PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

56 PRIVI SPECIALITY CHEMICALS LIMITED (Formerly known as Fairchem Speciality Limited) Further, Mr. Bhaktavatsala Doppalapudi Rao was redesignated as the Executive Director of the Company w.e.f. opening hours of August 13, 2020. The appointment of Mr. Bhaktavatsala Doppalapudi Rao as Executive Director and the remuneration package comprising of salary and perquisites of Mr. Mahesh P Babani, Chairman and Managing Director as well as Mr. Bhaktavatsala Doppalapudi Rao were approved by the members at the annual general meeting held on November 02, 2020. Further the Board/Committee was empowered to decide the Annual increments which will be effective from April 1 each year and will be merit based and take into account the Company’s performance as well subject to the overall ceilings laid down under Section 197 read with Section 198, Schedule V and other applicable provisions of the Act. Details of the remuneration paid to and shareholding of Executive Directors is provided in MGT-9 which forms part of Directors’ Report. Details of Remuneration: As required under Regulation 34 of SEBI (LODR) Regulations, 2015, details of remuneration paid to Directors during the financial year 2020-21 are as follows: Directors Salary Perquisites Sitting Fees Total Mr. Utkarsh B. Shah (Non-Executive Director)* Nil Nil Nil Nil Mr. Mahesh Babani (Managing Director)^ 5,00,00,004 5,00,00,004 Mr. Nahoosh J. Jariwala (Managing Director)* $ 48,00,000 Nil Nil Mr. Sumit Maheshwari (Non-Executive Director) Nil Nil Nil Nil Mr. Bhaktavatsala Doppalapudi Rao (Non-Executive Director)^^ 2,10,00,000 2,10,00,000 Mr. Padmanabh Ramchandra Barpande (Independent Director) Nil Nil 5,00,000 5,00,000 Mr. Rajesh Budhrani (Independent Director) Nil Nil 5,00,000 5,00,000 Mr. Hemang Gandhi (Independent Director)* Nil Nil 1,50,000 1,50,000 Ms. Radhika Pereira (Independent Director)* Nil Nil 1,50,000 1,50,000 Mr. Darius Pandole (Independent Director)* Nil Nil 1,50,000 1,50,000 Mr. Viren Joshi (Independent Director)* Nil Nil 1,50,000 1,50,000 Mrs. Anuradha Eknath Thakur** Nil Nil 5,00,000 5,00,000 Mr. Dwarko Topandas Khilnani** Nil Nil 5,00,000 5,00,000 Mr. Anurag Surana** Nil Nil 5,00,000 5,00,000 * Ceased to be the Director in the Company w.e.f. closing hours of August 12, 2020. ** Appointed as the Non-Executive Independent Director in the Company w.e.f. opening hours of August 13, 2020 ^ Redesignated as the Chairman and Managing Director of the Company w.e.f. opening hours of August 13, 2020 ^^ Redesignated as the Executive Director of the Company w.e.f. opening hours of August 13, 2020 $ Salary upto July, 2020 5. Stakeholders Relationship Committee In compliance with the provisions of Section 178 of the Act and Regulation 20 of the SEBI (LODR) Regulations, 2015 the Board has formed a Stakeholders’ Relationship Committee. For the period upto August 12, 2020, the composition of the Stakeholder’s Relationship Committee was, two Non-Executive Directors, one Executive Director and one Non-Executive Independent Director with Mr. Utkarsh Shah, Non-Executive Director as Chairman of the Committee and Mr. Hemang Gandhi, Non-Executive Independent Director, Mr. Nahoosh Jariwala - Executive Director and Mr. Bhaktavatsala Doppalapudi Rao, Non-Executive Director as members of the Committee. However, during the year, three members of the Stakeholders Relationship Committee resigned from the Company, therefore, the said Committee was reconstituted at the Board meeting held on August 12, 2020 wherein Mr. Dwarko Topandas Khilnani, Non-Executive Independent Director was appointed as the Chairman, Mr. Padmanabh Ramchandra Barpande, Non-Executive Independent Director, Mr. Bhaktavatsala Doppalapudi Rao, Executive Director and Mr. Sumit Maheshwari, Nominee Director were appointed as the members of the Committee.