Amal Ltd | Annual Report 2021-22 to Atul Ltd 10% of the remuneration (including revision thereof) drawn by him from Atul Ltd or an amount not exceeding as is allowable under the Companies Act, 2013 whichever is lower. b) Mr Rajeev Kumar will not be entitled to sitting fees for attending meetings of the Board and | or Committees thereof. He will, however, be reimbursed the actual travelling, lodging, boarding and out of pocket expenses incurred by him for attending meetings of the Board or Committees thereof. c) The remuneration referred in Clause a) above 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 Kumar will be paid remuneration within the limit of minimum remuneration specified in Schedule V to the Companies Act, 2013. d) Mr Rajeev Kumar will be entitled to reimbursement of expenses incurred by him in connection with the business of the Company. VI. Notice period of six months will be applicable from either side. VII. Others: 1) In the event of any dispute or difference arising out of this Agreement between the parties, such dispute or difference will be referred to arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 or any statutory modification or substitute thereof and all the provisions of that Act so far as are applicable or of any of them for the time being in force will apply to every reference thereof. The venue of the arbitration will be Courts at Valsad only. 2) Both the parties agree for exclusive jurisdiction of Courts at Valsad only. The remuneration payable to the Managing Director, Mr Rajeev Kumar will be reimbursable to Atul Ltd, being an employee of Atul Ltd. The amount payable will be 10% of the remuneration paid by Atul Ltd subject to a minimum of ` 17,00,000 per annum. Except Mr Rajeev Kumar, being an appointee, none of the Directors and the Key Managerial Personnel of the Company and their relatives are concerned or interested, financially or otherwise, in the Resolution set out at Item number 4. Item number 5 The Board of Directors (Board) appointed Mr Jyotin Mehta as an Additional Director effective April 22, 2022. Subject to the approval of the members, the Board appointed Mr Mehta, as an Independent Director for a term of five consecutive years from April 22, 2022 to April 21, 2027. His brief résumé is as under: Name Jyotin Mehta Date of birth February 16, 1958 Brief résumé Mr Jyotin Mehta is a member of the Board since April 22, 2022. Mr Mehta has 40 years of experience in Finance, Secretarial and Cost Management and was Vice President and Chief Internal Auditor of Voltas Ltd. Mr Mehta holds a graduate degree in Commerce. He is a Fellow Member of the Institute of Chartered Accountants of India, the Institute of Cost and Management Accountants of India and the Institute of Company Secretaries of India.
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