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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