Valuation of Directors Performance



DIRECTORS

Retirement by rotation.

Mr. H. A. CONTRACTOR – (Din 00353126), director retiring by rotation at ensuing annual general meeting of the company under section 152(6) of the companies act , 2013 and being eligible offers himself for reappointment. Board recommends his appointment as a director.

Mrs. N. H. CONTRACTOR – (Din 00353207), director retiring by rotation at ensuing annual general meeting of the company under section 152(6) of the companies act , 2013 and being eligible offers himself for reappointment. Board recommends his appointment as a director.


APPOINTMENT

Independent Director

The board based on nomination and remuneration committee’s recommendation, had appointed Mr. A. H. NAGARSHETH (DIN NO- 00377637) AND MR. R. H. CHOKHA WALA (DIN NO - 00353274) have been appointed as independent directors for a period of 5 years , in terms of the provisions of companies act, 2013 and listing agreement.

The board based on nomination and remuneration committee’s recommendation, The members at the 20th annual general meeting, have approved the appointment of Mr. A. H. NAGARSHETH (DIN NO- 00377637) AND MR. R. H. CHOKHA WALA (DIN NO - 00353274) as a independent directors who are not liable to retire by rotation to hold office for the terms of 5 consecutive years from 27TH SEPTEMBER , 2014 to 31st march , 2019.

The company has received the declarations from all the independent directors of the company confirming that they meet the criteria of independent as prescribed under section 149(6) of the companies’ act 2013 and the clause 49 of the listing agreement.


SEPARATE MEETING OF THE INDEPENDENT DIRECTORS

The independent directors met on 30th May, 2015 and evaluated the performance of non independent directors, the board as a whole and the chairman of the company considering the view of other directors. Further details are available in the corporate governance report.


WOMAN DIRECTOR

Mrs. N. H. Contractor (Din- 00353207) is serving on the board as a director since inception of the company in compliance with the provisions of RULE 3 OF COMPANIES (APPOINTMENT AND QUALIFICATION OF DIRECTOR) RULES, 2014


KEY MANAGERIAL PERSONAL

MR K. H. CONTRACTOR (DIN NO -00300342) , Managing Director AND Mr. ASARAF BHINDE and UJJAWAL SHETH chief financial officer are the key managerial personnel of the company , under the provision of the companies act ,2013.


EVALUATION OF THE BOARD’S PERFORMANCE

The board has carried out an evaluation of his own performance and that of its directors individually and its committees. The manner in which the evaluation has been carried out is explained in the corporate governance report.

The company has also devised a policy on board diversity detailing the functional, strategic and structural diversity of the board.