Annual General Meeting

The Annual General Meeting is the company’s apex decision-making body and is the forum in which shareholders exercise their right over the company’s affairs.

The Annual General Meeting shall be convened once in a year in order to carry out tasks such as adopting the company’s Annual Report and accounts, discharging the members of the Board of Directors, including the Managing Director, from liability and deciding how the profit for the past financial year is to be allocated.

The Annual General Meeting also decides on guidelines for remuneration to the board members. The meeting also decides on any amendments to the Articles of Association and elects the Board of Directors and, when necessary, auditors for the forthcoming period of office. Extraordinary general meetings can be held where there is a particular need to do so.

General Body Meeting

Location and time of Annual General Meeting (last 5years)

Date Year AGM Time Venue
26/07/2017 2016-2017 17th 11:45AM Chamber of commerce, Madurai-625 009
01/08/2018 2017-2018 18th 11:45AM Chamber of commerce, Madurai-625 009
01/08/2019 2018-2019 19th 11:45AM Chamber of commerce, Madurai-625 009
21/09/2020 2019-2020 20th 11:30AM Through Video Conferencing (VC) / OAVM
26/08/2021 2020-2021 21st 11:30AM VC / OAVM

The following are the Special Resolutions passed at the General Meetings held in the past 3 years

AGM/EGM Held on Summary
29/07/2015(AGM) To give consent for the borrowing powers of the Board up to Rs.750 Crores u/s .180 (1) (c) of the Act.
01/08/2019(AGM) To re-appoint Mr.Rethinavelu, Mr.Lalji vora and Mr.V.R.Muthu as independent directors for a consecutive term of 5years.
21/09/2021(AGM) To re-appoint Mr.V.Ramasamy as independent director for a consecutive term of 5years.

Remuneration

Remuneration Policy

The remuneration of the Managing Director and Joint Managing Directors is recommended by the Remuneration Committee based on criteria such as industry benchmarks, the Company’s performance visà- vis the industry, responsibilities shouldered, performance/track record, macroeconomic review on remuneration packages of heads of other organizations and is decided by committee members.

The Company pays remuneration by way of salary, perquisites and allowances (fixed component), incentive remuneration and/or commission (variable components) to its Managing and Joint Managing Directors. The remuneration package of whole time Directors has been calculated in accordance with the requirements of schedule V of the Companies Act, 2013.

Annual increments are decided by the Remuneration Committee within the salary scale approved by the Members and are effective from April 1, annually.

A sitting fee of Rs. 5,000/- for attendance at each meeting of the Board and committee is paid to its Members (excluding Whole-time Directors).

Remuneration of Non-Executive Directors

The Non-Executive Directors do not receive any remuneration from the Company, apart from the sitting fees. No significant material transactions have been made with the Non-Executive Directors vis-à-vis the Company.

The components of the total remuneration vary for different grades of employees and are governed by industry patterns, qualifications and experience of the employee, responsibilities handled by him, his individual performances, etc.

Remuneration of employees largely consists of basic remuneration, perquisites, allowances and performance incentives


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