Atul Ltd 2013-14

37 2.6 Appointment | Cessation  Resigned: Nil  Appointed: Mr B N Mohanan was reappointed as Whole-time Director with effect from January 1, 2014 for a period of three years. Mr S Nammalvar was appointed as an Alternate Director to Mr B N Mohanan with effect from March 28, 2014.  Ceased: Nil 2.7 Remuneration Number Name Remuneration during the year Sitting fees Salary and perquisites Commission Total ` ` ` ` Chairman and Managing Director 1 Mr S S Lalbhai – 1,40,87,291 3,04,55,000 4,45,42,291 Managing Director 2 Mr S A Lalbhai – 73,32,119 79,17,720 1,52,49,839 Whole-time Directors 3 Mr B N Mohanan – 93,55,810 – 93,55,810 Mr S Nammalvar (Alternate to Mr B N Mohanan with effect from March 28, 2014) – 1,17,024 – 1,17,024 Independent Directors 4 Mr G S Patel 2,85,000 – 11,22,000 14,07,000 5 Dr S S Baijal 3,40,000 – 13,86,000 17,26,000 6 Mr B S Mehta 2,80,000 – 12,54,000 15,34,000 7 Mr H S Shah 1,60,000 – 7,92,000 9,52,000 8 Mr S M Datta 2,00,000 – 9,24,000 11,24,000 9 Mr V S Rangan 2,00,000 – 9,90,000 11,90,000 10 Mr R A Shah 2,00,000 – 9,24,000 11,24,000 Sitting fees constitute fees paid to the Independent Directors for attending the Board and Committee meetings of up to ` 20,000 per meeting. Commission to the Independent Directors was approved by the Members of the Company at the AGM held on August 26, 2013 for a period of five years effective from April 1, 2013 up to 1% of the net profits of the Company. The Board approves, within the aforesaid limit, commission payable to each Independent Director. 3. Committees of the Board The Board has constituted the following Committees:  Audit Committee  Nomination and Remuneration Committee  Share Transfer and Shareholders’ | Investors’ Grievance Committee  Investment Committee 3.1 Audit Committee 3.1.01 Role i) Approving the appointment of Chief Financial Officer 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