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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.