GSK_Annual_Report_2021

Annual Report 2020-21 81 (vi) Other laws applicable specifically to the Company namely: (1) Pharmacy Act, 1948, (2) Drugs and Cosmetics Act, 1940, (3) Drugs and Magic Remedies (Objectionable Advertisement) Act, 1954, (4) Narcotic Drugs and Psychotropic Substances Act, 1985, (5) Drug Pricing Control Order, 2013 We have also examined compliance with the applicable clauses of the following: (i) Secretarial Standards issued by The Institute of Company Secretaries of India with respect to board and general meetings. (ii) The Listing Agreements entered into by the Company with BSE Limited and National Stock Exchange of India Limited read with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, standards etc. mentioned above. We further report that: The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act. Adequate notice was given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. Decisions at the Board Meetings were taken unanimously. We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. We further report that during the audit period the Company had following events which had bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards etc. 1. The Board of Directors of GlaxoSmithKline Pharmaceuticals Limited (the “Company”) at its meeting held on 30.03.2021 subject to the approval of shareholders, approved the sale of the Company’s business undertaking i.e., manufacturing facility together with the land, plant and machinery, assets, software and equipment located at Vemgal, Karnataka to Hetero Labs Limited. For Parikh & Associates Company Secretaries P. N. Parikh Partner Place: Mumbai FCS No: 327 CP No: 1228 Date: 18 May 2021 Udin: F000327C000338192 This Report is to be read with our letter of even date which is annexed as Annexure A and Forms an integral part of this report.