Remuneration Policy

Remuneration Committee and Policy

 

The Remuneration Committee of the Company comprises of five (5) Non-Executive Directors, three of whom are Independent Directors. Mr. N. C. Jain, Non-Executive Independent Director is Chairman of the Committee and other members are Mr. B. K. Syngal, Non-Executive Independent Director, Mr. Rajan Jetley, Non Executive Independent Director, Mr. Ashok Kurien, Non-Executive Director and Mr. Laxmi N. Goel, Non-Executive Director.The Company Secretary is the Secretary to the Committee.

 
The terms of reference of the Remuneration Committee, inter alia , consists of reviewing the overall compensation policy, service agreements and other employment conditions of Executive Director(s). The recommendations of the Remuneration Committee are considered and approved by the Board of Directors, subject to the approval of the shareholders. The Executive Director(s) is/are entitled to Performance Incentive for each financial year as may be determined by the Board on the recommendation of Remuneration Committee
 

During the year under review, Remuneration Committee met on three occasions, viz. on June 16, 2008, July 30, 2008 and October 20, 2008. Details of the remuneration paid to Mr. Punit Goenka, Whole-time Director & CEO of the Company during the year ended March 31, 2009 is as under:

 
Particulars Amount (Rs.)
Salary & Allowances 21,181,847
Perquisites 3,177,279

Employer’s Contribution to Provident Fund

 1,908,000
Total 26,267,126
 

Remuneration payable to Non-Executive Directors

 

Non-Executive Directors are entitled to sitting fees of Rs. 10,000/- per meeting, for attending the meetings of the Board and Committees thereof other than Share Transfer and Investors Grievance Committee, the limits for which have been approved by the Shareholders.

 

Additionally, as approved by the Members and the Central Government, the Non-Executive Directors are entitled to remuneration by way of Commission for each financial year up to an aggregate limit of 1% of net profits of the Company. The commission payable is determined by the Board based inter alia on the performance of and regulatory provisions, applicable to the Company. As per the current remuneration policy, the Company pays equal amount of commission to Non-Executive Directors on pro rata basis. Details of the remuneration of the Non-Executive Directors of the Company for Financial year 2008-2009 are as under:

 
Sr. No. Name of Director Sitting Fees Commission Total
1 Subhash Chandra 70,000 1,180,000 1,250,000
2 Laxmi N. Goel 60,000 1,180,000 1,240,000

3

Ashok Kurien 120,000 1,180,000 1,300,000
4 D. P. Naganand 100,000 1,131,000 1,231,000
5 N. C. Jain 130,000 1,180,000 1,310,000
6 B. K. Syngal 90,000 1,180,000 1,270,000
7 Rajan Jetley 50,000 1,180,000 1,230,000
8 Gulam Noon 20,000 1,180,000 1,200,000
9 M. Y. Khan 60,000 1,180,000 1,240,000
10 R. Vaidyanathan 120,000 1,180,000 1,300,000
  Total 820,000 11,751,000 12,571,000
 

Disclosure with respect to Non-Executive Directors on other pecuniary relationship – None

 


Last Updated - January 06, 2010