Schedules forming part of the Financial ... - Thomas Cook India
Schedules forming part of the Financial ... - Thomas Cook India
Schedules forming part of the Financial ... - Thomas Cook India
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8<br />
Item No. 9<br />
Revision in terms <strong>of</strong> appointment <strong>of</strong> Mr. Vinayak K. Purohit<br />
Mr. Vinayak K. Purohit, born on 3rd November, 1955, is a Chartered<br />
Accountant and a Finance person by pr<strong>of</strong>ession. He is a graduate <strong>of</strong><br />
<strong>the</strong> Commerce discipline from Mumbai University, as also an Associate<br />
<strong>of</strong> <strong>the</strong> Institute <strong>of</strong> Chartered Accountants <strong>of</strong> <strong>India</strong>.<br />
Mr. Vinayak K. Purohit joined <strong>Thomas</strong> <strong>Cook</strong> (<strong>India</strong>) Limited as its<br />
Executive Director – Finance in May, 2007, from HT Media Limited,<br />
New Delhi where he held <strong>the</strong> position <strong>of</strong> Chief <strong>Financial</strong> Officer for<br />
a year.<br />
Prior to that, Mr. Purohit served as Chief <strong>Financial</strong> Officer <strong>of</strong> Companies<br />
such as GE Countrywide <strong>Financial</strong> Services Limited, Rediff.com <strong>India</strong><br />
Limited, BPL Mobile Communications Limited and Crest Animation<br />
Limited. He worked with Marico Industries Limited from 1992 to 1997<br />
and grew to <strong>the</strong> position <strong>of</strong> General Manager – Finance. In 1984, he<br />
joined Britannia Industries Limited as Corporate Accounts Manager,<br />
where he worked for eight years. Mr. Vinayak K. Purohit started his<br />
career in 1979 as an Accounts Officer with Nirlon Limited.<br />
The Board had, on <strong>the</strong> recommendation <strong>of</strong> <strong>the</strong> Recruitment &<br />
Remuneration Committee, vide resolution passed at its meeting<br />
held on 16th February, 2012, approved <strong>the</strong> revision in Mr. Vinayak<br />
K. Purohit’s terms <strong>of</strong> appointment, with effect from 1st March, 2012<br />
upto 13th May, 2013, <strong>part</strong>icularly, <strong>the</strong> clauses on notice period and<br />
post separation restrictive period in <strong>the</strong> best interests <strong>of</strong> <strong>the</strong> Company,<br />
subject to <strong>the</strong> approval <strong>of</strong> <strong>the</strong> members <strong>of</strong> <strong>the</strong> Company at <strong>the</strong> General<br />
Meeting and subject to such fur<strong>the</strong>r approvals including that <strong>of</strong> <strong>the</strong><br />
Central Government, if any, as may be required under <strong>the</strong> applicable<br />
law.<br />
The modified Clauses, as set out in <strong>the</strong> draft Supplemental Service<br />
Agreement to be entered into, are given below:<br />
Clauses 14 (a) and (b):<br />
14. Notwithstanding anything to <strong>the</strong> contrary herein contained:<br />
(a) The Company shall be entitled to terminate this Agreement<br />
at any time by giving Mr. Purohit not less than 6 (six) month’s<br />
notice in writing in that regard, without assigning any reason<br />
<strong>the</strong>reto, or upon payment to Mr. Purohit <strong>of</strong> <strong>the</strong> Gross Salary<br />
payable to him for a period <strong>of</strong> 6 (six) months in lieu <strong>of</strong> such<br />
notice. Computation <strong>of</strong> Gross Salary will include all components<br />
<strong>of</strong> Mr. Purohit’s remuneration package including perquisites but<br />
<strong>Thomas</strong> <strong>Cook</strong> (<strong>India</strong>) Limited<br />
shall not include stock options and any form <strong>of</strong> Variable Pay like<br />
bonus / commission.<br />
(b) Mr. Purohit shall be entitled to terminate this Agreement at<br />
any time by giving to <strong>the</strong> Company not less than 6 (six) month’s<br />
notice in writing in that regard, without assigning any reason to<br />
<strong>the</strong> Company, or upon payment <strong>of</strong> 6 (six) month’s Gross Salary<br />
in lieu <strong>of</strong> such notice. Computation <strong>of</strong> Gross Salary will include<br />
all components <strong>of</strong> Mr. Purohit’s remuneration package including<br />
perquisites but shall not include stock options and any form <strong>of</strong><br />
Variable Pay like bonus / commission.<br />
All o<strong>the</strong>r terms and conditions stated in <strong>the</strong> Service Agreement dated<br />
21st June 2010 shall remain unchanged and be applicable accordingly,<br />
except Clauses 14 (a) and (b) as mentioned hereinabove.<br />
A copy <strong>of</strong> Agreement to be entered into by <strong>the</strong> Company in respect<br />
<strong>of</strong> variation <strong>of</strong> <strong>the</strong> terms <strong>of</strong> appointment <strong>of</strong> Mr. Vinayak K. Purohit is<br />
available for inspection by <strong>the</strong> Members at <strong>the</strong> Registered Office <strong>of</strong> <strong>the</strong><br />
Company on all its working days except Saturdays, Sundays and public<br />
holidays between 11 a.m. and 1 p.m. upto <strong>the</strong> date <strong>of</strong> <strong>the</strong> ensuing<br />
Annual General Meeting and will also be available for inspection at<br />
<strong>the</strong> Meeting.<br />
The Board <strong>of</strong> Directors, <strong>the</strong>refore, commends <strong>the</strong> passing <strong>of</strong> <strong>the</strong><br />
Special Resolution contained in Item No. 9 <strong>of</strong> <strong>the</strong> accompanying<br />
Notice.<br />
Mr. Purohit holds 6000 (six thousand) shares in <strong>the</strong> Company. As<br />
on 31st December, 2011, he is a member <strong>of</strong> <strong>the</strong> Share Transfer &<br />
Shareholders’ / Investors’ Grievance Committee and Sub-Committee<br />
<strong>of</strong> <strong>the</strong> Board <strong>of</strong> Directors <strong>of</strong> <strong>the</strong> Company.<br />
No Director o<strong>the</strong>r than Mr. Vinayak K. Purohit may be considered to<br />
be concerned or interested in <strong>the</strong> said resolution.<br />
BY ORDER OF THE BOARD<br />
R. R. KENKARE<br />
President & Head – Legal & Company Secretary<br />
Registered Office:<br />
<strong>Thomas</strong> <strong>Cook</strong> Building,<br />
Dr. D. N. Road, Fort, Mumbai 400 001<br />
Dated: 16th February, 2012<br />
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