[Rehan]

Thanks for the suggestions, let me clarify a bit more, the tardy policy should cover:

Late comings.
early leaving.
off without informing.
off on sick leaves for one or two day casually.

The suggested point system is good enough but the tenure for occurance is too long, what if it is 22 days i,e one month.

Yes we do have a HR department and due to the fact that this is a newly launched company, HR is also in process of developing the policies and procedures.