Atul Ltd 2013-14

57 In the opinion of the Board, Mr Shah fulfils the conditions specified in the Companies Act, 2013 and the Rules made thereunder for his appointment as an Independent Director of the Company and he is independent of the Management. Copy of the draft letter for appointment of Mr Shah as an Independent Director setting out the terms and conditions will be available for inspection without any fee by the Members at the Registered office of the Company during normal business hours on any working day. Mr Shah does not hold by himself or together with his relatives two percent or more of the total voting power of the Company. The Board considers that his continued association will be of immense benefit to the Company. Accordingly, the Board recommends the Resolution in relation to appointment of Mr Shah as an Independent Director, for the approval by the Members. Except Mr Shah, being an appointee, none of the Directors and Key Managerial Personnel of the Company and their relatives are concerned or interested, financially or otherwise, in the Resolution set out at Item No 09. This Explanatory Statement may also be regarded as a disclosure under Clause 49 of the Listing Agreements with the Stock Exchanges. Item No 10 Mr V S Rangan is an Independent Director of the Company. Mr Rangan is also a Member of the Audit Committee of the Board of Directors (Board). Name Mr V S Rangan Date of birth February 13, 1960 Brief résumé Mr V S Rangan is a Director of the Company since July 19, 2010. Mr Rangan is an Executive Director of Housing Development Finance Corporation Ltd. Mr Rangan is an Associate of The Institute of Chartered Accountants of India and The Institute of Cost and Works Accountants of India. Directorship in other companies Public Companies: Cholamandalam Investment & Finance Company Ltd HDFC Developers Ltd HDFC Holdings Ltd HDFC Investments Ltd HDFC Property Ventures Ltd HDFC Trustee Company Ltd HDFC Venture Capital Ltd Hindustan Oil Exploration Company Ltd Housing Development Finance Corporation Ltd TVS Credit Services Ltd Private Companies: Credila Financial Services Pvt Ltd HDFC Education & Development Services Pvt Ltd IVF Advisors Pvt Ltd Ruralshores Business Services Pvt Ltd Membership in committees of other companies Member of Committees: Cholamandalam Investment & Finance Company Ltd - Audit Committee Cholamandalam Investment & Finance Company Ltd - Risk Management Committee HDFC Education & Development Services Pvt Ltd - Allotment Committee HDFC Education & Development Services Pvt Ltd - Audit Committee HDFC Holdings Ltd - Audit Committee HDFC Investments Ltd - Audit Committee HDFC Trustee Company Ltd - Audit Committee HDFC Trustee Company Ltd - Customer Service Committee HDFC Trustee Company Ltd - Risk Management Committee Hindustan Oil Exploration Company Ltd - Audit Committee Housing Development Finance Corporation Ltd - Shareholders’ | Investors’ Grievance Committee TVS Credit Services Ltd - Audit Committee Number of shares held in the Company 2,000 Mr Rangan is a Director whose period of office is liable to determination by retirement of Directors by rotation under the erstwhile applicable provisions of the Companies Act, 1956. In terms of Section 149 and other applicable provisions of the Companies Act,