The Board of Directors consists of 11 members. Three of the directors, i.e. the Chairman & Managing Director and two Executive Directors, are executive directors and rest of the 8 directors are non-executive directors, who bring a wide range of skills and experience to the Board. 7 non-executive directors are independent directors.

As per the provisions of The Companies Act, 1956, two third of the Board of Directors (excluding the Chairman & Managing Director, the Executive Director and the Institutional Nominee Directors) should be retiring by rotation. Two of these Directors are required to retire every year, and if eligible, these directors qualify for re-appointment.

The executive directors are appointed by the shareholders for a maximum period of five years but are eligible for re-appointment on completion of their term. The tenure of the Chairman & Managing Director is upto March 31, 2009 and the Executive Director's tenure is upto December 31, 2011.

The meetings of the Board of Directors are held in Mumbai. The Board meets atleast once in a quarter to review the quarterly performance and the financial results. The agenda of the meetings is prepared by the Company Secretary in consultation with the Chairman and the board papers are circulated to the directors in advance. The members of the board have access to all information on the company. Senior Managers are invited to attend the board meetings and provide clarifications as and when required.

To enable better and more focused attention on the affairs of the company, the board delegates particular matters to committees of the board set up for the purpose.

The members of the Audit Committee are Mr. K.R.V. Subrahmanian, Mr. Shyam B. Ghia, Mr. P. N. Kapadia and Mr. Kirat Patel. The terms of reference to the Audit Committee include overview of audit procedures and techniques, reviewing financial reporting systems, internal control systems and procedures and ensuring compliance with the regulatory guidelines. Meetings of the Audit Committee are scheduled well in advance. The Committee reviews the reports of the internal auditors and statutory auditors alongwith the comments and action taken reports of the management.

The members of this Committee are Mr. Shobhan M. Thakore-Chairman, Mr. Yogesh M. Kothari and Mr. Shyam B. Ghia. The Committee ensures that the share transfer applications received from shareholders are processed quickly and also ensures grievances of investors, if any, are attended to promptly.

The Company has set up a Remuneration Committee of Directors, consisting of Mr. S.B. Ghia, Chairman, Mr. S.M. Thakore and Mr. Dilip Piramal. The terms of reference of the Remuneration Committee include review and recommenderation to the board of directors of the remuneration paid to the directors.