Code of Conduct

(CIN: L27106JH1982PLC001633)

Introduction

This Code of Conduct has been adopted by Bihar Sponge Iron Limited to comply with the applicable rules of the Stock Exchanges where securities of the Company are listed. The principal duty of Directors and Senior Management Personnel is to ensure that the Company is well managed in the interests of its shareholders. The Directors and Senior Management Personnel play the central role in the Company’s governance. The Board of Directors are the Company’s decision-making authority on all matters except those reserved to shareholders.

The Directors/ Senior Management shall ensure that the Company is managed as per provisions of the Code given herein below:-

National interest

The Directors and Senior Management Personnel shall ensure that the Company is committed in all its actions to benefit the economic development of the country in which it operates and does not engage in any activity that would adversely affect such an objective. No project or activity shall be undertaken which is detrimental to the nation's interests, or those that will have any adverse impact on the social and cultural life patterns of the citizens. The business affairs of the company shall be conducted in accordance with the economic development and foreign policies, objectives and priorities of the nation's government, and shall be strived to make a positive contribution to the achievement of such goals at the international, national and regional level, as appropriate.

Financial reporting and records

The Accounts of the Company shall be prepared and maintained fairly and accurately in accordance with the accounting and financial reporting standards which represent the generally accepted guidelines, principles, standards, laws and regulations of the country in which the company conducts its business affairs.

Internal accounting and audit procedures shall fairly and accurately reflect all of the company's business transactions and disposition of assets. All required information shall be accessible to company auditors and other authorized parties and government agencies.

There shall be no willful omissions of any company transactions from the books and records, no advance income recognition, and no hidden bank account and funds. Any willful material misrepresentation of and/or misinformation on the financial accounts and reports shall be regarded as a violation of this code, apart from inviting appropriate civil or criminal action under the relevant laws.