CFO in the news - Mr. Alok Agarwal (CFO Reliance Industries Limited)

Mr. ALOK AGARWAL Chief Financial Officer, Reliance Industries Limited

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AGE 53

Mr. Alok Kumar Agarwal serves as Chief Financial Officer of Reliance Industries Ltd. Mr. Agarwal serves as an Executive Officer of DEXL Education Services India Pvt Ltd. He serves as Head of Corporate Solutions Group of ICICI Lombard General Insurance Company Limited. He joined ICICI Lombard in 2002. He joined ICICI in 1993 and was responsible for business development, project appraisals and project monitoring.

 Reliance Industries. He has been associated with Reliance Group for over 10 years and prior to this he was with Bank of America for 12 years. He has been Executive Director of ICICI Lombard General Insurance Company Limited since January 19, 2011. He serves as on the Boards of Reliance Capital Asset Management Limited, Reliance Telecom Limited and Reliance Industrial Investment & Holding Limited. He served as a Director of Riga Sugar Co. Ltd. until February 1, 2006. He served as Non-Executive Director of Reliance Capital Ltd. from March 7, 2003 to June 19, 2005. Mr. Agarwal holds a Post Graduate Diploma in Management. He received B.Tech (Chemical Engineer) from Jadavpur University and holds a Management degree from IIM,

Alok Agarwal's Education

Indian Institute of Management, Ahmedabad

1979 – 1981

Indian Institute of Technology, Kanpur

B tech, EE

1974 – 1979

Latest :-

RIL CFO may be MD of D E Shaw JV
Two weeks after Reliance Industries (RIL) announced its entry into financial services through a joint venture with New York-based D E Shaw Group, Alok Agarwal, RIL chief financial officer is tipped to be the managing director of the joint venture. Agarwal has been associated with RIL for over 10 years. Before working for to RIL, he was with Bank of America for 12 years.

CORPORATE HEADQUARTERS* Maker Chambers IV 3rd Floor Mumbai, Maharashtra 400021 India Phone: 91 22 2278 5000 Fax: 91 22 2278 5185 Board Members MEMBERSHIPS* Former Director Riga Sugar Co. Ltd. 2003-2005 Former Non Executive Director Reliance Capital Limited 2011-Present Head of Corporate Solutions Group and Executive Director ICICI Lombard General Insurance Company Limited     The CFO who is a part of the Audit Committee performs the following functions:- A. The role of the Audit Committee includes: 1. Oversight of the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statements are correct, sufficient and credible. 2. Recommending to the Board, the appointment, reappointment and, if required, the replacement or removal of Statutory Auditors and fixation of audit fees. 3. Approval of payment to Statutory Auditors for any other services rendered by the Statutory Auditors. 4. Reviewing with the management, the annual financial statements before submission to the Board for approval, with particular reference to: . Matters required to be included in the Directors' Responsibility Statement to be included in the Directors' Report in terms of sub-section (2AA) of Section 217 of the Companies Act, 1956. . Changes, if any, in accounting policies and practices and reasons for the same. . Major accounting entries involving estimates based on the exercise of judgment by the management. . Significant adjustments made in the financial statements arising out of audit findings. . Compliance with listing and other legal requirements relating to financial statements. . Disclosure of related party transactions. . Qualifications in draft audit report. 5. Reviewing with the management, the quarterly financial statements before submission to the Board for approval. 6. Reviewing with the management, the performance of Statutory and Internal Auditors, adequacy of internal control systems. 7. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure, coverage and frequency of internal audit. 8. Discussion with Internal Auditors, any significant findings and follow up thereon. 9. Reviewing the findings of any internal investigations by the Internal Auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board. 10. Discussion with Statutory Auditors before the audit commences, about the nature and scope of audit as well as post audit discussion to ascertain any area of concern. 11. To look into the reasons for substantial defaults, if any, in the payment to the depositors, debenture holders, shareholders (in case of non payment of declared dividends) and creditors. 12. To review the functioning of the Whistle Blower Mechanism. 13. Carrying out such other functions as may be specifically referred to the Committee by the Board of Directors and/or other Committees of Directors of the Company. 14. To review the following information: . The management discussion and analysis of financial condition and results of operations; . Statement of significant related party transactions (as defined by the Audit Committee), submitted by management; . Management letters/letters of internal control weaknesses issued by the Statutory Auditors; . Internal audit reports relating to internal control weaknesses; and . The appointment, removal and terms of remuneration of Internal Auditors. 15. Reviewing the financial statements and in particular the investments made by the unlisted subsidiaries of the Company. 16. Review of uses/application of funds raised through an issue (public issue, rights issue, preferential issue, etc.). Terms of Reference as Part of Finance Committee: 1. Review the Company's financial policies, risk assessment and minimization procedures, strategies and capital structure, working capital and cash flow management and make such reports and recommendations to the Board with respect thereto as it may deem advisable. 2. Review banking arrangements and cash management. 3. Exercise all powers to borrow money (otherwise than by issue of debentures) within the limits approved by the Board and taking necessary actions connected therewith including refinancing for optimization of borrowing costs. 4. Giving of guarantees/issuing letters of comfort/ providing securities within the limits approved by the Board. 5.  Borrow money by way of loan and/or issuing and allotting bonds/notes   denominated in one or more foreign currencies in international markets, for the purpose of refinancing the existing debt, capital expenditure, general corporate purposes including working capital requirements and possible strategic investments within the limits approved by the Board. 6. Provide corporate guarantee/performance guarantee by the Company within the limits approved by the Board. 7. Approve opening and operation of Investment Management Accounts with foreign banks and appoint them as agents, establishment of representative/sales offices in or outside India etc. 8. Carry out any other function as is mandated by the Board from time to time and/or enforced by any statutory notification, amendment or modification as may be applicable. 9. Other transactions or financial issues that the Board may desire to have them reviewed by the Finance Committee. 10. Delegate authorities from time to time to the executives/authorized persons to implement the decisions of the Committee. 11. Regularly review and make recommendations about changes to the charter of the Committee. The Chairman and Managing Director and the Chief Financial Officer of the Company give annual certification on financial reporting and internal controls to the Board in terms of Clause 49. The Chairman and Managing Director and the Chief Financial Officer also give quarterly certification on financial results while placing the financial results before the Board in terms of Clause 41 of the Listing Agreement.  Posted by Mr Vighnesh Patil (MBA Sem II)