16.2.3 Remuneration of Managing Director This is given under para number 17.2. 17. Key Managerial Personnel and other employees 17.1 Appointments and cessations of Key Managerial Personnel There were no appointments | cessations of the Key Managerial Personnel during 2017-18. 17.2 Remuneration The Remuneration Policy of the Key Managerial Personnel and other employees consists of the following: 17.2.1 Components: i) Fixed pay a) Basic salary b) Allowances c) Perquisites d) Retirals ii) Variable pay 17.2.2 Factors for determining and changing fixed pay: i) Existing compensation ii) Education iii) Experience iv) Salary bands v) Performance vi) Market benchmark 17.2.3 Factors for determining and changing variable pay: i) Business performance ii) Individual performance iii) Grade 18. Analysis of remuneration There is no employee who falls within the criteria provided in Sections 134(3)(q) and 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Thus, the disclosure of the information in respect thereof is not applicable. 19. Management Discussion and Analysis The Management Discussion and Analysis Report covering performance of the Company is given at page number 16. 20. Corporate Governance Report 20.1 Statement of declaration given by the Independent Directors. The Independent Directors have given declarations under Section 149(6) of the Companies Act, 2013. 20.2 Report The Corporate Governance Report is given at page number 18. Details about the number of meetings of the Board held during 2017-18 are given at page number 21. The composition of the Audit Committee is given at page number 23. All the recommendations given by the Audit Committee were accepted by the Board. 20.3 Secretarial standards Secretarial standards as applicable to the Company were followed and complied with during 2017-18. 21. Acknowledgements The Board expresses its sincere thanks to all the employees, customers, suppl iers, investors, lenders, regulatory and Government authorities for their support. For and on behalf of the Board of Directors Mumbai (Wolfgang Schumann) May 07, 2018 Chairman 7
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