FY 2017-18, Be Paid a Remuneration of Rs
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Annual Report 2016-2017 COMPANY SYNOPSIS BOARD OF DIRECTORS AUDIT COMMITTEE MR. RAMESH C. MANSUKHANI MR. KIRIT N. DAMANIA (Chairman) (Executive Chairman) MR. PRAMOD TANDON MR. NIKHIL R. MANSUKHANI MR. NIKHIL R. MANSUKHANI (Executive Director) STAKEHOLDERS RELATIONSHIP COMMITTEE MS. HEENA VINAY KALANTRI (Non-Executive Director) MR. PRAMOD TANDON (Chairman) MR. KIRIT N. DAMANIA MR. KIRIT N. DAMANIA MR. NIKHIL R. MANSUKHANI (Independent Director) MR. PRAMOD TANDON NOMINATION & REMUNERATION COMMITTEE (Independent Director) MR. KIRIT N. DAMANIA (Chairman) MR. ANNAVARAPU VENKAT RAMMURTY MR. PRAMOD TANDON (Independent Director) w.e.f. 8th August 2016 MS. HEENA VINAY KALANTRI MANAGEMENT TEAM Mr. Krishna Kumar Purohit Director - Operations Mr. Rajat Gupta President - Marketing Mr. Ashok Gupta Chief Financial Officer Mr. Jaspreet Singh Bhatia Vice President - Operation Mr. Umesh Rastogi Vice President - Business Development & Technical Services Mr. Shashank Belkhede Group Head - Legal & Secretarial Rohira Mehta & Associates Statutory Auditors BANKERS REGISTRAR AND SHARE TRANSFER AGENT State Bank of India M/s. Link Intime India Private Limited ICICI Bank C-101, 247 Park, IDBI Bank L.B.S. Road, Vikhroli (West) Corporation Bank Mumbai - 400 083 Union Bank of India Phone : 022 - 49186000 Bank of India Facsimile : 022 - 49186060 Punjab National Bank Electronic Mail : [email protected] REGISTERED OFFICE PLANTS MAN House, 101, S. V. Road, Pipe and Coating Complex, Anjar Opp. Pawan Hans, Vile Parle (W), Khedoi Village, Taluka Anjar Mumbai - 400056 District Kutch (Gujarat) Phone : 022 – 66477500 Facsimile : 022 - 66477600 Pipe and Coating Complex, Pithampur Website : www.mangroup.com Plot No 257/258 B Sector I, Pithampur Industrial Area Email : [email protected] Pithampur, District Dhar (Madhya Pradesh) 1 NOTICE MAN INDUSTRIES (INDIA) LIMITED CIN: L99999MH1988PLC047408 Registered Office: Man House, 101, S.V. Road, Opp. Pawan Hans, Vile Parle (West), Mumbai- 400 056 Website: www.mangroup.com, Email: [email protected] Tel. No.: 022 6647 7500, Fax No.: 022 6647 7600 NOTICE is hereby given that the 29th Annual General Meeting (the “Meeting”) of the members of MAN INDUSTRIES (INDIA) LIMITED will be held on Wednesday, 27th Day of September, 2017 at 12.00 Noon at Juhu Vile Parle Gymkhana Club, Plot No U/13, J.V.P.D. Scheme, 13th Road, Juhu, Opposite Juhu Bus Depot, Juhu Mumbai, Maharashtra - 400049 to transact the following business: ORDINARY BUSINESS: 1. To receive, consider and adopt the audited Balance Sheet as at 31st March, 2017 and the Statement of Profit and Loss for the year ended on that date and the reports of the Board of Directors and the Auditors thereon. 2. To declare dividend of Rs. 1.50 (i.e. 30%) per equity share of face value of Rs. 5.00 each for the year ended March 31, 2017. 3. To appoint a Director in place of Mr. Rameshchandra Mansukhani (DIN 00012033), who retires by rotation and being eligible, offers himself for re-appointment. 4. To appoint the auditors of the Company and to fix their remuneration. Explanation : Section 139 of the Act lays down the criteria for appointment and mandatory rotation of statutory auditors. Pursuant to Section 139 of the Act and the Rules made thereunder, it is mandatory to rotate the statutory auditors on completion of two terms of five consecutive years. The Rules also lay down the transitional period that can be served by the existing auditors depending on the number of consecutive years for which an audit firm has been functioning as auditor in the same company. The existing auditors, M/s Rohira Mehta & Associates, Chartered Accountants (Firm registration number : 118777W) have served the Company for over 10 years before the Act was notified and will be completing the maximum number of transitional period (three years) at the ensuing 29th Annual General Meeting of the Company. On the recommendation of the Audit Committee, the Board of Directors of the Company have appointed M/s M. H. Dalal & Associates, Chartered Accountants (Firm registration number: 112449W) as the Statutory Auditors of the Company to hold office for a period of five consecutive years from the conclusion of the 29th Annual General Meeting of the Company till the conclusion of the 34th Annual General Meeting of the Company subject to the approval of the Shareholders. The first year of audit will be of the financial statements for the year ending March 31, 2018. Therefore, the Board recommends and requests the Shareholders to consider and if thought fit, to pass the following resolution as ordinary resolution : “RESOLVED THAT, pursuant to Sections 139 and 142 and other applicable provisions of the Companies Act, 2013 and the Rules made thereunder, as amended from time to time, pursuant to the recommendations of the Audit Committee and the Board of Directors of the Company, M/s M. H. Dalal & Associates, Chartered Accountants (Firm registration number : 112449W) be and is hereby appointed as the statutory auditors of the Company, to hold office for a period of five consecutive years from the conclusion of the 29th Annual General Meeting of the Company till the conclusion of the 34th Annual General Meeting of the Company on a remuneration as may be mutually agreed upon by the Board of Directors and the Auditors.” 2 Annual Report 2016-2017 SPECIAL BUSINESS: 5. Ratification of the remuneration payable to the Cost Auditor for the financial year ending March 31, 2018. To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Section 148 and other applicable provisions, if any, of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, M/s. ABK & Associates, Cost Accountants, appointed as Cost Auditors by the Board of Directors to audit the cost records of the Company for the FY 2017-18, be paid a remuneration of Rs. 1,00,000/- (Rupees One Lac Only) plus applicable taxes and reimbursement of out of pocket expenses. RESOLVED FURTHER THAT the Board of Directors and/or the Company Secretary, be and are hereby authorized to settle any question, difficulty or doubt, that may arise in giving effect to this resolution and to do all such acts, deeds and things as may be necessary, expedient and desirable for the purpose of giving effect to this resolution.” 6. Re-classification of Promoter Group. To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the compliance of provision of Regulation 31A (5) of SEBI (Listing Obligations and Disclosure Requirements), 2015 (”SEBI LODR”) and subject to approval of BSE Limited and National Stock Exchange of India Limited and such other approval, as may be required, the aggregate shareholding of 44,87,452 (constituting 7.86 % of the paid up equity share capital of the Company) held by Mr. Jagdishchandra Mansukhani, his relatives Ms. Anita Mansukhani, Ms. Priyal Mansukhani (”JCM and his relatives”) and the entities controlled by JCM and his relatives viz. Man Steel and Power Limited and JPA Solutions Private Limited (JCM and Persons acting in concert”) be reclassified from the category of Promoter and promoter group to the category of Public with BSE Limited and National Stock Exchange of India Limited and that the Board of Directors of the Company be and is hereby authorized to seek reclassification of the said holding with BSE Limited and National Stock Exchange of India Limited and also do all such acts, matters and things as may be necessary to give effect to this resolution” 7. Approval seeking waiver of excess remuneration paid to Mr. R.C. Mansukhani. To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: “RESOLVED THAT pursuant to the provisions of Section 197 of the Companies Act,2013 read with Schedule V and other applicable provisions, if any of the Companies Act, 2013 (“the Act”), provisions of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,2014 or any amendment thereto and subject to approval of Central Government and such other approvals, if any as may be required, approval of the Members be and is hereby accorded to waive the recovery of excess remuneration paid Mr. R.C. Mansukhani, Whole-Time Director of the Company for the financial year ended 31st March 2017, over and above the limits prescribed under Section 197 read with Schedule V to the Companies Act, 2013 which however was paid in accordance with and pursuant to the ordinary resolution passed by the members of the Company in the Annual General Meeting held on October 30, 2013 and the special resolution subsequently passed by the members through postal ballot on June 30, 2015. RESOLVED FURTHER THAT if in any financial year during the currency of his tenure, the Company has no profits or the profits of the Company are inadequate, the Company will pay to Mr. R.C. Mansukhani the remuneration as specified in the resolution passed by the members in the Annual General Meeting of the Company held on October 30th, 2013 as and by way of minimum remuneration. RESOLVED FURTHER THAT the Board of Directors/Company Secretary of the Company be and is hereby authorized to do all such acts, deeds, matters and things as may be considered necessary or desirable to give effect to the above Resolution in this regard and to furnish such information / clarifications / declaration, certificate and other papers as may be required