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2.6 Appointment | cessation during the year
Appointed: Nil
Resigned: Nil
Ceased: Nil
2.7 Remuneration
Number Name
Remuneration during the year
Sitting fees
`
Salary and
perquisites
`
Commission
`
Total
`
Chairman & Managing Director
1 Mr S S Lalbhai
–
95,82,809 1,20,63,480
2,16,46,289
Managing Director
2 Mr S A Lalbhai
–
57,54,251
60,31,740
1,17,85,991
Whole time Director
3 Mr B N Mohanan
–
73,57,354
–
73,57,354
Independent Directors
4 Mr G S Patel
2,65,000
–
7,95,000
10,60,000
5 Dr S S Baijal
3,00,000
–
9,00,000
12,00,000
6 Mr B S Mehta
2,80,000
–
8,40,000
11,20,000
7 Mr H S Shah
1,00,000
–
3,60,000
4,60,000
8 Mr S M Datta
1,60,000
–
4,80,000
6,40,000
9 Dr K Aparajithan
–
–
–
–
10 Mr R A Shah
(Alternate Director to Dr K Aparajithan)
1,60,000
–
4,80,000
6,40,000
11 Mr V S Rangan
2,20,000
–
6,60,000
8,80,000
Sitting fees constitute fees paid to Non-executive Directors for attending the Board and Committee meetings of up to
`
20,000 per meeting.
Commission to Non-executive Directors was approved by the Members of the Company at the AGM held on
August 25, 2008 for a period of five years effective from April 1, 2008 up to 1% of the net profits of the Company. The
Board approves, within the aforesaid limit, commission payable to each Non-executive Director.
3.
Committees of the Board
The Board has constituted the following Committees:
Audit Committee
Share Transfer and Shareholders’ | Investors’ Grievance Committee
Investment Committee
Remuneration Committee
3.1 Audit Committee
3.1.1 Role
i) Approving the appointment of CFO
ii) Reviewing | Overseeing the financial reporting process and the disclosure of financial information to ensure that
the financial statements are correct, sufficient and credible
iii) Reviewing matters under the Directors’ Responsibility Statement to be included in the Directors’ Report in terms of
Clause (2AA) of Section 217 of the Companies Act, 1956