Remuneration Committee Minutes of Meeting

How to write Sample Template / Draft Example of Minutes of Meeting of remuneration committee quorum / charter as per schedule xiii / as per clause 49 / as per listing agreement companies act 1956 with guidelines for Salary Compensation of Executive Director

MINUTES OF THE MEETING OF THE REMUNERATION COMMITTEE OF ROCKET SALES LTD. HELD ON FRIDAY THE 25TH DAY OF APRIL, 2013 AT CORPORATE HOUSE, 26TH FLOOR, 14/5, NARIMAN POINT, MUMBAI – 458456 AT 3.00 P.M.

MEMBERS :-

1)	Shri Anil Jain	- Director
2)	Shri Amit Lal	- Director
3)	Shri Ajit Rao	-  Director

In Attendance:

1)

Ms Kiran Thakur

-  Company Secretary

             

Chairman

Shri Anil Jain was requested to take the Chair.

1)  Confirmation  of the Minutes of the previous

Meeting of the Remuneration  Committee

      The Minutes of the previous Remuneration Committee Meeting held on 16th December, 2012 were read and confirmed. The chairman of the meeting was requested to sign the minutes of the previous meeting of the Remuneration Committee.

2)  Remuneration payable to Executive Director

    

      The Committee was informed that the Board of Directors in its meeting held on 16^th December, 2012 had appointed Ms Neetu Singh as the Executive Director / Manager of the Company at a basic salary of Rs.5,00,000/- and HRA of Rs.2,00,000/- per month. In addition to Basic Salary and House Rent Allowance, he was allowed other perquisites and benefits as stipulated in the resolution.

      i)

Salary	:	Rs.500,000/- per month.
House Rent Allowance	:	Rs.200,000/-  per month
Medical Reimbursement	:	As per rules of the company
Leave Travel Concession	:	As per rules of the company
Earned or Privilege Leave	:	As per rules of the company
Personal Accident Insurance	:	As per rules of the company
Provident Fund and Superannuation Fund	:	As per rules of the company
Gratuity	:	As per rules of the company
Car	:	Use of one car and driver on company’s business, such use will not be considered as a perquisite. Personal use of the company’s car will be billed.
Miscellaneous Reimbursement	:	Reimbursement of Mobile/ Phone/ Broad-band/ Data Card bills used for the Company’s business shall not be considered as perquisite.

      “RESOLVED FURTHER that appointment of Ms Neetu Singh as Executive Director / Manager and remuneration payable to her be placed in the ensuing Annual General Meeting of the Company for the approval of the members.”

ii)     In the event of loss or inadequacy of profit in any financial year during the tenure of service of Ms Neetu Singh, payment of salary, perquisite and other allowance shall be governed by the limits prescribed under section II of the Part II of the Schedule XIII of the Companies Act, 1956. 

     

3.      Any other matter

There being no other item of business to be transacted, the meeting concluded with a vote of thanks to the Chair.

CHAIRMAN