105 Corporate Overview 01 - 23 Statutory Reports 24 - 109 Financial Statements 110 - 263 The terms and conditions of the reappointment of Mr Mohanan are set out in the draft agreement, which are placed before the AGM. The material terms of the draft agreement are as under: I. Responsibilities: Mr Mohanan will have responsibilities of overall supervision of Utilities and Services Unit. He will also discharge the responsibility of the Occupier. In addition, he will also be responsible for any other duties as may be assigned to him by the Chairman and Managing Director or the Board. II. Remuneration: During tenure, he will be paid remuneration as below: 1) Basic salary of ` 3,98,942/- per month. The basic salary may be increased from time to time by the Nomination and Remuneration Committee at its absolute discretion within his contractual period from January 01, 2023 to May 25, 2025; however, the maximum basic salary payable will not exceed ` 5,92,000/- per month. 2) Allowances | Benefits of ` 4,38,187/- per month which may be revised from time to time up to ` 5,99,000/- per month. 3) Variable pay as per policy of the Company. 4) Perquisites a) Housing: the Company will provide residential accommodation with water and electricity or pay house rent allowance as per its policy. b) Furnishing: the Company will provide furniture and fixtures as per its policy. c) Medical reimbursement: the Company will reimburse medical expenses incurred as per its policy. d) Leave travel assistance: the Company will provide leave travel assistance for self and family once in a year as per its policy. e) Personal accident insurance | Medical insurance: the Company will provide personal accident insurance and medical insurance as per its policy. f) Car: the Company will provide a car at its entire cost as per its policy. g) Car driver wages | fuel | maintenance: the Companywill reimburse for car driver wages, fuel andmaintenance as per its policy. h) Communicationdevices: theCompanywill providea landline telephoneat residenceandother communication devices as per its policy. 5) Retirals a) The Company will contribute towards provident fund and superannuation fund provided that such contributions either singly or put together do not exceed the limit prescribed under Section 36(I)(iv) of Income Tax Act, 1961 read with Rule 87 of Income Tax Rules, 1962. b) The Company will pay gratuity as per its policy. The period worked under this contract will be in continuum of the service already considered under the policy. c) The Company will grant full pay and allowances leaves, not exceeding one month for every 11 months of service. Unavailed accumulated leaves lying unencashed may also be carried forward to the next tenure, if any. III. Mr Mohanan will not be entitled to sitting fees for attending meetings of the Board and | or Committees thereof. He will, however, be reimbursed for the actual travelling, lodging, boarding and out-of-pocket expenses incurred by him for attending meetings of the Board or Committees thereof. IV. The above remuneration and any alteration thereof from time to time is subject to the overall limit of 5% of the annual net profit of the Company and subject further to the overall limit of 10% of the annual net profit of the Company as computed under the applicable provisions of the Companies Act, 2013. Provided, however, that in the event of absence or inadequacy of profit, Mr Mohanan will be paid minimum remuneration subject to Schedule V of the Companies Act, 2013. V. Mr Mohananwill be entitled to reimbursement of expenses incurred by him in connectionwith the business of the Company. VI. The Directors are at liberty to appoint more than one Whole-time Director. VII. A notice period of six months or payment in lieu thereof will be applicable from either side.
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