Annual Report 2011 - 2012 - United Breweries Limited

More documents

Recommendations

Info

• To appoint/remove Registrar and Transfer Agent;Report on Corporate Governance (contd.)• To oversee compliance of the norms laid down under the Tripartite Agreement with National Securities DepositoryLimited /Central Depository Services (India) Limited, and• Perform all such acts and deeds, matters and things as it may in its absolute discretion deem necessary, expedient,desirable, usual or proper and to settle any question, dispute, difficulty or doubt that may arise in regard to thematters arising out of the aforesaid acts.In order to facilitate prompt and efficient service to the Shareholders all the transactions in connection with Transfer,Transmission, issue of Duplicate Certificates, etc., have been entrusted to Integrated Enterprises (India) Limited (Formerlyknown as Alpha Systems Private Limited), Registrar and Transfer Agent and the same are being processed and approvedon fortnightly basis.During the year ended March 31, 2012 the Committee met 4 times on April 27, 2011, August 9, 2011, October 31, 2011,and February 07, 2012 for approving the transactions falling within the Terms of reference mentioned above.The Board of Directors has, by a resolution by circulation passed on May 5, 2004, delegated the power to approve transfers /transmission etc., upto 5000 shares to the Managing Director and the Company Secretary, who can act severally in theabove matter.INVESTORS’ GRIEVANCE COMMITTEEThe Investors’ / Shareholders’ Grievance Committee comprises of Mr. Chugh Yoginder Pal, Mr. Sunil Alagh and Mr. ChhaganlalJain as Members. Mr. Chugh Yoginder Pal is the Chairman of the Committee.The Terms of Reference for the Committee include inter alia specifically to look into the redressing of Shareholders’ andInvestors’ complaints like non-receipt of Balance Sheet, non-receipt of declared Dividends, non-receipt of Share certificates,Demat Credit, etcetera, and operate in terms of the provisions of the Listing Agreement and/or the provisions as may beprescribed under the Companies Act, 1956 and other related Regulations from time to time.The Compliance Officer is Mr. Govind Iyengar, Senior Vice President – Legal and Company Secretary.Number of Shareholders’ complaints received from 01-04-2011 to 31-03-2012 (Thesecomplaints pertained mainly to non-receipt of Share Certificates upon transfer, non-receipt ofAnnual Report, non-receipt of Dividend / Interest Warrants / Redemption Warrants, etc.)Number of complaints not solved to the satisfaction of the ShareholdersNumber of pending Share transfers38NILNILDuring the year ended March 31, 2012, one meeting of Meeting of Investors’ Grievance Committee was held onAugust 09, 2011 which was attended by all the members.REMUNERATION /COMPENSATION COMMITTEE (A NON MANDATORY REQUIREMENT)The Remuneration Committee comprises of Mr. Chugh Yoginder Pal, Mr. Sunil Alagh and Mr. Chhaganlal Jain as Members.Mr. Sunil Alagh is the Chairman of the Committee.The Committee is authorized inter alia:• to deal with matters related to compensation by way of salary, perquisites, benefits, etc., to the Managing Director /Executive /Whole time Directors of the Company and set guidelines for the salary, performance, pay and perquisitesto other Senior Employees, and• to formulate and implement Employee Stock Option Scheme to employees /Directors in terms of prescribedGuidelines.During the year ended March 31, 2012, 2 Meeting of Remuneration Committee were held on October 31, 2011 andNovember 23, 2011 which were attended by all the Members.18
Report on Corporate Governance (contd.)REMUNERATION POLICYThe Company carries out periodic reviews of comparable Companies and through commissioned survey ascertains theremuneration levels prevailing in these Companies. The Company’s Remuneration Policy is designed to ensure that theremuneration applicable to Managers in the Company is comparable with multinational Companies operating in theBrewing or similar industry in India.For the financial year ended March 31, 2012, Mr. Kalyan Ganguly, Managing Director and Mr. Guido de Boer, CFO werepaid remuneration as under:(Rupees)Salary & Allowance Perquisites Retiral BenefitsMr. Kalyan Ganguly 53,667,481/- 6,587,147/- 6,763,601/-Mr. Guido de Boer 20,292,436/- 39,600/- 2,018,573/-After his initial term of 5 years, as Managing Director, Mr. Kalyan Ganguly was re-appointed as Managing Director for afurther period of 5 years effective August 09, 2007 till August 08, 2012 and is proposed to be reappointed for a furtherperiod of 5 years effective August 09, 2012.SITTING FEES PAID TO DIRECTORS DURING 2011–2012Sl. No. Name of the Director Sitting Fees paid (Rupees)1. Dr. Vijay Mallya 100,000/-2. Mr. A K Ravi Nedungadi 230,000/-3. Mr. Chugh Yoginder Pal 210,000/-4. Mr. Chhaganlal Jain 290,000/-5. Mr. Sunil Alagh 170,000/-6. Mr. Duco Reinout Hooft Graafland 60,000/-7. Ms. Kiran Mazumdar Shaw 70,000/-8. Mr. Madhav Bhatkuly 80,000/-9. Mr. Stephan Gerlich 40,000/-10. Mr. Theodorus Antonius Fredericus de Rond 40,000/-11. Mr. Sijbe Hiemstra 20,000/-Total 1,310,000/-Sitting fees are being paid @ Rs.20,000/- for attending Board and Audit Committee Meetings and Rs.10,000/- for attendingother Committee Meetings. No stock options are granted to any of the Directors so far.COMMISSION PAID TO DIRECTORS DURING 2011–2012Sl. No. Name of the Director Commission (Rupees)1. Dr. Vijay Mallya 14,269,200/-2. Mr. Chugh Yoginder Pal 1,654,400/-3. Mr. Chhaganlal Jain 1.654.400/-4. Mr. Sunil Alagh 1,654,400/-5. Mr. Madhav Bhatkuly 1,654,400/-6. Ms. Kiran Mazumdar Shaw 1,654,400/-7. Mr. Stephan Gerlich 1,240,800/-19
Page 2: CONTENTSReport of the Directors 1Re
Page 6 and 7: Chairman’s Statement (contd.)whic
Page 8 and 9: March 31, 2012 stood at Rs.1,005.1
Page 10 and 11: Half Marathon and Bangalore World 1
Page 12 and 13: Your Company is implementing severa
Page 14 and 15: Report of the Directors (contd.)CON
Page 16 and 17: Report of the Directors (contd.)CAU
Page 18 and 19: Annexure to Directors’ Report (co
Page 20 and 21: Report on Corporate Governance (con
Page 34 and 35: f) Training of Board Members:Having
Page 36 and 37: Annexure to Auditor’s Report30Ref
Page 38 and 39: Referred to in paragraph 9 (b) of t
Page 40 and 41: Balance Sheet as at March 31, 2012(
Page 42 and 43: Cash Flow Statement for the year en
Page 44 and 45: 38Notes to Financial Statements(All
Page 46 and 47: Notes to Financial Statements (cont
Page 48 and 49: Preference SharesNotes to Financial
Page 50 and 51: 6. LONG-TERM BORROWINGSNotes to Fin
Page 52 and 53: 7. DEFERRED TAX LIABILITIES (NET)No
Page 56 and 57: As atMarch 31, 2012Notes to Financi
Page 66 and 67: c) Accounting for Amalgamation:The
Page 70 and 71: (4) Transaction with Heineken Brouw
Page 72 and 73: STATEMENT PURSUANT TO SECTION 212(1
Page 74 and 75:
Consolidated Balance Sheet as at Ma
Page 76 and 77:
Consolidated Cash Flow Statement fo
Page 78 and 79:
Notes to Consolidated Financial Sta
Page 80 and 81:
Notes to Consolidated Financial Sta
Page 82 and 83:
Preference sharesNotes to the Conso
Page 84 and 85:
6. LONG-TERM BORROWINGSNotes to the
Page 86 and 87:
8. PROVISIONSNotes to the Consolida
Page 88 and 89:
Notes to the Consolidated Financial
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
- All asset and liabilities of the
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
45. DERIVATIVE INSTRUMENTSParticula
Page 108 and 109:
102Notes:
show all

Annual Report 2011 - 2012 - United Breweries Limited

Create successful ePaper yourself

Delete template?

Save as template?