India Glycols Limited is a professionally
managed public limited company with Mr US Bhartia leading
the business operations. The companys board of directors
Terms of Appointment of Independent Directors of the Company:
The following have been appointed, by the shareholders in the Annual General Meeting of the Company held on 20.09.2014, as the Independent Directors of the Company w.e.f 1st October 2014 for a period not exceeding 5 years:
- Shri P.K. Khaitan
- Shri Jitender Balakrishnan
- Shri Ravi jhunjhunwala
- Shri Jagmohan N. Kejriwal
Highlights of the terms & conditions subject to which the aforesaid Independent Directors have been appointed:
(1) They will be required to serve on the Committees of the Board of Directors as may be decided by the Board of Directors from time to time.
(2) They will be bound by the Code for Independent Directors given in Schedule IV of the Companies Act 2013 and the SEBI guidelines.
(3) They will devote such time to the affairs of the Company as is required to meet the expectations of their role & duties as Independent Director of the Company as prescribed under Schedule IV of the Companies Act 2013.
(4) They will be required to attend the meeting of the Independent Directors of the Company in addition to the Meetings of the Board of directors of the Company.
(5) They will be entitled to reimbursement of travel expenses incurred for attending the meetings of Board of Directors or any committee thereof. They will be paid sitting fee per meeting of the Board and any committee thereof as per the following schedule of fee:
| (Amount in INR)
| Board Meeting
Audit Committee Meeting
Any other Committee Meeting
(6) In the event of profits earned by the Company, they will be paid such commission out of profits of the Company as may be decided by the Board of Directors subject to the provisions of the Companies Act, 2013.
(7) The following disclosures should be sent to the Company for each financial year as per the requirements of the Companies Act, 2013 and Rules thereunder:
- Declaration of Independence under section 149(6)/149(7).
- Declaration of Interest under section 184(1).
- Declaration of non-disqualification under section 164(2).
(8) They must apply the highest standards of confidentiality, and not disclose to any person or company (whether during the course of the Appointment or at any time after its termination), any confidential information (including any price sensitive information) concerning the Company and its Group Companies with which you come across by virtue of your position as an Independent Director of the Company.
(9) They may be terminated at any time in accordance with the provisions of the Articles of Association of the Company or the provisions for the removal of directors under the Companies Act, 2013.
(10) Upon termination or upon resignation for any reason, they will not be entitled to any damages for loss of office and no fee will be payable in respect of any unexpired portion of the term of the Appointment.