- The document analyzes pay-ratio disclosures of directors to median employees by Nifty 50 companies in India.
- It finds that 11 directors' pay exceeded 400 times the median pay, and most highly paid directors were promoters. The highest paid director received Rs. 43.91 Crores from Hero MotoCorp.
- Key points of comparison between India and US regulations on pay disclosures are provided.
Key Takeaways:
Common Issues in Transfer Pricing
Issues relating to Transactions and Specified Items
Issues relating to Comparable and Assesments
Issues arising pursuant to Covid-19
Ratio and trend analysis for Bajaj motors and their potential threats.
Other topics covered are:
1.Business model
2.Quality of earnings
3.Accounting policies
and much more....
Budget 2013 - Crisp analysis of Income Tax Provisions by Blue Consulting (5th...Chandan Goyal
BC is pleased to share a whitepaper on Budget 2013- Income Tax and Service Tax provisions, crisply analyzed, ready for your personal use.
The format has been designed keeping in mind your reading convenience.
Relevant Sections and the dates of applicability have been mentioned for each taxation provision.
Companies Amendment Act,2014 & Important Provisions Eswaramoorthy P
The document summarizes key provisions from the Companies (Amendment) Bill, 2014 relating to amendments in the Companies Act, 2013. Some of the key changes include:
1. Omitting the requirement for minimum paid up share capital and making common seal optional to ease doing business.
2. Prescribing specific punishments for deposits accepted under the new Act which was inadvertently left out previously.
3. Prohibiting public inspection of board resolutions filed with the Registrar of Companies to meet corporate demands.
4. Including provisions for writing off past losses/depreciation before declaring dividends and rectifying requirements for transferring shares for unclaimed dividends.
The document provides
Key Takeaways:
Provisions governing RPT under Companies Act, 2013, SEBI (LODR), IND AS
Statutory compliances for RPT
Approval requirements for RPT
Disclosures norms for RPT under various statutes
Broad-based black economic empowerment (BEE) aims to increase black ownership and control of South Africa's economy through direct ownership of enterprises, human resource development, and preferential procurement policies. BEE is measured using a scorecard system where points are awarded for criteria like black equity holdings, management control, employment equity, skills development, procurement from black-owned businesses, and enterprise development. Higher scores on the scorecard correspond to higher BEE contribution levels, which are important for government procurement and determining the percentage of spending that qualifies as black economic empowerment. While BEE compliance is not mandatory for private businesses, there are economic, political, and moral incentives for companies to implement empowerment initiatives.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
What are the important measures taken by SEBI in response to COVID-19?DVSResearchFoundatio
Key Takeaways:
Relaxations from disclosure requirements
Relaxations for fundraising
Relaxations from compliance norms
Relaxations from regulatory compliances and other measures
Key Takeaways:
Common Issues in Transfer Pricing
Issues relating to Transactions and Specified Items
Issues relating to Comparable and Assesments
Issues arising pursuant to Covid-19
Ratio and trend analysis for Bajaj motors and their potential threats.
Other topics covered are:
1.Business model
2.Quality of earnings
3.Accounting policies
and much more....
Budget 2013 - Crisp analysis of Income Tax Provisions by Blue Consulting (5th...Chandan Goyal
BC is pleased to share a whitepaper on Budget 2013- Income Tax and Service Tax provisions, crisply analyzed, ready for your personal use.
The format has been designed keeping in mind your reading convenience.
Relevant Sections and the dates of applicability have been mentioned for each taxation provision.
Companies Amendment Act,2014 & Important Provisions Eswaramoorthy P
The document summarizes key provisions from the Companies (Amendment) Bill, 2014 relating to amendments in the Companies Act, 2013. Some of the key changes include:
1. Omitting the requirement for minimum paid up share capital and making common seal optional to ease doing business.
2. Prescribing specific punishments for deposits accepted under the new Act which was inadvertently left out previously.
3. Prohibiting public inspection of board resolutions filed with the Registrar of Companies to meet corporate demands.
4. Including provisions for writing off past losses/depreciation before declaring dividends and rectifying requirements for transferring shares for unclaimed dividends.
The document provides
Key Takeaways:
Provisions governing RPT under Companies Act, 2013, SEBI (LODR), IND AS
Statutory compliances for RPT
Approval requirements for RPT
Disclosures norms for RPT under various statutes
Broad-based black economic empowerment (BEE) aims to increase black ownership and control of South Africa's economy through direct ownership of enterprises, human resource development, and preferential procurement policies. BEE is measured using a scorecard system where points are awarded for criteria like black equity holdings, management control, employment equity, skills development, procurement from black-owned businesses, and enterprise development. Higher scores on the scorecard correspond to higher BEE contribution levels, which are important for government procurement and determining the percentage of spending that qualifies as black economic empowerment. While BEE compliance is not mandatory for private businesses, there are economic, political, and moral incentives for companies to implement empowerment initiatives.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
What are the important measures taken by SEBI in response to COVID-19?DVSResearchFoundatio
Key Takeaways:
Relaxations from disclosure requirements
Relaxations for fundraising
Relaxations from compliance norms
Relaxations from regulatory compliances and other measures
Role of CFO in the Economic Turnaround - Change in RBI Policies for Non Perfo...Resurgent India
Under the new regime kicked off from Apr 1, 2014 Reserve Bank of India (RBI) has proposed that lenders can finance 50 per cent of the outstanding loan value.
Ownership Enterprise Supplier Development and Socio-economic Development - BE...Werksmans Attorneys
The document summarizes key changes to the ownership, enterprise development, and socio-economic development provisions in South Africa's new BBBEE codes. It outlines numerous complex rules around calculating ownership scores, including treatment of black economic interests, flow-through principles, recognition of post-sale black ownership, and more. Enterprise development targets were increased to 40% across procurement from empowering suppliers and supplier development contributions. Socio-economic development contributions were allocated only 5 points out of 118.
- The document is the annual report of L&T Finance Holdings Limited for the financial year 2013-14.
- Some key highlights include the company's consolidated net worth growing from Rs. 3,99,479 crores in FY2012-13 to Rs. 5,23,718 crores in FY2013-14. The average assets under management of the mutual fund business grew 63% to Rs. 1,82,55,18.65 lakhs.
- The loan book size grew 20% from Rs. 32,20,000 lakhs to Rs. 38,96,714.04 lakhs. The company infused capital into various subsidiaries during the year and
This document discusses various types of corporate restructuring such as mergers, demergers, and reduction of capital. It outlines the regulatory framework and listing requirements for such transactions. It also provides examples of restructuring strategies that listed companies can pursue, such as direct listings, increasing promoter holdings, acquiring other listed companies, and increasing resources without raising additional capital. Overall, the document presents corporate restructuring as a strategic tool for companies to grow, add shareholder value, and unlock their full potential.
Thin capitalization refers to a situation where a company is financed through high levels of debt compared to equity, resulting in a thin capital structure. Section 94B of the Indian Income Tax Act governs thin capitalization by restricting the deduction of interest expenses in cases where debt is from an associated enterprise or guaranteed by an associated enterprise. Excess interest, defined as interest exceeding 30% of EBITDA or total interest paid to associated enterprises, whichever is lower, is not deductible and can be carried forward for up to 8 years. The provisions apply to both debt from non-resident associated enterprises and debt from Indian lenders that is guaranteed by a non-resident associated enterprise.
When non-residents are not required to file tax returns for income earned in ...DVSResearchFoundatio
Key Takeaways:
Charging section for taxability of non-residents
Incomes of non-residents for which no returns to be filed
Conditions to be satisfied for non-filing of returns
Representative assessee and its liability
Dewan P.N. Chopra & Co. is a reputed Chartered Accountants Firm in India, actively engaged in a full service, multi-disciplinary practice under four core services verticals – Taxation, Regulatory, Transaction Advisory and Audit & Assurance. The Firm has immense experience rendering diverse professional services to an extensive base of national & international clients and is an established name in its field.
The document summarizes key changes related to the extension of transfer pricing provisions to specified domestic transactions (SDTs) in India. Key points include:
1) SDTs now covered under domestic transfer pricing (DTP) include expenditures under section 40A(2), transactions between tax holiday undertakings and other entities, and notified transactions over INR 5 crore.
2) Challenges for taxpayers include onerous documentation requirements and applying provisions to tax holiday undertakings. Benchmarking director payments also goes beyond the arm's length principle.
3) Compliance for the first year is due by November 30, 2013. The publication aims to provide an overview of DTP provisions, compliance requirements, and
This document is the directors' report for Din Textile Mills Limited for the year ended June 30, 2006. It summarizes the company's financial performance including a profit after taxation of Rs. 19.44 million. It discusses factors affecting the textile industry such as higher cotton prices and fuel costs. The report also outlines plans to install gas generators to reduce costs and a focus on producing premium, value-added yarns to improve profitability going forward.
The document discusses taxation issues related to the conversion of a limited liability company to a limited liability partnership (LLP) in India. It outlines some key conditions under Section 47(xiiib) of the Income Tax Act of 1961 that must be satisfied for the asset transfer during conversion to be exempt from taxation. One such condition is that the total sales of the company in the previous three years cannot exceed Rs. 60 lakhs. However, this is becoming an impediment for larger companies seeking to benefit from converting to an LLP. The document then discusses three potential views on taxation if this Rs. 60 lakh condition is breached.
LLP, a legal form available world-wide, now introduced in India and is governed by the Limited Liability Partnership Act 2008, with effect from April 1, 2009
The document summarizes new regulations affecting the company secretaries profession, including the Limited Liability Partnership Act, 2008 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. It also discusses forthcoming regulations like the Goods and Services Tax and Direct Tax Code. The LLP Act provides a new business structure combining limited liability and partnership taxation. Key points of the ICDR Regulations and its replacement of older guidelines are noted. An overview of the proposed GST framework and goals of the upcoming Direct Tax Code is also provided.
The document summarizes new regulations affecting the company secretaries profession, including the Limited Liability Partnership Act, 2008 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. It also discusses forthcoming regulations like the Goods and Services Tax and Direct Tax Code. The LLP Act provides a new business structure combining limited liability and partnership taxation. Key points of the ICDR Regulations and changes made are noted. Details on GST thresholds and its proposed implementation by 2010 are provided. The Direct Tax Code aims to replace and simplify income tax laws.
Tata Motors stock at its CMP of Rs 364 is trading at 7.34 x of one year forward FY14E EPS of Rs50.The robust 3QFY14 results, Strong cash flows by JLR and better demand outlook, Narnolia Securities limited Maintain BUY for the stock with Target Price Rs 425
This document is a newsletter from Fine Gael, an Irish political party, discussing various business and economic issues in Ireland. It summarizes that after 3 years, the government has only achieved 4% of its promised reduction in business red tape costs. It also notes that only 6% of promised new jobs under a government PRSI rebate scheme have materialized. Additionally, County Enterprise Board funding, which supports new startups, remains 10% lower than the previous year despite higher application numbers.
The document provides details about the key provisions related to books of accounts and financial statements as per the Companies Act, 2013. It summarizes the timeline of introduction and implementation of the Companies Act 2013. It describes the requirements for maintenance of books of accounts, preparation of financial statements, audit, rotation of auditors and their appointment under the new act. It also discusses the provisions related to corporate social responsibility (CSR) and internal audit as mandated by the Companies Act 2013.
The document provides details about the key provisions related to books of accounts and financial statements as per the Companies Act, 2013. It summarizes the timeline of implementation of the Act, sections and chapters covered, requirements for preparation of financial statements, books to be maintained, appointment of auditors, their eligibility, disqualifications and rotation of auditors. It also discusses the provisions related to corporate social responsibility, internal audit and the role of the National Financial Reporting Authority.
Role of CFO in the Economic Turnaround - Change in RBI Policies for Non Perfo...Resurgent India
Under the new regime kicked off from Apr 1, 2014 Reserve Bank of India (RBI) has proposed that lenders can finance 50 per cent of the outstanding loan value.
Ownership Enterprise Supplier Development and Socio-economic Development - BE...Werksmans Attorneys
The document summarizes key changes to the ownership, enterprise development, and socio-economic development provisions in South Africa's new BBBEE codes. It outlines numerous complex rules around calculating ownership scores, including treatment of black economic interests, flow-through principles, recognition of post-sale black ownership, and more. Enterprise development targets were increased to 40% across procurement from empowering suppliers and supplier development contributions. Socio-economic development contributions were allocated only 5 points out of 118.
- The document is the annual report of L&T Finance Holdings Limited for the financial year 2013-14.
- Some key highlights include the company's consolidated net worth growing from Rs. 3,99,479 crores in FY2012-13 to Rs. 5,23,718 crores in FY2013-14. The average assets under management of the mutual fund business grew 63% to Rs. 1,82,55,18.65 lakhs.
- The loan book size grew 20% from Rs. 32,20,000 lakhs to Rs. 38,96,714.04 lakhs. The company infused capital into various subsidiaries during the year and
This document discusses various types of corporate restructuring such as mergers, demergers, and reduction of capital. It outlines the regulatory framework and listing requirements for such transactions. It also provides examples of restructuring strategies that listed companies can pursue, such as direct listings, increasing promoter holdings, acquiring other listed companies, and increasing resources without raising additional capital. Overall, the document presents corporate restructuring as a strategic tool for companies to grow, add shareholder value, and unlock their full potential.
Thin capitalization refers to a situation where a company is financed through high levels of debt compared to equity, resulting in a thin capital structure. Section 94B of the Indian Income Tax Act governs thin capitalization by restricting the deduction of interest expenses in cases where debt is from an associated enterprise or guaranteed by an associated enterprise. Excess interest, defined as interest exceeding 30% of EBITDA or total interest paid to associated enterprises, whichever is lower, is not deductible and can be carried forward for up to 8 years. The provisions apply to both debt from non-resident associated enterprises and debt from Indian lenders that is guaranteed by a non-resident associated enterprise.
When non-residents are not required to file tax returns for income earned in ...DVSResearchFoundatio
Key Takeaways:
Charging section for taxability of non-residents
Incomes of non-residents for which no returns to be filed
Conditions to be satisfied for non-filing of returns
Representative assessee and its liability
Dewan P.N. Chopra & Co. is a reputed Chartered Accountants Firm in India, actively engaged in a full service, multi-disciplinary practice under four core services verticals – Taxation, Regulatory, Transaction Advisory and Audit & Assurance. The Firm has immense experience rendering diverse professional services to an extensive base of national & international clients and is an established name in its field.
The document summarizes key changes related to the extension of transfer pricing provisions to specified domestic transactions (SDTs) in India. Key points include:
1) SDTs now covered under domestic transfer pricing (DTP) include expenditures under section 40A(2), transactions between tax holiday undertakings and other entities, and notified transactions over INR 5 crore.
2) Challenges for taxpayers include onerous documentation requirements and applying provisions to tax holiday undertakings. Benchmarking director payments also goes beyond the arm's length principle.
3) Compliance for the first year is due by November 30, 2013. The publication aims to provide an overview of DTP provisions, compliance requirements, and
This document is the directors' report for Din Textile Mills Limited for the year ended June 30, 2006. It summarizes the company's financial performance including a profit after taxation of Rs. 19.44 million. It discusses factors affecting the textile industry such as higher cotton prices and fuel costs. The report also outlines plans to install gas generators to reduce costs and a focus on producing premium, value-added yarns to improve profitability going forward.
The document discusses taxation issues related to the conversion of a limited liability company to a limited liability partnership (LLP) in India. It outlines some key conditions under Section 47(xiiib) of the Income Tax Act of 1961 that must be satisfied for the asset transfer during conversion to be exempt from taxation. One such condition is that the total sales of the company in the previous three years cannot exceed Rs. 60 lakhs. However, this is becoming an impediment for larger companies seeking to benefit from converting to an LLP. The document then discusses three potential views on taxation if this Rs. 60 lakh condition is breached.
LLP, a legal form available world-wide, now introduced in India and is governed by the Limited Liability Partnership Act 2008, with effect from April 1, 2009
The document summarizes new regulations affecting the company secretaries profession, including the Limited Liability Partnership Act, 2008 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. It also discusses forthcoming regulations like the Goods and Services Tax and Direct Tax Code. The LLP Act provides a new business structure combining limited liability and partnership taxation. Key points of the ICDR Regulations and its replacement of older guidelines are noted. An overview of the proposed GST framework and goals of the upcoming Direct Tax Code is also provided.
The document summarizes new regulations affecting the company secretaries profession, including the Limited Liability Partnership Act, 2008 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. It also discusses forthcoming regulations like the Goods and Services Tax and Direct Tax Code. The LLP Act provides a new business structure combining limited liability and partnership taxation. Key points of the ICDR Regulations and changes made are noted. Details on GST thresholds and its proposed implementation by 2010 are provided. The Direct Tax Code aims to replace and simplify income tax laws.
Tata Motors stock at its CMP of Rs 364 is trading at 7.34 x of one year forward FY14E EPS of Rs50.The robust 3QFY14 results, Strong cash flows by JLR and better demand outlook, Narnolia Securities limited Maintain BUY for the stock with Target Price Rs 425
This document is a newsletter from Fine Gael, an Irish political party, discussing various business and economic issues in Ireland. It summarizes that after 3 years, the government has only achieved 4% of its promised reduction in business red tape costs. It also notes that only 6% of promised new jobs under a government PRSI rebate scheme have materialized. Additionally, County Enterprise Board funding, which supports new startups, remains 10% lower than the previous year despite higher application numbers.
The document provides details about the key provisions related to books of accounts and financial statements as per the Companies Act, 2013. It summarizes the timeline of introduction and implementation of the Companies Act 2013. It describes the requirements for maintenance of books of accounts, preparation of financial statements, audit, rotation of auditors and their appointment under the new act. It also discusses the provisions related to corporate social responsibility (CSR) and internal audit as mandated by the Companies Act 2013.
The document provides details about the key provisions related to books of accounts and financial statements as per the Companies Act, 2013. It summarizes the timeline of implementation of the Act, sections and chapters covered, requirements for preparation of financial statements, books to be maintained, appointment of auditors, their eligibility, disqualifications and rotation of auditors. It also discusses the provisions related to corporate social responsibility, internal audit and the role of the National Financial Reporting Authority.
This document lists various computer components. It includes the keyboard, mouse, CPU, speakers and CD-rom as key parts of a computer system. All of these components work together to allow users to input information, process data, and output audio/visual content from the computer.
Este documento proporciona instrucciones sobre cómo configurar y utilizar las funciones básicas de una pizarra digital Hitachi Trio. Explica cómo calibrar la pantalla táctil, escribir y dibujar con diferentes herramientas como lápices y formas geométricas, agregar páginas, importar archivos, y guardar y exportar trabajos. También describe cómo usar funciones multimedia como insertar imágenes, videos y vínculos hipermedia.
1. This document summarizes the results of the XC-LA QUINTA cycling race held on February 28th, 2016 over a distance of 28 km with an average speed of 21.56 km/h.
2. UNAI YUS of BIKECENTERNT/BIKECENTERNT won the race with a time of 1:17:55. JULIEN GILBE of TALAVERA/LORO PARQUE finished second 1:32 minutes later.
3. 34 cyclists participated in the elite category race organized by classes or rankings.
Moldova is famous for its picturesque scenery found in its natural reserves, traditions and celebrations, and delicious food. The document promotes Moldova's landscapes, reservations like Padurea Domneasca and Codrii, unique traditions, hospitable people, traditional Moldavian food, and describes the country as heavenly, miraculous, unique, and beautiful.
IDEA CREATORS PORTFOLIO PRESENTATION 2015Raj kumar
Idea Creators is an exhibition design and event management company that has 15 years of experience working with clients across various industries. They provide turnkey solutions from concept to execution for exhibitions, events, and displays. The company focuses on producing high quality and innovative designs that are delivered on time. Idea Creators works closely with clients to understand their needs and ensures a smooth process throughout the project. They have a team of creative designers, producers, and partners to fully handle all aspects of a project.
El documento propone estrategias para crear ambientes de aprendizaje efectivos e inclusivos en el aula que promuevan la interacción, colaboración y desarrollo de los estudiantes. Estas estrategias incluyen actividades grupales que fomenten el apoyo mutuo, discusiones y debates que propicien la comunicación, y estrategias diseñadas para apoyar a estudiantes con necesidades diversas.
Portafolio de evidencias como herramienta de evaluaciónomar lugo
Este documento describe el portafolio de evidencias como una herramienta de evaluación en el proceso de enseñanza-aprendizaje. Explica que un portafolio de evidencias es una colección de documentos que muestran los logros y esfuerzos de un estudiante a lo largo de un curso. Además, destaca que el portafolio de evidencias permite conservar trabajos para futuras consultas y retroalimentación, y motiva el trabajo en equipo entre estudiantes.
Cloudreach Voices EC2 Making Sense of the Cost Options Cloudreach
This document discusses the various cost options for Amazon EC2 instances, including on-demand instances, reserved instances, spot instances, and dedicated instances. It provides details on the advantages and use cases for each option, and notes that the most cost-effective choice depends on factors like workload requirements and duration of usage. Reserved instances can offer significant savings but require capacity planning to avoid costs from unused reservations. Spot instances provide the lowest prices but exposures to termination risk.
Este documento resume una reunión de ClassDojo en Tenerife el 24 de noviembre de 2016. Los asistentes aprendieron cómo usar las funciones principales de ClassDojo como crear clases, agregar estudiantes, conectar a los padres, configurar avatares y puntos, y enviar mensajes a los padres. También discutieron cómo personalizar ClassDojo para sus aulas y establecer metas para motivar a los estudiantes.
El documento proporciona información sobre los diferentes tipos de embarazos múltiples, incluidos los embarazos gemelares dicigóticos y monocigóticos. Explica que los embarazos dicigóticos involucran la fertilización y desarrollo independiente de dos óvulos distintos, mientras que los embarazos monocigóticos involucran la división incompleta de un solo cigoto. También cubre temas como la incidencia, características y complicaciones potenciales de los diferentes tipos de embar
La histéresis magnética es el fenómeno por el cual un material magnético mantiene un cierto nivel de magnetización incluso después de que el campo magnético externo se ha eliminado, dando lugar a pérdidas de energía. Esto se debe a que el proceso de magnetización de un material ferromagnético depende de su historia magnética previa. La curva de histéresis muestra la relación entre la inducción magnética B y el campo magnético H aplicado, formando un ciclo de histéresis que no pas
The document discusses proposed changes to Australian legislation regarding executive pay. It summarizes the government's response to a 2011 report by CAMAC, which recommended reducing complexity in executive pay reports. While the government supported most recommendations, it did not support removing requirements for linking pay to company performance or disclosing commercially sensitive information. The effectiveness of the changes will depend on proper implementation.
FINANCIAL MARKET CONCLAVE – ROAD TO TURN AROUND - COMPANIES ACT, 2013 - Part -6Resurgent India
The Companies Act, 2013 has made several changes in the regulatory requirements of the companies. It has introduced several new concepts and has streamlined many of the requirements by introducing new definitions. The Act aims to raise the governance level of the Indian companies at par with the global companies.
This document discusses changes to accounting standards ASC 350 and ASC 805 that provide relief for private companies. It summarizes that the Private Company Council works with FASB to establish alternatives within GAAP for private entities. For ASC 350, private companies can now amortize goodwill over 10 years rather than performing annual impairment tests. For ASC 805, private companies no longer need to value and separate out non-compete agreements and many customer relationships in business acquisitions. The goal is to reduce complexity and costs of financial reporting for private businesses.
Steven Siefert's presentation to the Wisconsin Chapter of the American Society of Appraisers on ASC 805 and ASC 350 Changes for Private Companies.This presentation covers PCC and FASB changes to GAAP pertaining to business combinations and impairment testing for privately-held companies.
Amendments in Schedule III of Companies Act, w.e.f. 1st April 2022taxguru5
"CA Pragathi Gudur* With the ever-increasing stringency in the regulatory framework and disclosure requirements under various provisions of law, MCA, vide notifi"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/company-law/amendments-schedule-iii-companies-act-w-e-f-1st-april-2022.html
Changes in disclosures: A Comparative Analysis of Companies Act 1956 and 2013Arbaaz Hussain
The document compares disclosure norms under the Companies Act 1956 and the Companies Act 2013. It outlines several key changes and additions to disclosure requirements. The Companies Act 2013 requires additional disclosures in prospectuses, board reports, annual returns, audit committee reports, notices of meetings, and consolidated financial statements. It also mandates the formation of nomination and remuneration committees. While increased transparency is beneficial, excessive disclosure may put companies at a competitive disadvantage and penalties should not be imposed indiscriminately.
report on Board of directors of Rajiv Bajaj company.pptsinghnaveen2112
The document discusses the requirements for a director's report under the Companies Act 2013 in India. Key points include:
- A director's report provides details about a company's overall financial position and business operations to shareholders.
- Section 134 of the Companies Act 2013 mandates several disclosures that must be included in a director's report, such as extract of annual return, number of board meetings, related party transactions, and details of subsidiaries/associates.
- The director's report must be approved by the board of directors in a meeting, signed by the chairperson or two directors, and filed with the registrar of companies within 30 days.
- SEBI revised Clause 49 of the Listing Agreement in 2004 based on recommendations from the Murthy Committee on corporate governance norms.
- Key changes included stricter requirements for director independence, whistleblower policies, performance evaluations, and training for non-executive directors.
- Areas that saw major changes include board composition, compensation disclosure for non-executive directors, audit committee composition and responsibilities, and new disclosure requirements.
GAAP Accounting Update: A Review of Recent Changes in GAAP - Derek DanielDecosimoCPAs
This document summarizes recent changes and proposed changes to GAAP standards. It discusses amendments to accounting for unrecognized tax benefits, the definition of a public business entity, accounting alternatives for private companies regarding goodwill impairment testing and amortization, and a simplified hedge accounting approach for certain interest rate swaps entered into by private companies. The overall intent is to reduce costs for private companies by simplifying some accounting and financial reporting requirements.
corporate governance is booster in all aspects of activities cost reduction , profit maximization , it is relevant for NGO , Sole proprietor, partnership
Amendments in Schedule III of Companies Act, w.e.f. 1st April 2022taxguru5
"CA Pragathi Gudur* With the ever-increasing stringency in the regulatory framework and disclosure requirements under various provisions of law, MCA, vide notifi"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/company-law/amendments-schedule-iii-companies-act-w-e-f-1st-april-2022.html
The document discusses various aspects related to accounts, audit, and auditors under the Companies Act 2013. Some key points include:
- Every company must prepare annual financial statements including a balance sheet, profit and loss statement, cash flow statement and notes. The accounts must give a true and fair view of the company's affairs.
- The board of directors is responsible for the preparation of financial statements and a Directors' Responsibility Statement.
- An auditor must be appointed to audit the accounts annually and certify if they give a true and fair view. Their duties and qualifications are also outlined.
- The board report attached to financial statements must include details like number of board meetings, related party transactions, CSR
The document discusses the provisions related to accounts and auditors under the Companies Act 2013. It provides an overview of key sections regarding books of accounts, financial statements, board reports, appointment and rotation of auditors. It explains the requirements for listed and other prescribed class of companies. It also summarizes the eligibility, qualifications, disqualifications and duties of auditors. The document provides a high-level view of the accounting and auditing norms that companies need to comply with under the Companies Act.
This document discusses LPL Financial's business opportunity and provides forward-looking statements and notices about non-GAAP financial measures. It highlights that LPL Financial is the leading financial services provider to independent advisors, RIAs, and financial institutions. Key messages are that LPL Financial's differentiated value proposition drives advisor growth, the scale of its advisory and brokerage offerings provides flexibility to manage change, and its financial performance demonstrates business growth and earnings potential. The document contains cautionary language about forward-looking statements and defines non-GAAP financial measures including adjusted earnings and adjusted EBITDA.
This Data Spotlight provides data and statistics on the level and structure of CEO compensation in the United States. This data supplements in the issues introduced in the Quick Guides “CEO Compensation” and “Equity Ownership.”
The document is a presentation on the Companies (Auditor's Report) Order, 2020 (CARO 2020) by Rajvanshi & Associates. It provides an overview of CARO 2020, including its background, applicability, and the various matters that must be addressed in auditor's reports under CARO 2020. Specifically, it outlines the 21 paragraphs of CARO 2020 that auditors must comment on, such as fixed assets, loans & advances, statutory dues, fraud, related party transactions, and internal audit. It also lists companies that are exempt from CARO 2020, such as banking, insurance and small companies.
MCA Tweaks CFS Exemption in lines with Ind AS 110Sumit Binani
The document summarizes key amendments made by the Ministry of Corporate Affairs to the Companies (Accounts) Rules, 2014 regarding the preparation of consolidated financial statements and reporting requirements. Some of the main changes include exempting certain wholly-owned or partially-owned subsidiaries from preparing consolidated financial statements if certain conditions are met, replacing requirements to report on performance of subsidiaries with reporting on highlights and contributions, and allowing an internal auditor to be an individual, partnership or corporate entity rather than just a firm. The document provides examples and addresses frequently asked questions to help explain and clarify the impact of the amendments.
This document is a notification from the Government of India's Ministry of Corporate Affairs regarding new rules called the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The rules establish regulations around appointing and setting remuneration for managerial personnel in companies. Key aspects include requirements for filing returns after appointments, limits on sitting fees for directors, disclosure requirements on remuneration in board reports, and provisions for applying to the central government for approval of remuneration beyond certain limits. The rules also define duties of the company secretary and set out the format for the secretarial audit report.
2. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 2
As per the Companies Act, 2013, Indian companies have started making director pay-ratio disclosures in annual reports. This report
analyses the pay-ratio disclosures made by Nifty-50 companies and provides key-takeaways. The report also compares Indian pay-
ratio disclosure regulations with those in the US.
HIGHLIGHTS
34 Nifty-50 Companies disclosed Pay-ratios.
Pay of 95 Directors analysed in this study
34
95
3 Companies - Bajaj Auto, Bosch and Maruti Suzuki
shied away from making any such disclosures
PSUs are exempted from Pay-Ratio Disclosures.
Nifty-50 has 10 PSUs
3
Cos.
10
PSU
3. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 3
11 Directors’ Remuneration exceeds 400 times
the median employee pay of their companies.
This includes 3 Directors each of Hero
MotoCorp and Lupin
11
400
70% of the top-10 Highest Paid Directors of Nifty
companies are Promoter individuals
70%
Promoter
Mr. Kumar Mangalam Birla was the only Non-
executive Director among the top-10 highest paid
directors. He is Non-executive Chairman of 4
Nifty companies and was paid a total of Rs. 40.5
Crores in FY15 from these companies
40Cr
NED
4. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 4
Rs. 9.00 Crore: Average remuneration of an
Executive Director of Nifty Company
9Cr
ED
Rs. 5.87 Lakh: Average Median Employee
Remuneration.
5.9L
MER
170 times: Average ratio of Pay of Executive
Directors to the Median Employee Remuneration.
170
Ratio
8 Directors paid more than 1% of the standalone
net profits with the highest being 2.33%.
10 Directors paid less than 0.035% of the
standalone net profits.
8
10
5. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 5
PAGE
SUMMARY 2
BACKGROUND 6
THE PROVISIONS 7
KEY TAKEAWAYS 12
ANNEXURE
o DIRECTORS’ PAY-RATIO LIST IN
DECREASING ORDER
18
o COMPANY-WISE DIRECTOR’S
PAY-RATIO LIST
24
o REMUNERATION BREAK-UP AND
INFORMATION ON STOCK
OPTIONS
30
6. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 6
THE BACKGROUND
India-listed companies had to make additional and detailed disclosures on remuneration in the annual
reports for the financial year 2015. These disclosures were result of the requirements under Section 197
of the Companies Act, 2013. One of such requirement was disclosure of the pay-ratio of directors and
key managerial personnel with that of the median employee remuneration.
The Companies Act, 2013 empowers shareholders to vote on proposals for fixing of remuneration of
directors. In comparison, shareholders of US incorporated companies get to cast a non-binding vote on
such proposals. A non-binding vote doesn’t have any direct implication on passing of the proposal. It
is just a way to convey the opinion of the shareholders to Board. The CEO’s pay is set by the Board in
consultation with its Remuneration Committee and affirmation is sought from shareholders through
the proposal. If majority of the votes are against the proposal, the Board has the discretion to either
change the terms of the remuneration or go ahead with the unchanged original pay. This provision is
widely regarded in the US as ‘Say on Pay’.
Indian regulations’ ‘Vote on Pay’ gives shareholders of India-incorporated companies a significant
authority in comparison to the US regulations’ ‘Say on Pay’.
In spite of being provided with such an authority, shareholders of Indian companies have rarely taken
a principled stand in cases where excessive remuneration was paid to the directors, until recently. The
recent cases of Tata Motors (where proposals of remuneration to Executive Directors was voted
against) and Apollo Hospitals (where more than 46% voting institutional shareholders voted against
the proposals for appointment and remuneration of the Executive Vice Chairperson and Managing
Directors) shows a changing trend where shareholders are actively analyzing and voting on
remuneration proposals.
America has
‘Say on Pay’
while
India has
‘Vote on Pay’
7. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 7
THE PROVISIONS
Proposals for director remuneration are always a sensitive matter which needs thorough
analysis. Hence, companies are expected to give greater details of the terms of
remuneration in the explanatory statement of their proposals. The new Companies Act,
2013 which became effective on April 1st, 2014 requires companies to make more mandatory
disclosures regarding their director and senior managerial remuneration. This requirement
will aids shareholders in detailed analysis of remuneration proposals and take informed
decisions. The Securities and Exchange Commission (SEC) of US also incorporated similar
provisions for US-incorporated companies in August 2015 after exhaustive discussions and
debate since 2010. The regulations of both countries are listed below:
India – The Companies Act, 2013
Section 197(12) of the act states:
“Every listed company shall disclose in the Board’s report, the ratio of the remuneration of
each director to the median employee’s remuneration and such other details as may be
prescribed.”
Further, Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 states:
“Every listed company shall disclose in the Board’s report-
i) the ratio of the remuneration of each director to the median remuneration of the
employees of the company for the financial year;
ii) the percentage increase in remuneration of each director, Chief Financial Officer,
Chief Executive Officer, Company Secretary or Manager, if any, in the financial year;
INDIA
Companies Act, 2013
Section 197(12)
Rule 5 of Companies
(Appointment and
Remuneration of
Managerial Personnel)
Rules, 2014
8. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 8
INDIA
Companies Act, 2013
Section 197(12)
Rule 5 of Companies
(Appointment and
Remuneration of
Managerial Personnel)
Rules, 2014
iii) the percentage increase in the median remuneration of employees in the financial
year;
iv) the number of permanent employees on the rolls of company;
v) the explanation on the relationship between average increase in remuneration and
company performance;
vi) comparison of the remuneration of the Key Managerial Personnel against the
performance of the company;
vii) variations in the market capitalisation of the company, price earnings ratio as at the
closing date of the current financial year and previous financial year and percentage
increase over decrease in the market quotations of the shares of the company in
comparison to the rate at which the company came out with the last public offer in
case of listed companies, and in case of unlisted companies, the variations in the net
worth of the company as at the close of the current financial year and previous
financial year;
viii) average percentile increase already made in the salaries of employees other than the
managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof and point out if
there are any exceptional circumstances for increase in the managerial remuneration;
ix) comparison of the each remuneration of the Key Managerial Personnel against the
performance of the company;
x) the key parameters for any variable component of remuneration availed by the
directors;
xi) the ratio of the remuneration of the highest paid director to that of the employees
who are not directors but receive remuneration in excess of the highest paid director
during the year; and
xii) affirmation that the remuneration is as per the remuneration policy of the company.”
Access the complete Section and the Rule in “The Companies Act Integrated Ready Reckoner - CAIRR”
9. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 9
USA
The Dodd-Frank Act
Section 953(b)
US – The Dodd-Frank Act
Section 953 of the Act states:
“(i) Disclosure Of Pay Versus Performance - The Commission shall, by rule, require each issuer to
disclose in any proxy or consent solicitation material for an annual meeting of the shareholders of
the issuer a clear description of any compensation required to be disclosed by the issuer under
section 229.402 of title 17, Code of Federal Regulations (or any successor thereto), including
information that shows the relationship between executive compensation actually paid and the
financial performance of the issuer, taking into account any change in the value of the shares of stock
and dividends of the issuer and any distributions.
The disclosure under this subsection may include a graphic representation of the information
required to be disclosed.’’.
(b) Additional Disclosure Requirements -
(1) In General - The Commission shall amend section 229.402 of title 17, Code of Federal Regulations,
to require each issuer to disclose in any filing of the issuer described in section 229.10(a) of title 17,
Code of Federal Regulations (or any successor thereto)—
(A) the median of the annual total compensation of all employees of the issuer, except the chief
executive officer (or any equivalent position) of the issuer;
(B) the annual total compensation of the chief executive officer (or any equivalent position) of the
issuer; and
(C) the ratio of the amount described in subparagraph (A) to the amount described in subparagraph
(B)”
10. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 10
COMPARISON OF THE PROVISIONS
While the Dodd Frank Act requires comparison of CEO’s pay with that of the median remuneration of employees, the
Companies Act requires remuneration of all directors to be compared with the median remuneration of employees. As per the
Dodd Frank regulation, no comparison is provided for any executive or non-executive members of the Board, other than the
CEO.
Both Dodd-Frank and Companies Act requires disclosure and comparison of remuneration of all key managerial personnel, such
as CEO, CFO, Company Secretary, etc., with that of the financial performance of the company.
The Companies Act seeks an additional disclosure of percentage increase of all directors and key managerial personnel as
compared to percentage increase in the median remuneration of employees.
The Companies Act also requires companies to provide explanation on the relationship between average increase in
remuneration and company performance.
The Dodd Frank Act allows certain relaxations to companies in calculating median remuneration of employees. The relaxations
are in form of exemption of salaries of non-US employees in certain cases, determination of median employee once every three
years, instead of every year, etc.
11. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 11
A detailed comparison in tabular format is given below:
Indian Companies Act US Dodd-Frank Act
Section 197(12) and Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 contain these
provisions
Section 953(b) of the Dodd-Frank Act contains these provisions
Origin of this provision was in the Companies Bill, 2011 This provision was in debate and discussion since 2010
Ratio of pay of each of the directors, including the MD, to median
employee remuneration is to be disclosed
Ratio of pay of CEO to median employee remuneration is to be
disclosed
Comparison of increase in pay of all key managerial personnel with
that of performance of the company is to be disclosed
Comparison of increase in pay of all key managerial personnel with
that of performance of the company is, to be disclosed
Comparison of % increase in pay of directors and key management
and % increase in median employee remuneration
This is not a requirement under Dodd-Frank Act
Disclosure of explanation on relationship between average increase in
remuneration and company performance
This is not a requirement under Dodd-Frank Act
The Act requires pay of all non-director employees to be taken for
calculation of median employee remuneration
Detailed method of calculation of the median employee remuneration
is suggested. The Act requires companies to segregate employees in
domestic and foreign locations, etc. and calculate median accordingly
12. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 12
DISCLOSURES BY INDIAN COMPANIES – KEY TAKEAWAYS
On the Companies Act, 2013 coming to effect on April 1, 2014, the companies have started making required disclosures in their
annual reports for FY15. We have compiled details as required under the Rule 5, of Nifty-50 companies that have made these details
available for FY15, with data available as on November 1, 2015.
A few points to note
Government companies (PSUs) are exempted from making such disclosures in their annual reports, as per a notification issued
by the Ministry of Corporate Affairs in June 2015. In our opinion, such an exemption should not have been given to PSUs. In the
interest of good governance, and greater transparency, all companies should be treated equal and selective exemptions should
not be given. The Government of India should view its role as a dominant shareholder and as a regulator as distinct and should
not have differing regulations for entities where it is a dominant shareholder.
As a result, our study doesn’t include 10 PSUs in the Nifty-50 index, viz., Bank of Baroda, BHEL, Bharat Petroleum, Coal India,
GAIL, NTPC, ONGC, Punjab National Bank, Power Grid Corporation and State Bank of India.
Three companies of the Nifty index, viz., HCL Technologies, ACC and Ambuja Cements have not yet made their FY-2015 annual
reports available as they have different year-ending dates. Hence, our study doesn’t include these companies.
Three companies of the Nifty index, viz., Bosch, Bajaj Auto and Maruti Suzuki have not made any such disclosures in their
annual report. The annual reports of Bajaj Auto and Maruti Suzuki state that these details will be made available to any
shareholder upon request. Hence, our study doesn’t include these companies. In our opinion, this is not a good precedent by
these companies, and it is against the spirit of the regulations.
As a result, our study is based on disclosures by 34 companies of the Nifty-50 index and 95 directorships in total.
Many directors left/joined the Board during FY15, hence were on the Board for a part of the financial year. We have suffixed an
asterisk (*) along with their names. Certain data-points for these directors are either not available or not meaningful.
We have not included certain directors who were on the Board for a very less period of time.
The study also includes directors who were promoted from within the company during FY15. In such cases, the percentage
increase in their remunerations may not be meaningful in comparing with percentage increase in the median employee
remuneration.
The exhaustive list containing details of 95 directors from 34 companies is provided in tabular format in the annexure.
13. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 13
1. THE RATIO
The remuneration of 11 Directors was more than 400 times the median employee remuneration of their companies. This included
three Directors each of Lupin and Hero MotoCorp and one each of Hindalco, L&T, Cipla, ITC and TCS.
Company Director Category Designation Ratio of DR to MER
Lupin Desh Bandhu Gupta Promoter Chairman 1168
Lupin Vinita Gupta Promoter CEO 777
Hero MotoCorp Pawan Munjal Promoter MD 631
Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 625
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 601
Hindalco D. Bhattacharya Non-Promoter MD 518
Lupin Kamal Sharma Non-Promoter VC 516
L&T A M Naik Non-Promoter Chairman 454
Cipla Subhanu Saxena Non-Promoter MD 453
ITC Y. C. Deveshwar Non-Promoter Chairman 439
TCS N. Chandrasekaran Non-Promoter MD 417
0
1
2
3
Promoters Non-Promoters
14. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 14
2. THE REMUNERATION
The highest remuneration to a director was to the Managing Director of Hero MotoCorp who was paid Rs. 43.91 Crore for FY15.
10 Directors were paid remuneration in excess of Rs. 19 Crores. This included the Non-executive Director of Ultratech Cement
who is also the Chairman of the Board of the company.
Company Director Category Designation
Director Remuneration
(DR) (Rs. Cr.)
% of PAT
Hero MotoCorp Pawan Munjal Promoter MD 43.91 1.84%
Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 43.64 1.83%
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 1.75%
Lupin Desh Bandhu Gupta Promoter Chairman 37.58 1.57%
L&T A M Naik Non-Promoter Chairman 27.32 0.54%
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 0.21%
Lupin Vinita Gupta Promoter CEO 24.86 1.04%
Hindalco D. Bhattacharya Non-Promoter MD 21.59 2.33%
TCS N. Chandrasekaran Non-Promoter MD 21.28 0.11%
Ultratech Cement Kumar Mangalam Birla Promoter NED Chair 19.04 0.94%
7 out of these 10 (i.e., 70%) Directors are promoters of their respective companies. The three highest paid directors are directors of
Hero MotoCorp. Lupin also contributed two directors to the top-10 list.
Rs. 43.91 Crore
Highest Remuneration in FY15
Top 3 Highest Paid Directors,
all of Hero MotoCorp
70% of top-10 paid Directors are
Promoters
Average Director’s Remuneration: Rs.
9.00 Crore
15. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 15
3. THE AVERAGE
The average of ratio of Directors’ pay to median employee remuneration was 170.40 while the median was 97. Pay of 26 Directors
was higher than the average of 170.50. This included 13 promoters and 13 non-promoter directors.
Average of ratio of Director’s
Pay to MER was 170.40 and
Median was 97
Pay of 26 Directors was
higher than the average of
170.50
Average of MER was Rs. 5.87
Lakh and Median was
Rs. 5.29 Lakh
The average of median employee remuneration was Rs. 5.87 Lakh while the median was Rs. 5.29 Lakh.
4. THE PERCENTAGE
8 Directors were paid remuneration that was more than 1% of the standalone net profits of their companies. The top-10 Directors
in this list also included the Non-Executive Chairman of the Boards of Ultratech Cement and Grasim Industries. On the other
hand, remuneration of 16 Directors was less than 0.05% of the net profits of their companies.
Directors with highest ratio of Remuneration-to-Net Profits
Company Director Category Designation
Remuneration
(Rs. Cr.)
% of PAT
Hindalco D. Bhattacharya Non-Promoter MD 21.59 2.33%
Hero MotoCorp Pawan Munjal Promoter MD 43.91 1.84%
Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 43.64 1.83%
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 1.75%
Lupin Desh Bandhu Gupta Promoter Chairman 37.58 1.57%
Grasim Industries K. K. Maheshwari Non-Promoter MD 8.05 1.52%
Cipla Subhanu Saxena Non-Promoter MD 13.31 1.13%
16. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 16
Company Director Category Designation
Remuneration
(Rs. Cr.)
% of PAT
Lupin Vinita Gupta Promoter CEO 24.86 1.04%
Ultratech Cement Kumar Mangalam Birla Promoter NED Chair 19.04 0.94%
Grasim Industries Kumar Mangalam Birla Promoter NED Chair 4.52 0.85%
Directors with lowest ratio of Remuneration-to-Net Profits
Company Director Category Designation
Remuneration
(Rs. Cr.)
% of PAT
Reliance Industries Pawan Kumar Kapil Non-Promoter ED 2.42 0.01%
ICICI Bank Rajiv Sabharwal Non-Promoter ED 3.33 0.02%
HDFC Bank Kaizad Bharucha Non-Promoter ED 2.48 0.02%
Axis Bank V. Srinivasan Non-Promoter ED 2.46 0.03%
ITC P. V. Dhobale Non-Promoter ED 2.60 0.03%
ITC K. N. Grant Non-Promoter ED 2.60 0.03%
ITC N. Anand Non-Promoter ED 2.61 0.03%
Reliance Industries P. M. S. Prasad Non-Promoter ED 6.03 0.03%
ICICI Bank K. Ramkumar Non-Promoter ED 3.69 0.03%
ICICI Bank N. S. Kannan Non-Promoter ED 3.57 0.03%
Wipro S. C. Senapaty Non-Promoter ED 3.37 0.04%
ICICI Bank Chanda Kochhar Non-Promoter MD 5.11 0.04%
Infosys U. B. Pravin Rao Non-Promoter ED 6.08 0.05%
HDFC Bank Paresh Sukthankar Non-Promoter Deputy MD 5.22 0.05%
Reliance Industries Nikhil R. Meswani Promoter ED 12.03 0.05%
Reliance Industries Hital R. Meswani Promoter ED 12.03 0.05%
17. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 17
5. THE BREAK-UP
On an average, remuneration of an Executive Director of a Nifty Company constituted 62% as fixed pay and 38% as variable pay.
A higher variable component of remuneration indicates that the remuneration policy is aligned with performance of the
company.
Average Remuneration Break-up:
62% Fixed; 38% Variable
Pay of 13 Directors didn’t consist
of any Variable Pay
Directors whose pay didn’t have any variable component
Company Director Category Designation
Fixed Pay
(Rs. Cr.)
Variable
Pay (Rs. Cr.)
Total Pay
(Rs. Cr.)
Adani Ports & SEZ Malay Mahadevia Non-Promoter ED 10.39 - 10.39
IndusInd Bank Ramesh Sobti Non-Promoter MD 5.39 - 5.39
Zee Entertainment Punit Goenka Promoter MD 5.07 - 5.07
Infosys Vishal Sikka* Non-Promoter MD 4.56 - 4.56
Zee Entertainment Subodh Kumar Non-Promoter VC 3.57 - 3.57
Tata Motors R. Pisharody Non-Promoter ED 2.45 - 2.45
Tata Motors S. B. Borwankar Non-Promoter ED 2.03 - 2.03
Ultratech Cement Dilip Gaur* Non-Promoter Deputy MD 1.45 - 1.45
Lupin M. D. Gupta Promoter ED 0.50 - 0.50
Adani Ports & SEZ Sudipta Bhattacharya Non-Promoter ED 6.80 - 6.80
Vedanta Tom Albanese Non-Promoter MD 5.80 - 5.80
Yes Bank Rana Kapoor Promoter MD 4.70 - 4.70
Axis Bank Sanjeev K. Gupta* Non-Promoter ED 0.84 - 0.84
18. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 18
ANNEXURE
Directors’ Pay-ratio list in decreasing order of ratio of director remuneration to median employee remuneration
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Lupin
Desh Bandhu
Gupta
Promoter Chairman 37.58 1.00% 1.57% 3.00% 3.20 3.00% 1168
Lupin Vinita Gupta Promoter CEO 24.86 83.00% 1.04% 3.00% 3.20 3.00% 777
Hero MotoCorp Pawan Munjal Promoter MD 43.91 17.00% 1.84% 13.11% 7.07 10.31% 631
Hero MotoCorp
Brijmohan Lall
Munjal
Promoter Chairman 43.64 19.00% 1.83% 13.11% 7.07 10.31% 625
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 18.00% 1.75% 13.11% 7.07 10.31% 601
Hindalco D. Bhattacharya
Non-
Promoter
MD 21.59 2.52% 2.33% -35.00% 4.16 5.20% 518
Lupin Kamal Sharma
Non-
Promoter
VC 16.61 23.00% 0.69% 3.00% 3.20 3.00% 516
L&T A M Naik
Non-
Promoter
Chairman 27.32 -3.84% 0.54% -8.00% 6.02 12.10% 454
Cipla Subhanu Saxena
Non-
Promoter
MD 13.31 -38.64% 1.13% -14.93% 2.94 3.41% 453
ITC Y. C. Deveshwar
Non-
Promoter
Chairman 15.28 24.00% 0.16% 9.37% 3.46 14.00% 439
TCS N. Chandrasekaran
Non-
Promoter
MD 21.28 13.90% 0.11% 4.24% 5.10 4.60% 417
Ultratech Cement
Kumar Mangalam
Birla
Promoter NED Chair 19.04 -6.00% 0.94% -6.02% 4.95 6.40% 384
Dr. Reddy's G. V. Prasad Promoter MD 12.93 18.00% 0.77% -13.00% 3.56 0.50% 363
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 13.81% 0.21% 100.00% 8.40 -2.30% 324
19. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 19
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Hindalco Satish Pai
Non-
Promoter
ED 12.17 - 1.32% -35.00% 4.16 5.20% 292
Vedanta Naveen Agarwal Promoter Chairman 14.12 9.00% 0.73% 79.09% 5.20 11.20% 272
Dr. Reddy's Satish Reddy Promoter Chairman 9.66 -16.00% 0.58% -13.00% 3.56 0.50% 271
Lupin Nilesh Gupta Promoter MD 8.23 36.00% 0.34% 3.00% 3.20 3.00% 256
L&T K Venkataramanan
Non-
Promoter
MD 13.58 2.42% 0.27% -8.00% 6.02 12.10% 226
Grasim Industries K. K. Maheshwari
Non-
Promoter
MD 8.05 -3.60% 1.52% -41.00% 3.73 12.70% 216
L&T S N Subrahmanyan
Non-
Promoter
ED 12.83 -3.26% 0.25% -8.00% 6.02 12.10% 213
Reliance Industries Mukesh Ambani Promoter MD 15.00 0.00% 0.07% 3.34% 7.29 3.71% 206
Adani Ports & SEZ Malay Mahadevia
Non-
Promoter
ED 10.39 2.85% 0.48% 8.29% 5.08 0.40% 204
Idea Cellular
Kumar Mangalam
Birla
Promoter NED Chair 13.35 56.30% 0.48% 66.30% 7.03 9.80% 190
Vedanta Tarun Jain
Non-
Promoter
ED 9.03 15.00% 0.47% 79.09% 5.20 11.20% 174
L&T R Shankar Raman
Non-
Promoter
ED 10.37 -3.89% 0.21% -8.00% 6.02 12.10% 172
Wipro T. K. Kurien
Non-
Promoter
ED 9.11 39.00% 0.11% 10.91% 5.37 9.49% 170
Cipla Rajesh Garg
Non-
Promoter
ED 4.98 -32.02% 0.42% -14.93% 2.94 3.41% 169
Reliance Industries Nikhil R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
Reliance Industries Hital R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
HDFC Bank Aditya Puri Non- MD 7.40 15.00% 0.07% 20.48% 4.60 8.26% 163
20. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 20
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Mahindra &
Mahindra
Pawan Goenka
Non-
Promoter
ED 10.38 131.64% 0.31% -11.00% 6.60 12.00% 157
L&T M V Kotwal
Non-
Promoter
ED 9.25 1.16% 0.18% -8.00% 6.02 12.10% 154
Ultratech Cement O. P. Puranmalka
Non-
Promoter
MD 8.28 -18.95% 0.41% -6.02% 4.95 6.40% 150
Adani Ports & SEZ
Sudipta
Bhattacharya
Non-
Promoter
ED 6.80 - 0.31% 8.29% 5.08 0.40% 134
IndusInd Bank Ramesh Sobti
Non-
Promoter
MD 5.39 7.00% 0.25% 27.41% 4.11 7.60% 131
L&T Shailendra N Roy
Non-
Promoter
ED 7.90 3.12% 0.16% -8.00% 6.02 12.10% 131
Cipla S. Radhakrishnan
Non-
Promoter
ED 3.69 0.48% 0.31% -14.93% 2.94 3.41% 125
Idea Cellular Himanshu Kapania
Non-
Promoter
MD 8.78 5.00% 0.31% 66.30% 7.03 9.80% 125
Infosys U. B. Pravin Rao
Non-
Promoter
ED 6.08 130.00% 0.05% 19.32% 4.89 -5.20% 124
Grasim Industries
Kumar Mangalam
Birla
Promoter NED Chair 4.52 -43.00% 0.85% -41.00% 3.73 12.70% 121
Infosys Vishal Sikka*
Non-
Promoter
MD 4.56 - 0.04% 19.32% 4.89 -5.20% 117
Asian Paints K. B. S. Anand
Non-
Promoter
MD 6.10 17.00% 0.46% 14.00% 5.31 15.00% 115
HDFC Bank Paresh Sukthankar
Non-
Promoter
Deputy MD 5.22 25.00% 0.05% 20.48% 4.60 8.26% 113
Vedanta Tom Albanese Non- MD 5.80 - 0.30% 79.09% 5.20 11.20% 111
21. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 21
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Yes Bank Rana Kapoor Promoter MD 4.70 29.70% 0.23% 23.92% 4.40 13.90% 108
Zee Entertainment Punit Goenka Promoter MD 5.07 0.00% 0.61% 7.77% 5.12 9.00% 99
ICICI Bank Chanda Kochhar
Non-
Promoter
MD 5.11 14.00% 0.04% 13.90% 5.40 5.00% 97
Hindustan Unilever Sanjiv Mehta
Non-
Promoter
MD 14.17 -2.90% 0.33% 11.58% 15.20 4.55% 93
Mahindra &
Mahindra
Anand Mahindra Promoter MD 5.98 15.33% 0.18% -11.00% 6.60 12.00% 91
Wipro Azim H. Premji Promoter MD 4.78 -53.00% 0.06% 10.91% 5.37 9.49% 89
Axis Bank Somnath Sengupta*
Non-
Promoter
ED 4.51 INA 0.06% 18.00% 5.30 6.16% 85
Hindalco
Kumar Mangalam
Birla
Promoter NED Chair 3.50 -48.14% 0.38% -35.00% 4.16 5.20% 84
HDFC Keki M. Mistry
Non-
Promoter
MD 8.12 15.00% 0.15% 12.00% 9.70 16.00% 83
Reliance Industries P. M. S. Prasad
Non-
Promoter
ED 6.03 0.00% 0.03% 3.34% 7.29 3.71% 83
Sun Pharmaceutical
Industries
Sudhir V. Valia
Non-
Promoter
ED 3.03 33.12% Loss Loss 3.70 14.61% 82
Sun Pharmaceutical
Industries
Dilip Shanghvi Promoter MD 2.98 16.98% Loss Loss 3.70 14.61% 81
Vedanta D. D. Jalan
Non-
Promoter
ED 4.13 17.70% 0.21% 79.09% 5.20 11.20% 80
HDFC Renu Sud Karnad
Non-
Promoter
MD 7.39 15.00% 0.14% 12.00% 9.70 16.00% 77
Cairn India Mayank Ashar*
Non-
Promoter
MD 6.06 - 0.46% -82.29% 7.97 18.70% 76
22. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 22
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Grasim Industries
Adesh Kumar
Gupta
Non-
Promoter
ED 2.85 -12.90% 0.54% -41.00% 3.73 12.70% 76
ITC N. Anand
Non-
Promoter
ED 2.61 16.00% 0.03% 9.37% 3.46 14.00% 76
ITC P. V. Dhobale
Non-
Promoter
ED 2.60 17.00% 0.03% 9.37% 3.46 14.00% 75
ITC K. N. Grant
Non-
Promoter
ED 2.60 17.00% 0.03% 9.37% 3.46 14.00% 75
Axis Bank Shikha Sharma
Non-
Promoter
MD 4.18 15.00% 0.06% 18.00% 5.30 6.16% 74
Tata Steel T. V. Narendran
Non-
Promoter
MD 6.47 11.00% 0.10% 0.42% 7.82 12.08% 67
ICICI Bank N. S. Kannan
Non-
Promoter
ED 3.57 14.00% 0.03% 13.90% 5.40 5.00% 65
ICICI Bank K. Ramkumar
Non-
Promoter
ED 3.69 14.00% 0.03% 13.90% 5.40 5.00% 65
Tata Power Anil Sardana
Non-
Promoter
MD 5.53 13.00% 0.55% 5.87% 8.50 14.00% 65
Bharti Airtel Gopal Vittal
Non-
Promoter
MD 7.79 25.65% 0.06% 100.00% 8.40 -2.30% 64
Tech Mahindra Vineet Nayyar
Non-
Promoter
VC 3.60 -1.45% 0.16% -16.00% 5.70 -11.19% 63
Wipro S. C. Senapaty
Non-
Promoter
ED 3.37 8.00% 0.04% 10.91% 5.37 9.49% 63
ICICI Bank Rajiv Sabharwal
Non-
Promoter
ED 3.33 14.00% 0.02% 13.90% 5.40 5.00% 62
Hindustan Unilever P. B. Balaji*
Non-
Promoter
ED 6.31 -1.40% 0.15% 11.58% 15.20 4.55% 59
23. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 23
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Adani Ports & SEZ Gautam Adani Promoter MD 2.80 - 0.13% 8.29% 5.08 0.40% 55
HDFC Bank Kaizad Bharucha
Non-
Promoter
ED 2.48 13.40% 0.02% 20.48% 4.60 8.26% 53
Tata Motors R. Pisharody
Non-
Promoter
ED 2.45 -27.92% Loss Loss 5.29 8.00% 51
HDFC
V. Srinivasa
Rangan
Non-
Promoter
ED 4.85 16.00% 0.09% 12.00% 9.70 16.00% 49
Zee Entertainment Subodh Kumar
Non-
Promoter
VC 3.57 11.00% 0.43% 7.77% 5.12 9.00% 49
Tata Steel Koushik Chatterjee
Non-
Promoter
ED 5.62 0.00% 0.09% 0.42% 7.82 12.08% 48
Axis Bank V. Srinivasan
Non-
Promoter
ED 2.46 14.00% 0.03% 18.00% 5.30 6.16% 47
Kotak Mahindra
Bank
Uday Kotak Promoter MD 2.26 2.10% 0.12% 24.23% 5.20 11.05% 43
Kotak Mahindra
Bank
Dipak Gupta
Non-
Promoter
ED 7.62 2.28% 0.41% 24.23% 5.20 11.05% 43
Kotak Mahindra
Bank
C. Jayaram
Non-
Promoter
ED 7.72 2.04% 0.41% 24.23% 5.20 11.05% 43
Tech Mahindra C. P. Gurnani
Non-
Promoter
MD 2.43 5.48% 0.11% -16.00% 5.70 -11.19% 43
Reliance Industries
Pawan Kumar
Kapil
Non-
Promoter
ED 2.42 -3.00% 0.01% 3.34% 7.29 3.71% 33
Hindustan Unilever Pradeep Banerjee
Non-
Promoter
ED 5.06 5.40% 0.12% 11.58% 15.20 4.55% 32
Tata Motors S. B. Borwankar
Non-
Promoter
ED 2.03 -41.31% Loss Loss 5.29 8.00% 31
Axis Bank Sanjeev K. Gupta* Non- ED 0.84 25.00% 0.01% 18.00% 5.30 6.16% 30
24. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 24
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Ultratech Cement Dilip Gaur*
Non-
Promoter
Deputy MD 1.45 - 0.07% -6.02% 4.95 6.40% 27
Tata Power Ashok S. Sethi*
Non-
Promoter
ED 2.22 30.00% 0.22% 5.87% 8.50 14.00% 26
Sun Pharmaceutical
Industries
Sailesh T Desai
Non-
Promoter
ED 0.93 10.08% Loss Loss 3.70 14.61% 25
Lupin M. D. Gupta Promoter ED 0.50 - 0.02% 3.00% 3.20 3.00% 16
Tata Power S. Padmanabhan*
Non-
Promoter
ED 1.10 -68.00% 0.11% 5.87% 8.50 14.00% 13
Hindustan Unilever
Sridhar
Ramamurthy*
Non-
Promoter
ED 7.48 - 0.17% 11.58% 15.20 4.55% -
* The Director was on the Board for part of FY-2015
Company-wise Director’s Pay-Ratio List
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Adani Ports & SEZ Gautam Adani Promoter MD 2.80 - 0.13% 8.29% 5.08 0.40% 55
Adani Ports & SEZ Malay Mahadevia
Non-
Promoter
ED 10.39 3% 0.48% 8.29% 5.08 0.40% 204
Adani Ports & SEZ
Sudipta
Bhattacharya
Non-
Promoter
ED 6.80 - 0.31% 8.29% 5.08 0.40% 134
Asian Paints K. B. S. Anand
Non-
Promoter
MD 6.10 17% 0.46% 14.00% 5.31 15.00% 115
25. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 25
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Axis Bank Shikha Sharma
Non-
Promoter
MD 4.18 15% 0.06% 18.00% 5.30 6.16% 74
Axis Bank V. Srinivasan
Non-
Promoter
ED 2.46 14% 0.03% 18.00% 5.30 6.16% 47
Axis Bank Somnath Sengupta*
Non-
Promoter
ED 4.51 INA 0.06% 18.00% 5.30 6.16% 85
Axis Bank Sanjeev K. Gupta*
Non-
Promoter
ED 0.84 25% 0.01% 18.00% 5.30 6.16% 30
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 14% 0.21% 100.00% 8.40 -2.30% 324
Bharti Airtel Gopal Vittal
Non-
Promoter
MD 7.79 26% 0.06% 100.00% 8.40 -2.30% 64
Cairn India Mayank Ashar*
Non-
Promoter
MD 6.06 - 0.46% -82.29% 7.97 18.70% 76
Cipla Subhanu Saxena
Non-
Promoter
MD 13.31 -39% 1.13% -14.93% 2.94 3.41% 453
Cipla S. Radhakrishnan
Non-
Promoter
ED 3.69 0% 0.31% -14.93% 2.94 3.41% 125
Cipla Rajesh Garg
Non-
Promoter
ED 4.98 -32% 0.42% -14.93% 2.94 3.41% 169
Dr. Reddy's Satish Reddy Promoter Chairman 9.66 -16% 0.58% -13.00% 3.56 0.50% 271
Dr. Reddy's G. V. Prasad Promoter MD 12.93 18% 0.77% -13.00% 3.56 0.50% 363
Grasim Industries K. K. Maheshwari
Non-
Promoter
MD 8.05 -4% 1.52% -41.00% 3.73 12.70% 216
Grasim Industries
Adesh Kumar
Gupta
Non-
Promoter
ED 2.85 -13% 0.54% -41.00% 3.73 12.70% 76
Grasim Industries
Kumar Mangalam
Birla
Promoter NED Chair 4.52 -43% 0.85% -41.00% 3.73 12.70% 120.64
HDFC Keki M. Mistry
Non-
Promoter
MD 8.12 15% 0.15% 12.00% 9.70 16.00% 83
HDFC Renu Sud Karnad
Non-
Promoter
MD 7.39 15% 0.14% 12.00% 9.70 16.00% 77
26. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 26
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
HDFC
V. Srinivasa
Rangan
Non-
Promoter
ED 4.85 16% 0.09% 12.00% 9.70 16.00% 49
HDFC Bank Aditya Puri
Non-
Promoter
MD 7.40 15% 0.07% 20.48% 4.60 8.26% 163
HDFC Bank Paresh Sukthankar
Non-
Promoter
Deputy MD 5.22 25% 0.05% 20.48% 4.60 8.26% 113
HDFC Bank Kaizad Bharucha
Non-
Promoter
ED 2.48 13% 0.02% 20.48% 4.60 8.26% 53
Hero MotoCorp
Brijmohan Lall
Munjal
Promoter Chairman 43.64 19% 1.83% 13.11% 7.07 10.31% 625
Hero MotoCorp Pawan Munjal Promoter MD 43.91 17% 1.84% 13.11% 7.07 10.31% 631
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 18% 1.75% 13.11% 7.07 10.31% 601
Hindalco D. Bhattacharya
Non-
Promoter
MD 21.59 3% 2.33% -35.00% 4.16 5.20% 518
Hindalco Satish Pai
Non-
Promoter
ED 12.17 - 1.32% -35.00% 4.16 5.20% 292
Hindalco
Kumar Mangalam
Birla
Promoter NED Chair 3.50 -48% 0.38% -35.00% 4.16 5.20% 84
Hindustan Unilever Sanjiv Mehta
Non-
Promoter
MD 14.17 -3% 0.33% 11.58% 15.20 4.55% 93
Hindustan Unilever
Sridhar
Ramamurthy*
Non-
Promoter
ED 7.48 - 0.17% 11.58% 15.20 4.55% -
Hindustan Unilever P. B. Balaji*
Non-
Promoter
ED 6.31 -1% 0.15% 11.58% 15.20 4.55% 59
Hindustan Unilever Pradeep Banerjee
Non-
Promoter
ED 5.06 5% 0.12% 11.58% 15.20 4.55% 32
ICICI Bank Chanda Kochhar
Non-
Promoter
MD 5.11 14% 0.04% 13.90% 5.40 5.00% 97
ICICI Bank N. S. Kannan
Non-
Promoter
ED 3.57 14% 0.03% 13.90% 5.40 5.00% 65
ICICI Bank K. Ramkumar
Non-
Promoter
ED 3.69 14% 0.03% 13.90% 5.40 5.00% 65
27. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 27
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
ICICI Bank Rajiv Sabharwal
Non-
Promoter
ED 3.33 14% 0.02% 13.90% 5.40 5.00% 62
Idea Cellular Himanshu Kapania
Non-
Promoter
MD 8.78 5% 0.31% 66.30% 7.03 9.80% 125
Idea Cellular
Kumar Mangalam
Birla
Promoter NED Chair 13.35 56% 0.48% 66.30% 7.03 9.80% 190
IndusInd Bank Ramesh Sobti
Non-
Promoter
MD 5.39 7% 0.25% 27.41% 4.11 7.60% 131
Infosys Vishal Sikka*
Non-
Promoter
MD 4.56 - 0.04% 19.32% 4.89 -5.20% 117
Infosys U. B. Pravin Rao
Non-
Promoter
ED 6.08 130% 0.05% 19.32% 4.89 -5.20% 124
ITC Y. C. Deveshwar
Non-
Promoter
Chairman 15.28 24% 0.16% 9.37% 3.46 14.00% 439
ITC N. Anand
Non-
Promoter
ED 2.61 16% 0.03% 9.37% 3.46 14.00% 76
ITC P. V. Dhobale
Non-
Promoter
ED 2.60 17% 0.03% 9.37% 3.46 14.00% 75
ITC K. N. Grant
Non-
Promoter
ED 2.60 17% 0.03% 9.37% 3.46 14.00% 75
Kotak Mahindra
Bank
Uday Kotak Promoter MD 2.26 2% 0.12% 24.23% 5.20 11.05% 43
Kotak Mahindra
Bank
Dipak Gupta
Non-
Promoter
ED 7.62 2% 0.41% 24.23% 5.20 11.05% 43
Kotak Mahindra
Bank
C. Jayaram
Non-
Promoter
ED 7.72 2% 0.41% 24.23% 5.20 11.05% 43
L&T A M Naik
Non-
Promoter
Chairman 27.32 -4% 0.54% -8.00% 6.02 12.10% 454
L&T K Venkataramanan
Non-
Promoter
MD 13.58 2.42% 0.27% -8.00% 6.02 12.10% 226
L&T M V Kotwal
Non-
Promoter
ED 9.25 1.16% 0.18% -8.00% 6.02 12.10% 154
28. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 28
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
L&T S N Subrahmanyan
Non-
Promoter
ED 12.83 -3.26% 0.25% -8.00% 6.02 12.10% 213
L&T R Shankar Raman
Non-
Promoter
ED 10.37 -3.89% 0.21% -8.00% 6.02 12.10% 172
L&T Shailendra N Roy
Non-
Promoter
ED 7.90 3.12% 0.16% -8.00% 6.02 12.10% 131
Lupin
Desh Bandhu
Gupta
Promoter Chairman 37.58 1.00% 1.57% 3.00% 3.20 3.00% 1168
Lupin Vinita Gupta Promoter CEO 24.86 83.00% 1.04% 3.00% 3.20 3.00% 777
Lupin Kamal Sharma
Non-
Promoter
VC 16.61 23.00% 0.69% 3.00% 3.20 3.00% 516
Lupin Nilesh Gupta Promoter MD 8.23 36.00% 0.34% 3.00% 3.20 3.00% 256
Lupin M. D. Gupta Promoter ED 0.50 - 0.02% 3.00% 3.20 3.00% 16
Mahindra &
Mahindra
Anand Mahindra Promoter MD 5.98 15.33% 0.18% -11.00% 6.60 12.00% 91
Mahindra &
Mahindra
Pawan Goenka
Non-
Promoter
ED 10.38 131.64% 0.31% -11.00% 6.60 12.00% 157
Reliance Industries Mukesh Ambani Promoter MD 15.00 0.00% 0.07% 3.34% 7.29 3.71% 206
Reliance Industries Nikhil R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
Reliance Industries Hital R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
Reliance Industries P. M. S. Prasad
Non-
Promoter
ED 6.03 0.00% 0.03% 3.34% 7.29 3.71% 83
Reliance Industries
Pawan Kumar
Kapil
Non-
Promoter
ED 2.42 -3.00% 0.01% 3.34% 7.29 3.71% 33
Sun Pharmaceutical
Industries
Dilip Shanghvi Promoter MD 2.98 16.98% - - 3.70 14.61% 81
Sun Pharmaceutical
Industries
Sudhir V. Valia
Non-
Promoter
ED 3.03 33.12% - - 3.70 14.61% 82
Sun Pharmaceutical
Industries
Sailesh T Desai
Non-
Promoter
ED 0.93 10.08% - - 3.70 14.61% 25
29. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 29
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Tata Motors R. Pisharody
Non-
Promoter
ED 2.45 -27.92% - Loss 5.29 8.00% 51
Tata Motors S. B. Borwankar
Non-
Promoter
ED 2.03 -41.31% - Loss 5.29 8.00% 31
Tata Power Anil Sardana
Non-
Promoter
MD 5.53 13.00% 0.55% 5.87% 8.50 14.00% 65
Tata Power Ashok S. Sethi*
Non-
Promoter
ED 2.22 30.00% 0.22% 5.87% 8.50 14.00% 26
Tata Power S. Padmanabhan*
Non-
Promoter
ED 1.10 -68.00% 0.11% 5.87% 8.50 14.00% 13
Tata Steel T. V. Narendran
Non-
Promoter
MD 6.47 11.00% 0.10% 0.42% 7.82 12.08% 67
Tata Steel Koushik Chatterjee
Non-
Promoter
ED 5.62 0.00% 0.09% 0.42% 7.82 12.08% 48
TCS N. Chandrasekaran
Non-
Promoter
MD 21.28 13.90% 0.11% 4.24% 5.10 4.60% 417
Tech Mahindra C. P. Gurnani
Non-
Promoter
MD 2.43 5.48% 0.11% -16.00% 5.70 -11.19% 43
Tech Mahindra Vineet Nayyar
Non-
Promoter
VC 3.60 -1.45% 0.16% -16.00% 5.70 -11.19% 63
Ultratech Cement O. P. Puranmalka
Non-
Promoter
MD 8.28 -18.95% 0.41% -6.02% 4.95 6.40% 150
Ultratech Cement Dilip Gaur*
Non-
Promoter
Deputy MD 1.45 - 0.07% -6.02% 4.95 6.40% 27
Ultratech Cement
Kumar Mangalam
Birla
Promoter NED Chair 19.04 -6.00% 0.94% -6.02% 4.95 6.40% 384
Vedanta Naveen Agarwal Promoter Chairman 14.12 9.00% 0.73% 79.09% 5.20 11.20% 272
Vedanta Tom Albanese
Non-
Promoter
MD 5.80 - 0.30% 79.09% 5.20 11.20% 111
Vedanta Tarun Jain
Non-
Promoter
ED 9.03 15.00% 0.47% 79.09% 5.20 11.20% 174
Vedanta D. D. Jalan Non- ED 4.13 17.70% 0.21% 79.09% 5.20 11.20% 80
30. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 30
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Wipro Azim H. Premji Promoter MD 4.78 -53.00% 0.06% 10.91% 5.37 9.49% 89
Wipro T. K. Kurien
Non-
Promoter
ED 9.11 39.00% 0.11% 10.91% 5.37 9.49% 170
Wipro S. C. Senapaty
Non-
Promoter
ED 3.37 8.00% 0.04% 10.91% 5.37 9.49% 63
Yes Bank Rana Kapoor Promoter MD 4.70 29.70% 0.23% 23.92% 4.40 13.90% 108
Zee Entertainment Punit Goenka Promoter MD 5.07 0.00% 0.61% 7.77% 5.12 9.00% 99
Zee Entertainment Subodh Kumar
Non-
Promoter
VC 3.57 11.00% 0.43% 7.77% 5.12 9.00% 49
* The Director was on the Board for part of FY-2015
Remuneration Break-up and Information on Stock Options
Company Director Category Designation
Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
Adani Ports & SEZ Gautam Adani Promoter MD 1.80 64% 1.00 36% 2.80 -
Adani Ports & SEZ Malay Mahadevia
Non-
Promoter
ED 10.39 100% - 0% 10.39 -
Adani Ports & SEZ
Sudipta
Bhattacharya
Non-
Promoter
ED 6.80 100% - 0% 6.80 -
Asian Paints K. B. S. Anand
Non-
Promoter
MD 3.70 61% 2.40 39% 6.10 -
Axis Bank Shikha Sharma
Non-
Promoter
MD 3.50 84% 0.68 16% 4.18 0.41
Axis Bank V. Srinivasan
Non-
Promoter
ED 2.03 83% 0.43 17% 2.46 0.05
Axis Bank Somnath Sengupta* Non- ED 3.86 86% 0.65 14% 4.51 0.17
31. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 31
Company Director Category Designation
Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
Promoter
Axis Bank Sanjeev K. Gupta*
Non-
Promoter
ED 0.84 100% - 0% 0.84 0.08
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 18.93 70% 8.25 30% 27.18 -
Bharti Airtel Gopal Vittal
Non-
Promoter
MD 6.14 79% 1.65 21% 7.79 2.44
Cairn India Mayank Ashar*
Non-
Promoter
MD 5.14 85% 0.92 15% 6.06 -
Cipla Subhanu Saxena
Non-
Promoter
MD 9.96 75% 3.35 25% 13.31 -
Cipla S. Radhakrishnan
Non-
Promoter
ED 2.27 62% 1.42 38% 3.69 -
Cipla Rajesh Garg
Non-
Promoter
ED 4.45 89% 0.53 11% 4.98 -
Dr. Reddy's Satish Reddy Promoter Chairman 1.16 12% 8.50 88% 9.66 -
Dr. Reddy's G. V. Prasad Promoter MD 0.93 7% 12.00 93% 12.93 -
Grasim Industries K. K. Maheshwari
Non-
Promoter
MD 5.80 72% 2.25 28% 8.05 -
Grasim Industries
Adesh Kumar
Gupta
Non-
Promoter
ED 2.35 82% 0.50 18% 2.85 -
Grasim Industries
Kumar Mangalam
Birla
Promoter NED Chair 0.02 0% 4.50 100% 4.52 -
HDFC Keki M. Mistry
Non-
Promoter
MD 3.67 45% 4.45 55% 8.12 Yes(*)
HDFC Renu Sud Karnad
Non-
Promoter
MD 3.33 45% 4.06 55% 7.39 Yes(*)
HDFC
V. Srinivasa
Rangan
Non-
Promoter
ED 2.26 47% 2.59 53% 4.85 Yes(*)
HDFC Bank Aditya Puri
Non-
Promoter
MD 5.30 72% 2.10 28% 7.40 25.41
HDFC Bank Paresh Sukthankar
Non-
Promoter
Deputy MD 3.23 62% 1.99 38% 5.22 13.70
HDFC Bank Kaizad Bharucha
Non-
Promoter
ED 1.83 74% 0.65 26% 2.48 10.96
32. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 32
Company Director Category Designation
Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
Hero MotoCorp
Brijmohan Lall
Munjal
Promoter Chairman 9.03 21% 34.61 79% 43.64 -
Hero MotoCorp Pawan Munjal Promoter MD 9.30 21% 34.61 79% 43.91 -
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 7.26 17% 34.61 83% 41.87 -
Hindalco D. Bhattacharya
Non-
Promoter
MD 15.24 71% 6.35 29% 21.59 0.32
Hindalco Satish Pai
Non-
Promoter
ED 9.17 75% 3.00 25% 12.17 -
Hindalco
Kumar Mangalam
Birla
Promoter NED Chair 0.10 3% 3.50 97% 3.59 -
Hindustan Unilever Sanjiv Mehta
Non-
Promoter
MD 11.25 79% 2.92 21% 14.17 3.61
Hindustan Unilever
Sridhar
Ramamurthy*
Non-
Promoter
ED 6.48 87% 1.00 13% 7.48 3.69
Hindustan Unilever P. B. Balaji*
Non-
Promoter
ED 5.80 92% 0.51 8% 6.31 1.77
Hindustan Unilever Pradeep Banerjee
Non-
Promoter
ED 4.19 83% 0.87 17% 5.06 1.81
ICICI Bank Chanda Kochhar
Non-
Promoter
MD 3.77 74% 1.34 26% 5.11 3.15
ICICI Bank N. S. Kannan
Non-
Promoter
ED 2.67 75% 0.90 25% 3.57 7.87
ICICI Bank K. Ramkumar
Non-
Promoter
ED 2.79 76% 0.90 24% 3.69 30.80
ICICI Bank Rajiv Sabharwal
Non-
Promoter
ED 2.49 75% 0.84 25% 3.33 6.22
Idea Cellular Himanshu Kapania
Non-
Promoter
MD 4.77 54% 4.01 46% 8.78 -
Idea Cellular
Kumar Mangalam
Birla
Promoter NED Chair - 0% 13.34 100% 13.35 -
IndusInd Bank Ramesh Sobti
Non-
Promoter
MD 5.39 100% - 0% 5.39 -
Infosys Vishal Sikka*
Non-
Promoter
MD 4.56 100% - 0% 4.56 Yes(*)
Infosys U. B. Pravin Rao
Non-
Promoter
ED 2.29 38% 3.79 62% 6.08 -
33. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 33
Company Director Category Designation
Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
ITC Y. C. Deveshwar
Non-
Promoter
Chairman 6.64 43% 8.64 57% 15.28 Yes(*)
ITC N. Anand
Non-
Promoter
ED 1.31 50% 1.30 50% 2.61 Yes(*)
ITC P. V. Dhobale
Non-
Promoter
ED 1.30 50% 1.30 50% 2.60 Yes(*)
ITC K. N. Grant
Non-
Promoter
ED 1.30 50% 1.30 50% 2.60 Yes(*)
Kotak Mahindra
Bank
Uday Kotak Promoter MD 1.76 78% 0.50 22% 2.26 -
Kotak Mahindra
Bank
Dipak Gupta
Non-
Promoter
ED 7.12 93% 0.50 7% 7.62 Yes(*)
Kotak Mahindra
Bank
C. Jayaram
Non-
Promoter
ED 7.22 94% 0.50 6% 7.72 Yes(*)
L&T A M Naik
Non-
Promoter
Chairman 9.13 33% 18.19 67% 27.32 -
L&T K Venkataramanan
Non-
Promoter
MD 6.19 46% 7.39 54% 13.58 -
L&T M V Kotwal
Non-
Promoter
ED 4.34 47% 4.91 53% 9.25 -
L&T S N Subrahmanyan
Non-
Promoter
ED 4.10 32% 8.73 68% 12.83 -
L&T R Shankar Raman
Non-
Promoter
ED 3.46 33% 6.91 67% 10.37 -
L&T Shailendra N Roy
Non-
Promoter
ED 3.42 43% 4.48 57% 7.90 -
Lupin
Desh Bandhu
Gupta
Promoter Chairman 4.90 13% 32.68 87% 37.58 -
Lupin Vinita Gupta Promoter CEO INA - INA - 24.86 -
Lupin Kamal Sharma
Non-
Promoter
VC 11.41 69% 5.20 31% 16.61 2.45
Lupin Nilesh Gupta Promoter MD 5.16 63% 3.07 37% 8.23 -
Lupin M. D. Gupta Promoter ED 0.50 100% - 0% 0.50 -
Mahindra &
Mahindra
Anand Mahindra Promoter MD 3.18 53% 2.80 47% 5.98 -
34. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 34
Company Director Category Designation
Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
Mahindra &
Mahindra
Pawan Goenka
Non-
Promoter
ED 7.92 76% 2.46 24% 10.38 4.40
Reliance Industries Mukesh Ambani Promoter MD 5.59 37% 9.41 63% 15.00 -
Reliance Industries Nikhil R. Meswani Promoter ED 2.83 24% 9.20 76% 12.03 -
Reliance Industries Hital R. Meswani Promoter ED 2.83 24% 9.20 76% 12.03 -
Reliance Industries P. M. S. Prasad
Non-
Promoter
ED 2.36 39% 3.67 61% 6.03 -
Reliance Industries
Pawan Kumar
Kapil
Non-
Promoter
ED 1.35 56% 1.07 44% 2.42 0.46
Sun Pharmaceutical
Industries
Dilip Shanghvi Promoter MD 2.54 85% 0.44 15% 2.98 -
Sun Pharmaceutical
Industries
Sudhir V. Valia
Non-
Promoter
ED 2.59 85% 0.44 15% 3.03 -
Sun Pharmaceutical
Industries
Sailesh T Desai
Non-
Promoter
ED 0.77 83% 0.16 17% 0.93 -
Tata Motors R. Pisharody
Non-
Promoter
ED 2.45 100% - 0% 2.45 -
Tata Motors S. B. Borwankar
Non-
Promoter
ED 2.03 100% - 0% 2.03 -
Tata Power Anil Sardana
Non-
Promoter
MD 2.11 38% 3.42 62% 5.53 -
Tata Power Ashok S. Sethi*
Non-
Promoter
ED 1.18 53% 1.04 47% 2.22 -
Tata Power S. Padmanabhan*
Non-
Promoter
ED 0.63 57% 0.47 43% 1.10 -
Tata Steel T. V. Narendran
Non-
Promoter
MD 2.07 32% 4.40 68% 6.47 -
Tata Steel Koushik Chatterjee
Non-
Promoter
ED 1.55 28% 4.07 72% 5.62 -
TCS N. Chandrasekaran
Non-
Promoter
MD 5.28 25% 16.00 75% 21.28 -
Tech Mahindra C. P. Gurnani
Non-
Promoter
MD 1.71 70% 0.72 30% 2.43 163.14
Tech Mahindra Vineet Nayyar
Non-
Promoter
VC 2.52 70% 1.08 30% 3.60 116.31
35. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 35
Company Director Category Designation
Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
Ultratech Cement O. P. Puranmalka
Non-
Promoter
MD 6.44 78% 1.84 22% 8.28 1.10
Ultratech Cement Dilip Gaur*
Non-
Promoter
Deputy MD 1.45 100% - 0% 1.45 0.18
Ultratech Cement
Kumar Mangalam
Birla
Promoter NED Chair - 0% 19.04 100% 19.04 -
Vedanta Naveen Agarwal Promoter Chairman 10.37 73% 3.75 27% 14.12 0.96
Vedanta Tom Albanese
Non-
Promoter
MD 5.80 100% - 0% 5.80 -
Vedanta Tarun Jain
Non-
Promoter
ED 7.28 81% 1.75 19% 9.03 1.96
Vedanta D. D. Jalan
Non-
Promoter
ED 3.28 79% 0.85 21% 4.13 1.07
Wipro Azim H. Premji Promoter MD 1.58 33% 3.20 67% 4.78 -
Wipro T. K. Kurien
Non-
Promoter
ED 7.13 78% 1.98 22% 9.11 Yes(*)
Wipro S. C. Senapaty
Non-
Promoter
ED 2.10 62% 1.27 38% 3.37 -
Yes Bank Rana Kapoor Promoter MD 4.70 100% - 0% 4.70 -
Zee Entertainment Punit Goenka Promoter MD 5.07 100% - 0% 5.07 -
Zee Entertainment Subodh Kumar
Non-
Promoter
VC 3.57 100% - 0% 3.57 -
* The Director was on the Board for part of FY-2015
Yes(*): Monetary value of Stock Options is not provided
36. PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 36
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