reserves the right to continuously review and update this Code. Any amendment or waiver or any provision of this Code must be approved by the Company's Board of Directors and promptly disclosed on the Company's website and in applicable regulatory filings pursuant to applicable laws and regulations, together with details about the nature of the amendment or waiver.

12. Acknowledgment

Directors are requested to sign the enclosed acknowledgment form in token of their having received, read and accepted this Code.

The acknowledgment form may be forwarded to Secretarial Department.

PART-2

CODE OF BUSINESS CONDUCT AND ETHICS FOR SENIOR MANAGEMENT PERSONAL(“THE EXECUTIVES”)

Ethical Business Conduct is critical to the success of the business of the Company. Executives of the Company are duty bound to respect and adhere to this Code. Adherence to this Code is replete with a host of Legal and Regulatory requirements, the violation of which can bring about significant liability on the Executives as well as on the Company and its Directors. The Executives should therefore be fully alert to the possible violations of this code. Violation of Law as well as this Code of business conduct and ethics or other Company policies and procedures can bring disciplinary action including termination of employment.

1. Responsibility to the Company and its Shareholders

All Executives being employees of the Company has got a great responsibility towards the Company and its Shareholders. The Executives are expected to exercise good judgment to ensure the safety and welfare of all the employees, agents and the Shareholders of the company. They should strive to create a harmonies and productive work environment in the Company. These standards shall be upheld while working not only in the Company premises but also at off site locations where the Company’s business is being conducted or at any other place where the Executives represent the Company.

This Code expects the Executives to work for the value creation for the Shareholders.

2. Compliance with Applicable Laws

All Executives must comply with all applicable Laws, Rules, Regulation and Orders. They should acquire appropriate knowledge of the requirements relating to their duties so as to enable them to identify potential dangers. Violation of Laws, Rules, Regulation and Orders will lead to individual criminal or civil liability as well as disciplinary action by the Company. Such violation may also bring civil or criminal liability on the Company with possible loss of business.

3. Conflicts of Interest.

The responsibility of the Executives to the Company as well as to the Shareholders do not normally prevent them from engaging in personal transactions; but this Code demands that the Executives should scrupulously try to avoid any situation where his interest will conflict with the interest of the Company. The Executives should always try to avoid the very appearance of such conflict of interest. A conflict of interest arises where the interest of the Executives conflicts with the interest of the Company in situations like :-

a. Employment/Outside Employmen
b. Outside Directorship
c. Business Interes
d. Related Party Transactions

a) Employment/Outside Employment :

Being employees of the Company, every Executive is duty bound to devote his full attention to the business interest of the Company. He is prohibited from engaging in any activity which is in conflict with or prejudicial to the interest of the Company.

Acceptance of any outside employment with the Company's Suppliers, Customers or Competitors or indulging in any activity that enhances or support the Competitor's business should be viewed as a breach of this Code. Any personal interest which is in conflict with the interest of the Company should be promptly disclosed to the management.

b) Outside Directorship :

A conflict of interest arises when an Executive serve as a Director on the Board of a Competitors Company. Acceptance of such Directorship shall be with the prior approval of the Company management.

c) Business Interest :

An Executive is expected to exercise utmost care and diligence while taking a decision to invest in a Company of a Customer, Supplier or Competitor and to ensure that such investment shall not compromise the responsibility of the Executive to the Company. Conflict of interest can be surfaced through a number of factors the size and nature of the investment, degree of your influence in the Company's business interest, your access to confidential information of the Company or the investee Company and the relation of your Company with the investee Company.

d) Related Party Transactions :

As a general rule this Code requires any Executives to avoid as far as possible any related party transactions, viz : transactions between the Company and any of the relatives of the Executives. The term relatives are defined in Schedule 1A to Section 6 of the Companies Act, 1956.

In any unavoidable circumstances if an Executive has to enter into any such related party transactions, it should be fully disclosed to the Audit Committee. The Audit Committee must review and approve such related party transactions in advance. Such related party transactions should be reported to the Board.

4. Other Situations

Situations of conflict of interest given above are not exhaustive. There can be any number of other situations where the conflict of interest may appear. The Executives are therefore advised to consult the Board/Audit Committee before entering into any such transactions.

5. Corporate Opportunities

Executives shall not exploit or make use of the Company’s properties, or information or positions for their personal gains, unless the opportunity is fully disclosed to the Company’s Board and the Board of Directors accord its approval to pursue such opportunity.

6. Safeguarding Confidential Information

During the course of the service, Executives may be provided with or may have access to Company’s confidential information to facilitate their work. These information include trade related information, business secrets, confidential matters, customer information, business strategies, administration policies and the like. The confidential information is the property of the Company and as such every Executive is duty bound to safeguard the same. All confidential information must be used exclusively for the business of the Company only. In case the confidential information is to be disclosed to any business partner or associate such disclosure should invariably be made after careful consideration of its potential benefits and risk and that too with the prior approval of the management. Even while co-operating with the Government Agencies and Regulatory Authorities during any investigation, confidentiality of the information shall be maintained and no information or document shall be passed on to the Investigating Authorities without the approval of the management. All communication with the Public as well as the Press shall be made only by the authorised spoke person of the Company who is authorised to communicate with outsiders on behalf of the Company.

7. Waivers

Wavier of any provision contained in this Code for any person shall be approved in writing by the Board of Directors.

8. Disciplinary Action

The Company expect all of its Executive to strictly adhere to the provision of this Code in carrying out their duties. Suitable Action should be taken against any Executive who violate any of the provisions of this Code. Disciplinary action include termination of employment at the Company’s sole discretion.

In case of any loss suffered by the Company as a results of the violation of any of the provisions of this Code by an Executive the Company reserves the right to proceed against the individual to recover the loss.

9. Acknowledgment

Executives are required to sign and return to Human Resources Department (HRD) the enclosed Acknowledgment of Receipt of this Code in token of their have received, read and accepted the same.

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