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Notice
51
CORPORATE OVERVIEW (1-31)
STATUTORY REPORTS
FINANCIALS (123-204)
d.
Other terms of Appointment:
i.
The terms and conditions of the said
appointment(s) may be altered and varied from
time to time by the Board as it may, in its
discretion deem fit, irrespective of the limits
stipulated under Schedule XIII to the Act or any
amendments made hereafter in this regard in
such manner as may be agreed to between the
Board and the Appointee(s), subject to such
approvals as may be required.
ii.
The Appointee(s) shall not become interested
or otherwise concerned, directly or through his
spouse and/or children, in any selling agency
of the Company.
iii.
This appointment(s) may be terminated by
either party by giving to the other party six
months’ notice of such termination or the
Company paying six months’ remuneration in
lieu of the Notice.
iv.
The employment of the Appointee(s), may be
terminated by the Company without notice or
payment in lieu of notice:
•
if the Appointee(s), is found guilty of any
gross negligence, default or misconduct
in connection with or affecting the
business of the Company or any subsidiary
or associated company to which he is
required by the Agreement to render
services; or
•
in the event of any serious repeated or
continuing breach (after prior warning) or
non-observance by the Appointee(s), of any
of the stipulations contained in the
Agreement to be executed between the
Company and the Appointee(s); or
•
in the event the Board expresses its loss of
confidence in the Appointee(s).
v.
In the event the Appointee(s) is not in a position
to discharge his official duties due to any
physical or mental incapacity, the Board shall
be entitled to terminate his contract on such
terms as the Board may consider appropriate
in the circumstances.
vi.
Upon the termination by whatever means of
employment of the Appointee(s):
•
the Appointee(s) shall immediately tender
his resignation from other offices held by
him in any subsidiaries and associated
companies and other entities without
claim for compensation for loss of office.
•
the Appointee(s) shall not without the
consent of the Company at any time
thereafter represent himself as connected
with the Company or any of its subsidiaries
or associated companies.
vii.
The Appointee(s) is appointed as a Director(s)
by virtue of his employment in the Company
and his appointment shall be subject to the
provisions of Section 283(1)(l) of the Act.
viii. All Personnel Policies of the Company and the
related Rules which are applicable to other
employees of the Company shal l also be
applicable to the Appointee(s), unless specifically
provided otherwise.
ix.
I f and when the Agreement expires or is
terminated for any reason whatsoever, the
appointee(s) will cease to be the Executive
Director(s) and also cease to be a Director. If at
any time, the appointee(s) ceases to be a
Director of the Company for any reason
whatsoever, he shall cease to be the Executive
Director(s) and the Agreement shall forthwith
terminate. If at any time, the appointee(s)
ceases to be in the employment of the
Company for any reason whatsoever, he shall
FINANCIAL HIGHLIGHTS (32-45)