D. REMUNERATION COMMITTEE :
  The Remuneration Committee consists of three 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 Committee met on 23rd July, 2010 to bring more transparency and proper consideration in the system of revision of remuneration of the senior executives.
  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 2009-10
paid in financial
year 2010-2011
Board
Meetings
 Committee
Meetings
(in Rs.) (in Rs.) (in Rs.)
1 Shri B. K. Birla 1,00,000 - 3,00,000
2 Shri K. G. Maheshwari 40,000 - 3,00,000
3 Shri B. P. Bajoria 60,000 2,10,000 3,00,000
4 Shri P. K. Choksey 80,000 40,000 3,00,000
5 Shri A. Ghosh 80,000 30,000 3,00,000
6 Shri P. K. Mallik 1,00,000 2,50,000 3,00,000
7 Smt. Manjushree Khaitan 1,00,000 - 3,00,000
8 Shri G. B. Pande* 80,000 20,000 3,00,000
9 Shri Deepak Tandon** - - -
  Total: 6,40,000 5,50,000 24,00,000
* Commission & fees paid to the nominating Institution, Life Insurance Corporation of India.

** Resigned with effect from 15th April, 2011 and received the remuneration of Rs.98,40,676/- consist of salary Rs.86,33,786/-, bonus Rs.8,90,400/- and benefits Rs.3,16,490/- for the year ended 31.03.2011 is subject to approval of shareholders in the ensuing Annual General Meeting by special resolution and Central Government.

  Besides the sitting fees & travelling expenses to attend any meeting of the Board or any Committee thereof, the approval of the Shareholders in its meetings held on 1st July, 2010 enables the Company to pay commission in every financial year to its Directors (to be divided amongst them equally) except Whole-time Director at the rate of 1 per cent of the net profit (subject to maximum Rs.50 Lacs per annum as may be decided by the Board from time to time) of the Company computed in the manner referred to in Section 198/349 of the Companies Act, 1956, for a period of 5 years w.e.f. 1st April, 2010. However, the commission payable to the Directors for the financial year 2010-2011 is nil as there being no profit for the said year.
Besides the above, no other pecuniary relationship or transactions vis-a-vis the Company exist with the Non-Executive Directors.
 1   2   3   4   5   6   7   8   9   10   11   12    13   14   15   16 
 1   2   3   4   5   6   7   8   9   10   11   12    13   14   15   16