The terms and conditions of appointment of the following Independent Directors are subject to the extant provisions of the (i) applicable laws, including the Companies Act, 2013 (‘2013 Act’) and Clause 49 of the Listing Agreement (as amended from time to time) and (ii) Articles of Association of the Company and any amendment/enactment thereof.
|Sr. No.||Name of Independent Director||Date of appointment|
|1.||Mr. N. Gopalaswami||26/10/2009|
|2.||Mr. Shyamal Ghosh||28/10/2006|
|3.||Mr. Sushil K. Shah||21/09/2003|
|4.||Mr. Kamlesh M. Patel||23/08/2008|
The broad terms and conditions of their appointments as Independent Directors of the Company are reproduced hereunder:
As Independent Directors, they will not be liable to retire by rotation.
The directors may be requested to be a member / Chairman of any one or more Committees of the Board which may be constituted from time to time.
2. Roles, Duties and responsibilities
- As members of the Board, they along with the other Directors will be collectively responsible for meeting the objectives of the Board which include:
- Requirements under the Companies Act, 2013
- “Responsibilities of the Board” as outlined in the Corporate Governance requirements as prescribed by Stock Exchanges under Clause 49 of the Listing Agreement,
- Accountability under the Director’s Responsibility Statement.
- They shall abide by the ‘Code For Independent Directors’ as outlined in Schedule IV to section 149(8) of the 2013 Act, and duties of directors as provided in the 2013 Act (including Section 166) and in Clause 49 of the Listing Agreement and any amendment / enactment thereof from time to time.
- They are particularly requested to provide guidance in their area of expertise.
3. Time Commitment
They agree to devote such time as is prudent and necessary for the proper performance of their role, duties and responsibilities as an Independent Director.
As Independent Directors, they shall be paid sitting fees for attending the meetings of the Board and the Committees of which they are members. The sitting fees for attending each meeting of the Board and its Committees would be as determined by the Board from time to time.
Further, the Company may pay or reimburse to the Director such expenditure, as may have been incurred by them while performing their role as an Independent Director of the Company. This could include reimbursement of expenditure incurred by them for accommodation, travel and any out of pocket expenses for attending Board / Committee meetings, General Meetings, court convened meetings, meetings with shareholders / creditors / management, site visits, induction and training (organized by the Company for Directors) and in obtaining, subject to the expense being reasonable, professional advice from independent advisors in the furtherance of their duties as Independent Directors.
5. Span Code of Conduct
As Independent Directors of the Company, they agree to comply with the Span Code of Conduct for Non-Executive Directors (NEDs).
Unless specifically authorised by the Company, they shall not disclose company and business information to constituencies such as the media, the financial community, employees, shareholders, agents, franchisees, dealers, distributors and importers.
Their obligation of confidentiality shall survive cessation of their respective directorships with the Company.
The provisions of both, Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 including any amendment or enactment thereof from time to time and the Span Code of Conduct on Prevention of Insider Trading, prohibiting disclosure or use of unpublished price sensitive information, would be applicable to the Independent Directors.
Additionally, they shall not participate in any business activity which might impede the application of their independent judgment in the best interest of the Company.
6. Training and Development
The Company may, if required, conduct formal training program for its Independent Directors.
The Company may, as may be required, support Directors to continually update their skills and knowledge and improve their familiarity with the company and its business. The Company will fund/arrange for training on all matters which are common to the whole Board.
7. Performance Appraisal / Evaluation Process
As members of the Board, their performance as well as the performance of the entire Board and its Committees will be evaluated annually. Evaluation of each director shall be done by the other directors. The criteria for evaluation shall be disclosed in the Company’s Annual Report. However, the actual evaluation process shall remain confidential and shall be a constructive mechanism to improve the effectiveness of the Board / Committee.
8. Disclosures, other directorships and business interests
During the Term, they agree to promptly notify the Company of any change in their directorships, and provide such other disclosures and information as may be required under the applicable laws. They also agree that upon becoming aware of any potential conflict of interest with their position as Independent Directors of the Company, they shall promptly disclose the same to the Chairman and the Company Secretary.
During their Term, they agree to promptly provide a declaration under Section 149(7) of the 2013 Act, upon any change in circumstances which may affect their status as an Independent Director.
9. Changes of personal details
During the Term, they shall promptly intimate the Company Secretary and the Registrar of Companies in the prescribed manner, of any change in address or other contact and personal details provided to the Company.
They may resign from the directorship of the Company by giving a notice in writing to the Company stating the reasons for resignation. The resignation shall take effect from the date on which the notice is received by the Company or the date, if any, specified by them in the notice, whichever is later.
Their directorship on the Board of the Company shall cease in accordance with law. The Company may disengage Independent Directors prior to completion of Term (subject to compliance of relevant provisions of the 2013 Act) upon
- Violation of any provision of the Tata Code of Conduct as applicable to NEDs,
- Upon the director failing to meet the criteria for independence as envisaged in Section 149(6) of the 2013 Act.