Amal Ltd 2015-16

Amal Ltd | Annual Report 2015-16 14.1.2 Mr S S Lalbhai retires by rotation and being eligible, offers himself for reappointment at the forthcoming AGM scheduled on September 23, 2016 14.1.3 During 2015-16, Mr T T P Shaheel resigned as the Managing Director effective July 11, 2015. The Board placed on record appreciation of his services. 14.2 Policies on appointment and remuneration 14.2.1 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 14.2.2 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 Committee thereof. 14.3 Criteria and method of annual evaluation 14.3.1 The criteria for evaluation of performance of a) the Non- independent Directors (Executive) b) the Non- Independent Directors (Non- executive) c) the Independent Directors d) the Chairman e) the Committees of the Board f) the Board as a whole are summarised in the table at the end of the Directors’ Report at page number 05. 14.3.2 The Independent Directors have carried out annual: i) Review of performance of the Non- independent Directors - Executive ii) Review of performance of the Non-independent Directors - Non- executive iii) Review of performance of the Chairman iv) Assessment of quality, quantity and timeliness of the flow of information to the Board v) Review of performance of the Board as a whole 14.3.3 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 purposewere circulated in advance for feedback of the Directors. In addition, the Chairman also held discussions with the Directors individually. 15. Key Managerial Personnel and other employees 15.1 Appointments and cessations of the Key Managerial Personnel 15.1.1 Mr T T P Shaheel ceased to be the Managing Director effective July 11, 2015 15.1.2 Mr P N Ogale was appointed as the Managing Director effective July 12, 2015. 15.1.3 Mr A T Mankodi was appointed as the Company Secretary and Compliance Officer effective August 01, 2015. 15.2 Remuneration The Remuneration Policy of the Key Managerial Personnel and other employees is as under: 15.2.1 Components i) Fixed pay a) Basic salary b) Allowances c) Perquisites d) Retrials e) Reimbursements ii) Variable pay