GSK_Annual_Report_2021

Annual Report 2020-21 33 Group companies. The amount payable for each financial year or part thereof will be approved by the Board or a Committee thereof. iv. Perquisites: (A) In addition to payments under (i), (ii) and (iii) above, the said Employee will be entitled to perquisites and allowances including provision of rent-free furnished residential accommodation or house rent allowance up to 50% of salary per month in lieu thereof, medical reimbursement and hospitalization insurance for the Said Employee and her family, Leave Travel Allowance as per the Company’s Rules, club fees (subject to a maximum of 2 clubs and not including admission and life membership fees), personal accident insurance cover, relocation allowance, and any other general or specific allowance and/or perquisite in accordance with the rules of the Company or as may be agreed to by the Board of Directors and the Said Employee. For the above purposes (a) the expenditure incurred by the Company on gas, electricity, water and furnishings will be valued as per the Income-tax Rules, 1962, and (b) “family” means the spouse and dependent children of the Said Employee. The amount of the aforesaid perquisites and allowances will be restricted to an amount equal to the annual salary of the Said Employee. (B) The Whole-time Director shall be a member of the Company’s Provident Fund and the rules, regulations and bye-laws of this Fund, for the time being in force, shall apply to her. The Said Employee will be a member of the Glaxo India Limited Pension Fund Scheme and shall be entitled to the benefits provided under the said Scheme and the rules, regulations and bye-laws of that Scheme, for the time being in force, shall apply to her. Provided that the Company’s contribution to the Provident Fund and the Pension Fund will not be included in the computation of the ceiling on perquisites to the extent these either singly or put together are not taxable under the Income-tax Act. The Said Employee shall be entitled to gratuity which shall be paid as per the Company’s rules and will not be included in the computation of the ceiling on perquisites. The Said Employee shall be entitled to Annual Leave of thirty-two calendar days on completion of every year of service. Encashment of leave at the end of the tenure will be permitted in accordance with the rules of the company and will not be included in the computation of the ceiling on perquisites. (C) (i) The Company shall provide and make available to the Said Employee a car of such make, as may from time to time be determined by the Company, and a driver, and shall bear and pay all garage rent, repairs, maintenance, running and other costs and charges whatsoever, in connection with the use of such car aforesaid by the Said Employee. (ii) The Company shall provide the Said Employee with telecommunication facilities at her residence. Provision of a car for use on Company’s business and telecommunication facilities at residence will not be considered as perquisites. Personal long distance calls on telephone and use of the car for private purposes shall be recovered by the Company from Said Employee. 4. Where in any financial year, the Company has no profits or its profits are inadequate, the remuneration payable will be in accordance with the provisions of Section II of Part II of Schedule V to the Companies Act, 2013, as may be amended from time to time. 5. Other Terms (i) Ms. Puja Thakur shall not become interested or otherwise concerned directly or through her spouse and/or minor children in any selling agency of the Company without the prior approval of the Central Government. (ii) She shall be entitled to reimbursement of all actual expenses including on entertainment and travelling incurred in the course of the Company’s business. (iii) Her appointment may be terminated by the Company or by her by giving three months’ prior notice in writing in case of the Whole-time Director.