D. REMUNERATION COMMITTEE :
During the year under review the Remuneration Committee was reconstituted by the Board in its meeting held on 31st July, 2008
to bring more transparency and proper consideration in the system of revision of remuneration of the executives.
The Committee consists of 3 Non-Executive Independent Directors i.e. Shri B. P. Bajoria as Chairman and other two members
are Shri P. K. Mallik and Shri P. K. Choksey.
THE DETAILS OF REMUNERATION PAID DURING THE YEAR TO THE DIRECTORS ARE AS UNDER :
Sl.
No. |
Name of the Directors |
Sitting fees paid for |
Commission for
the
financial
year
2007-08
paid
in
financial
year
2008-09
|
Board
Meetings
|
Committee
Meetings
|
| (in Rs.) |
(in Rs.) |
(in Rs.) |
| 1 |
Shri B. K. Birla |
80,000 |
- |
2,50,000 |
| 2 |
Shri K. G. Maheshwari |
20,000 |
- |
2,50,000 |
| 3 |
Shri B. P. Bajoria |
70,000 |
1,00,000 |
2,50,000 |
| 4 |
Shri P. K. Choksey |
60,000 |
25,000 |
2,50,000 |
| 5 |
Shri A. Ghosh |
60,000 |
25,000 |
2,50,000 |
| 6 |
Shri P. K. Mallik |
80,000 |
1,35,000 |
2,50,000 |
| 7 |
Smt. Manjushree Khaitan |
10,000 |
- |
2,50,000 |
| 8 |
Shri G. B. Pande* |
60,000 |
- |
2,50,000 |
| 9 |
Shri S. K. Parik** |
- |
- |
- |
| |
Total: |
4,40,000 |
2,85,000 |
20,00,000 |
* Commission & fees paid to the nominating Institutions i.e Life Insurance Corporation of India
**Notwithstanding Shri Parik, being the Director, draws and continues to draw remuneration as Sr. President, Finance & Taxation and Secretary, which for the financial year ended 31st March, 2009 was Rs. 62,00,061/-.
Besides the sitting fees & travelling expenses to attend any meeting of Board or any Committee thereof, the approval of Shareholders in its meeting held on 30th June, 2005/26th June, 2008 enables the company to pay commission in every financial year to its Directors (to be divided amongst them equally)except to Shri S. K. Parik at the rate of 1 per cent of the net profit (restricted to Rs. 25 lacs* per annum) of the company computed in the manner referred to in section 198/349 of the Companies Act, 1956 for a period of five years w.e.f. 1st April, 2005.
Commission payable to the Directors for the financial year 2008-2009 is Rs 20,00,000/-.
Besides the above, no other pecuniary relationship or transactions vis a vis the Company exists with the Non-Executive Directors.
*
enhanced from Rs. 15 lacs per annum, effective fi nancial year 2007-08, in shareholders' meeting held on 26th June, 2008.
