Atul Ltd 2008-09

46 The Company will provide leave travel assistance for self and family once in a year in accordance with the policy of the Company. iv) Personal accident insurance| mediclaim insurance The Company will provide personal accident insurance and mediclaim insurance as per the policy of the Company. Category – ‘B’ i) The Company will contribute towards Provident Fund| Superannuation Fund|Annuity Fund as per the policy of the Company. ii) The Company will pay Gratuity as per the policy of the Company and the relevant laws. The period worked under this contract will be in continuum of the service already considered under the policy. iii) The Company will encash|grant leaves as per the policy of the Company as are applicable to senior executives of the Company. Category – ‘C’ i) The Company will provide a car as per the rules of the Company as are applicable to the senior executives of the Company. ii) The Company will provide a telephone and mobile phone as per the policy of the Company. Personal long distance calls will be recovered. 5. Mr Mohanan will not be entitled to sitting fees for attending meetings of the Board of Directors or Committees thereof. He will, however, be reimbursed the actual travelling, lodging, boarding and out of pocket expenses incurred by him for attending meetings of the Board of Directors and|or Committees thereof. 6. The remuneration referred in Clause 4 and any alteration thereof from time to time is subject to the overall limit of 5% of the annual net profits of the Company and subject further to the overall limit of 10% of the annual net profits of the Company as computed in the manner referred to in Section 198 of the Companies Act, 1956. Provided, however, that in the event of absence or inadequacy of profit Mr Mohanan will be paid remuneration within the limit of minimum remuneration specified in Schedule XIII to the Companies Act, 1956. 7. Mr Mohanan will be entitled to reimbursement of expenses actually and properly incurred in connection with the business of the Company. 8. Mr Mohanan may resign office, subject to three months’ notice. 9. In the event of termination of office, Mr Mohanan would be entitled to compensation in accordance with Section 318 of the Companies Act, 1956. 10. In the event of any dispute or difference arising out of this agreement between the parties, such dispute or difference will be referred to arbitration in accordance with the provisions of The Arbitration and Conciliation Act, 1996 or any statutory modification or substitute thereof and all the provisions of that Act so far as are applicable or of any of them for the time being in force will apply to every reference thereof. The venue of the arbitration will be at Valsad only. 11. Both the parties agree for exclusive jurisdiction of Valsad court only. Memorandum of interest The nature of the concern or interest of Mr Mohanan, Director, is that the above resolution pertains to his agreement with the Company and he will be receiving the remuneration as stated therein if approved. None of the other Directors of the Company are interested in the resolution. The above statement may be treated as an abstract of the terms and memorandum of interest under Section 302 of the Companies Act, 1956. By Order of the Board T R Gopi Kannan President, Finance and Company Secretary Registered office Ashoka Chambers Rasala Marg Ahmedabad 380006 Gujarat, India June 05, 2009