21-06-2012, 05:27 PM
FORTUNE TECHNOLOGY
Introduction
TEXTILE INDUSTRY
Textile industry is one of the oldest industries existing until date. For most of the recorded history, humankind has relied on natural fibers, prominent ones being cotton and wool, for its textile products. In India also, the textile industry revolved around these natural fibers. Gradually India mastered in the textile industry and its product gained fame worldwide. It was only after industrial Revolution in England when machine substituted man and production started on a large –scale basis. However, the demand could not grow up in same proportion and India ultimately resulting in lower prices. Nevertheless, Indian textile industry got momentum after independence due to open government policies and import of technical expertise and machinery.
DENIM INDUSTRY
Denim has its origin from a little town in France called Nimes adjoining the river “DE Nimes”. Originally used as tent-cloth, Denim was found to be a fabric of great utility as it was able to withstand the roughest of conditions. In 1850’s, when Levis Strauss decided to make work-clothes out of denim, it did not take long for the waist-high overalls to become the fabric of choice. Denim clothes with copper riveted pockets were so strong that it helped miners to carry gold nuggets comfortably. Ever since this fabric arrived on the American soil, it changed to become a legendary fabric. From there, the rugged jeans became the favorites of American construction workers.
PHILOSOPHY AT NAHAR
At Nahar, each company continues to practice good Corporate Governance. The Group firmly believes that good Corporate Governance is the key to success in business. The Group’s corporate philosophy envisages creation and maximization of Shareholder’s/Stake holder's wealth while observing the highest levels of transparency and accountability.
Code of Conduct for Board Members and Senior Management
At Nahar, each company is committed to conduct its business in accordance with the applicable laws, rules and regulations and the highest standards of transparency. The herein mentioned code of conduct applies to all the Directors and Senior Managers of the Company and sets forth specific guidelines for the performance of their professional duties/responsibilities.
Compliance with Laws, Rules and Regulations
All Directors and Senior Management Personnel shall act in the interest of the company and shall comply with all the applicable laws, rules and regulations of the relevant regulatory and other authorities as may be applicable to such Directors and Senior Management Personnel in their individual capacities.
Conflict of Interest
No Director or Senior Management Personnel shall engage in any business or activity or enter into any relationship which might result in conflict of interest with that of the company unless he/she makes full disclosure of all the facts and circumstances to the Audit Committee and obtains written approval of Chairman or Managing Director of the company.
Security Transactions/Confidential Information
All Directors and Senior Management Personnel shall safeguard the confidentiality of all the information that they become privy to in connection with the company’s business and shall not derive any benefit or assist others to derive any benefit from such confidential information which is not in the public domain and thus, continues to be “insider" information.
Protecting company's assets
All Directors and Senior Management/Personnel shall protect the company’s assets and ensure their efficient use for the conduct of Company’s business.
Disclosures
All Directors and Senior Management Personnel shall disclose all the financial/commercial transactions in which they might be or deemed to be involved or interested either himself/herself or through their relatives as defined in the Act.