Amal Ltd 2014-15

Amal Ltd | Annual Report 2014-15 placed on record appreciation of thier services. 13.2 Policies on appointment and remuneration 13.2.1 Appointment While recommending appointment of the Directors, the Nomination and Remuneration Committee considers the following factors: i) Qualification: well educated and experienced in senior leadership positions in industry | profession ii) Traits: positive attributes and qualities iii) Independence: criteria prescribed in Section 149 (6) of the Companies Act, 2013 for the Independent Directors, including no pecuniary interest and conflict of interest 13.2.2 Remuneration of the Non-executive Directors Sitting fees of ` 20,000 for attending meeting of the Board and ` 10,000 for attending any meeting of the Committees thereof. 13.3 Criteria and method of annual evaluation 13.3.1 The criteria for evaluation of performance of a) the Non-independent Directors (Non- executive) b) the Independent Directors c) the Chairman d) the Committees of the Board e) the Board as a whole are summarised in the table at the end of the Directors’ Report at page number 5. 13.3.2 The Independent Directors have carried out annual: i) Review of performance of the Non-independent Directors – Non- executive ii) Review of performance of the Chairperson iii) Assessment of quality, quantity and timeliness of the flow of information to the Board iv) Review of performance of the Board as a whole 13.3.3 The Board has carried out annual evaluation of performance of: i) Its Committees namely Audit, Nomination and Remuneration, Stakeholders Relationship ii) The Independent Directors The templates for the above purpose were circulated in advance for feedback of the Directors. In addition, the Chairman also held discussions with the Directors individually. 14. Key Managerial Personnel and other employees 14.1 Appointments and cessations of the Key Managerial Personnel 14.1.1 Mr V Koppaka ceased to be the Managing Director effective October 18, 2014 and Mr T T P Shaheel was appointed as the Managing Director effective October 18, 2014 up to July 11, 2015. 14.1.2 Mr P N Ogale was appointed as the Managing Director effective July 12, 2015. 14.1.3 Mr S R Kalra was appointed as the Chief Financial Officer effective October 16, 2014. 14.1.4 Mr A N Chhajer ceased to be the Company Secretary effective February 05, 2015. 14.2 Remuneration The Remuneration Policy of the Key Managerial Personnel and other employees is as under: 14.2.1 Components i) Fixed pay a) Basic salary b) Allowances c) Perquisites d) Retirals e) Reimbursements ii) Variable pay 14.2.2 Factors for determining and changing fixed pay i) Existing compensation ii) Education iii) Experience iv) Salary bands