Atul Ltd 2014-15

Atul Ltd | Annual Report 2014-15 Item number 07 The Board of Directors (Board) appointed Mr M M Chitale as an Additional Director on October 17, 2014. Subject to the approval of the Shareholders, the Board also appointed Mr Chitale as an Independent Director for five years effective October 17, 2014; his brief résumé is given below: Name Mr M M Chitale Date of birth November 16, 1949 Brief résumé Mr M M Chitale is a founder of the Chartered Accountancy firm, Mukund M Chitale & Co. He has 42 years of experience on advising companies on their business, financial and strategic matters and is acknowledged as an expert in accounting and auditing matters in India. Mr Chitale was the President of the Institute of Chartered Accountants of India and the Chairman of the erstwhile National Advisory Committee on Accounting Standards. He has served on various committees set up by the Central Vigilance Commission, the Government of India, the International Federation of Accountants, the Reserve Bank of India and the Securities Exchange Board of India. Mr Chitale is connected with various reputed social and educational organisations. Mr Chitale is a FCA. Directorship in other companies Public companies: ASREC (India) Ltd Essel Propack Ltd Itz Cash Card Ltd Larsen & Toubro Ltd Larsen & Toubro Infotech Ltd L&T General Insurance Company Ltd ONGC Mangalore Petrochemicals Ltd ONGC Petro Additions Ltd Ram Ratna Wires Ltd Private companies: Principal PNB Asset Management Company Pvt Ltd - Chairman Membership in committees of other companies Chairman of committees: Essel Propack Ltd - Audit Committee Itz Cash Card Ltd - Audit Committee Larsen & Toubro Ltd - Audit Committee Larsen & Toubro Infotech Ltd - Nomination and Remuneration Committee L&T General Insurance Company Ltd - Audit Committee Member of committees: ASREC (India) Ltd - Audit Committee Essel Propack Ltd - Nomination and Remuneration Committee Itz Cash Card Ltd - Nomination and Remuneration Committee Larsen & Toubro Infotech Ltd - Audit Committee Larsen & Toubro Infotech Ltd - Corporate Social Responsibility Committee ONGC Petro Additions Ltd - Audit Committee Principal PNB Asset Management Company Pvt Ltd - Audit Committee Ram Ratna Wires Ltd - Audit Committee Ram Ratna Wires Ltd - Nomination and Remuneration Committee Number of shares held in the Company 50 In terms of Section 149 and other applicable provisions of the Companies Act, 2013, Mr Chitale being eligible and offering himself for appointment, is proposed to be appointed as an Independent Director for five consecutive years from October 17, 2014 to October 16, 2019. A Notice has been received from a Member proposing Mr Chitale as a candidate for the office of Director of the Company. In the opinion of the Board, Mr Chitale fulfills the conditions specified in the Companies Act, 2013 and the Rules made thereunder for his appointment as an Independent Director of the Company and he is independent of the Management. A copy of the draft letter for appointment of Mr Chitale as an Independent Director setting out the terms and conditions will be available for inspection without any fee by the Members at the registered office of the Company during normal business hours on any working day on or before the date of Annual General Meeting. Mr Chitale does not hold by himself or together with his relatives two percent or more of the total voting power of the Company. The Board considers that his association will benefit the Company. Accordingly, the Board recommends the Resolution in relation to appointment of Mr Chitale as an Independent Director for the approval by the Members.