hitech corporation ltd Directors report

DISCLOSURES PURSUANT TO SECTION 197 OF THE COMPANIES ACT, 2013 AND RULE 5 (1) OF COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014.

1. Remuneration details of Directors and KMP of the Company for the financial year 2022-23 is as follows:

Sr. No.	Name	Designation	Total Remuneration Amount in ( )	Ratio of remuneration to the Median Remuneration #	Percentage Increase/ (Decrease) in the Remuneration
1	Mr. Ashwin S. Dani	Chairman	4,30,000	1.43	38.71
2	Mr. Malav A. Dani*	Managing Director	85,38,009	28.35	0.45
3	Mr. Harish N. Motiwalla	Director	10,90,000	3.62	4.81
4	Mr. Jayendra R. Shah	Vice Chairman	8,00,000	2.66	3.90
5	Mr. Mehernosh A. Mehta	Whole Time Director	26,66,089	8.85	-6.29
6	Mr. Bomi P. Chinoy	Director	7,60,000	2.52	-
7	Mr. Aditya M. Sheth	Director	2,60,000	0.86	-23.53
8	Ms. Kalpana V. Merchant	Director	7,30,000	2.42	19.67
9	Mrs. Avan R. Chaina	Chief Financial Officer	35,79,820	11.89	3.04
10	Mrs. Namita Tiwari	Company Secretary	24,21,921	8.04	30.89

Notes:

1 *Remuneration to Mr. Malav Dani includes the salary paid for the year as approved by the Nomination & Remuneration Committee and a performance bonus of 35 lakhs to be paid for the F.Y. 2022-23 which is in line with the managerial remuneration limit as approved by the Board.

2 The aforesaid details are calculated on the basis of remuneration paid during the financial year 2022-23.

3 The remuneration to Non-Executive Directors includes sitting fees paid during the year and commission payable for the financial year 2022-23.

4 #The median remuneration of all employees per annum was 3,01,167/- and 2,89,536/- for the financial year 2022-23 and 2021-22 respectively. The increase in median remuneration of employees for the financial year 2022-23, as compared to financial year 2021-22 is 4.02%.

5 The average salary of all employees (other than Key Managerial Personnel) per annum was 4,16,876/- and 3,79,773/- for the financial year 2022-23 and 2021-22 respectively. The increase in average salary of employees for the financial year 2022-23 as compared to financial year 2021-22 is 9.77%.

6 The remuneration to Directors is within the overall limits approved by the shareholders of the Company.

2. The number of permanent employees on the rolls of Company:

Executive & Staff	397
Workers	243
Total	640

3. It is hereby affirmed that the remuneration paid to the Directors, Key Managerial Personnel and Senior Management is as per the

Nomination and Remuneration Policy of the Company.

4. The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forming part of this Report is open for inspection by the members through electronic mode. Any member interested in obtaining a copy of the same may write to the Company Secretary.

5. There is no employee in the Company, who has drawn remuneration exceeding more than One Crore and two lakhs per annum for the financial year 2022-23; and there is no employee in the Company, who has drawn the remuneration exceeding Eight lakhs and Fifty thousand per month during the financial year 2022-23.