49 Directorship in other companies Public companies Amal Speciality Chemicals Ltd Atul Products Ltd Membership in committees of other companies Chairman of committees Nil Member of committees Nil Number of shares held in the Company Nil The terms of appointment of Mr Rajeev Kumar are in accordance with applicable provisions of the Companies Act, 2013. The Board considers that his association will benefit the Company. Accordingly, the Board recommends the Resolution in relation to appointment of Mr Rajeev Kumar as the Managing Director for the approval by the members. I. Legal provisions: 1) Section 178 of the Companies Act, 2013 provides for identification and recommendation by the Committee to the Board regarding appointment as Director. 2) Sections 196 and 197 read with Schedule V of the Companies Act, 2013 provide for appointment and remuneration of Managing Director which need to be approved by the shareholders in the General Meeting. II. Legal provisions: 3) Section 178 of the Companies Act, 2013 provides for identification and recommendation by the Committee to the Board regarding appointment as Director. 4) Sections 196 and 197 read with Schedule V of the Companies Act, 2013 provide for appointment and remuneration of Managing Director which need to be approved by the shareholders in the General Meeting. III. Proposal: Appointment: Considering his contribution to the Company, subject to the provisions of the Companies Act, 2013, it is proposed to appoint him as a Managing director for a period of five years with effect from March 24, 2022. IV. Responsibilities: Mr Rajeev Kumar will have responsibilities of overall supervision of the Company. In addition, he will also be responsible for any other duties as may be assigned to him by the Chairman and the Board. V. Remuneration: a) During his five years tenure, subject to the approval of the shareholders, Mr Rajeev Kumar will be paid remuneration which may be revised from time to time by Atul Ltd. The Company will reimburse
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