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Atul Ltd | Annual Report 2016-17
e) Personal accident insurance and medical insurance: the Company will provide personal accident insurance and
medical insurance as per its policy.
f)
Car: the Company will provide a car at its entire cost as per its policy.
g) Car driver wages | fuel | maintenance: the Company will reimburse for car driver wages, fuel and maintenance
as per its policy.
h) Communication devices: the Company will provide a landline telephone at his residence and mobile telephone
as per its policy.
3) Retirals
a) The Company will contribute towards Provident Fund and Superannuation Fund as per its policy.
b) The Company will pay Gratuity as per its policy. The period worked under this contract will be in continuum
of the service already considered under the policy.
c) The Company will grant leaves and allow encashment of leaves not availed as per its policy. Unavailed
accumulated leaves lying unencashed may also be carried forward to the next tenure, if any.
4) The Company will pay commission at the rate of 0.50% of net profits of the Company provided that the commission
shall not exceed 30 months’ Basic Salary. When payable for the part of the year, commission will be payable on pro-
rata basis.
III.
Mr Lalbhai will not be entitled to sitting fees for attending meetings of the Board and | 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 or Committees thereof.
IV.
The above remuneration and any alteration thereof from time to time is subject to the overall limit of 5% of the annual net
profit of the Company and subject further to the overall limit of 10% of the annual net profit of the Company as computed
under the applicable provisions of the Companies Act, 2013. Provided, however, that in the event of absence or inadequacy
of profit, Mr Lalbhai will be paid minimum remuneration subject to Schedule V of the Companies Act, 2013.
V.
Mr Lalbhai will be entitled to reimbursement of expenses incurred by him in connection with the business of the Company.
VI.
Notice period of 6 months will be applicable from either side.
The Board considers that his association will be of immense benefit to the Company. Accordingly, the Board recommends
the Resolution in Item number 06 in the Notice in relation to reappointment of Mr Lalbhai as a Managing Director for 5 years
for the approval by the Members.
Memorandum of interest
The nature of the concern or interest of Mr Lalbhai, Managing 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 or
Key Managerial Personnel of the Company and their relatives are concerned or interested, financially or otherwise, in the said
Resolution.
Item number 07
Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 (hereinafter referred as ‘Listing Regulations’), provides a regulatory mechanism for re-classification of ‘promoters’
as ‘public shareholders’ subject to fulfillment of conditions as provided therein.
The Company received applications from the following ‘promoters and promoter group’ pursuant to Regulation 31A of the
Listing Regulations for re-classifying them under the ‘public category’:
No.
Name of the promoters | promoter group
No. of shares held as
per application
01.
Arvind Ltd
0
02.
Arvind Brands Ltd (amalgamated with Arvind Brands and Retail Ltd)
0
03.
Arvind Fashions Ltd (formerly known as Arvind J & M Ltd)
0
04.
Asman Investments Ltd (amalgamated with Arvind Brands and Retail Ltd)
0
05.
Aura Merchandise Pvt Ltd
0
06.
Aura Securities Pvt Ltd
0
07
Fast Credit Consulting Pvt Ltd (name changed to Aura Business Enterprise Pvt Ltd)
0
08.
Jayshree Sanjay Lalbhai
0
09.
Kulin Sanjaybhai
0
10.
Lalbhai Shrenikbhai Kasturbhai
100
11.
Punit Sanjaybhai
0
12.
Sanjay Shrenik Lalbhai
4,361