Scheduleforming part of the Balance Sheet - Domain-b

Annual Report 2007-2008
Explanatory Statement
As required by Section 173 of the Companies Act, 1956 (the Act)
1. The following Explanatory Statement sets out the material facts relating to the business under Item Nos. 6 to 11 mentioned in
the accompanying Notice dated June 23, 2008.
Item Nos. 6 to 10
2. At the Annual General Meetings held on September 4, 2003, August 9, 2004 and August 3, 2007 respectively, the Members of
the Company had approved of the appointment and the terms of remuneration of Mr. Raymond N. Bickson, Managing
Director of the Company. The present tenure of Mr. Raymond N. Bickson, as the Managing Director of the Company ends on
July 18, 2008. Mr. Bickson studied at the Goethe Institute in Berlin, the Alliance Française in Paris, the Université de Sorbonne
in Paris, L’école Hôtellière Lausanne, and Cornell University in New York. He is a graduate of the Advanced Management
Program at Harvard Business School in Boston and has extensive language, managerial and hoteliering skills, acquired over
thirty years in various luxury hotels throughout Europe, North America, Australia and Asia. Mr. Bickson was the General
Manager of The Mark, New York, for fifteen years, formerly the New York flagship of The Rafael Group Hotels and now owned
by the Mandarin Oriental Hotel Group.
3. The Board of Directors is of the opinion that it is in the interests of the Company that Mr. Raymond N. Bickson be reappointed
as Managing Director of the Company from July 19, 2008 upto July 18,2013. Accordingly the Board of Directors
had at their meeting held on June 23, 2008, subject to the approval of the Members, re-appointed Mr. Bickson as the
Managing Director of the Company.
4. Mr. Anil P. Goel was appointed as an Additional Director of the Company with effect from March 17, 2008 by the Board of
Directors under Section 260 of the Act and Article 132 of the Articles of Association of the Company. In terms of Section 260
of the Companies Act, 1956, Mr. Goel holds office only up to the date of the forthcoming Annual General Meeting of the
Company but is eligible for appointment as Director. A notice pursuant to Section 257 of the Act, has been received from a
Member together with the requisite deposit signifying intention to propose Mr. Goel as a Director. The Board had also
appointed Mr. Goel as a Whole Time Director of the Company for a period of 5 years with effect from March 17, 2008, subject
to the approval of the Members.
5. Mr. Anil P. Goel has been with the Tata Group since 1982 and has held several financial positions including Chief Financial
Officer of Tata Tea Limited and the last being the Chief Financial Officer of our Company. He is a Chartered Accountant and
graduated from the Shri Ram College of Commerce, Delhi. Mr. Goel is charged with the task of overseeing the Taj Group’s
Finance, Mergers and Acquisitions, Purchase and Legal & Secretarial functions. With over 25 years of experience in the Tata
Group in various financial roles, he brings a unique understanding of fiscal responsibility to Taj. He is a Director on the Board
of several Taj Group Companies.
6. Mr. Abhijit Mukerji was appointed as an Additional Director of the Company with effect from March 17, 2008 by the Board of
Directors under Section 260 of the Act and Article 132 of the Articles of Association of the Company. In terms of Section 260
of the Companies Act, 1956, Mr. Mukerji holds office only up to the date of the forthcoming Annual General Meeting of the
Company, but is eligible for appointment as Director. A notice pursuant to Section 257 of the Act, has been received from a
Member together with the requisite deposit signifying intention to propose Mr. Mukerji’s appointment as a Director. The
Board had also appointed Mr. Mukerji as a Whole Time Director of the Company for a period of 5 years with effect from March
17, 2008, subject to the approval of the Members.
7. Mr. Abhijit Mukerji has held many management roles in the Taj Group over the past 25 years. He holds a degree from the Ecole
Superieure des Sciences Economiques et Commerciales (Cornell E.S.S.E.C., France), Harvard Business School – General
Management Program (GMP) and is a Certified Hotel Administrator (CHA) from the Educational Institute of the American
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