Code of Conduct


Each Director and employee is a Trustee of the stakeholders in the Company and to act in terms of the concept of Trusts as well as in terms of laws of Trusts, which encompasses fiduciary relationship.

As "Officer of the Company" in terms of Sec. 2(30) of the Act, Directors can be treated as an "Officer in default". Hence, all actions to be in conformity with the rules and regulations.

Directors act collectively through the Board, but each Director to discharge duty with responsibility.

Directors owe a duty of care to the Company i.e. not to act negligently. The standard being "a reasonable man looking after his affairs".

Each Director to ensure that:-

He is not an undischarged insolvent.
He is not Convicted by Court of offence involving moral turpitude.
He is not sentenced to imprisonment for not less than 6 months.
No order has been passed by the Court disqualifying him for appointment u/s 203.
He does not suffer from disqualifications as specified in Sec. 274 (1)(g) i.e. other Companies in which he is a Director has not defaulted in submission of Annual Accounts & Annual Returns to the Registrar of Companies.

Directors and employees to avoid conflict of interest and exercise powers for the benefit of the Company.

That no secret profits are made to the detriment of the Company for e.g. that adequate disclosures in terms of the Insider Trading norms in dealing with the Company shares will be made.

To comply with the terms and conditions of the employment and Company rules and regulations from time to time.

The other basic code of conducts to be followed are:-

To exercise adequate skill and expertise in taking decisions.
To ensure that delegation of authority does not mean abdication of responsibility.
To ensure that authority and power as enunciated and understood are not exceeded.
That duty to and care of employees are maintained.
That duty to Creditors and Consumers as their Trustees are well respected.
That statutory duties are fulfilled.
Discharge of duties in good faith, honesty and fair dealings.
That there is a disclosure of interests in all affairs.
That Directors' Responsibility Statement in terms of Sec. 217(2AA) as signed and included in the Directors' Report are adhered to.
To act in conformity with the basic rules and regulations of the land.
To ensure that authority and power as enunciated and understood are not exceeded.
That confidentiality of business interests are maintained.