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Schedules forming part of the Account
s
(Rs in lacs)
7
Managerial remuneration:
(a) Calculation of Directors, Managing & Executive Directors’ commission:
Profit as per Profit and Loss Account
3,786.97
Add: Managing Directors’ remuneration (including perquisites)
152.56
Executive Directors’ remuneration (including perquisites)
96.16
Directors’ commission
12.00
Depreciation
3,166.88
Provision for taxation
782.05
Payment under VRS scheme
94.22
4,303.87
8,090.84
Less: Depreciation under section 350
3,166.88
Profit on which commission is payable
4,923.96
(i)
Commission to Managing Directors:
Mr S S Lalbhai @0.75% on Rs4923.96 lacs
36.93
Mr S A Lalbhai @0.50% on Rs4923.96 lacs
24.62
61.55
(ii) Commission to Executive Director:
Commission payable to Executive Director Mr J L Shah @ 1% of
operating profit of Division viz P P Site upto December 31, 2008 or
his basic salary upto the period of employment i.e. December 31, 2008
whichever is lower i.e. lower of Rs18.93 lacs or 1% of
Rs21.04 lacs (nine months basic salary)
18.93
(iii) Directors’ commission:
Directors’ commission @1% on Rs4923.96 lacs
49.24
Maximum as determined by the Board of Directors
12.00
SCHEDULE 16 NOTES FORMING PART OF THE ACCOUNTS
(Contd.)
2008-09
(b) Details of payments and provisions on account of remuneration to Managing Directors included in the respective heads of
expenditure in Profit and Loss Account are as under:
Particulars
S S Lalbhai
S A Lalbhai
2008-09 2007-08
(i) Salary
35.99
21.99
57.98
57.98
(ii) House rent allowance
–
2.20
2.20
2.20
(iii) Commission
36.93
24.62
61.55
56.43
(iv) Gratuity
1.73
1.06
2.79
2.41
(v) Contribution to provident and other funds
8.22
5.16
13.38
13.38
(vi) Perquisites
6.68
7.98
14.66
13.18
Total
89.55
63.01
152.56
145.58
Estimated monetary value of perquisites to
Managing Directors on account of furniture
–
0.42
0.42
0.42
(Rs in lacs)
68