Hundred and sixth annual report 2012-13
Cost Auditor’s details
The Central Government has approved the appointment of M/s Shome & Banerjee, Cost Accountants as Cost Auditors for
conducting Cost Audit of the Company for the Financial Year 2012-13.
The due date for filing the Cost Audit Reports for the Financial Year ended 31st March, 2013 is 30th September, 2013.
The due date for filing the Cost Audit Report of the Company for the Financial Year ended 31st March, 2012 was 30th
September, 2012 and the Cost Audit Report was filed by the Cost Auditor M/s Shome & Banerjee, Cost Accountants, on 4th
December, 2012 in XBRL Mode as mandated by the Ministry of Corporate Affairs vide their circular no. 8/2012 dated 10th May,
The Company was felicitated by the Institute of Cost Accountants of India for being the first company in India to file the Cost
Audit Report in XBRL Mode.
The Company had constituted a Remuneration Committee in the year 1993.The broad terms of reference of the Remuneration
Committee are as follows:
Review the performance of the Managing Director and the Whole-time Directors, after considering the Company’s
Recommend to the Board remuneration including salary, perquisites and commission to be paid to the Company’s
Managing Director and Whole-time Directors.
Finalise the perquisites package of the Managing Director and Whole-time Directors within the overall ceiling fixed by
Recommend to the Board, retirement benefits to be paid to the Managing Director andWhole-time Directors under the
Retirement Benefit Guidelines adopted by the Board.
The Remuneration Committee also functions as the Compensation Committee as per SEBI guidelines on the Employees’
Stock Option Scheme. The Company, however, has not yet introduced the Employees’ Stock Option Scheme.
meetings of the Remuneration Committee were held during the Financial Year 2012-13.
The composition of the Remuneration Committee and the details of meetings attended by the Directors are given below:
Date of Meeting
Mr. S. M. Palia
Mr. R. N.Tata*
Mr. Cyrus P. Mistry**
Mr. Nusli N.Wadia
17th May, 2012
10th July, 2012
14th December, 2012
Stepped down as member w.e.f. 28th December, 2012.
** Appointed as member w.e.f. 12th February, 2013.
The Chairman of the Remuneration Committee, Mr. S.M. Palia was present at the Annual General Meeting held on
14th August, 2012.
The Company has complied with the non-mandatory requirement of Clause 49 regarding the Remuneration Committee.
The Company while deciding the remuneration package of the senior management members takes into consideration the