Tel: 0141-2296699 | Mail:

Script Code : BSE-539008
Face Value: 10
Industry : Finance
Human Resources, Nomination and Remuneration Committee
An ISO certified company ISO 9001: 2008
Composition :
Shri. Bhavesh Premji Mamnia
Mr. Sudhir Bhikhalal Parekh
Mr. Arvind Jethalal Gala

Terms of Reference:
The terms of reference of the Nomination, Human Resources and Remuneration Committee are as under:

  1. To identify persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down and to recommend to the Board their appointment and/ or removal.
  2. To carry out evaluation of every director's performance.
  3. To formulate the criteria for determining qualifications, positive attributes and independence of a director, and recommend to the Board a policy, relating to the remuneration for the directors, key managerial personnel and other employees.
  4. To formulate the criteria for evaluation of Independent Directors and the Board.
  5. To devise a policy on Board diversity.
  6. To recommend/review remuneration of the Managing Director(s) and Whole-time Director(s) based on their performance and defined assessment criteria.
  7. To administer, monitor and formulate detailed terms and conditions of the Employees' Stock Option Scheme including:
    • the quantum of options to be granted under Employees' Stock Option Scheme per employee and in aggregate;
    • the conditions under which option vested in employees may lapse in case of termination of employment for misconduct;
    • the exercise period within which the employee should exercise the option, and that the option would lapse on failure to exercise the option within the exercise period;
    • the specified time period within which the employee shall exercise the vested options in the event of termination or resignation of an employee;
    • the right of an employee to exercise all options vested in him at one time or at various points of time within the exercise period;
    • the procedure for making a fair and reasonable adjustment to the number of options and to the exercise price in case of corporate actions, such as rights issues, bonus issues, merger, sale of division and others;
    • the granting, vesting and exercising of options in case of employees who are on long leave; and
    • the procedure for cashless exercise of options.
  8. To carry out any other function as is mandated by the Board from time to time and / or enforced by any statutory notification, amendment or modification, as may be applicable.
  9. To perform such other functions as may be necessary or appropriate for the performance of its duties.