Template Format of
Employment Agreement / Appointment Procedure of a Managing Director in a listed
public limited company in India in word/ .doc
THIS AGREEMENT
is made this 19th day of July, 2013 between ROCKET SALES LIMITED, a
Company incorporated under the Companies Act, 1956 having its Registered Office
at Khapoli, P.O. & Dist. Navi Mumbai – 458 545 (hereinafter referred to as
the “Company”) of the one part and Ms Neetu Singh, daughter of Shivji Singh resident
of Sector – 45, Block – C, 168/1 India Gate New Delhi – 112 455 of the other
part.
WHEREAS
the Board of Directors of the Company (hereinafter called the “Board”) at their
meeting held on 24th June, 2013, appointed Ms Neetu Singh as the
Managing Director of the Company for the period of 3 years in accordance with
the conditions specified in Parts I and II of Schedule XIII ( the said Parts
being subject to the provisions of Part III of the Schedule) read with the
provisions of Section 198 / 269 and 309 and other applicable provisions if any,
of the Companies Act, 1956 subject to the approval of the Members in a General
Meeting with absolute liberty to the Board of Directors to further alter amend
and vary the terms and conditions of the said appointment and/or agreements
including the terms of remuneration so as not to exceed the limits specified in
Schedule XIII of the Companies Act, 1956, including any statutory modification
or reenactment thereof for the time being in force, as may be agreed to between
the Board of Directors and Ms Neetu Singh.
NOW IT
IS HEREBY AGREED AS FOLLOWS:
1.
Ms Neetu Singh shall hold the office of
the Managing Director of the Company for the period of 3 years.
2.
During the continuance of this
Agreement Ms Neetu Singh shall unless otherwise determined by the Board if
prevented by ill health or save while on leave, devote in whole of her time and
attention to the business and affairs of the Company and shall use her best
endeavours to promote the interests of the Company.
3.
Ms Neetu Singh shall perform such
duties and exercise such powers, authorities and discretions as the Board may
from time to time entrust to or confer on her either alone or jointly with some
other person or persons as the Board may determine and on such terms and
conditions and subject to such restrictions as the Board may from time to time
impose in accordance with the Articles of Association of the Company the
provisions of the Companies Act, 1956 and rules, notifications, Circulars
and/or orders issued thereunder.
4.
In consideration of her services, Ms
Neetu Singh shall be entitled to the following by way of remuneration:
Basic
Salary
|
Not
exceeding Rs.5,00,000/- per month. Salary shall normally be subject to review
for competitiveness periodically thereafter, being adjusted as appropriate
and as approved by the board from time to time.
|
House
Rent Allowance
|
Rs.1,50,000/-
per month
|
Perquisites
: In addition to basic salary and HRA he will be entitled to perquisites as
under:-
|
|
Medical
Reimbursement
|
As
per rules of the company
|
Leave
Travel Concession
|
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
|
Provided
however, that the overall remuneration payable to Ms Neetu Singh be way of
salary, perquisites and any other allowances shall not exceed 5% of the net
profits of the company in any financial year computed in the manner laid down
in Section 309(5) of the Companies Act, 1956.
5.
In the
event of the absence or inadequacy of profits in any financial year
during the currency of the tenure of Ms Neetu Singh, she will be entitled to
remunerate by way of salary, dearness allowance, perquisites and any other
allowances not exceeding ceiling limits as prescribed in Section II, Part II of
Schedule XIII.
6.
Provision of Car for Official Purpose.
The
Company shall provide a car for use on Company’s business. The running and
maintenance expenses of the car and driver’s salary shall be reimbursed by the
Company. The provision of car for use on Company’s business will not be
considered as a perquisite. However, use of car for private purpose shall be
billed by the Company to Ms Neetu Singh on actual basis.
7.
Earned / Privilege Leave
As
per the Rules of the Company, leave accumulated and not availed off can be
encashed at the end of the tenure subject to a provision of Schedule XIII of
the Company’s Act, 1956.
8.
Reimbursement of Expenses
Ms
Neetu Singh shall also be entitled to reimbursement of all expenses actually
and properly incurred by her in connection with the Company’s business. Ms
Neetu Singh is also entitled to draw from the company for any exigencies for
running the business of the company any expenses that may be required on an
urgent basis upto a maximum of Rs………./- p.a. as authorized by the Board. Any
expenses above this ceiling will have to be ratified by the Board in the
following meeting of the Board from the day this ceiling is exceeded. No reimbursements
made to Ms Neetu Singh under this clause are to be treated as a part of her
remuneration or perquisites for Ms Neetu Singh’s personal Income Tax purposes.
9.
Ms Neetu Singh, while she is the
Managing Director of the Company, shall be paid fees for attending any Meetings
of the Board or a Committee thereof.
10. This
agreement shall be subject to termination by either party thereto by three
calendar months' notice in writing given at any time to the other party or 3
months’ salary in lieu thereof on either side. But in case of insubordination,
in-discipline, dishonesty, neglect of duty, absence without leave or permission
or for any similar offence, Ms Neetu Singh’s services may be terminated without
three months’ salary in lieu thereof.
11. During the period of this agreement Ms Neetu Singh shall
not engage in any other business directly or indirectly or will not divulge or
make known any of the trusts, secrets, accounts or business dealings of the
Company or anything related thereto or will not publish directly or indirectly
any information, paper, document or matter of any kind whatsoever relating to
the company or otherwise commit a breach of any of the conditions aforesaid, in
which case the Board shall be at liberty to terminate her services without
three months’ notice or without three months’ salary in lieu thereof.
12. In the
event of Ms Neetu Singh’s neglecting, becoming unable to the consequence of ill
health, infirmity, accident, or any indulgence in excess or impropriety, thus
rendering her unable to comply with the conditions of her appointment in the
Company, the Board shall be at liberty to terminate her services without three
months’ notice or without three month’s salary in lieu thereof.
13. While
in the service of the Company Ms Neetu Singh, shall faithfully and diligently
discharge her duties and confirm to the existing rules and regulations and as
may be revised from time to time.
14. Ms
Neetu Singh hereby undertakes that so long as she acts as the Company’s
Managing Director she shall not become interested or otherwise concerned
directly or through her Husband and/or minor children in any selling agency of
the company in future.
15. Any
notice to be given thereunder shall be sufficiently given or served in the case
of Ms Neetu Singh by being delivered either personally to her or left for her
at her address last known to the company and in the case of the company sent by
Registered Post addressed to its Registered Office. Any such notice if so
posted shall be deemed served on the day following the day on which it was
posted.
16. It is
hereby expressly agreed between the parties to these presents that any of the
terms and conditions of the appointment of Ms Neetu Singh, including
remuneration may be altered or varied in accordance with the provision of
Schedule XIII and other applicable provisions, if any, of the Companies Act,
1956.
IN
WITNESS WHEREOF the parties hereto have executed these presents on the day and
year first above written.
THE
COMMON SELA of the above mentioned ROCKET SALES LIMITED has been thereunto
affixed pursuant to the Resolution passed in the meeting of the Board of
Directors of the company held on 24th June, 2013 in the presence
of Shri Anil Singh, Director who has signed these presents in the presence of
:
Witness:
Name : Mr Arun Goyel
Corporate House 13th
Floor
145/2 N S Road
Mumbai – 458 545
Occupation
: Service
Signature :
SIGNED
SEALED AND DELVERED BY THE above named Ms Neetu Singh in the presence of :
Name : Mr
Corporate House 13th
Floor
145/2 N S
Road
Mumbai – 458 545
Occupation
: Service
Signature :
|
ANIL SINGH
DIRECTOR
(NEETU SINGH)
|
0 comments:
Post a Comment