Peerless Financial Services Ltd. (PFS) adopted a Fair Practices Code (FPC) for its lending business in 2015 pursuant to RBI directives on Non-Banking Financial Company (NBFC), Fair Practices Code (FPC) issued earlier. The RBI has issued revised NBFC FPC guidelines in September 2016. Accordingly, it is proposed to revise the Fair Practices Code of PFS on following termsrepresenting the revised guidelines.
Applications for loans and their processing
Loan appraisal and terms & conditions
Disbursement of loans including changes in terms and conditions
Other general provisions
Grievance redressal
Name : Mr. Partha Bose
Tel : 033-22625663
Mobile : 09830684022
E-Mail : partha.bose@peerlessfinance.in
Grievance Against | Grievance redressal Authority |
---|---|
Top Management (MD & CEO) | Board |
Junior &Middle Management – Jr. Officer to Exe. Director | MD & CEO |
Regulation of Interest Rate
PFS has laid down appropriate internal principles and procedures for determining interest rates and processing and other charges on loans. The principles & procedures are incorporated in the Lending Policy of the company which is approved by its Board of Directors. The policy has adopted an interest rate model taking into account relevant factors like cost of funds, margin and risk premium. The Credit Score of the borrower is computed using the model based on various parameters including the borrower’s profile, financial strength, credit history, business condition, regulatory environment affecting the business, security, type of product etc. The credit score quantifies the risk grade of the borrower. The rate of interest on loan is expressed on annualised basis so that the borrower is aware of the exact rate that will be charged to the account.
The rates of interest, the approach for gradation of risk and rationale for charging different rates of interest to different categories of borrowers shall be suitably disclosed by PFS in its loan application form and communicated in the loan sanction letter. The information will also be made available on the company’s website or published in newspaper and updated whenever there is change in the rates of interest.
Conclusion
PFS has laid down appropriate internal principles and procedures for determining interest rates and processing and other charges on loans. The principles & procedures are incorporated in the Lending Policy of the company which is approved by its Board of Directors. The policy has adopted an interest rate model taking into account relevant factors like cost of funds, margin and risk premium. The Credit Score of the borrower is computed using the model based on various parameters including the borrower’s profile, financial strength, credit history, business condition, regulatory environment affecting the business, security, type of product etc. The credit score quantifies the risk grade of the borrower. The rate of interest on loan is expressed on annualised basis so that the borrower is aware of the exact rate that will be charged to the account.
PEERLESS FINANCIAL SERVICES LIMITED
“Know Your Customer” (KYC) & Anti-Money Laundering (AML)Policy
Preamble:
Reserve Bank of India (RBI) on February 25, 2016 notified the Know your customer (KYC) Directions, 2016 (KYC Directions, 2016) as updated on 12th July, 2018, inter alia, directing that every Regulated Entity shall have a Know your customer (KYC) Policy duly approved by the Board of Directors. These directions have been issued by the RBI in terms of the provisions of Prevention of Money-Laundering Act, 2002 (PMLA) and the Prevention of Money-Laundering (Maintenance of Records) Rules 2005.
Peerless Financial Services Limited (PFS) is NBFC- Investment and Credit Company (NBFC-ICC) as categorised by RBI (vide notification No. : RBI/2018-19/130 DNBR (PD) CC.No.097/03.10.001/2018-19 dated 22.02.2019). It is further categorized as a Non-Systemically Important Non-deposit taking NBFC (Regulated Entity as defined under these Directions). It provides loan to various persons including Companies and other entities. It does not accept deposits.
Accordingly, the following KYC Policy has been adopted by the Board suitably, superseding the existing KYC & AML Policy of the Company, as amended from time to time.
To have a clearly laid out:
with a view to: -
For the purpose of this Policy -
“Customer” means an individual who is engaged in a financial transaction or activity with PFS and includes a person on whose behalf the person(s) who is/are engaged in the transaction or activity, is acting.
Other terms not specifically defined here shall have the same meaning as assigned to them under the RBI-KYC Directions, 2016 as updated from time to time or the PMLA.
Monitoring of Transactions:
While considering customer’s identity, the ability to confirm identity documents through online or other services offered by issuing authorities may also be factored in.
Note : FATF Public Statement, the reports and guidance notes on KYC/AML issued by the Indian Banks Association (IBA), guidance note circulated to all cooperative banks by the RBI etc., may also be used in risk assessment.
Type of Customer | Officially Valid Documents |
---|---|
In case of Individuals |
|
In case of Non- Individual(As applicable) |
|
The e-KYC service of Unique Identification Authority of India (UIDAI) shall be accepted as a valid process for KYC verification under the PML Rules.
In case a person who desires to open an account is not able to produce KYC documents, PFS may at its discretion open accounts by following the simplified procedure, as may be directed by RBI from time to time.
While opening accounts as described above, the customer would be made aware that the value of transaction at any point of time shall not exceed Rs.50,000/-. No further transactions will be permitted until the full KYC procedure is completed.
If an existing KYC-compliant customer of PFS desires to open another account with PFS, there shall be no need for a fresh CDD exercise.
For opening an account of a Legal Person who is not a natural person, the beneficial owner(s) shall be identified and all reasonable steps in terms of Rule 9(3) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, and amendments thereto, to verify his/her identity shall be undertaken keeping in view the following:
Explanation: Term ‘body of individuals’ includes societies. Where no natural person is identified under (a), (b) or (c) above, the beneficial owner is the relevant natural person who holds the position of senior managing official.
PFS shall undertake on-going due diligence of customers to ensure that their transactions are consistent with their knowledge about the customers, customers’ business and risk profile; and the source of funds. The extent of monitoring shall be aligned with the risk category of the customer.
Periodic updation shall be carried out at least once in every two years for high risk customers, once in every eight years for medium risk customers and once in every ten years for low risk customers as per the following procedure:
Necessary actions, such as, freezing, partial freezing etc. of accounts may be considered after giving three notice to the concerned customers.
Accounts of non-face-to-face customers: REs shall ensure that the first payment is to be effected through the customer's KYC-complied account with another RE, for enhanced due diligence of non-face to face customers.
Politically Exposed Persons (PEPs) are individuals, who are or have been entrusted with prominent public functions in a foreign country, e.g., Heads of States/Governments, senior politicians, senior government/ judicial/military officers, senior executives of state-owned corporations, important political party officials, etc.
Generally, PFS would not open accounts of PEP. Decisions of opening Accounts of PEP shall be approved by senior management and shall be subjected to enhanced monitoring.
Owing to the fact that accounts may be
Further, PFS shall also ensure that the CDD conducted by the intermediaries is in line with KYC requirements mandated by RBI. PFS shall ensure that no professional intermediary, who cannot reveal the identity of a customer should be allowed to open such an account with it.
Accounts of FPIs which are eligible/ registered as per SEBI guidelines, for the purpose of investment under Portfolio Investment Scheme (PIS), shall be opened by accepting KYC documents as prescribed by RBI, subject to Income Tax (FATCA/CRS) Rules.
All the information collected from the customers by PFS shall be kept confidential and all such information shall be treated as per the agreement/terms and conditions signed by the customers. Additionally, the information sought from each customer should be relevant to the risk perceived in respect of that particular customer, should not be intrusive and should be in line with the guidelines issued by the RBI in that behalf.
PFS shall take steps in the direction of maintenance and preservation of the records pertaining to KYC and transactions for the time duration of 5 years for KYC-related and transaction-related documents as prescribed by RBI.
All other requirements under FATCA/CRS/PML/FIU-Ind relating to appointment of designated officer/director, principal officer and reporting requirements relating to filling of Suspicious Transaction Report (STR), Cash Transaction Report (CTR), counterfeit currency report (CCR) and other applicable reports filling under FATCA will be complied with in terms of the direction of the RBI or the other authorities to the extent applicable to PFS.
General:
This Policy is subject to KYC-AML direction of RBI as may be issued from time to time.
With the explicit consent of the customers KYC documents may be verified from the record of the respective repositories and also be submitted to the Central KYC Registry. Further, all information relating to the customer and his account shall also be submitted to the Information Utilities and CICs (Credit Information Companies).
16/05/2019
Pricing of Loan Products / Interest Rate Model for 2019-20
Depending upon various factors like, profile, location, credit worthiness, spending habits, net worth, disposable income, and KYC declarations etc. of customers and the prevailing interest rate in the market, Peerless Financial Services Limited (Peerless Finance) charges interest rate ranging from 9% to 16% p.a. as determined by risk categorisation of the customer. Rate of Interest, Processing and other charges are mentioned explicitly and in bold, in the sanction letter / facility agreement.
Rate of Interest charged on different Loan Products are as follows:
Sl. No. | Products | Pricing | |
---|---|---|---|
Minimum | Maximum | ||
1 | Loan Against Salary | 10.50% p.a. | 16.00% p.a. |
2 | Loan to Professionals | 10.00% p.a. | 16.00% p.a. |
3 | Loan Against Property | 10.00% p.a. | 16.00% p.a. |
4 | Loan Against Insurance Policy | 10.00% p.a. | 16.00% p.a. |
5 | Margin Funding | 12.00% p.a. | 16.00% p.a. |
6 | Corporate Loan | 10.00% p.a. | 16.00% p.a. |
7 | Equipment Finance | 9.50% p.a. | 16.00% p.a. |
8 | SME Loan | 10.00% p.a. | 16.00% p.a. |
9 | Loan against Marketable Securities | 9.50% p.a. | 16.00% p.a. |
Penal Interest: A Penal Interest of 1%-3%, plus applicable taxes, is charged depending upon the Product and other factors, including profile of the client and tenure of loan. In case there is any discount or waiver in Penal Interest for a particular customer by the MD & CEO, the same shall be duly recorded in the proposal giving justification.
Prepayment Charges: Up to 4%, plus applicable taxes, is charged depending upon the Product and other factors, including profile of the client, tenure of loan and management expenses incurred thereon. In case there is any discount or waiver in prepayment charges for a particular customer by the MD & CEO, the same shall be duly recorded in the proposal giving justification.
Upfront Fees / Processing Charges: Upfront or a Processing Fees/Charges are levied as one-time non-adjustable and non-refundable processing charges and are usually collected at the time of issue of sanction letter; before execution of Loan Documents or even adjusted with the amount of loan disbursed to the client. There would be a processing fee applicable up to 4% of the sanctioned loan amount.
Depending upon the profile of the customer, the nature of loan and prevalent competitive market scenario, Peerless Finance may levy suitable upfront fees. In case the upfront fee is waived for a particular customer by the MD & CEO, the same shall be duly recorded in the proposal giving justification.
Commitment Charges: To facilitate proper funds management, the customer will be required to submit a concrete withdrawal plan at the time of sanction of the loan, in case of loan as over-draft facility (SME/Corporate, Loan against Marketable Securities). In case the customer does not avail disbursement as per withdrawal plan, a commitment charge of up to 3% p.a. may be levied, plus applicable tax. This may be done on case to case basis with the approval of sanctioning authority. In case the commitment charges is waived (exceptional circumstances) for a particular customer by the MD & CEO, the same shall be duly recorded in the proposal giving justification.
Loan Documentation Charges: Expenses incurred on drafting of loan and security documents, property title investigation, property valuation, stamp duty, registration charges, vetting of loan and security documents by lawyers etc. shall be charged to the customer on actual basis or at such rate deemed fit, plus applicable tax.
Cheque Return Charges: A cheque/ECS/ACH return charge of Rs.500/-, plus applicable taxes, per return shall be levied on the customer.
Out of Pocket Expenses: Out of Pocket Expenses (OPE) consist of traveling expenses for inspections/site visits, valuation expenses, insurance premium paid for insuring the assets financed by the lenders in case the customer fails to insure the assets in time and other incidental expense. All these OPE should be recovered from the customers on actual basis and a suitable clause shall be inserted in the Letter of Intent/Loan Agreement.
Review/Renewal Fee: Depending upon the profile of the customer, quality of the underlying security, prevailing market scenario, etc., Peerless Finance may consider levying suitable review/renewal fee at the time of annual review of the loan account. In case the review/renewal fee is waived by MD & CEO, in order to retain a particular customer, the same shall be duly recorded in the proposal giving justification.
GST and/or any other taxes: GST and/or any other tax shall be recovered over and above the tariff mentioned above, except on Interest.
Updated on 4th April 2019
Whistle Blower Policy
The Policy covers malpractices and events which have taken place/ suspected to take place involving:
An annual report on the status of investigations and action taken on Protected Disclosures shall be submitted to the Audit Committee of Directors.
Nomination & Remuneration Policy
The Company considers human resources as its invaluable asset which should be nurtured and groomed for organizational development. This Policy for nomination and remuneration of Directors, Key Managerial Personnel and Senior Management has been formulated by the Nomination & Remuneration Committee (“Committee”), as required under section 178 of the Companies Act, 2013.
This Policy lays down criteria and processes to ensure equitable remuneration to all Directors, Key Managerial Personnel (KMP) and other employees of the Company and to harmonize the aspirations of the human resources in line with the goals of the Company.
The objectives of this policy are:
To lay down criteria and terms & conditions with regard to identifying persons qualified to become Directors (Executive and Non-Executive) and Senior Management and Key Managerial positions
To determine remuneration based on the Company’s size, financial position, trends and practices on remuneration prevailing in peer companies and industry as a whole.
To carry out evaluation of the performance of Directors.
To provide them rewards linked directly to their effort, performance, dedication and achievement relating to the Company’s operations.
To retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons commensurate with the requirements of the Company.
This policy shall be effective from 01.04.2015
The Board of Directors, at the meeting held on 6th May, 2014 had constituted the Company’s Nomination & Remuneration Committee in compliance with the requirements of Section 178 of the Companies Act, 2013 as also of the Reserve Bank of India.
The Policy is applicable to:
Directors (both, Executive and Non-Executive)
Key Managerial Personnel
Senior Management Personnel
“Senior Management” for the purpose of this Policy means personnel of the Company who are members of its core management team excluding Board of Directors comprising all members of management one level below the executive directors including the functional heads.
This Policy is divided in three parts: Part – A covers the matters to be dealt with and recommended by the Committee to the Board, Part – B covers the nomination, appointment and removal, and Part – C covers remuneration, perquisites etc.
The key features of this Company’s policy shall be included in the Board’s Report.
MATTERS TO BE DEALT WITH AND RECOMMENDED TO THE BOARD BY THE NOMINATION AND REMUNERATION COMMITTEE
The Committee shall:
Formulate the criteria for determining qualifications, positive attributes and independence of a director
Identify persons who are qualified to become Directors, Key Managerial and Senior Management Personnel in accordance with the criteria laid down in this policy
Recommend to the Board, appointment and removal of Director, KMP and Senior Management Personnel.
Apart from the above, as and when directed by the Board, appointment to any other senior level positions will also be dealt with by the Committee.
POLICY FOR APPOINTMENT AND REMOVAL OF DIRECTOR, KMP AND SENIOR MANAGEMENT
Appointment criteria and qualifications:
The candidates for appointment as Executive and Non-Executive Directors shall generally be identified through the Company’s internally established selection process. The Company may, nevertheless, take the assistance of external consultants to identify candidates, where necessary.
Terms of Appointment
The Board may appoint or re-appoint any person as its Managing Director or Executive Director for a term as may be determined by the Board but not exceeding five years at a time, as prescribed by law. No re-appointment shall be made earlier than one year before the expiry of term.
An Independent Director shall hold office for a term up to five consecutive years on the Board of the Company and will be eligible for re-appointment on passing of a special resolution by the Company and disclosure of such appointment in the Board's report. Provisions of the Companies Act, 2013 relating to tenure, directorships limits, restriction on appointments, etc. shall apply.
The Committee shall carry out evaluation of performance of every Director on yearly basis. This will be in addition to the evaluation of the Directors to be done by the Independent Directors as prescribed by law.
The Committee may recommend, to the Board, with reasons recorded in writing, removal of a Director, KMP or Senior Management Personnel, due to any disqualification mentioned in the Companies Act, 2013, rules made thereunder or under any other applicable Act, rules and regulations.
The Director, KMP and Senior Management Personnel shall retire as per the applicable provisions of the Companies Act, 2013 and the prevailing policy of the Company. The Board will have the discretion to retain the Director, KMP, Senior Management Personnel in the same position / remuneration or otherwise even after attaining the retirement age, for the benefit of the Company, subject to the provisions of the Companies Act, 2013 and the Memorandum and Articles of Association of the Company.
POLICY RELATING TO THE REMUNERATION FOR THE MANAGING/WHOLE-TIME DIRECTORS, KMPs AND SENIOR MANAGEMENT PERSONNEL
General:
Remuneration to Whole-time / Executive / Managing Director, KMP and Senior Management Personnel:
Remuneration payable to Managing and Wholetime Directors shall be fixed by the Committee considering the knowledge, experience and other attributes of the incumbent. Such remuneration shall comprise salary, perquisites and commission, within the overall ceiling of 5% or 10% (or such other percentage as may be applicable to the Company under the provisions of the Companies Act from time to time) of the net profit of the company, subject to approval of the shareholders in General Meeting. The Commission payable shall be determined on a year-to-year basis depending on the profit of the Company for that year.
Remuneration of key managerial personnel, namely Chief Financial Officer and Company Secretary and those in Senior Management (senior management meaning all members of the management one level below the Executive Directors, including Functional Heads), will be determined in a manner similar to those for Executive Directors based on recommendation made by the top Management.
As for annual incentive payment to KMPs and those in Senior Management shall be placed to the Nomination & Remuneration Committee for approval
If, in any financial year, the Company has no profits or its profits are inadequate, the Company shall pay remuneration to its Whole-time Director in accordance with the provisions of Schedule V of the Companies Act, 2013 and if it is not able to comply with such provisions, with the previous approval of the Central Government.
If any Whole-time Director draws or receives, directly or indirectly by way of remuneration any such sums in excess of the limits prescribed under the Companies Act, 2013 or without the prior sanction of the Central Government, where required, he / she shall refund such sums to the Company and until such sum is refunded, hold it in trust for the Company.
Remuneration to Non- Executive / Independent Director:
The remuneration / commission shall be fixed based on the conditions mentioned in the Articles of Association of the Company and the Companies Act, 2013 and the rules made thereunder.
Remuneration to the Non-Executive Directors has been prescribed by the Companies Act, 2013. The prescribed remuneration comprise fee for attending meetings of the Board and Committee and commission not exceeding 1% of the net profit of the company, subject to approval of the shareholders in General Meeting. The Commission payable shall be determined on a year-to-year basis depending on the profit of the Company for that year.
The Non- Executive / Independent Director may receive remuneration by way of fees for attending meetings of Board or Committee thereof. The amount of such fees shall be such amount as may be fixed by the Board but not exceeding Rs. 1 lakh (Eupees one lakh) per meeting of the Board or Committee or as may be prescribed by the Central Government from time to time.
An Independent Director shall not be entitled to any stock option of the Company.
The above policy has been formulated by the Nomination and Remuneration Committee at the meeting held on 19.05.2015 and noted by the Board of Directors at its meeting held on 11.06.2015.
Policy on Resolution Framework – 2.0 for Covid-19 related stress of Individuals and Small Businesses
This Policy is made in pursuance of RBI Notification No. RBI/2021-22/31 DOR.STR.REC.11/21.04.048/2021-22 dated May 5, 2021.
This policy may be called the “Policy on Resolution Framework – 2.0 for Covid-19 related stress of Individuals and Small Businesses”.
This policy shall come into effect on the date of approval of the Board of Directors of Peerless Financial Services Limited.
This policy is made with the objective of alleviating the potential stress to individual borrowers and small businesses. It aims to provide a window to implement a resolution plan in respect of eligible corporate exposures without change in ownership, and personal loans, while classifying such exposures as Standard, subject to specified conditions.
This policy is divided into three parts. Part A of pertains to requirements specific to resolution of advances to individuals and small businesses and Part B pertains to working capital support for: (i) individuals who have availed of loans for business purposes, and (ii) small businesses, where resolution plans were implemented previously. Part C lists the disclosure requirements for the Company with respect to the resolution plans implemented under this window.
Further, the borrower accounts should not have availed of any resolution in terms of the Resolution Framework – 1.0 subject to the special exemption mentioned below:
The borrower accounts / credit facilities belong to the categories listed in sub-clauses (a) to (e) of the Clause 2 of the Annex to the Resolution Framework 1.0, read with the response to Sl. No. 2 of FAQs on Resolution Framework for Covid-19 related stress (Revised on December 12, 2020), both issued by the RBI, as mentioned below:
Policy on Resolution Framework – 2.0 for Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)
This Policy is made in pursuance of RBI Notification No. RBI/2021-22/32: DOR.STR.REC.12/ 21.04.048/2021-22 dated May 5, 2021.
This policy may be called the “Policy on Resolution Framework – 2.0 for Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)”.
No. of accounts restructured | Amount (₹ in million) |
---|---|
Policy for prohibition of sexual harassment of women at workplace
I. OBJECTIVE:
Peerless Financial Services Limited “PFSL”) is committed to creating and maintaining a secure work environment where it’s Employees can work and pursue business together in an atmosphere free of harassment, exploitation and intimidation caused by acts of Sexual Harassment within but not limited to the office premises and other locations directly related to the Company’s business.
The objective of this policy is to provide protection against sexual harassment of women at workplace and for the prevention and redressal of complaints of sexual harassment and for matters connected therewith.
All concerned should take cognizance of the fact that PFSL strongly opposes sexual harassment, and that such behavior against women is prohibited by the law as set down in The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder being the The Sexual Harassment of Women at Workplace (hereinafter referred to as “Act”) as well as the terms of employment. Commission of any act of sexual harassment as defined in the Act and in this Policy shall result in strict disciplinary action.
At PFSL, we have zero-tolerance for sexual harassment. We value each and every employee working with us and wish to protect their dignity and self respect. In doing so, we are determined to promote a working environment in which persons of both genders complement each other as equals in an environment that encourages maximum productivity and to keep the personal dignity.
We at PFSL are committed towards giving every employee a just and fair hearing on issues encountered by them at the workplace with special attention to sexual harassment. PFSL will take very serious disciplinary action against any victimization of the employee who is complaining or the alleged harasser that may result from a complaint.
II. SCOPE:
PFSL’s Policy with regard to Prevention, Prohibition and Redressal of Sexual Harassment covers every “employee” across the Company. PFSL encourages every employee who believes they are sexually harassed to use the redressal mechanism as provided in this policy.
The Policy is with respect to Prevention, Prohibition & Redressal of Sexual Harassment which may arise in places not limited to geographical location viz. Company’s offices / branches but includes all such places or locations where acts are conducted in context of working relationships or whilst fulfilling professional duties or which may be visited by an employee during the course of employment including transportation provided by the company for undertaking such visit. PFSL’s Policy against sexual harassment includes sexual harassment by fellow employees, supervisors, managers as well as clients and, visitors including outsource employees. Any place visited by the employee arising out of or during the course of employment including transportation provided by the employer for undertaking such journey.
Sexual harassment is judged by the impact on the complainant and not the intent of the respondent. Sexual harassment as addressed in this Policy need not necessarily be from a male to a female employee, it can be vice versa as well as between individuals of same gender.
This Policy comes into force with immediate effect.
III. DEFINITION:
a. “Aggrieved Person” means a person in relation to work place whether employed or not, who alleges to have been subject to any act of sexual harassment by the Respondent.
b. “Company” means Peerless Financial Services Limited.
c. “employee” means a person employed at a workplace for any work on regular, temporary, ad hoc or daily wages basis, either directly or through an agent, including a contractor, with or, without the knowledge of the principal employer, whether for remuneration or not, or working on a voluntary basis or otherwise, whether the terms of employment are express or implied and includes a co-worker, a contract worker, probationer, trainee, apprentice or called by any other such name;
d. “Internal Complaints Committee” means a committee constituted by Company as per this Policy.
e. “Respondent” means a person against whom the aggrieved person has made a complaint.
f. “Sexual Harassment” includes any one or more of the following unwelcome acts or behavior (whether directly or by implication) such as:
Following circumstances amongst other circumstances mentioned above may constitute sexual harassment if it occurs or is present in relation or connected with any act or behavior of sexual harassment:
In addition to the instances mentioned hereinabove, any other acts or behavior, which outrages the modesty of a female employee, will be considered as sexual harassment.
IV. INTERNAL COMPLAINTS COMMITTEE:
Every complaint received shall be forwarded to internal complaint committee formed under the policy for redressal. The investigation shall be carried out by Internal Complaints Committee constituted for this purpose.
Internal Complaints Committee has been constituted of the following members as nominated by the Company.
a.A woman employee employed at a senior level amongst the employees shall act as Presiding officer of the committee.
b.Not less than 2 members from amongst employees preferably committed to the cause of women OR who have had experience in social work OR have legal knowledge.
c.One member shall be from amongst Non-governmental organizations OR associations committed to the cause of women OR a person familiar with the issues relating to sexual harassment.
The Name of the Members of the Internal Complaints Committee is as per Annexure A of this Policy and any change in such composition shall be effected in the policy Atleast half the total members of the Committee have to be women. The Presiding Officer and every member shall hold office for such period, not exceeding three years, from the date of their nomination as may be specified by the employer.
V. COMPLAINT REDRESSAL MECHANISM:
Any aggrieved person may make, in writing, a complaint of sexual harassment at workplace to the committee giving details of the sexual harassment meted out to her/him within a period of 3 months from the date of incident and in case of a series of incidents, within a period of 3 months from the date of last incident, which may be extended for a further period of 3 months, if circumstances warrant such extension in the opinion of the Internal Complaints Committee.
Where the aggrieved person is unable to make a complaint on account of their physical incapacity, a complaint may be filed by -
a) a relative or friend; or
b) a co-worker; or
c) an officer of the National Commission for Women or State Women’s Commission; or
d) any person who has knowledge of the incident, with the written consent of the aggrieved person.
a) a relative or friend; or
b) a special educator’ or
c) a qualified psychiatrist or psychologist; or
d) the guardian or authority under whose care they are receiving treatment or care; or
e) any person who has knowledge of the incident jointly with any of the above.
humiliating treatment likely to affect the health and safety of the aggrieved person.
Where the aggrieved person for any other reason is unable to make a complaint, a complaint may be filed by any person who has knowledge of the incident, with their written consent.
Where the aggrieved person is dead, a complaint may be filed by any person who has knowledge of the incident, with the written consent of their legal heir.
a. Copy of complaint along with supporting documents and names and address of witness shall be sent to Internal Complaints Committee at 3, Esplanade East, Kolkata 700069.
b. On receipt of such complaint, Internal Complaints Committee shall provide a copy along with supporting documents of such complaints to the Respondent within 7 working days.
c. Respondent shall file reply within 10 working days of receipt of the complaint along with list of documents, names and addresses of witnesses.
d. Internal Complaint Committee shall investigate in detail into the matter of the complaint. The Internal Complaint committee shall have the right to call the person against whom the complaint is made or any other witnesses as when necessary.
e. Internal Complaint Committee shall have the right to terminate the enquiry or give ex-parte decision on the complaint, if the Respondent or complainant remains absent for 3 consecutive hearings, without sufficient cause.
f. The Internal Committee must complete its investigation within a period 90 days.
g. The parties shall not be allowed to bring any legal practitioner to represent them in their case at any stage of the proceedings before the Internal Complaints Committee.
h. For conducting the enquiry the quorum of the Internal Complaints Committee shall be of 3 members including the presiding officer.
a. Monetary settlement will not be made as a basis of conciliation.
b. Where a settlement has been arrived, the settlement terms shall be signed by both the parties and shall be provided with a copy of it.
c. Where, a settlement is arrived as mentioned hereinabove, no further enquiry shall be conducted by the Internal Complaints Committee.
a. summoning and enforcing the attendance of any person and examining him under oath;
b. requiring discovery and production of documents;
c. any other prescribed matter.
a. to transfer the aggrieved person or the respondent to any other workplace;
b. grant leave to the aggrieved person of up to three months which is in addition to leave to which she is otherwise entitled.
Provided, the aggrieved person has to tender justified reason for such transfer or leave, such us threat to work in the workplace.
VI. ACTION:
a. Take action for sexual harassment as a misconduct.
b. To tender written apology to the complainant, issue warning, withholding of promotions / increments of the Respondent, terminating the Respondent.
c. To deduct from salary / wages of the respondent or issue direction for payment; such sum as it may consider appropriate to be paid to the aggrieved person or to their legal heirs, as it may determine.
VII. AWARENESS:
VIII. FALSE ACCUSATIONS:
IX. MISCELLANEOUS:
a. Number of complaints of sexual harassment received during the year;
b. Number of complaints disposed off during the year;
c. Number of cases pending for more than 90 days;
d. Number of workshops or awareness program against sexual harassment carried out;
e. Nature of action taken by the employer.
X. CONCLUSION:
Complaints relating to Sexual Harassment shall be handled and investigations will be conducted under the principles of natural justice, basis of fundamental fairness, in an impartial and confidential manner so as to protect the identity of all viz., the person bringing the charge, potential witnesses, and the person accused of improper behavior. Also, all efforts shall be taken to ensure objectivity and thoroughness throughout the process of investigation.
The identity and address of the aggrieved person, respondent and witnesses must not be published or disclosed to the public or media.
The decision of Company shall be final and binding on all. However, the same is without prejudice to any recourse that Company or the individual concerned may have against the respondent and it shall not limit or restrict the rights of the Complainant and/or Company to pursue, nor shall they be precluded from pursuing, such further and other legal actions as may be available.
Sr.No | Designation | Name | Mobile | |
---|---|---|---|---|
(i) | Presiding Officer | Ms. Sumana Mukherjee | 9830416417 | sumana.mukherjee@peerlessfinance.in |
(ii) | Member | Ms. Ankita Paul Roy | 8017169410 | hr@peerlessfinance.in |
(iii) | Member | Mr. Rajat Kanti Bhanja Chowdhury | 9830251414 | rajat@peerlessfinance.in |
(iv) | Member (Outside Expert and Member of NGO) | Ms. Swati Bajaj | 9830073273 | swatibajaj1975@gmail.com |