Page 105 - Kolte Patil AR 2019-20

y y To recommend the Board the policy related to the remuneration Name of the Member Designation Category No. of
of for Directors, Key Managerial Personnel, Senior Management meetings
Personnel (SMP)and other employees; attended
y y To formulate the criteria for effective evaluation of performance Mr. Jayant Pendse Chairman Independent 3
of Board of Directors, its Committees, Chairperson and Director
individual Directors (including Independent Directors), to Mr. Prakash Gurav Member Independent 3
be carried out either by the Board or by NRC or through an Director
independent external agency and review its implementation Mr. G. L. Vishwanath Member Independent 3
and compliance; Director
y y To carry out evaluation performance of every Director of the Mrs. Manasa Member Independent 3
Company; Vishwanath Director
y y To determine whether to extend or continue the term of Mr. Umesh Joshi Member Independent 1
appointment of the independent Director, based on the report Director
of performance evaluation of Independent Directors; Mrs. Sunita Kolte Member Non- 3
Executive
y y To devise a policy on diversity of Board of Directors;
Director
y y To identify persons who are qualified to become directors and
who may be appointed in senior management in accordance d) Remuneration Policy
with the criteria laid down, and recommend to the board of The remuneration structure for Directors, Key Managerial
directors their appointment and removal; Personnel and other employees is performance driven and
y y To formulate and recommend to the Board of Directors the in considering the remuneration payable to the directors,
policy relating to the stock options to the employees, grant the Nomination and Remuneration Committee considers
the stock options to the eligible employees and review the the performance of the Company, the current trends in the
management of stock option scheme; industry, and the experience of the appointee, their past
y y To allot shares under ESOS to the employees who has exercise performance and other relevant factors.
the options granted to them; The Company’s Remuneration Policy for Directors, Key
y y To recommend to the board, all remuneration, in whatever Managerial Personnel and other employees is annexed as
form, payable to senior management; Annexure II to the Directors’ Report. We hereby affirm that
the remuneration paid to the directors is as per the terms laid
y y Carry out functions as may be entrusted (i) by the Board of
Directors from time to time; and (ii) by the virtue of applicable out in the Remuneration Policy for Directors, Key Managerial
provisions of the Companies Act, 2013 (iii) the SEBI (Listing Personnel and other employees. Further, the Company has
Obligations and Disclosure Requirements) Regulations, devised a Policy for performance evaluation of Independent
2015 and any other applicable provisions of Laws, as may be Directors, Board, Committees and other individual Directors.
amended from time to time. e) Performance evaluation criteria for Independent Directors
b) Meetings of Nomination and Remuneration Committee On the basis of the Policy for performance evaluation of
Independent Directors, Board, Committees and other individual
During the financial year 2019-20, the Nomination and
Remuneration Committee met three (3) times on – Directors, a process of evaluation was followed by the Board for
its own performance and that of its Committees and individual
i) 28 May 2019 Directors.
ii) 11 November 2019
f) Details of sitting fees paid to the Non-Executive Directors
iii) 07 February 2020 The Company does not pay any remuneration to its Non-
c) Composition of Nomination and Remuneration Committee Executive Directors apart from sitting fees. The sitting fees paid
The composition of the Nomination and Remuneration to each Non-Executive Director is C50,000/- for each Board
Committee as on 31 March 2020 and attendance of members Meeting. The Details of sittings fees paid for the financial year
in the meetings held during the financial year 2019-20 are as 2019-20 are as follows:-
under:

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