Chairman & Managing Director / Executive Directors
The remuneration of Chairman & Managing Director comprises of salary, allowances, perquisites and other benefits. In addition, the Chairman & Managing Director is also paid a commission, calculated with reference to the Net Profits of the Company in a particular Financial Year, as may be determined by the Board of Directors, subject to the overall ceiling stipulated in Section 197 and other relevant provisions of the Act.
The remuneration of Executive Directors comprise of Fixed Pay and Variable Pay which ranges from 0% to 20% of their respective costs to Company for a particular Financial Year based on the performance rating depending upon their individual and also the Company’s performance as per policy of the Company.
The details of remuneration of Chairman & Managing Director and Executive Directors for the Financial Year 2019-20 are as under:
|
₹ Crores |
||||
|---|---|---|---|---|---|
Name |
Salary & Allowances |
Perquisites |
Retirement Benefits |
Commission / Variable Pay |
Total |
Shri Deepak C. Mehta |
4.60 |
1.48 |
0.84 |
7.00 |
13.92 |
Shri Umesh Asaikar |
4.10 |
0.60 |
0.62 |
1.15 |
6.47 |
Shri Maulik D. Mehta |
0.87 |
0.23 |
0.15 |
0.28 |
1.53 |
Shri Sanjay Upadhyay |
1.80 |
0.42 |
0.38 |
0.53 |
3.13 |
The term of appointments of Shri Deepak C. Mehta, Chairman & Managing Director, Shri Sanjay Upadhyay, DirectorFinance & CFO and Shri Maulik Mehta, Whole-time Director are for a period of five years from the date of their respective appointments. Shri Umesh Asaikar was re-appointed as Executive Director & CEO for a period from May 9, 2018 to May 31, 2020.
Shri Umesh Asaikar, Shri Sanjay Upadhyay and Shri Maulik Mehta are liable to retire by rotation.
There is no provision for payment of severance fees.
The Company does not have any Stock Options Scheme.
The remuneration of Managing Director comprises of salary, allowances, perquisites and other benefits. In addition, the Managing Director is also paid a Commission, calculated with reference to the Net Profits of the Company in a particular Financial Year, as may be determined by the Board of Directors, subject to the overall ceiling stipulated in Section 197 and other relevant provisions of the Act. The remuneration of Executive Directors comprises of fixed pay and variable pay which ranges from 0% to 20% of cost to the Company for a particular Financial Year.
The performance criteria for the variable pay portion of the Executive Directors comprise of key indicators of Company’s Performance such as Sales, EBITDA, PBT, Working Capital Management, Compliances, Growth in Market Capitalization, Credit Ratings, Cost of Borrowings.