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Remuneration Policy

Approved by the Nomination and Remuneration Committee and Board of Directors of the Company at their meeting held on 24th July, 2014. This being exhibited on this Website according to the section as amended by the Companies Amendment Act, 2017 and enforced with effect from 7th May, 2018.

The Company has a very fair and justified approach towards remuneration of employees. The Company strongly believes that satisfactory performance merits satisfactory remuneration. Following are the basic consideration in this respect.

DIRECTORS :

  1. As the Company presently has Non-executive Directors only they are entitled to fee for attending meetings of the Board and Committee as determined by the Board pursuant to the Articles of Association of the Company.
  2. Commission or other remuneration may be paid to the Non-Executive Directors in future as will be approved by the Members of the Company in terms of the applicable legal provisions.
  3. In case of appointment of Executive Director in future their remuneration will be decided according to the legal provisions and in such case the principles regarding the remuneration to the employee mentioned hereunder shall also be taken into account consideration as applicable.

EMPLOYEES :

  1. Remuneration to employees should be at par with the Industry Standard for the same status of employees.
  2. While fixing remuneration of a new appointee, the Company should consider his / her potential contribution – given his /her qualification and experience alongwith the mind set and approach to responsibilities.
  3. Promotion or upgradation of employees should be performance driven to the satisfaction of management.
  4. Besides the fixed remuneration (consisting of basis salary and other allowances) perquisites such as LTA and reimbursement of some expenses will be part of the remuneration package.
  5. Apart from above incentive from time to time by way of bonus or ex-gratia or otherwise may be considered by the management at its own discretion without creating any procedure.
  6. All statutory dues of the employees should be paid promptly or as early as possible according to the applicable statues.