MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 96 J. EMPLOYEES Key Managerial Personnel (KMP) The following have been designated as the Key Managerial Personnel of the Company pursuant to sections 2(51) and 203 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014: (a) Dr. Anish Shah – Managing Director and Chief Executive Officer (b) Mr. Rajesh Jejurikar – Executive Director and CEO (Auto and Farm Sector) (c) Mr. Manoj Bhat – Group Chief Financial Officer (Upto close of 16th May, 2024) (d) Mr. Amarjyoti Barua - Group Chief Financial Officer (with effect from 17th May, 2024) (e) Mr. Narayan Shankar – Company Secretary Employees’ Stock Option and Employees’ Welfare Schemes During the year under review, based on the recommendation of the Governance, Nomination and Remuneration Committee (GNRC) of your Company, the Trustees of Mahindra & Mahindra Employees’ Stock Option Trust have granted Stock Options to employees under the Mahindra & Mahindra Limited Employees Stock Option Scheme 2010. No Stock Options have been granted to employees under the Mahindra & Mahindra Limited Employees Stock Option Scheme 2000 (2000 Scheme). The Company has in force the following Schemes which get covered under the provisions of Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (SBEB Regulations 2021): 1. Mahindra & Mahindra Limited Employees Stock Option Scheme – 2000 (2000 Scheme)* 2. Mahindra & Mahindra Limited Employees Stock Option Scheme – 2010 (2010 Scheme) 3. M&M Employees Welfare Fund No. 1 4. M&M Employees Welfare Fund No. 2 5. M&M Employees Welfare Fund No. 3 * No outstanding options as on 31st March, 2024 and as such the 2000 Scheme is no longer in force. There are no changes made to the above Schemes during the year under review and these Schemes are in compliance with the SBEB Regulations 2021. Your Company’s Secretarial Auditor, Mr. Sachin Bhagwat, has certified that the Company’s above-mentioned Schemes have been implemented in accordance with the SBEB Regulations 2021, and the Resolutions passed by the Members for the 2000 Scheme and the 2010 Scheme. Information as required under Regulation 14 read with Part F of Schedule I of the SBEB Regulations 2021 has been uploaded on the Company’s website and can be accessed at the Web-link: https://www.mahindra.com/resources/FY24/ AnnualReport.zip. Particulars of Employees and related disclosures The Company had 646 employees who were in receipt of remuneration of not less than Rs. 1,02,00,000 during the year ended 31st March, 2024 or not less than Rs. 8,50,000 per month during any part of the year. Details of employee remuneration as required under provisions of section 197(12) of the Companies Act, 2013 read with Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 will be made available during 21 days before the Annual General Meeting in electronic mode to any Shareholder upon request sent at [email protected]. Such details are also available on your Company’s website and can be accessed at the Web-link: https://www.mahindra.com/resources/FY24/ AnnualReport.zip. Disclosures with respect to the remuneration of Directors, Key Managerial Personnel (KMPs) and employees as required under section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given in Annexure V to this Report. Industrial Relations The year under review witnessed a very positive Industrial Relations Scenario across all manufacturing locations for the Automotive and Farm Equipment Sectors. Your Company’s focus continues towards propagating proactive and employee centric practices. Various initiatives that aim to create an engaged workforce with an innovative, productive and a competitive shop-floor ecosystem continues to grow in strength.
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