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| Exchange Received Time 31/08/2017 17:38:57 Exchange Disseminated Time 01/09/2017 15:00:37 Time Taken 21:21:40 | Sub: Ceiling of Maximum Amount of Commission to Promoter Directors.
We wish to inform that Shareholders in their Annual General Meeting held on 28th August 2017 have approved payment of commission @ 1.5% p.a. of net profits to each promoter directors viz. Mr. V.K. Goel, Mr. A.K. Goel, Mr. Gaurav Goel and Mr Gautam Goel.
The company has received communication from all the above four promoter directors that they wish to put a cap on the maximum amount of such commission and requested that the overall amount of commission (to promoter directors) shall not exceed `15 crores ( Rupees Fifteen Crores only) for the Financial Year 2017-18 i.e. Commission Payable to each such director shall be @1.5% of the net profits or `3.75 crore ( Rupees Three Crores Seventy Five Lakhs Only ) whichever is lower.
The company has taken it on record and request all concerned to note the same.
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