itiudjhi. filalllflltd. · jaideep bhargava-authorized representative of statutory auditor-m/s....
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ITIUDJHI. filalllfl lTD.Regd.pffice & Works: 9-11, Maruti Industrial Area, Gurugram - 122 015 (Haryana) INDIA
E-mail : msladmin@munjalshowa.net Website : www.munjalshowa.net
Corporate Identity Number: L34101HR1985PLC020934, Pan No.: AAACMOOYOD
Ph. : 0124-4783000, 2341001 Fax: 0124-2341359
MSL/SECT/19 August 30, 2019
The D.G.M. (Listing) The Asst. Vice President
Corporate Relation Department Listing Department
BSE Ltd National Stock Exchange of India Limited
lst Floor, PJ. Towers Exchange Plaza, C-l, Block—G
New Trading Ring, Dalal Street Bandra-Kurla Complex
Mumbai—400 001 Bandra (E), Mumbai—400 051
Security Code: 520043 Security Code: MUNJALSHOW
Sub: Proceedings of Annual General Meeting and Disclosure under Regulation 30 of the (Listing
Obligations and Disclosure Requirements) Regulations, 2015
Dear Sir,
We Wish to inform you that the 34th Annual General Meeting (AGM) of the Company was held on
Friday, the 30th day of August, 2019 at the Company’s Registered Office located at 9—11, Maruti
Industrial Area, Sector-18, Gurugram, Haryana at 11:00 A. M.
In this regard, please find enclosed Proceedings of 34th AGM in compliance with Regulations 30 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This is for your information and records.
Thanking you,
For MUNJAL SHOWA LIMITED
Encl: as above
.1“
Manufacturers of World Class Struts. Shock Absorbers. Front Forks, Gas Springs-Window Balancers in Collaboration with Showa Corporation. Japan
A.
DETAILSOF
THEPROCEEDINGSOF
THE34TH
ANNUALGENERALMEETING
THE
34THANNUALGENERALMEETINGOF
THE
MEMBERSOF
MUNJALSHOWALIMITEDWASHELDON
FRIDAY,THE
30TH
DAYOF
AUGUST2019AT
11:00
AM
AT
THE
COMPANY’SREGISTEREDOFFICESITUATEDAT
9-11,MARUTIINDUSTRIALAREA,SECTOR-18,
GURUGRAM-122015(HARYANA)
S.
No.
Partic'ulars
Details
1
Dateof
AGM
August30,
2019
MR.
YOGESHCHANDER
MUNJAL(Chairman&
ManagingDirector)
MR.
SHIGEKIKOBAYASHI(JointManagingDirector)
MR.
VINODKUMARAGRAWAL(Chairmanof
AuditCommittee)
MR.
5
K
MEHTA(Chairmanof
Nominationand
RemunerationCommittee)
MR.
NANDLAL
DHAMEJA(Chairmanof
StakeholdersRelationship
Committee)
MR
DEVISINGH
2
Director‘sPresent:
Mr.
PankajGupta-ChiefFinancialOfficer
Ms.
GeetanjaliSharma-CompanySecretary
Mr.
JaideepBhargava-Authorized
representativeof
StatutoryAuditor-M/s.
DeloitteHaskins&
Sells.,LLP.
Mr.
SatyenderKumar—SecretarialAuditorof
the
Company
In
attendance: Memberspresent:
3
In
person(includingrepresentatives):
111
In
proxy:
0 As
of
Cut-offdatei.e.
August23,
2019
4
TotalNo.
of
shareholderson
recorddate
19109
Ms.
GeetanjaliSharmaCompanySecretary,welcomedthe
attendees.She
informedthe
shareholdersthat
Mr.
YogeshChanderMunjal,Chairman,
wouldpreside
overthe
meeting.The
requisitequorum
being
present,CompanySecretarycalledthe
meetingto
order.She
statedthat
the
Annual
Report2018-19alongwith
Noticeof
AGMhas
beenposted/emailedto
all
the
shareholdersof
the
Company.TheAnnualReport,the
statutoryregisters
and
otherdocumentsas
referredin
the
AGMNotioe
wereavailablefor
inspectionby
the
membersat
the
AnnualGeneralMeeting.She
then
requested
Mr.
YogeshChanderMunjal,Chairman,to
commencethe
Meeting.
Mr.
YogeshChanderMunjalintroducedthe
directorsand
officerssittingon
the
dais.
The
memberswere
informedthat
Mrs.
CharuMunjal,Mrs
Geeta
Anandand
Mr.
YasuhiroYamamotodirectorsof
the
Companycouldnot
be
presentat
the
AGMdue
to
theirpersonalexigencies.The
Chairmanfurther
infOrmedthe
membersthat
the
Chairmanof
the
Audit
Committee,Chairmanof
Nominationand
RemunerationCommitteeand
Chairmanof
StakeholdersRelationshipCommittee
were
presentat
the
AGM.Withthe
permissionof
the
memberspresent,the
noticeconveningthe
34th
Annual
General
Meeting,Board’s
Report
and
related
documentswere
taken
as
read.
The
Chairmanaddressedthe
Membersabout
the
significant
developmentsof
the
Company.The
memberswere
informedthat
there
is
no
qualification,observation,adverseremarkor
commenton
financial
transactionsor
mattersrelatedtheretoin
the
statutoryauditor’sreport,whichhaveany
adverseeffecton
the
functioningof
the
company.Further,the
secretarialaudit
report
has
observations,with
respect
to
the
appointmentof
companysecretaryand
a
slight
delay
in
two
requestsfor
dematerializationof
sharesby
the
RTAwhich
are
selfexplanatoryfor
whichsuitablereplyhas
beengivenin
the
BoardReport.
Thereafterthe
Chairmaninvitedqueries/
clarificationsfromthe
shareholders,which
wereduly
answeredand
the
shareholdersexpressedsatisfaction
on
the
performanceoftheCompany.
The
Chairmaninformedthat
in
compliancewith
the
provisionsof
CompaniesAct,
2013
read
with
the
rules
madethereunderincludingthe
statutory
modificationsor
re—enactmentsthereofand
SEBI
(ListingObligationand
DisclosureRequirements)Regulations,2015,
every
listed
Companyhas
to
mandatorilyprovidethe
remotee-votingfacilityto
its
shareholders.Accordingly,the
Companyhad
enteredinto
an
agreementwith
CentralDepository
Services(India)Limited(CDSL)for
availinge-votingfacility.
The
remotee—votingperiod
was
scheduledfromAugust27,
2019(9:00a.m.)to
August29,
2019(5:00pm.)for
all
the
resolutionsset
forthin
the
AGM
notice.The
memberspresentat
the
AGM
and
who
have
not
cast
theirvotes
electronicallywere
providedan
opportunityto
cast
theirvote
through
polling/ba||ot
paper.He
furtherinformedthattherewouldbe
no
votingby
showof
hands.
The
memberswere
informedthatthe
Boardof
Directorshas
appointedMr.
SatyenderKumar,PracticingCompanySecretaryas
scrutinizerto
conduct
the
electronicand
physicalvotingin
a
fairand
transparentmanner.
The
Chairmanthen
briefedthe
objectivesand
implicationsof
the
Ordinaryand
Special
businessesset
out
in
the
AGM
Notice.The
businesses
consideredat
the
AGM,the
typeof
resolution,the
modeof
votingand
the
statusof
the
resolutionsare
includedin
part
B
of
thisannexure.
The
Chairmaninformedthat
Mr.
SatyenderKumar,the
scrutinizerwouldconsolidatethe
resultsof
remotee-votingand
resultsof
polling/ba|lot
paper
votingat
the
meetingand
then
submithis
report.The
resultsalongwith
the
consolidatedscrutinizer’sreportwould
be
placedon
the
Company’s
websiteand
websiteof
CDSL.The
same
would
be
communicatedto
the
stock
exchangeswithin48
hoursof
the
conclusionof
the
annualgeneral
meetingand
displayedat
the
RegisteredOfficeand
CorporateOfficeof
the
Company.
The
Chairmanexpressedhis
sincerethanksto
the
attendeesfor
attendingthe
meetingand
declaredthe
meetingas
closed.‘
It
is
herebyconfirmedthatthe
meetingwas
convenedand
conductedas
perthe
provisionsof
the
CompaniesAct
2013and
Rulesmadethereunderand
SecretarialStandardsissuedby
the
ICSI.
The
meetingconcludedat
14:00hours.
Part-Bl
B.
RESULTSOF
THE34th
ANNUALGENERALMEETING
Agenda
Resolution
required (Ordinary /Special)
Modeof
Voting
Statusof
Resolution
To
receive,considerand
adoptthe
AuditedFinancialStatementsof
the
CompanyincludingBalance
Sheet
as
at
March
31,
2019,
the
Statementof
Profit
and
Loss
and
Cash
Flow
Statementfor
the
FinancialYear
endedon
that
date
togetherwith
the
reportsof
the
Boardof
Directorsand
Auditors
thereon(OrdinaryResolution)
“RESOLVEDTHATthe
auditedfinancial
statementsof
the
Companyincluding
BalanceSheetas
at
March31,
2019,
the
Statementof
Profitand
Loss
and
Cash
Flow
Statementfor
the
FinancialYear
endedon
that
datetogetherwith
the
reportsof
the
Boardof
Directorsand
Auditorsthereonbe
and
are
herebyreceived,consideredand
adopted.”
Ordinary
E—votingand
polling/ ballotpaper
at
the
AGM
Passed with requisite majority
To
declarea
dividendon
equitysharesfor
the
financialyear
2018-19(OrdinaryResolution)
”RESOLVEDTHATa
final
dividendof
Rs.
4.50
per
equityshare
of
Rs.
2/-
each
fully
paid
up
for
the
financialyear
2018-19be
and
is
herebyapprovedand
declared.”
Ordinary
E-votingand
polling/ ballotpaper
at
the
AGM
Passed with requisite majority
To
appointa
directorin
placeof
Mr.
ShigekiKobayashi(DIN
07626553),whoretiresby
rotationat
this
Annual
General
Meetingand
being
eligible
has
offered
himselffor
re-appointment(Ordinary
Resolution) “RESOLVEDTHATpursuantto
the
provisionsof
Section152
and
otherapplicableprovisions,if
any,
of
the
CompaniesAct,
2013
and
the
rules
madethereunder(includingany
statutorymodification(s)or
re-enactment(s)thereof,for
the
time
being
in
force),
Mr.
ShigekiKobayashi(DIN
07626553),who
retiresby
rotationand
beingeligible,offershimselffor
re-appointment,be
and
is
herebyre—appointed
as
a
DirectoroftheCompany,liableto
retireby
rotation.”
Ordinary
E-votingand
polling/ ballotpaper
at
the
AGM
Passed with requisite majority
To
appointa
directorin
placeof
Mr.
AshokKumarMunjal(DIN
00003843),who
retiresby
rotationat
this
AnnualGeneralMeetingand
being
eligiblehas
offeredhimselffor
re-appointment(Ordinary
Resolution) ”RESOLVEDTHATpursuantto
the
provisionsof
Section152
and
otherapplicableprovisions,if
any,
of
the
CompaniesAct,
2013
and
the
rules
madethereunder(includingany
statutorymodification(s
re-enactment(s)thereof,for
the
time
beingin
force),Mr.
AshokKumarMunjal(DIN
00003843
retiresby
rotationand
beingeligibleoffershimselffor
re-appointment,be
and
is
herebyre-ap
as
a
DirectoroftheCompanyliableto
retireby
rotation.”
Ordinary
E—votingand
polling/ ballotpaper
at
the
AGM
Passed with requisite majority
Appointmentof
Mrs.
Geeta
Anand
(DIN
00078091)as
an
IndependentDirectorof
the
Company
(OrdinaryResolution)
“RESOLVEDTHATpursuantto
the
provisionsof
Sections149,
150,
152
read
withScheduleIV
and
any
other
applicableprovisions,if
any,
of
the
CompaniesAct,
2013
('the
Act’),
the
Companies
(Appointment&
Qualificationof
Directors)Rules,2014and
the
applicableprovisionsof
the
Securities
and
ExchangeBoard
of
India
(ListingObligationsand
DisclosureRequirements)Regulations,2015
(”ListingRegulations”),(including
any
statutorymodification(s)or
re-enactment(s)thereof,for
the
time
beingin
force),on
the
recommendationof
the
Nominationand
RemunerationCommitteeand
the
Board
of
Directors,Mrs.
Geeta
Anand
(DIN:
00078091),who
was
appointedas
an
Additional
Director(Independent)of
the
Companyby
the
Boardof
DirectorswitheffectfromNovember03,
2018
and
whosetermof
officeexpiresat
this
AnnualGeneralMeetingand
whohas
submitteda
declaration
that
she
meetsthe
criteriafor
independenceas
providedin
the
Act
and
ListingRegulations,be
and
is
herebyappointedas
an
IndependentDirectorof
the
Companyto
hold
office
for
a
term
of
five
consecutiveyears
witheffectfromNovember03,
2018to
November02,
2023.
RESOLVEDFURTHERTHATthe
Boardof
Directorsof
the
Company(includingits
Committeethereof)
be
and
is
herebyauthorizedto
do
all
suchthings,deeds,
mattersand
acts,
as
may
be
requiredto
give
effectto
this
resolutionand
to
do
all
thingsincidentaland
ancillarythereto."
E-votingand
Passed
polling/
with
ballotpaper
requisite
at
the
AGM
majority
Ordinary
Variationin
the
terms
of
appointmentof
Mr.
YogeshChanderMunjal(DIN
00003491),Managing
Directorof
the
Company(SpecialResolution)
“RESOLVEDTHAT
pursuantto
Sections188,
190,
196,
197,
203
read
with
ScheduleV
and
other
applicableprovisions,if
any,
of
the
CompaniesAct,
2013
and
the
rules
made
thereunderand
applicableprovisionsof
SEBI
(ListingObligationsand
DisclosureRequirements)Regulations,2015
(includingany
statutorymodification(s)or
re—enactment(s)thereof,for
the
timebeingin
force),partial
modificationoftheearlierresolutionpassedby
the
shareholdersin
the
AnnualGeneralMeetingsheld
on
August24,
2016,
August24,
2017
and
September26,
2018,
and
on
recommendationof
the
Nominationand
RemunerationCommittee,AuditCommitteeand
Boardof
Directorsand
subjectto
any
other
approvals,consents,sanctionsof
the
concernedauthorities,if
any,
the
consentof
the
membersof
the
Companybe
and
is
herebyaccordedto
revise
the
remunerationof
Mr.
Yogesh
ChanderMunjal
(DIN
00003491),Chairman&
ManagingDirectorof
the
Companyas
mentioned
below,with
effectfromSeptember01,
2019uptoAugust31,
2021and
all
othertermsand
conditions
of
his
appointmentas
approvedby
the
Shareholderswill
remainthe
sameas
mentionedbelow:
1.
BasicSalary:Increasedfrom
Rs.
19,00,000/-to
Rs.
20,50,000/-(Rs.
TwentyLakhsfifty
thousand
E—votingand
Passed
polling/
with
ballotpaper
requisite
at
the
AGM
majority
Special
only)per
month
2.
SpecialPay:
Rs.
3,00,000/-(Rs.
ThreeLakhsonly)per
month
3.
Perquisitesand
Allowances:In
additionto
the
aboveBasicSalary,SpecialPay
and
Commission,
he
shall
be
entitledto
the
followingperquisitesand
allowances:
a)
ResidentialAccommodation:He
shall
be
entitledto
60%
of
the
basicsalaryrelevantfor
the
concernedperiodas
and
by
wayof
HouseRentAllowancewithfree
use
of
all
the
facilitiesand
amenitiesincludingdeployof
securityguardswhichshall
be
providedby
the
Company;
b)
MedicalReimbursement:Reimbursementof
actualmedicalinsurancepremiumand
medical
expensesincurredby
him
and
his
family;
c)
LeaveTravelConcession:For
him
and
his
familyonce
in
a
year
incurredin
accordancewith
any
Rulesspecifiedby
the
Company;
d)
ClubFees:Actualfeesof
clubswill
be
reimbursed;
e)
Gas,
Electricity&
Water:Actual
Expenseson
Gas,
Electricityand
Waterwill
be
paid
by
the
Company;f)
PersonalAccidentInsurance:Actualpremiumto
be
paid
by
the
Company;
g)
Insuranceof
Householdgoods:Actualpremiumto
be
paid
by
the
Company;
h)
Car:
Facilityof
car(s)withdriver;
i)
Telephone:Freetelephonefacilityat
Residenceincludingmobilephonefacility;
j)
Leave:
One
month’sleave
with
full
salary
for
every
11
monthsof
servicesubjectto
the
conditionthatthe
leaveaccumulatedbut
not
availedwill
not
be
en-cashed;
k)
Reimbursementof
other
expenses:Reimbursementof
entertainment,traveling,hotel
and
otherexpenses
actuallyand
properlyincurredforthe
businessof
the
Company;
I)
Contributionto
Providentand
SuperannuationFunds:Company’scontributionto
Provident
and
Superannuationfundswill
be
as
perthe
Rulesof
the
Company;and
m)
Gratuity:Not
exceedinghalf
month’ssalaryfor
each
completedyear
of
service,as
per
the
RulesoftheCompany.
RESOLVEDFURTHERTHAT
Mr.
Yogesh
ChanderMunjal
(DIN
00003491),Chairman&
Managing
Directorof
the
Companyshall
also
be
entitledto
1%
of
the
net
profit
of
the
Companyfor
each
financialyear
calculatedas
per
Section198
of
the
CompaniesAct,
2013and
Rulesmadethereunder.
RESOLVEDFURTHERTHAT
if
in
any
financialyear,
the
Companyhas
no
profits
or
its
profitsar
inadequatethe
Company,will
pay
the
approvedremunerationby
way
of
Salaryand
perquisites
specifiedaboveincludingprofit
based
commissionsubjectto
the
provisionsof
the
CompaniesAc
2013.
RESOLVEDFURTHERTHATthe
Boardof
Directorsof
the
Companybe
and
is
herebyauthorizedto
do
all
such
acts,
deedsand
thingsand
executeall
such
documents,instrumentsand
writingsas
may
be
requiredand
to
delegateall
or
any
of
its
powershereinconferredto
any
Committeeof
Directorsto
giveeffectto
the
aforesaidresolution.”
Variationin
the
terms
of
appointmentof
Mr.
Shigeki
Kobayashi(DIN
07626553),Joint
Managing
Directorof
the
Company(SpecialResolution)
"RESOLVEDTHAT
pursuantto
Sections188,
190,
196,
197,
203
read
with
ScheduleV
and
other
applicableprovisions,if
any,
of
the
CompaniesAct,
2013
and
the
rules
made
thereunderand
applicableprovisionsof
SEBI
(ListingObligationsand
DisclosureRequirements)Regulations,2015
(includingany
statutorymodification(s)or
re-enactment(s)thereof,for
the
timebeingin
force),partial
modificationof
the
earlierresolutionpassedby
the
shareholdersin
the
AnnualGeneralMeetingsheld
on
August
24,
2017
and
September26,
2018,
and
on
recommendationof
the
Nominationand
RemunerationCommittee,Audit
Committeeand
Board
of
Directorsand
subject
to
any
other
approvals,consents,
sanctionsof
the
concernedauthorities,if
any,
the
consentof
membersof
the
Companybe
and
is
herebyaccorded
,
to
increasethe
Basic
Salaryof
Mr.
Shigeki
Kobayashi(DIN
07626553),Joint
ManagingDirectorof
the
Companyto
Rs.
18,50,000/—per
monthfromthe
existing
Rs.
16,00,000/—per
monthwith
effect
from
September01,
2019,
for
the
remainingperiod
of
his
tenure. RESOLVEDFURTHERTHAT
the
other
terms
and
conditionsof
the
appointmentof
Mr.
Shigeki
Kobayashi,JointManagingDirectorbe
and
is
herebyremainsunchanged.
RESOLVEDFURTHERTHATthe
aggregateof
the
remunerationpayableto
Mr.
ShigekiKobayashi,Joint
ManagingDirectorin
a
particularFinancialYearwill
be
subjectto
the
overallceilinglimitlaid
downin
Section197
read
with
ScheduleV
of
the
CompaniesAct,
2013or
such
otheramendmentsas
may
be
prescribedat
any
pointof
time.
RESOLVEDFURTHERTHATthe
Boardof
Directorsof
the
Companybe
and
is
herebyauthorizedto
do
all
such
acts,
deedsand
thingsand
executeall
such
documents,instrumentsand
writingsas
may
be
requiredand
to
delegateall
or
any
of
its
powershereinconferredto
any
Committeeof
Directorsor
Director(s)to
giveeffectto
the
aforesaidresolution.”
Special
E-votingand
polling/ ballotpaper
at
the
AGM
Passed with requisite majority
top related