Annual Report 2012-2013 - HDFC Bank

and its impact on global risk appetite, local growthrates, inflation, fiscal and current account deficits andRupee-dollar rate.DIVIDENDYour Directors are pleased to recommend a dividend of10% for the year ended 31 March 2013. This dividendshall be subject to dividend distribution tax to be paidby the Company but will be tax-free in the hands ofthe members.AWARDS AND RECOGNITIONDuring the year, the Company received the “Beste-Brokerage Award - 2012” in the Outlook MoneyAwards in the runner up category.CORPORATE SOCIAL RESPONSIBILITYAs a responsible Corporate Citizen, the Companystrives for community empowerment throughsocio-economic development of underprivilegedand marginalized sections of society. It’s been theCompany’s endeavour to put more value on bringingsocial good, which is beneficial to the society and thusmaking a difference in the livelihood of the people.During the year under review, the Company supporteda variety of social causes ranging from promotingeducation for underprivileged children, participating inblood donation camps etc. The effort of the Companyon social initiatives is on an ongoing basis.PARTICULARS REGARDING CONSERVATIONOF ENERGY, TECHNOLOGY ABSORPTIONAND FOREIGN EXCHANGE EARNINGS &OUTGOA. Since the Company does not carry out anymanufacturing activities, particulars to bedisclosed with respect to conservation of energyand technology absorption under Section 217(1) (e) of the Companies Act, 1956, read withthe Companies (Disclosure of Particulars in theReport of Board of Directors) Rules, 1988 are notapplicable.B. Details of earnings and expenses in foreigncurrency are reflected at Note no. 24.3 of theFinancial statements.DIRECTORS:Mr. Abhay Aima and Ms. Latika Monga retire byrotation at the ensuing Annual General meeting andare eligible for re-appointment.Mr. S.S. Thakur resigned as Director of the Company.The Board places on record its appreciation for theservices rendered by Mr. S.S. Thakur during his tenureas Director with the Company.EMPLOYEE STOCK OPTIONThe Company had granted 5,42,750 stock options toits employees entitling them to receive an equivalentnumber of Equity shares of face value of Rs. 10/- eachin the Company at an exercise price of Rs. 135/- pershare.During the year under review 1,87,100 stock optionsfurther vested on 17 February 2013. A total of 2,34,225stock options were exercised and allotted by theCompany during the year. The money realised dueto exercise of the said options was Rs. 3,16,20,375/-.A detailed note on this subject is placed in the notesforming part of the financial statements at Note no. 32PUBLIC DEPOSIT:During the year under review, the Company has notaccepted any deposit pursuant to Section 58A of theCompanies Act, 1956.INFORMATION PURSUANT TO SECTION 217(2A) OF THE COMPANIES ACT, 1956:The information required to be given under theprovisions of Section 217(2A) of the CompaniesAct, 1956 read with the Companies (Particulars ofEmployees) Rules, 1975, is given in the Annexureenclosed.AUDITORS:M/s. Deloitte Haskins & Sells, Chartered Accountants,Statutory Auditors of the Company will retire atthe conclusion of the forthcoming Annual GeneralMeeting. Members are requested to consider theirre-appointment on a remuneration, to be decided bythe Board of Directors in mutual consultation withthe Auditors.3