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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20<br />
<strong>Thomas</strong> <strong>Cook</strong> (<strong>India</strong>) Limited<br />
The powers and terms <strong>of</strong> reference <strong>of</strong> <strong>the</strong> Audit Committee are in accordance with <strong>the</strong> provisions <strong>of</strong> Clause 49 <strong>of</strong> <strong>the</strong> Listing Agreement.<br />
The Chairman <strong>of</strong> <strong>the</strong> Audit Committee possesses accounting or related financial management expertise and attends <strong>the</strong> Annual<br />
General Meeting <strong>of</strong> <strong>the</strong> Company.<br />
Composition and attendance during <strong>the</strong> financial year ended 31st December, 2011:<br />
The Committee met four (4) times during <strong>the</strong> year under review. The said meetings were held on 17th February, 2011, 26th April, 2011,<br />
26th July, 2011, and 21st October, 2011 respectively.<br />
Sr.<br />
No.<br />
Name <strong>of</strong> Director Designation Category * No. <strong>of</strong> meetings attended<br />
1. Mr. Hoshang Billimoria ** Chairman I & NED 4<br />
2. Mr. Anant Vishnu Rajwade Member I & NED 4<br />
3. Mr. Ramesh Savoor Member I & NED 4<br />
4. Mr. Mahendra Kumar Sharma Member NED 4<br />
5. Mr. Madhavan Menon Invitee MD N.A.<br />
6. Mr. Vinayak K. Purohit Invitee ED N.A.<br />
7. Mr. Rakshit Desai Invitee ED N.A.<br />
* ED – Executive Director<br />
Director<br />
NED – Non-Executive Director I & NED – Independent and Non Executive Director MD – Managing<br />
** Mr. Hoshang Billimoria was present at <strong>the</strong> previous Annual General Meeting held on 5th May, 2011 in terms <strong>of</strong> Clause 49(II) <strong>of</strong><br />
<strong>the</strong> Listing Agreement<br />
(ii) Recruitment & Remuneration Committee:<br />
The Recruitment & Remuneration Committee was formed in August, 1995 consisting <strong>of</strong> two (2) Non-Executive Directors and two (2)<br />
Executive Directors.<br />
As per amended guidelines <strong>of</strong> <strong>the</strong> law, <strong>the</strong> Committee as on 31st December, 2011 comprises <strong>of</strong> three (3) Non Executive and Independent<br />
Directors.<br />
Terms <strong>of</strong> Reference<br />
The Committee has <strong>the</strong> mandate to consider Human Resource Policies pertaining to <strong>the</strong> recruitment and selection <strong>of</strong> Directors<br />
(Executive & Non-Executive) and senior employees <strong>of</strong> <strong>the</strong> Company, <strong>part</strong>icularly <strong>the</strong> ones pertaining to terms and conditions <strong>of</strong><br />
employment, remuneration, retirement benefits, performance appraisals, key succession planning and to make recommendations to<br />
<strong>the</strong> Board.<br />
Remuneration Policy & Performance Criteria<br />
The Recruitment & Remuneration Committee determines and recommends to <strong>the</strong> Board, <strong>the</strong> compensation <strong>of</strong> <strong>the</strong> Directors and<br />
employees. The key components <strong>of</strong> <strong>the</strong> Company’s Remuneration Policy, as approved by <strong>the</strong> Recruitment & Remuneration Committee<br />
are:<br />
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� � �� �������������������������������������������������������������������������������������<br />
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performance.<br />
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� � �� ��������������������������������������������������������������������������������������<br />
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or such o<strong>the</strong>r criteria.<br />
� � �� ����������� �� ������������ ������� ��������� ������ ������ ��� ��� ���� ��������� ����������� ��� ���� ������������ �� �������������<br />
Committee and/or <strong>the</strong> Board <strong>of</strong> Directors <strong>of</strong> <strong>the</strong> Company.<br />
The shareholders approve <strong>the</strong> compensation <strong>of</strong> <strong>the</strong> Executive Directors for <strong>the</strong> entire period <strong>of</strong> <strong>the</strong>ir term. The compensation payable<br />
to each <strong>of</strong> <strong>the</strong> Non-Executive Directors is limited to a fixed percentage <strong>of</strong> pr<strong>of</strong>its per year as recommended by <strong>the</strong> Recruitment &<br />
Remuneration Committee, <strong>the</strong> aggregate <strong>of</strong> which is within <strong>the</strong> limit <strong>of</strong> 1% <strong>of</strong> <strong>the</strong> net pr<strong>of</strong>its <strong>of</strong> <strong>the</strong> Company for <strong>the</strong> year calculated<br />
as per <strong>the</strong> provisions <strong>of</strong> <strong>the</strong> Companies Act 1956, as approved by <strong>the</strong> Board and <strong>the</strong> shareholders, and is separately disclosed in <strong>the</strong>