untitled

47 / 116

| Annual Report 2008-09
45
No Directors except Mr Mohanan is
interested in or concerned with this
resolution.
Your Directors recommend passing of the
resolution.
Item No. 7
Mr B N Mohanan was appointed as
Additional Director of the Company by
the Board of Directors with effect from
January 01, 2009 and his continuation as
director is being proposed by Item No 7.
The Board of Directors subject to
approval of the Members appointed Mr
Mohanan as a Wholetime director
effective from January 01, 2009 for a
period of five years. The terms of
appointment of Mr Mohanan are in
accordance with Section 269 read with
Schedule XIII of the Companies Act, 1956
and hence the approval of Central
Government is not required. Brief resume
of Mr Mohanan is given supra.
The terms and conditions of the
appointment of Mr Mohanan are set out
in the draft agreement, which is placed
before the meeting. The material terms
of the draft agreement are as under
1. Mr Mohanan is appointed as
Wholetime Director of the Company to
carry out such functions as entrusted to
him by the Chairman and Managing
Director |the Board of Directors.
2. Mr Mohanan is to devote such time
and attention to the business of the
Company as required by the Chairman
and Managing Director| the Board of
Directors.
3. Period of office of Mr Mohanan is 5
years with effect from January 01, 2009.
4. Remuneration payable to Mr
Mohanan:
(a) Basic salary of Rs1,60,331 per
month which may be increased up to
Rs4,00,000 per month by the
Remuneration Committee within the
contractual period of 5 years.
(b) Allowances
Other allowances|benefit Rs82,540 per
month as per the policy of the Company
which may be increased up to
Rs2,00,000 per month by the
Remuneration Committee.
(c) Performance bonus
i) The Company will give performance
bonus as per its policy.
(a) Perquisites
The following perquisites will be allowed:
Category – ‘A’
i) Housing
The Company will provide a residential
accommodation with water, electricity,
furniture and fixtures as per the policy of
the Company.
ii) Medical reimbursement
The Company will reimburse, as per the
policy medical expenses actually incurred.
iii) Leave travel concession
Brief resume Mr Mohanan was appointed as an Additional Director on January 01, 2009.
He is . (Engg. Hon.). He has over 3 decades of experience in various
capacities. He joined the Company about 16 years ago. Currently he is the
President, Infrastructure Unit and the Occupier. His responsibilities include
safety, health, environment, utilities and infrastructure management.
Mr Mohanan is also Managing Director of Atul Rajasthan Date Palms Ltd, a
joint venture company between Atul and Rajasthan Horticulture Development
Society, a Rajasthan Government unit.
Directorship in other companies Atul Rajasthan Date Palms Limited (Managing Director)
Atul Bio Space Pvt Ltd
Position in committees of other companies Nil
Number of shares held in the Company 4700