| |
|
|
Modi
Hoover International Limited (MHIL), is a company set up
to market world-class home appliances in India and also in other international
markets.
The company was promoted by Modi Hoover Ltd., a joint venture with
Maytag International Inc. USA.
Modi Hoover a joint venture with Maytag.
Maytag is a US Corporation with a turnover of over US $ 4 Billion.
Headquartered in Newton Iowa USA, Maytag is a leading company in
the appliances market.
Maytag's product range includes top quality refrigerators, Vacuum
Cleaners, Washing Machines, Commercial laundry equipments and Kitchen
equipments. Maytag's range of products are marketed worldwide under
a range of brands all of which have reputation of being top of the
class. Maytag, Hoover, Jenn-Air, Dixie Narco and Admiral are some
of Maytag's top brands.
"In a short span , Modi Hoover has become a well known
brand in Indian households, for vacuum cleaners and water purifiers."
Modi Hoover is the only company in India to export Vacuum Cleaners.
Major export markets for Modi Hoover are Dubai, Oman, Qatar,
Yemen, Thailand and Hong Kong.
| Background |
|
This Code of Conduct has been adopted by Modi Hoover International Limited in compliance with the provisions of Clause 49 of the Listing Agreement with the Stock Exchange(s). |
| |
| Applicability |
|
The Code has been made applicable to the Members of Board of Directors and Members of the Senior Management Team of the Company one level below the Functional Directors. The Managing Director shall be the Compliance Officer for the purpose of this Code. |
| |
| Effective Date |
| The Code shall come into force with effect from 1st January 2006, as amended. |
| |
| Code of Conduct |
The Board Members and Senior Management Team shall observe the highest standards of ethical conduct and integrity and shall work to the best of their ability and judgement. |
| |
| The Board Members and the Senior Managers of the Company: |
1 |
Shall maintain and help the Company in maintaining highest degree of Corporate Governance practices. |
2 |
Shall act in utmost good faith and exercise due care, diligence and integrity in performing their office duties. |
3 |
Shall ensure that they use the Company's assets, properties, information and intellectual rights for official purpose only or as per the terms of their appointment. |
4 |
Shall not seek, accept or receive, directly or indirectly, any gift, payments or favour in whatsoever form from Company's business associates, which can be perceived as being given to gain favour or dealing with the Company and shall ensure that the Company's interests are never compromised. |
5 |
Shall maintain confidentiality of information entrusted by the Company or acquired during performance of their duties and shall not use it for personal gain or advantage. |
6 |
Shall not commit any offences involving morale turpitude or any act contrary to law or opposed to the public policy. |
7 |
Shall not communicate with any member of press or publicity media or any other outside agency on matters concerning the Company, except through the designated spokespersons or authorized otherwise. |
8 |
Shall not, without the prior approval of the Board or Senior Management, as the case may be, accept employment or a position of responsibility with any other organization for remuneration or otherwise that are prejudicial to the interests of the Company and shall not allow personal interest to conflict with the interest of the Company. |
9 |
Shall in conformity with applicable legal provisions disclose personal and/ or financial interest in any business dealings concerning the Company and shall declare information about their relatives (spouse, dependent children and dependent parents) including transactions, if any, entered into with them. |
|
| |
| Compliance Reporting |
The Board Members and Senior Management shall affirm compliance with this Code on an annual basis as at the end of the each financial year of the Company and the same shall form part of the Annual Report under Corporate Governance Report. |
| |
28th April 2006 |
|
|
