NOMINATION AND REMUNERATION POLICY

In pursuance of the Company's policy to consider human resources as its invaluable assets, to pay equitable remuneration to all Directors, Key Managerial Personnel (KMP) and employees of the Company, to harmonize the aspirations of human resources consistent with the goals of the Company and in terms of the provisions of the Companies Act, 2013 this policy on nomination and remuneration of Directors, Key Managerial Personnel and Senior Management approved by the Board of Directors.

- To lay down criteria and terms and conditions with regard to identifying persons who are qualified to become Directors (Executive and Non-Executive) and persons who may be appointed in Senior Management and Key Managerial positions and to determine their remuneration.

- To determine remuneration based on the Company's size and financial position and trends and practices on remuneration prevailing in peer companies, in the hotel industry.

- To carry out evaluation of the performance of Directors, as well as Key Managerial and Senior Management personnel.

- To provide them reward linked directly to their effort, performance, dedication and achievement relating to the Company’s operations.

- To retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons and create competitive advantage.

In the context of the aforesaid criteria the following policy has been formulated by the Nomination and Remuneration Committee and adopted by the Board of Directors at its meeting held on 12th April, 2015.

This policy shall be effective from 1st April, 2014.

The Nomination and Remuneration Committee has been re-constituted in the Board Meeting held on 24th August, 2022:

1. Mr Arun Kumar Panda Chairman (Independent Director )
2. Mr Dilip Ray Member (Non-executive Director & Chairman of the Company)
3. Mrutyunjay Mahapatra Member (Independent Director)
4. Mr Ashok Kumar Bal Member (Independent Director)

The Board has the power to reconstitute the Committee consistent with the Company's policy and applicable statutory requirement.

Definitions

- Board means Board of Directors of the Company.
- Directors mean Directors of the Company.
- Committee means Nomination and Remuneration Committee of the Company as Constituted or reconstituted by the Board.
- Company means MAYFAIR Hotels and Resorts Limited.
- Independent Director means a director referred to in Section 149(6) of the Companies Act, 2013.
- Key Managerial Personnel (KMP) means
i) Executive Chairman and / or Managing Director;
ii) Whole-time Director;
iii) Chief Financial Officer;
iv) Company Secretary;
v) Such other officer as may be prescribed under the applicable statutory provisions / regulations
Senior Management
means personnel of the company occupying the position of Vice President (VP) of the unit/division or Vice President including Vice President of any unit / division of the Company.
Unless the context otherwise requires, words and expressions used in this policy and not defined herein, but defined In the Companies Act, 2013 as may be amended from time to time shall have the meaning respectively assigned to them therein.

Applicability

The Policy is applicable to

- Directors (Executive and Non-Executive)
- Key Managerial Personnel
- Senior Management Personnel

General

The Policy is applicable to

- Directors (Executive and Non-Executive)
- Key Managerial Personnel
- Senior Management Personnel

- This Policy is divided in three parts: Part - A covers the matters to be dealt with and recommended by the Committee to the Board. Part – B covers the appointment and nomination and
- This Policy is divided in three parts: Part - A covers the matters to be dealt with and recommended by the Committee to the Board. Part – B covers the appointment and nomination and Part - C covers remuneration and perquisites etc.
- The key features of this Company's policy shall be included in the Board's Report.
PART-A
MATTERS TO BE DEALT WITH PERUSED AND RECOMMENDED TO THE BOARD BY THE NOMINATION AND REMUNERATION COMMITTEE

The Committee shall:

- Formulate the criteria for determining qualifications, positive attributes and independence of a director.
- Identify persons who are qualified to become Director and persons who may be appointed in Key Managerial and Senior Management positions in accordance with the criteria laid down in this policy.
- Recommend to the Board appointment and removal of Director. KMP and Senior Management Personnel.
PART-B
POLICY FOR APPOINTMENT AND REMOVAL OF DIRECTOR, KMP AND SENIOR MANAGEMENT

Appointment Criteria and qualifications:

1- The Committee shall identity and ascertain the integrity, qualification, expertise and experience of the person for appointment as Director, KMP or at Senior Management level and recommend to the Board his / her appointment.
2- A person should possess adequate qualification, expertise and experience for the position he / she is considered for appointment. The Committee has discretion to decide whether qualification,expertise and experience possessed by a person is sufficient / satisfactory for the concerned position.
The Company shall not appoint or continue the employment of any person as Whole-time Director who has attained the age of seventy years. Provided that the term of the person holding this position may be extended beyond the age of seventy years with the approval of shareholders by passing a special resolution based on the explanatory statement annexed to the notice for such motion indicating the justification for extension of appointment beyond seventy years.
Term / Tenure

1. Managing Director/Whole-time Director:

- The Company shall appoint or re-appoint any person as its Executive Chairman, Managing Director or Executive Director for a term not exceeding five years at a time. No re-appointment shall be made earlier than one year before the expiry of term.

2. Independent Director-

- An Independent Director shall hold office for a term up to one consecutive year on the Board of the Company and will be eligible for re-appointment on passing of a special resolution by the Company and disclosure of such appointment in the Board's report.

No Independent Director shall hold office for more than two consecutive terms, but such Independent Director shall be eligible for appointment after expiry of one year of ceasing to become an Independent Director. Provided that an Independent Director has not, during the said period of one year, be appointed in or be associated with the Company in any other capacity, either directly or indirectly.


Evaluation:

The Board shall carry out evaluation of performance of every Director, KMP and Senior Management Personnel annually


Removal:

Due to reasons for any disqualification mentioned in the Companies Act, 2013, rules made thereunder or under any other applicable Act, rules and regulations, the Committee may recommend to the Board with reasons recorded in writing, removal of a Director, KMP or Senior Management Personnel subject to the provisions and compliance of the said Art, rules and regulations.


Retirement:

The Director, KMP and Senior Management Personnel shall retire as per the applicable provisions of the Companies Act. 2013 and the prevailing policy of the Company. The Board will have the discretion to retain the Director, KMP, Senior Management Personnel in the same position / remuneration or otherwise even after attaining the retirement age, for the benefit of the Company.

PART–C
POLICY RESTING TO THE REMUNERATION FOR THE WHOLE TIME DIRECTOR AND SENIOR MANAGEMENT PERSONNEL

General:

1- The remuneration / compensation / commission etc. to the Whole-.time Director, KMP and Senior Management Personnel will be determined by the Committee and recommended to the Board for approval. The remuneration/ compensation/commission etc. shall be subject to the prior/post approval of the shareholders of the Company and Central Government, wherever required.
2- The remuneration and commission to be paid to the Whole-time Director shall be in accordance with the percentage / slabs / conditions laid down in the Articles of Association of the Company and as per the provisions of the Companies Act, 2013, and the rules made thereunder.
3- Increments to tie existing remuneration I compensation structure may be recommended by the Committee to the Board which should be within the slabs approved by the Shareholders in the case of Whole-time Director, Increments will be effective from 1stOctober in respect of a Whole-time Director and 1st April-in respect of other employees of the Company.
4- Where any insurance is taken by the Company on behalf of its Whole-time Director, Chief Executive Officer. Chief Financial Officer, the Company Secretary and any other employees for indemnifying them against any liability, the premium paid on such insurance shall not be treated as part of the remuneration payable to any such personnel. Provided that if such person is proved to be guilty, the premium paid on such insurance shall be treated as part of the remuneration.
Remuneration to Whole-time /Executive / Managing Director, KMP Senior Management Personnel.

1- Fixed
pay The Whole-time Director /KMP and Senior Management Personnel shall be eligible for a monthly remuneration as may be approved by the Board on the recommendation of the Committee. The breakup of the pay scale and quantum of perquisites including, employer’s contribution to P.F, pension scheme, medical expenses, club fees etc. shall be decided and approved by the Board on the recommendation of the Committee and approved by the shareholders and Central Government, wherever required.
2- Minimum Remuneration:
If, in any financial year. the Company has no profits or its profits are inadequate, the Company shall pay remuneration to its Whole-time Director in accordance with the provisions of Schedule V of the Companies Act, 2013 and if it is not able to comply with such provisions with Special Resolution.
3- Provisions for excess remuneration:
If any Whole-time Director draws or receives, directly or indirectly by way of remuneration any such sums in excess of the limits prescribed under the Companies Act. 2013 or without the prior sanction of the Central Government, where required, he / she shall refund such suns to the Company and until such sum is refunded, hold it in trust for the Company. The Company shall not waive recovery of such sum refundable to it unless permitted by the Central Government.

Remuneration to Non- Executive/ Independent Director

1- Remuneration / Commission
The remuneration / commission shall be fixed as per the slabs and conditions mentioned in the Articles of Association of the Company and the Companies Act, 2013 and the rules made thereunder.
2- Sitting Fees:
The Non-Executive / Independent Director may receive remuneration by way of fees for attending meetings of Board or Committee thereof. Provided that the amount of such fees shall not exceed Rs. One lakh per meeting of the Board or Committee or such amount as may be prescribed by the Central Government from time to time.
3- Commission
Commission may be paid within the monetary limit approved by shareholders, subject to the limit not exceeding 1% of the profits of the Company computed as per the applicable provisions of the Companies Act, 2013.
4- Stock Options:
An Independent Director shall not be entitled to any stock option of the Company.
This policy was amended and approved by the Board of Directors of the Company on March 27, 2021

Part - C covers remuneration and perquisites etc.
- The key features of this Company's policy shall be included in the Board's Report.
PART-A
MATTERS TO BE DEALT WITH PERUSED AND RECOMMENDED TO THE BOARD BY THE NOMINATION AND REMUNERATION COMMITTEE

The Committee shall:

- Formulate the criteria for determining qualifications, positive attributes and independence of a director.
- Identify persons who are qualified to become Director and persons who may be appointed in Key Managerial and Senior Management positions in accordance with the criteria laid down in this policy.
- Recommend to the Board appointment and removal of Director. KMP and Senior Management Personnel.
PART-B
POLICY FOR APPOINTMENT AND REMOVAL OF DIRECTOR, KMP AND SENIOR MANAGEMENT

Appointment Criteria and qualifications:

1- The Committee shall identity and ascertain the integrity, qualification, expertise and experience of the person for appointment as Director, KMP or at Senior Management level and recommend to the Board his / her appointment.
2- A person should possess adequate qualification, expertise and experience for the position he / she is considered for appointment. The Committee has discretion to decide whether qualification,expertise and experience possessed by a person is sufficient / satisfactory for the concerned position.
The Company shall not appoint or continue the employment of any person as Whole-time Director who has attained the age of seventy years. Provided that the term of the person holding this position may be extended beyond the age of seventy years with the approval of shareholders by passing a special resolution based on the explanatory statement annexed to the notice for such motion indicating the justification for extension of appointment beyond seventy years.
Term / Tenure

1. Managing Director/Whole-time Director:

- The Company shall appoint or re-appoint any person as its Executive Chairman, Managing Director or Executive Director for a term not exceeding five years at a time. No re-appointment shall be made earlier than one year before the expiry of term.

2. Independent Director-

- An Independent Director shall hold office for a term up to one consecutive year on the Board of the Company and will be eligible for re-appointment on passing of a special resolution by the Company and disclosure of such appointment in the Board's report.

No Independent Director shall hold office for more than two consecutive terms, but such Independent Director shall be eligible for appointment after expiry of one year of ceasing to become an Independent Director. Provided that an Independent Director has not, during the said period of one year, be appointed in or be associated with the Company in any other capacity, either directly or indirectly.


Evaluation:

The Board shall carry out evaluation of performance of every Director, KMP and Senior Management Personnel annually


Removal:

Due to reasons for any disqualification mentioned in the Companies Act, 2013, rules made thereunder or under any other applicable Act, rules and regulations, the Committee may recommend to the Board with reasons recorded in writing, removal of a Director, KMP or Senior Management Personnel subject to the provisions and compliance of the said Art, rules and regulations.


Retirement:

The Director, KMP and Senior Management Personnel shall retire as per the applicable provisions of the Companies Act. 2013 and the prevailing policy of the Company. The Board will have the discretion to retain the Director, KMP, Senior Management Personnel in the same position / remuneration or otherwise even after attaining the retirement age, for the benefit of the Company.

PART–C
POLICY RESTING TO THE REMUNERATION FOR THE WHOLE TIME DIRECTOR AND SENIOR MANAGEMENT PERSONNEL

General:

1- The remuneration / compensation / commission etc. to the Whole-.time Director, KMP and Senior Management Personnel will be determined by the Committee and recommended to the Board for approval. The remuneration/ compensation/commission etc. shall be subject to the prior/post approval of the shareholders of the Company and Central Government, wherever required.
2- The remuneration and commission to be paid to the Whole-time Director shall be in accordance with the percentage / slabs / conditions laid down in the Articles of Association of the Company and as per the provisions of the Companies Act, 2013, and the rules made thereunder.
3- Increments to tie existing remuneration I compensation structure may be recommended by the Committee to the Board which should be within the slabs approved by the Shareholders in the case of Whole-time Director, Increments will be effective from 1stOctober in respect of a Whole-time Director and 1st April-in respect of other employees of the Company.
4- Where any insurance is taken by the Company on behalf of its Whole-time Director, Chief Executive Officer. Chief Financial Officer, the Company Secretary and any other employees for indemnifying them against any liability, the premium paid on such insurance shall not be treated as part of the remuneration payable to any such personnel. Provided that if such person is proved to be guilty, the premium paid on such insurance shall be treated as part of the remuneration.
Remuneration to Whole-time /Executive / Managing Director, KMP Senior Management Personnel.

1- Fixed
pay The Whole-time Director /KMP and Senior Management Personnel shall be eligible for a monthly remuneration as may be approved by the Board on the recommendation of the Committee. The breakup of the pay scale and quantum of perquisites including, employer’s contribution to P.F, pension scheme, medical expenses, club fees etc. shall be decided and approved by the Board on the recommendation of the Committee and approved by the shareholders and Central Government, wherever required.
2- Minimum Remuneration:
If, in any financial year. the Company has no profits or its profits are inadequate, the Company shall pay remuneration to its Whole-time Director in accordance with the provisions of Schedule V of the Companies Act, 2013 and if it is not able to comply with such provisions with Special Resolution.
3- Provisions for excess remuneration:
If any Whole-time Director draws or receives, directly or indirectly by way of remuneration any such sums in excess of the limits prescribed under the Companies Act. 2013 or without the prior sanction of the Central Government, where required, he / she shall refund such suns to the Company and until such sum is refunded, hold it in trust for the Company. The Company shall not waive recovery of such sum refundable to it unless permitted by the Central Government.

Remuneration to Non- Executive/ Independent Director

1- Remuneration / Commission
The remuneration / commission shall be fixed as per the slabs and conditions mentioned in the Articles of Association of the Company and the Companies Act, 2013 and the rules made thereunder.
2- Sitting Fees:
The Non-Executive / Independent Director may receive remuneration by way of fees for attending meetings of Board or Committee thereof. Provided that the amount of such fees shall not exceed Rs. One lakh per meeting of the Board or Committee or such amount as may be prescribed by the Central Government from time to time.
3- Commission
Commission may be paid within the monetary limit approved by shareholders, subject to the limit not exceeding 1% of the profits of the Company computed as per the applicable provisions of the Companies Act, 2013.
4- Stock Options:
An Independent Director shall not be entitled to any stock option of the Company.
This policy was amended and approved by the Board of Directors of the Company on March 27, 2021