Terms and Conditions
Terms & Conditions of Appointment as an
Independent Director
Terms of Appointment:
The term of appointment shall be for a period of 5 consecutive.
The Board expects its Independent Directors to adhere to the provisions of Companies Act, 2013 and the Rules made thereunder, relating to their duties and responsibilities towards the Company.
Remuneration and expenses:
As an Independent Director of the Company they will be entitled to receive following sitting fees for the meetings of the Board or its Committee subject to forming part of the committee:
| Name of the Meeting | Sitting Fees |
|---|---|
| Board | Rs. 3000/- per meeting |
| Audit Committee | Rs. 1500/- per meeting |
| Nomination & Remuneration Committee | Rs. 1500/- per meeting |
| Stakeholders Relationship Committee | Rs. 1500/- per meeting |
| Share Transfer Committee | Rs. 1500/- per meeting |
| Independent Director Meeting | Rs. 1500/- per meeting |
The sitting fees will be subject to deduction of tax at source. The tax deduction certificate for the tax deducted in previous financial year will be provided to you on or before 31st May every year.
- As a director of the company you shall not assign office and any assignment so made shall be void.
- You are required to furnish a declaration every year confirming your eligibility to hold the office of Independent Director of the Company or whenever there is a change in the
circumstances which may affect your status as an Independent Director. - You are restricted from participating in the discussions on contracts or arrangements with parties where you are interested or concerned in any manner.
- You will promptly inform the Company about any changes, if any, in disclosure of interest and declarations furnished by you to the Company.
The Code of Conduct for the Independent Director as prescribed in the Companies Act, 2013 (“the Act”) and adopted by the Board of Directors becomes applicable from the time of appointment as an Independent Director.
Independent Directors are requested to adhere to the said guidelines and the duties and responsibility prescribed under the Act and the Rules made thereunder, during the tenure as Independent Director of the Company.