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The paid up Equity share capital of the Company is Rs. 55,36,00,000/- divided into 11,07,20,000 equity shares of Rs.5/- each.
Address for Correspondence Authorized Key Managerial Personnel : (Pursuant to Regulation 30(5) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation,2015) Mr. Santhanam Managing Director Leela Business Park, 5th Level, Andheri – Kurla Road, Marol, Andheri (East), Mumbai – 400 059 Tel : 022 - 4021 2121
Company Secretary & Compliance Officer, Nodal Officer and Designated official for assisting and handling investor grievances: Mr. K. Visweswaran, Grindwell Norton limited, Registered office : Leela Business Park, 5th Level, Andheri – Kurla Road, Marol, Andheri (East), Mumbai - 400 059 Tel : 022 - 4021 2121 Fax : 022 - 4021 2102 Corporate Identity Number (CIN) : L26593MH1950PLC008163
Registrars and Share Transfer Agents : TSR Darashaw Consultants Private Limited 6-10, 1st Floor, Haji Moosa Patrawala Industrial Estate No 1, Dr. E. Moses Road, Mumbai- 400011 Tel : 022 - 6656 8484 Fax : 022 – 66568494,
Web: www.tsrdarashaw.comEmail : email@example.com
Investor Relations : Email : firstname.lastname@example.org
*Please mention the folio number (if you hold physical shares) or the DP ID and Client ID (if your holdings are dematerialized) in all your correspondence.Stock Market Info
Stock Exchange Stock Code BSE Limited 506076 National Stock Exchange of India Ltd. (from 11th September, 2006) GRINDWELL ISIN For NSDL/CDSL INE536A01023
Notice of Annual General Meeting
Postal Ballot Notice
Year Apr - Jun Jul - Sep Oct - Dec Jan - Mar 2019-20 Q1,**SAF Q2,**SAF, ^HY-RPT Q3,**SAF Q4,**SAF 2018-19 Q1,**SAF Q2,**SAF Q3,**SAF Q4,**SAF, ^HY-RPT 2017-18 Q1,**SAF Q2,**SAF Q3,**SAF Q4,**SAF 2016-17 Q1,**SAF Q2 ,**SAF Q3,**SAF Q4,**SAF 2015-16 Q1 ,**SAF Q2 ,**SAF Q3 ,**SAF Q4 ,**SAF 2014-15 Q1 ,**SAF Q2 ,**SAF Q3 ,**SAF Q4 ,**SAF Click here to read more 2013-14 Q1 Q2 Q3 Q4 2012-13 Q1 Q2 Q3 Q4 2011-12 Q1 Q2 Q3 Q4 2010-11 Q1 Q2 Q3 Q4 2009-10 Q1 Q2 Q3 Q4 Click here to read less
** Standalone Financials ,^ Half Yearly disclosure on Related Party Transactions
Mar 2020 - - - Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Click here to read more Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2009 Jun 2009 Sep 2009 Dec 2009 Click here to read less
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GNO, a member of the 'Saint-Gobain' group, is committed to the highest standards of fair, ethical and transparent governance practices. The corporate governance policies followed by GNO are intended to ensure transparency in all its dealings. The Company recognizes the importance of strong corporate governance which is an important mechanism for investor protection.
Board and Committees
Board of Directors
Name of the Director Category Mr. Keki M. Elavia
Independent, Non-Executive Dr. Archana N. Hingorani
Independent, Non-Executive Mr. Subodh S. Nadkarni
DIN 00145999 (Additional Director)
Independent, Non-Executive Mr. Sreedhar Natarajan
Non-Executive Mr. Laurent Guillot
Non-Executive Mr. Laurent Tellier
DIN 08587279 (Additional Director)
Non-Executive Mr Isabelle Hoepfner
DIN 08598846 (Additional Director)
Non-Executive Mr. Krishna Prasad*
DIN 00130438 (Alternate Director to Ms. Isabelle Hoepfner)
Executive Mr. Anand Mahajan
DIN 00066320 (Additional Director)
Non-Executive Mr. B. Santhanam
DIN 00494806 (Managing Director)
* The Board of Directors at its meeting held on May 20, 2020 has appointed Krishna Prasad (DIN 00130438) as an Alternate Director to Ms. Isabelle Hoepfner (DIN 08598846), Non-Executive Director. Being in employment with the Company and for the purpose of the compliance with the Companies Act, 2013 and Rules framed thereunder, appointment and terms of remuneration of Mr. Krishna Prasad as Whole-Time Director designated as Executive Director of the Company for a period of five (5) years with effect from May 20, 2020, upon his appointment as an Alternate Director to Ms. Isabelle Hoepfner, Non-Executive Director, subject to the approval of the Members at the ensuing AGM of the Company.
^ Mr. Mikhil Narang (DIN 02970255), Non-Executive Director of the Company relinquished the office of the Director with effect from close of business hours of May 20, 2020, due to other professional commitments.
Name Category Mr. Keki M. Elavia (Chairman) Independent, Non-Executive Dr. Archana N. Hingorani Independent, Non-Executive Mr. Subodh S. Nadkarni Independent, Non-Executive Mr. B. Santhanam Executive
Nomination and Remuneration Committee
Name Category Mr. Subodh S. Nadkarni (Chairman) Independent, Non-Executive Mr. Keki M. Elavia Independent, Non-Executive Mr. Laurent Guillot Non-Executive
Stakeholders Relationship Committee
Name Category Dr. Archana N. Hingorani (Chairman) Independent, Non-Executive Mr. Anand Mahajan Non-Executive Mr. B. Santhanam Executive
Corporate Social Responsibility Committee
Name Category Mr. Keki M. Elavia (Chairman) Independent, Non-Executive Mr. Laurent Guillot Non-Executive Mr. B. Santhanam Executive
Risk Management Committee
Name Category Mr. Laurent Guillot (Chairman) Non-Executive Mr. Anand Mahajan Non-Executive Mr. B. Santhanam Executive
Mr. Keki M. Elavia
Mr. Keki M. Elavia (Director Identification No. 00003940) is a B.Com. (Hons), FCA, CFE. He retired as a Senior Partner of M/s. Kalyaniwalla & Mistry – Chartered Accountants in 2009, after an association of more than 40 years. He serves on the Boards of various companies in India.Dr. Archana Niranjan Hingorani
Dr. Archana Niranjan Hingorani ( Director Identification No. 00028037) is an Independent Director of our Company. She holds a bachelor's degree in arts from the University of Mumbai, a master's degree in business administration from the Graduate School of Business, University of Pittsburgh, USA and a doctorate degree in philosophy from the Joseph M. Katz Graduate School of Business, University of Pittsburgh, USA. She has 24 years of experience in financial services and private equity fund investment. She is currently a Managing Partner at Siana Capital, an investment firm focused on technology and innovation. Prior to that she was the CEO of IL&FS Investment Managers Limited and was with the group for 23 years. She has been the recipient of various awards such as 'Ten most influential women in private real estate investing' by PERE in 2010, 'Most Powerful Women' in 2014, 2015, 2016 and 2017 by Fortune India, 'Most Powerful Women' in 2011, 2012 and 2013 by Business Today, '25 Most Influential Women in Asia Asset Management' by Asian Investor in May, 2014, and 'Distinguished International Alumnus' in the year 2016 by the Katz Graduate School of Business, University of Pittsburgh, USA. In sum, she has over 32 years' experience in the financial services business, teaching and research. Presently, she serves as a Director in various Companies.Mr. Subodh Satchitanand Nadkarni
Mr. Subodh Satchitanand Nadkarni (Director Identification No. 00145999) is an Additional Director (Non-Executive & Independent) of our Company. Mr. Subodh Satchitanand Nadkarni is a Non-Executive and Independent Director of Galaxy Surfactants Limited and has been associated with Galaxy Surfactants Limited since August 16, 2002. He holds a Bachelors’ Degree in Commerce from University of Mumbai. He was a ‘fellow member’ of The Institute of Chartered Accountants of India and The Institute of Company Secretaries of India. He has more than 30 years of experience in the field of finance, commerce, project management, sales, marketing, human resources management and general administration. He was associated with Godrej Soaps Limited as the Financial Controller. He was the Managing Director and Chief Executive Officer of Sulzer India Limited, President (Asia-Pacific and Australia) of Sulzer Chemtech Pte Limited, (Singapore), Regional Manager, (Europe, Middle East and Asia) Sulzer Turbo Services Venlo B.V. (The Netherlands) and Head (Europe, Middle East and Africa), Rotating Equipment Services of Sulzer Management Limited (Switzerland). Currently, he is the President (Asia Pacific, Australia), Rotating Equipment Services Division of Sulzer Singapore Pte Ltd. (Singapore).
Familiarisation Programme for Independent Directors
1. To adopt a structured programme for the orientation and training of Independent Directors at the time of their joining to enable them to understand the operations, business and other details of the Company
2. To update Independent Directors on a continuous basis on the development and changes that are taking place in the Company and its operations etc.Orientation Programme on Induction of New Directors:
1. A presentation consisting of a brief introduction to the Saint-Gobain Group, Corporate profile of the Company and its history, objectives, strategy and plans and the Organisational structure
2. Reference to the Code of Independent Directors as per Schedule IV of Companies Act, 2013 is provided and The Code of Conduct for Directors is issued
3. On request of the Independent Director, visit of Company's manufacturing sites and introduction to the various key managersUpdation of Directors on a Continuing basis:
1. Meetings with the Business and Functional Managers and presentations on the businesses and their operations are arranged
2. In the Board meetings, a quarterly report which includes information on business performance, operations, financial parameters, employee related matters, litigations, and compliances is presented to the Board
3. Detailed business-wise presentations are made to the Directors once a year. These include Environment, Health and Safety results and plans, overview of the markets served and the competitive landscape, details of market share, market prices, channel partners, business objectives, results, priorities, plans and risk analysisThe details of familiarization programmes imparted to independent directors are as follows:Details of familiarization programmes as on 31st March 2020
Date of Training
Number of Hours
6th December 2019
Cumulative Number of hours spent as on 31st March 2020
Details of familiarization programmes as on 31st March 2019
Date of Training
Number of Hours
1st November 2018
6th December 2018
Cumulative Number of hours spent as on 31st March 2019
Details of familiarization programmes as on 31st March 2018
Date of Training
Number of Hours
1st November 2017
7th December 2017
Cumulative Number of hours spent as on 31st March 2018
Details of familiarization programmes as on 31st March 2017
Date of Training
Number of Hours
3rd November 2016
20th December 2016
Total Number of hours spent as on 31st March 2017
Details of familiarization programmes as on 31st March 2016
Date of Training
Number of Hours
14th May 2015
29th October 2015
9th December 2015
Total Number of hours spent as on 31st March 2016
Notice of Board Meeting
GRINDWELL NORTON LIMITED
Corporate Identity Number – L26593MH1950PLC008163 Registered Office: Leela Business Park, 5th Level, Andheri-Kurla Road, Marol, Andheri (East), Mumbai 400 059 Tel: +91 22 4021 2121 * Fax: +91 22 4021 2102 * Email: email@example.com Website: www.grindwellnorton.co.inNOTICE
NOTICE is hereby given that the first meeting of the financial year 2020-21 of the Board of Directors of the Company is scheduled to be held on Wednesday, May 20, 2020, inter alia, to consider and approve the audited financial results of the Company for the quarter and year ended March 31, 2020 and to consider and recommend a dividend, if any, on the equity shares of the Company for the financial year ended March 31, 2020.
The Notice of the Board Meeting is also available on the website of the Company, www.grindwellnorton.co.in and on the website of the stock exchanges, www.bseindia.com and www.nseindia.com.
For Grindwell Norton Limited
Company Secretary Place: Mumbai
Membership No. A 16123 Date: 16th May 2020
Notice of AGM, Book Closure and e-Voting
GRINDWELL NORTON LIMITED
Corporate Identity Number: L26593MH1950PLC008163 Registered Office: 5th Level, Leela Business Park,Andheri-Kurla Road,Marol,Andheri (East), Mumbai 400 059 Tel: 91-22-40212121 Fax: 91-22-40212102 E-mail: firstname.lastname@example.org Website: www.grindwellnorton.co.inNOTICE OF 69TH ANNUAL GENERAL MEETING, REMOTE E-VOTING INFORMATION AND BOOK CLOSURE
Notice is hereby given that the 69th Annual General Meeting ("AGM") of the Company is scheduled to be held on Thursday, July 25, 2019 at 3:00 p.m. at M.C. Ghia Hall, Bhogilal Hargovindas Building, 18/20, K. Dubash Marg, Kala Ghoda, Mumbai 400 001, to transact the Business, as set out in the Notice of AGM.
Notice of the AGM together with the Annual Report for the year ended March 31, 2019, have been sent by electronic mode to the Members whose E-mail addresses are registered with the Company/Depository Participant(s) (“DP”) unless the Members have registered their request for a hard copy of the same. Physical copy of the Notice of AGM together with the Annual Report has been sent to those Members who have not registered their E-mail IDs with the Company/DP. The Company has completed dispatch of Notice of AGM together with the Annual Report including sending of E-mail to Members on Saturday, June 29, 2019.
The copy of the Annual Report is also available on the Company’s website, www.grindwellnorton.co.in.Members may download it from the Company’s website or may request for a copy of the same by writing to the Company Secretary at the Registered Office of the Company at the aforesaid E-mail ID. The documents pertaining to the items of business to be transacted in the AGM are open for inspection at the Registered Office of the Company during business hours on any working day.
The Company is pleased to provide its Members with the facility to exercise their right to vote on the resolutions proposed to be passed at the AGM by electronic means (“remote e-voting”).
The Members can cast their vote through remote e-voting provided by National Securities Depository Limited (“NSDL”). The Company is also providing facility for voting by Ballot at the AGM for all those Members who shall be present at the AGM and have not cast their votes by availing the remote e-voting facility.
The Members as on the cut-off date, i.e. Thursday, July 18, 2019, may cast their vote electronically. Any person, who acquires shares of the Company and becomes a Member of the Company after dispatch of the Notice of the AGM and holds shares as of the cut-off date,i.e. Thursday, July 18, 2019, may obtain the user ID and password by sending an E-mail to email@example.com. However, if a person is already registered with NSDL for e-voting, then the existing user ID and password can be used for casting vote. Only persons whose names are recorded in the register of members or in the register of beneficial owners maintained by the depositories as on the cut-off date shall be entitled to vote using the remote e-voting facility or voting by Ballot at the AGM.
The remote e-voting shall commence on Sunday, July 21, 2019 (9:00 a.m.) and ends on Wednesday, July 24, 2019 (5:00 p.m.). The remote e-voting module shall be disabled by NSDL after Wednesday, July 24, 2019 (5:00 p.m.). The Members who have cast their vote by remote e-voting prior to the AGM may also attend the AGM but shall not be entitled to cast their vote again.
The Notice of AGM is available on Company’s website, www.grindwellnorton.co.in and on NSDL website, www.evoting.nsdl.com. The procedure of electronic voting is available in the Notice of the 69th Annual General Meeting as well as in the E-mail sent to the Members by NSDL.
In case of any queries, Members may refer to the Frequently Asked Questions (FAQs) for Members and e-voting user manual for Members available at the download section of www.evoting.nsdl.com or contact Ms. Sarita Mote, Assistant Manager, National Securities Depository Limited, Trade World, “A” Wing, 4th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400 013 at telephone no. 022 2499 4890 or call on toll free no.: 1800-222-990 or Ms. Mary George, TSR Darashaw Consultants Private Limited, 6-10, Haji Moosa Patrawala Industrial Estate, 20, Dr. E. Moses Road, Mahalaxmi, Mumbai 400 011 at telephone no. 022 6656 8484, Extn: 411/412/413, E-mail: firstname.lastname@example.org.
The entry to the meeting venue will be regulated by Attendance Slips, which have been sent along with the Annual Report to the Members. Members who have received Attendance Slips by electronic mode are requested to print the Attendance Slip and submit a duly filled in Attendance Slip at the registration counter to attend the AGM.
The Register of Members and Share Transfer Books of the Company will remain closed from Friday, July 19, 2019 to Thursday, July 25, 2019 (both days inclusive), for the purpose of AGM and for determining the names of Members eligible for dividend on Equity Shares, if declared at AGM.For GRINDWELL NORTON LIMITED
COMPANY SECRETARY Mumbai, 29th June,2019
Voting Results and Scrutinizers Report
69th Annual General Meeting :68th Annual General Meeting :67th Annual General Meeting :66th Annual General Meeting :65th Annual General Meeting :Postal Ballot :
Policy on related party transactions
The Board of Directors (the “Board”) of Grindwell Norton Limited (the “Company” or “GNO”), acting upon the recommendation of the Audit Committee (the “Committee”), has adopted the following policy and procedures with regard to materiality threshold and manner of dealing with Related Party Transactions in compliance with the Companies Act, 2013 and Securities Exchange Board of India (Listing Obligation and Disclosure Requirements ) Regulations 2015 (“Listing Regulations” ) The Committee shall review and may amend this policy as may be required from time to time.
The Policy is intended to ensure the proper approval and reporting of Related Party Transactions in compliance with applicable laws and regulations.
Terms and References
A transaction with the Related party will be considered material if the transaction/transactions to entered, either individually or taken together with previous transactions with such related party during a financial year , exceeds 10% of the annual consolidated turnover as per the last audited financial statements of the Company or such other limit as may be specified under applicable laws/regulations and as amended from time to time.
A transactions involving payment made to the related party with respect to brand usage or royalty shall be considered material if the transactions to be entered, either individually or taken together with previous transactions during the financial year exceeds 2% of the annual consolidated turnover of the Company as per the last audited financial statements of the Company.
POLICY AND PROCEDURE
All Related Party Transactions shall require prior approval of the Committee in accordance with this Policy.
Notification of Potential Related Party Transactions
The notice or information of any potential Related Party Transaction involving him/her or his/her relative shall be provided by each Director and Key Managerial Personnel to the Board or Committee well in advance.
Review and Approval of Related Party Transactions
The Management shall provide to the Committee all relevant material information of the Related Party Transaction, including the terms of the transaction, the business purpose or any other relevant information.
Any member of the Committee who has potential interest shall abstain from discussion and voting on the approval of the transaction.
The Committee shall consider the following factors, among others, in determining whether to approve a Related Party Transaction:
- • Whether the terms and conditions are such that the transaction is at arm’s length and in the ordinary course of the business.
- • Whether there are business reasons to enter into the transaction(s).
- • Whether the transaction would raise a question on the independence of the Independent Directors.
If the Committee determines that the Related Party Transaction should be brought before the Board of Directors, then the conditions set forth above shall apply for the Board’s approval.
All material Related Party Transactions, other than those exempted as per the Companies Act 2013 and Listing Regulations will be placed for approval of the shareholders of the Company.
PRE-APPROVED RELATED PARTY TRANSACTIONS
The following Related Party Transactions shall not require approval of Committee:
- • Any transaction that involves the payment of compensation to a Director or Key Managerial Personnel in connection with his or her official duties to the Company, including reimbursement of business and travel expenses as per the Company’s policy.
This Policy will be communicated to all operational employees and other concerned persons of the Company.
Corporate Social Responsibility Policy
Corporate Social Responsibility Policy
As a part of the Saint-Gobain Group, Grindwell Norton Ltd (GNO) has adopted the Group's Corporate Social Responsibility (CSR) policy and adapted it to the Indian context. For the Group, CSR is at the heart if its strategy of sustainable development. CSR impacts every aspect of how it conducts its business and if far more than philanthropy.
Saint-Gobain's Corporate Social Responsibility Policy for India (http://www.saint-gobain.co.in) covers six broad areas of action:
- Inventing and promoting sustainable buildings
- Limiting our environmental impact
- Encouraging employees professional growth
- Supporting local community development
- Taking actions across the value chain
- Ensuring that its business practices meet the highest standards of corporate governance and ethics
Within this, GNO CSR agenda comprises of
- Limiting the impact of its operations, products and actions on the environment,
- Supporting the Saint-Gobain India Foundation and local community development,
- Ensuring that its business practices meet the highest standards of corporate governance and ethics and
- Taking action across the value chain to limit its impact on the environment and to spread good business practices
Saint-Gobain India Foundation
The Saint-Gobain India Foundation (SGIF) is funded out of the profits of the Groups businesses in India. Each year, GNO will contribute a certain percentage of its operating profit to SGIF. SGIF's primary aim is to enable life and livelihood through education of underprivileged children with a focus on educating the girl child. SGIF partners with NGOs having a proven track record.
GNO's CSR Policy is framed and governed by the Board of Directors of the Company. The Board has constituted CSR Committee comprising of an Independent Chair to monitor the policy and the programs from time to time and to ensure that they are in line with Companies Act, 2013 and the Rules framed thereunder. The CSR Committee is responsible to review such programs and keep the Board apprised of the implementation status.
The Company's CSR programs shall be implemented by the Company personnel, or through an external agency or through the Saint-Gobain India Foundation or any other trust or foundation
CSR expenditure will include all expenditure, direct and indirect, incurred by the Company on CSR programmes undertaken in accordance with the approved CSR Plan.
Annual Report on CSR Activities - 2018-19 Business Responsibility Report - 2018-19
Annual Report on CSR Activities - 2017-18 Business Responsibility Report - 2017-18
Annual Report on CSR Activities - 2016-17 Business Responsibility Report - 2016-17
Annual Report on CSR Activities - 2015-16
Annual Report on CSR Activities - 2014-15
Code of Practices and Procedures for Fair Disclosures and Legitimate Policy
CODE OF PRACTICES AND PROCEDURES TO BE FOLLOWED FOR FAIR DISCLOSURE OF UNPUBLISHED PRICE SENSITIVE INFORMATION
The Company with intent to achieve the Principles of Fair Disclosure for purposes of Code of Practices & Procedures for Fair Disclosure of Unpublished Price Sensitive Information, pursuant to sub-regulation (1) of regulation 8, as envisaged under the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“Regulations”) will adhere to the following:
- To make, prompt public disclosure of unpublished price sensitive information that would impact price discovery no sooner than credible and concrete information comes into being in order to make such information generally available.
- To make, uniform and universal dissemination of unpublished price sensitive information, with intent to avoid selective disclosures.
- The Company Secretary and Compliance Officer of the Company will be the Chief Investor Relations Officer to deal with dissemination of information and disclosures of unpublished price sensitive information.
- To ensure, prompt dissemination of unpublished price sensitive information that gets disclosed selectively, inadvertently, or otherwise to make such information generally available.
- To provide appropriate and fair response to queries on news reports and requests for verification on market rumours by regulatory authorities.
- The Company will ensure that, information if any, shared with analysts and research personnel is not unpublished price sensitive information.
- The Company will constantly endeavour to develop best practices to make transcripts and records of proceedings of meetings with analysts and other investor relations conferences on the official website (www.grindwellnorton.co.in) to ensure official confirmation and documentation of disclosures made.
- To handle all unpublished price sensitive information on a need-to-know basis.
“Legitimate purpose” shall include sharing of Unpublished Price Sensitive Information (“UPSI”) in the ordinary course of business by an insider with partners, collaborators, lenders, customers, suppliers, merchant bankers, legal advisors, auditors, insolvency professionals or other advisors or consultants, provided that such sharing has not been carried out to evade or circumvent the prohibitions of these regulations.
- communicate, provide, or allow access to any UPSI, relating to the Company or its securities, to any person including other Insiders, except to the extent allowed by the Code of Conduct for Prohibition of Insider Trading (“Code”) of the Company or SEBI Regulations; or
- procure from or cause the communication by an Insider of UPSI, relating to the Company or its securities.
- Provided that nothing contained above shall be applicable when an UPSI is communicated, provided, allowed access to or procured.
- In furtherance of legitimate purposes, performance of duties or discharge of legal obligations pursuant to appropriate notice, confidentiality and non-disclosure agreements being executed; or
- in the event the Board of Directors directs or causes the public disclosure of UPSI in the best interest of the Company.
- This Code was duly approved by the Board of Directors at its meeting held on May 14, 2015 and was effective from May 15, 2015 and subsequent amendment on February 4, 2019 and will be effective from April 1, 2019.
Policy for Determination of Materiality
Purpose and Scope
The Policy for determination of materiality provides guidance to the Board and the management of Grindwell Norton Ltd ("the Company") on the assessment of materiality of events that require appropriate disclosure in accordance with the provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"). The materiality of specific events should be reviewed from a number of perspectives, including the impact of quantitative, qualitative and cumulative factors.
The Board recognizes that materiality, in a particular circumstance, is a matter of informed judgement. However, to provide some guidance in exercising such judgement, the following criteria will be considered:
a. The omission of an event or information which is likely to result in discontinuity or alteration of an event or information already available publicly; or
b. The omission of an event or information which is likely to result in a significant market reaction if the said omission came to light at a later date;
c. In case where the criteria specified in sub-clauses a) and b) are not applicable, an event/information may be treated as being material if in the opinion of the Board of Directors of the Company, the event / information is considered material.
Identification of Material Event or Information
a) Quantitative Factors:
Where the value involved in an event or the impact of an event exceeds 10% of total revenue or profit before tax or 20% of the net worth. The said thresholds shall be determined on the basis of audited consolidated financial statements of last audited financial year.
b) Qualitative Factors:
Material qualitative factors to be considered which includes;
1.Potential breach of Laws and/or Regulations
2.Involvement of Fraud
3.Inadequate disclosure or misclassification in financial reporting
4.Disruption of the operations of the Company
Procedural Guidelines for determination of materiality of events
The Board of Directors of the Company has authorized the Managing Director to determine the materiality of any event or information for the purpose of making disclosure to the Stock Exchange(s).
If the Managing Director is of the opinion that issuance of a disclosure announcing the material information, except events specified in sub-para 4 of Para A of Part A of Schedule III of Listing Regulations, would be unduly detrimental to the Company's interest (for example, when it is likely to impair an ongoing negotiation), the Managing Director may determine the period for which the confidentiality shall be maintained and shall issue directions to the specified persons, as per the Code of Conduct for Prohibition of Insider Trading adopted by the Company, pursuant to Securities Exchange Board of India (Prohibition of Insider Trading) Regulations 2015, who are aware of the information to keep all such information confidential.
If the Managing Director is not certain about the materiality of the event or information, the matter may then be referred to the external legal counsel for advice.
Authorisation for Disclosures
The Managing Director has been authorized to disclose for the disclosure of the event or information that qualifies for disclosure as per Regulation 30 of the Listing Regulations.
All such events or information shall be disseminated on the website of the Company. The Company shall refrain from commenting on any market rumors and speculations. However, at times the Stock Exchanges might require clarification on the market rumors which will be dealt with by the Managing Director accordingly.
This Policy shall be subject to review as may be deemed necessary and in accordance with any regulatory amendments.
Policy for appointment of Director, Key Managerial Personnel (“KMP”) and Senior Management Appointment Criteria, Performance Evaluation and Removal:
The Director, KMP and Senior Management shall possess adequate qualification, experience and expertise and the following attributes/skills:
a) Cultural fit and personal values.
b) Vision and strategic management.
c) Change management and ability to influence change.
An independent director shall have an impeccable reputation of integrity, deep expertise, insights and complementary skills and shall meet the requirements prescribed under the Companies Act, 2013 and the Listing Regulations.
The Nomination and Remuneration Committee (“Committee”) shall carry out an evaluation of performance of every Director, KMP and Senior Management on a yearly basis.
Due to any reasons for disqualification mentioned in the Companies Act, 2013 or under any other applicable Act, rules and regulations thereunder, the Committee may recommend, to the Board, with reasons recorded in writing, the removal of a Director, KMP or Senior Management (subject to the provisions and compliance of the said Act, Rules and Regulations).
Remuneration Policy for Directors, Key Managerial Personnel and other employees:
A.Non-Executive Director (“NED”), other than a director nominated by Compagnie de Saint-Gobain:
The sitting fee payable to the NEDs for attending the meetings of the Board and its Committees is based on the following criteria:
a. For Board and Audit Committee meetings sitting fees of Rs 50,000 per meeting
b. For all other Committee meetings sitting fees of Rs. 30,000 per meeting
The NEDs shall be paid commission up to an aggregate amount not exceeding 1% of the net profits of the Company for the year. The Company has no stock options and no plans to introduce stock options
B.Managing Director, Key Managerial Personnel and other employees:
The Remuneration Policy of the Company recognizes and is based on position and performance. It is aimed at attracting and retaining high-caliber talent. The quantum of an employee’s remuneration and its components varies across grades and is determined by industry practices and comparisons, qualifications, experience, responsibilities and performance. Most employees are covered by an incentive plan which is linked to the performance of the Department/Function/ Business/ Company against annual objectives. The remuneration system maintains a balance between fixed and variable pay reflecting short and long term performance objectives appropriate to the working of the Company and its goals.
The Managing Director is eligible for commission upto an aggregate amount not exceeding 1% of the net profits of the Company for the year.
The Company has no stock option plans. Some of the employees are eligible for Performance Shares of Compagnie de Saint-Gobain and all employees are eligible to purchase shares of Compagnie de Saint-Gobain under the Employee Share Purchase Plan.
The above criteria and policies are subject to review by the Nomination and Remuneration Committee and the Board of Directors of the Company.
Record Retention And Destruction Policy
Purpose and Scope :
The purpose of the policy is to ensure the maintenance of necessary records and documents, including original documents and reproductions, of Grindwell Norton Limited ("the Company"), in accordance with all applicable laws and regulations.The policy is framed for the purpose of systematic retention and destruction of documents received or created in the course of business. The policy would have guidelines on identification of documents to be retained, retention period and destruction of the same.
Documents covered :
This Policy applies to all official records both paper document and electronic records generated in the course of the Company's operations.
a) The Record Retention Schedule has been approved by the Board of Directors for initial maintenance, retention and disposal of physical records.
b) The Chief Financial Officer shall appoint a Records Administrator whose duty will be to administer this policy and implement reasonable processes and procedures concerning the Record Retention Schedule.
c) The Records Administrator will arrange for every officer and employee of the Company, who may have control over or is responsible for the Company's documents, to be informed about this Policy.
Suspension of record disposal in event of litigation or claims :
In case a document or record is associated with any litigation or investigation or audit concerning the Company, disposal of documents shall be suspended until such time as the Administrator, with the advice of the concerned authorities including counsel, determines otherwise. The Administrator shall take such steps as are necessary to promptly inform all concerned employees of any suspension in the further disposal of relevant documents.
Confidentiality and Ownership :
All records are the property of the Company, and employees are expected to hold all business records in confidence and to treat them as the Company's assets. Records must be safeguarded and may be disclosed to parties outside of the Company only upon proper authorization. Any court order or other request for documents received by employees, or questions regarding the release of the Company's records, must be directed to the Records Administrator prior to the release of such records. Any records of the Company in possession of an employee must be returned to the employee's supervisor or the Records Administrator upon termination of employment.
Policy review :
The Policy shall be subject to review as may be deemed necessary and in accordance with any regulatory amendments.
Grindwell Norton Ltd - Dividend Distribution Policy
As per SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended, the Company is required to formulate a Dividend Distribution Policy which shall be disclosed in its Annual report and on its website.
The Objective of the policy is to appropriately reward its shareholders by sharing a portion of its profits after retaining sufficient funds for growth of the Company. The Company would ensure that the right balance is maintained between dividend payout and amount of profit to be retained for utlisation in the business.
2. Parameters for declaration of Dividend:
2.1 In line with the objective, the Board of Directors of the Company shall consider the following internal and external factors before declaring or recommending dividend to the shareholders:
a) Profit earned during the financial year
b) Capital expenditure requirements
c) Operating cash flows and treasury position
d) Cash Retention for contingencies of an exceptional amount.
e) Acquisitions or new investments requiring higher allocation of capital
f) Higher working capital requirements affecting free cash flow
g) External economic environment
h) Legal and regulatory framework
The Board may declare interim dividend as and when they consider it fit, and recommend final dividend to the shareholders for their approval in the general meeting of the Company.
2.2 Circumstances under which dividend payout may or may not be expected:
The Board shall consider the factors provided above under para 2.1, before determination of any dividend payout after analyzing the prospective opportunities and threats, viability of the options of dividend payout or retention etc. The decision of dividend payout shall, mainly be based on the aforesaid factors considering the balanced interest of the shareholders and the Company.
2.3 Manner of utilization of Retained earnings:
The Board may retain earnings in order to make better use of the available funds and increase the value of the stakeholders in the long run. The decision of utilization of the retained earnings of the Company shall be based on expansion plan, diversification, long term strategic plans or other such criteria as the Board may deem fit from time to time.
2.4 Parameters adopted with regard to various classes of shares:
At present, the issued and paid-up share capital of the Company comprises only equity shares. As and when the Company issues other kind of shares, the Board of Directors may suitably amend this Policy.
The Company shall make appropriate disclosures as required under the SEBI Regulations.
The Company reserves its right to alter, modify, add, delete or amend any of the provisions of this Policy. This policy shall be subject to revision /amendment in accordance with the relevant regulatory frame work. In case of inconsistency between the revision/amendment under regulatory frame and the provisions of this policy, then such revision/amendment shall prevail.