Together good things happen - Airtel

new talent, the policies also helps in retention of wellperforming
employees, who are contributing to the growth
of the Company.
The ESOP Scheme 2001 is administered through a trust,
whereby the shares held in the trust are transferred to the
employee as and when the concerned employee exercise
stock options under the Scheme.
Under the ESOP Scheme 2005, the employees were allotted
new equity shares upon exercise of stock options up to March
2010. In the board meeting held in April 2010, the Board has
approved acquisition of the Company's equity shares up to
the limit approved by the shareholders in the existing Trust
and appropriate the same towards the Scheme. Accordingly,
henceforth under the ESOP Scheme 2005, instead of
allotment of fresh equity shares, the Company will transfer
the shares so acquired from the trust to the respective
employees. There will be no fresh allotment of equity shares
under the ESOP Scheme.
Disclosure in compliance with clause 12 of the Securities and
Exchange Board of India (Employee Stock Option Scheme and
Employee Stock Purchase Scheme) Guidelines, 1999, as
amended, if provided in Annexure C to this report.
A certificate from M/s S. R. Batliboi & Associates, Chartered
Accountants, Statutory Auditors, with respect to the
implementation of the Company Employee’s Stock Option
schemes would be placed before the shareholders at the
ensuing annual general meeting and a copy of the same shall
be available for inspection at the registered office of the
Company.
PARTICULARS OF EMPLOYEES
The information as are required to be provided in terms of
section 217(2A) of the Companies Act, 1956 read with
Companies (Particular of Employees) Rules, 1975 have been
set out in the annexure to this report. However, in terms of the
provisions of section 219(1)(b)(iv) of the Act, the annual
report has been sent to the members of the Company
excluding these information. Members who desire to obtain
this information may write to the Company Secretary at the
registered office address and will be provided with a copy of
the same.
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956,
the directors to the best of their knowledge and belief
confirm that:
(i) the applicable accounting standards have been followed
along with proper explanation relating to material
departures, in the preparation of the annual accounts for
the year ended March 31, 2010;
(ii) they have selected and applied consistently and made
judgments and estimates that are reasonable and prudent
to give a true and fair view of the state of affairs of the
Company as at the end of the financial year and of the
profit of the Company for that period;
(iii)they have taken proper and sufficient care for the
maintenance of adequate accounting records in
accordance with the provisions of the Companies Act,
1956 and for safeguarding the assets of the Company and
for preventing and detecting fraud and other
irregularities;
(iv)they have prepared the annual accounts on a going
concern basis.
ACKNOWLEDGEMENTS
The directors wish to place on record their appreciation to the
Department of Telecommunications (DOT), the Central
Government, the State Governments, Government of
Bangladesh, Sri Lanka and Africa, Company’s Bankers and
business associates; for the assistance, co-operation and
encouragement they extended to the Company and also to
the employees for their continuing support and unstinting
efforts in ensuring an excellent all-round operational
performance. The directors would also like to thank various
partners viz. Bharti Telecom, Singapore Telecommunications
Limited and other shareholders for their support and
contribution. The Board looks forward to their continued
support in future.
For and on behalf of the Board
Sunil Bharti Mittal
Chairman and Managing Director