annual-report-FY2021

169 MAHINDRA & MAHINDRA LTD. INTEGRATED ANNUAL REPORT 2020-21 Options granted at a discount in Vesting period Exercise period Exercise price (1) December, 2001 Already vested in December, 2002 Within five years from the date of vesting **Rs. 59 per share*** (2) June, 2005 Already vested in June, 2006 Within five years from the date of vesting **Rs. 454 per share*** (3) October, 2005 Already vested in October, 2006 Within five years from the date of vesting Rs. 361 per share*** (4) September, 2006 Four equal instalments in September 2007, 2008, 2009 and 2010 respectively On the date of Vesting or within five years from the date of Vesting Rs. 616 per share*** (5) July, 2007 Four equal instalments in July 2008, 2009, 2010 and 2011 respectively On the date of Vesting or within five years from the date of Vesting Rs. 762 per share*** (6) August, 2008 Four equal instalments in August 2009, 2010, 2011 and 2012 respectively On the date of Vesting or within five years from the date of Vesting Rs. 500 per share*** (7) September, 2012 Four equal instalments in September 2013, 2014, 2015 and 2016 respectively On the date of Vesting or within five years from the date of Vesting Rs. 662 per share***** (8) January, 2011 Five equal instalments in January 2012, 2013, 2014, 2015 and 2016 respectively On the date of Vesting or within five years from the date of Vesting Rs. 5 per share***** (9) November, 2013 Five equal instalments in November 2014, 2015, 2016, 2017 and 2018 respectively On the date of Vesting or within five years from the date of Vesting Rs. 5 per share***** (10) August, 2015 Four instalments in February 2017, 2018, 2019 and 2020 respectively On the date of Vesting or within five years from the date of Vesting Rs. 5 per share***** (11) November, 2015 Four instalments in May 2017, 2018, 2019 and 2020 respectively On the date of Vesting or within five years from the date of Vesting Rs. 5 per share***** (12) November, 2018 Three instalments in November 2019, 2020 and 2021 On the date of Vesting or within five years from the date of Vesting Rs. 5 per share (13) November, 2019 Three instalments in November 2020, 2021 and 2022 On the date of Vesting or within five years from the date of Vesting Rs. 5 per share (14) November, 2020 Three instalments in November 2021, 2022 and 2023 On the date of Vesting or within five years from the date of grant Rs. 5 per share (15) March, 2021 Three instalments in March 2022, 2023 and 2024 On the date of Vesting or within five years from the date of grant Rs. 5 per share * All these Options have been exercised. ** T he Options granted stand augmented by an equal number of Options and the Exercise Price stands reduced to half on account of the 1:1 Bonus Issue made in September, 2005. *** T he number of Stock Options granted and outstanding as on 30 th March, 2010, stand augmented by an equal number of Options and Exercise Price stands reduced to half on account of Sub-division of each Ordinary (Equity) Share of the Company having a Face Value of Rs. 10 each fully paid-up into 2 (Two) Ordinary (Equity) Shares of the Face Value of Rs. 5 each fully paid-up. **** T he Options granted and outstanding stand augmented by an equal number of Bonus Options on account of the 1:1 Bonus Issue made in December, 2017. ***** T he Options granted and outstanding stand augmented by an equal number of Options and the Exercise Price stands reduced to half on account of the 1:1 Bonus Issue made in December, 2017. III. RISK MANAGEMENT Your Company has a well-defined risk management framework in place. The risk management framework works at various levels across the Company. These levels form the strategic defence cover of the Company’s risk management. The Company has a robust organisational structure for managing and reporting on risks. Your Company has constituted a Risk Management Committee consisting of Board Members which is authorised to monitor and review Risk Management plan and risk certificate. The Committee is empowered, inter alia , to review and recommend to the Board the modifications to the Risk Management Policy. Further, the Board has constituted a Corporate Risk Council comprising of the Senior Executives including Chief Risk Officer of the Company. The terms of reference of the Council comprise review of Risks and Risk Management Policy at periodic intervals. Subsequent to the year end, the terms of reference of the Committee and the Risk Management Policy was amended by the Board pursuant to SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2021. The Risk Management process has been established across the Company and is designed to identify, assess and frame a response to threats that affect the achievement of its objectives. Further, it is embedded across all the major functions and revolves around the goals and objectives of the Company. IV. COMMITTEES OF THE BOARD The Board Committees play a crucial role in the governance structure of the Company and have been constituted to deal with specific areas / activities as mandated by applicable regulations; which concern the Company and need a closer review. Majority of the