30 Item number 6 Subject to the approval of the shareholders, the Board appointed Mr Tejas Shukla as an Additional Director. The Board also appointed Mr Tejas Shukla as the Managing Director from October 01, 2023, to September 30, 2028. The terms of appointment of Mr Tejas Shukla are in accordance with applicable provisions of the Companies Act, 2013. His brief résumé is given as follows: Name Mr Tejas Shukla Date of birth May 18, 1981 Brief résumé Mr Tejas Shukla is theManagingDirector of the Company since October 2023. Mr Shukla has 19 years of experience in sales and marketing and is currently the Executive Vice President, Colors Business, Atul Ltd. Mr Shukla holds a graduate degree in Technology from the Institute of Chemical Technology, Mumbai. Directorship in other companies Nil Membership in committees of other companies Nil Cessation from the directorship of listed company in past three years Nil Relationship with other Directors None Number of shares held in the Company Nil The terms of appointment of Mr Tejas Shukla are in accordance with applicable provisions of the Companies Act, 2013. The terms and conditions of the appointment of the Managing Director are set out in the draft agreement, which is placed before the AGM. The material terms of the draft agreement are as under: a) Responsibilities Mr Tejas Shukla will have responsibilities for the overall supervision of the Company. In addition, he will also be responsible for any other duties as may be assigned to him by the Board. b) Remuneration: During his tenure, subject to the approval of the shareholders, Mr Shukla will be paid remuneration which may be revised from time to time by Atul Ltd. The Company will reimburse Atul Ltd 20% 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. c) Mr Shukla 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. d) The above remuneration and any alteration thereof from time to time are 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 Shukla will be paid minimum remuneration subject to Schedule V to the Companies Act, 2013. e) Mr Shukla will be entitled to reimbursement of expenses incurred by him in connection with the business of the Company. f) Notice period of six months will be applicable from either side. g) Others:
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