110 Atul Ltd | Annual Report 2022-23 Atul Ltd | Annual Report 2022-23 Atul Ltd Atul House G I Patel Marg Ahmedabad 380 014, Gujarat India Atul Ltd | Annual Report 2022-23 Reconnect | Reimagine | Regrow Corporate Overview Statutory Reports Financial Statements The terms and conditions of the reappointment of Mr Lalbhai are set out in the draft agreement, which is placed before the AGM. The material terms of the draft agreement are as under: I. Responsibilities: Mr Lalbhai will carry out the functions entrusted to him by the Board subject to the superintendence, direction and control of the Board. Certain special powers relating to the Management are conferred on him and enumerated in the draft agreement. II. Tenure The period of office of Mr Lalbhai will be for five years from July 01, 2024 to June 30, 2029. III. Remuneration: During tenure, he will be paid remuneration as below: 1) Basic salary of ` 21,37,245 (Rupees twenty one lakhs thirty seven thousand two hundred and forty five only) 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 of five years; however, the maximum basic salary payable will not exceed ` 45,00,000 (Rupees forty five lakhs only) per month. 2) Perquisites a) Housing: the Company will provide residential accommodation with gas, 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 for self and family 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) Group accident insurance:: the Company will provide group accident insurance of a sum assured up to ` 50 cr. f) Club fees: the Company will reimburse annual fees for up to two clubs. g) Car: the Company will provide a car at its entire cost as per its policy. h) Car driver wages | fuel | maintenance: the Companywill reimburse for car driver wages, fuel andmaintenance as per its policy. i) Communication devices: the Company will provide a landline telephone at the residence and other communication devices as per its policy. 3) Retirals a) The Company will contribute towards the 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 the 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. 4) Commission T he Company will pay commission at the rate of 1% of the net profit of the Company provided that the commission will not exceed 60 months of basic salary. When payable for the part of the year, the commission will be payable on a pro-rata basis. IV. Mr Lalbhai 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.
RkJQdWJsaXNoZXIy MjA2MDI2