The remuneration is inclusive of Salary and allowances like accommodation (furnished orotherwise) or house rent allowance in lieu thereof, house maintenance allowance, togetherwith reimbursement, leave travel concession for self and family, club fees,medical/accident insurance, and such other perquisites and allowances in accordance withthe rules of the Company or as may be agreed to by the Board of Directors.
For the purpose of calculating the above ceiling, perquisites and allowances shall beevaluated as per Income Tax Rules, wherever applicable. In the absence of any such Rules,perquisites and allowances shall be evaluated at actual cost.
Benefits under the Provident Fund Scheme, the Companys Pension/SuperannuationFund Scheme in accordance with the Companys rule and regulations in force from timeto time shall not be included in the computation of the ceiling on perquisites to theextent these either singly or put together are not taxable, under the Income Tax Act,1961. Gratuity payable as per the rules of the Company and encashment of leave at the endof the tenure shall not be included in the computation of limits for the remuneration asaforesaid.
Provision for use of the Companys car for official duties and telephone atresidence (including payment for local calls and long distance official calls) shall notbe included in the computation of perquisites for the purpose of calculating the saidceiling.
Notwithstanding anything contained herein, where in any financial year during thecurrency of the tenure, the Company has no profits or its profits are inadequate, theCompany will pay remuneration by way of salary, perquisites and allowances as specifiedabove.
RESOLVED FURTHER THAT the Board of Directors of the Company be and are herebyauthorized or cause to do all the acts, deeds and things and execute all such documents,instruments and writing as may be required to give effect to the aforesaidresolution."
|Registered Office: || |
By Order of the Board of Directors
|B-6 & B-7, Sector-C || |
|Industrial Area || |
|Sanwer Road || |
Mahendra A. Turakhia
|Indore-452001 (M.P.) || |
Chairman and Managing Director
|Place: Indore || |
|Date: 29th August, 2011 || |