UBHL annual report - United Spirits Limited

Corporate Governance Report (Contd.)Managing Director: Mr. V.K. Rekhi (Mr. Rekhi)*Salary &AllowancesPerformanceLinkedincentivePerquisitesRetirementBenefitsRs. Rs. Rs. Rs.1,387,613 - - 276,777*1. Mr. Rekhi ceased to be the Managing Directorof the Company with effect from April 19, 2011and also resigned as a Director of the Companywith effect from close of business hours on April29, 2011. Accordingly his remuneration was forthe period from April 01, 2011 to April 19, 2011.2. The employment of Mr. Rekhi was terminableon either side by giving six months notice as perthe rules of the Company.3. There was no severance fee.4. No stock option was granted to him during theyear.b) Non - Executive DirectorsSitting Fees are paid to Non-Executive Directorsfor attending Board/ Committee Meetings. Theyare also entitled to reimbursement of actual travelexpenses, boarding and lodging, conveyance andincidental expenses incurred for attending suchmeetings:Name of the DirectorSitting feesDr. Vijay Mallya 1,20,000Mr. S.R. Gupte 3,10,000Mr. V.K.Rekhi* 20,000Mr. Ashok CapoorN.A.Mr. M.R.Doraiswamy Iyengar 4,20,000Mr. B.M. Labroo 3,60,000Mr. Sreedhara MenonNilMr. Sudhindar Krishan Khanna 60,000Mr. G.N. Bajpai** 20,000* Ceased to be the Managing Director witheffect from April 19, 2011 and as Director witheffect from the close of the business hoursApril 29, 2011.** Appointed as Additional Director with effectfrom January 20, 2012.Non-Executive Directors are also eligible forCommission every year not exceeding one per centof the net profits of the Company as approved bythe shareholders at the Annual General Meetingheld on September 29, 2010 to remain in forcefor a period of five years from April 1, 2011. SuchCommission may be apportioned amongst theDirectors in any manner they deem fit.The Commission of Rs. 55,647,000/- on profits forthe year ended March 31, 2012 will be paid afteradoption of Accounts by Shareholders at theAnnual General Meeting to be held on September25, 2012 and apportioned amongst the Directors inany manner they deem fit.c) Particulars of Equity Shares of the Companycurrently held by the Directors, are furnishedbelow:Name of the DirectorNo. of Shares heldDr. Vijay Mallya 12,510Mr. S.R. GupteNilMr. V. K. Rekhi* 152Mr. Ashok CapoorNilMr. M. R. Doraiswamy Iyengar 21Mr. B.M. Labroo 1,36,200Mr. Sreedhara MenonNilMr. S. K. Khanna 2,414Mr. G. N. Bajpai**Nil* Ceased to be Managing Director with effectfrom April 19, 2011 and as Director with effectfrom the close of business hours on April 29,2011.** Appointed as Additional Director with effectfrom January 20, 2012.+ held jointly.5. SHAREHOLDERS / INVESTORS GRIEVANCE COMMITTEEA Shareholders/Investors Grievance Committee wasconstituted on April 19, 2001, to operate in terms ofthe provisions related thereto in the Listing Agreementswith the Stock Exchanges and /or the provisions asprescribed or as may be prescribed in this regard by theCompanies Act, 1956.12