Deveshwar will get it for the residual period of his current term up to July 20, 1999, and also for the period of his reappointment from July 20, 1999, to July 19, 2002 (as approved by members at the annual general meeting of the company held on August 12, 1998).

The remuneration of other executive directors--Biswadev Mitter, Sahibzada Syed Habib-ur-Rehman and Anup Singh--have also been modified for the residual period of their respective terms of appointment.

Accordingly, the consolidated salary payable to Deveshwar has been raised from Rs 3.5 lakh per month to Rs 6 lakh per month; for Mitter from Rs 1.75 lakh to Rs 3 lakh per month; for SSH Rehman from Rs 1.25 lakh to Rs 2.5 lakh per month; and Anup Singh from Rs 1.25 lakh to Rs 2.5 lakh per month.

In addition, these directors will be eligible to a performance bonus payable annually for each financial year ending March 31, 2000, and thereafter. It will not exceed 50 per cent of the consolidated salary, as may be determined by the board.

Besides, the wholetime directors will be entitled to perquisites, as approved by members on August 12, 1998. The remuneration committee had retained the monetary limit on perquisites at Rs 4.5 lakh per annum for each whole-time director.

It was decided that perquisites would not include rent-free accommodation owned/ leased/ rented by the company, or housing allowance in lieu thereof, as per rules of the company; contribution to provident fund and superannuation fund up to 27 per cent of salary and contribution to gratuity fund up to 8.33 per cent of salary as defined in the rules of the respective funds, or up to such other limits prescribed under the Income Tax Act, 1961.Perks would also not include use of company car for official purposes and telephone at residence (including payment for local calls and long distance official calls); encashment of unavailed leave as per rules of the company at the time of retirement/cessation of service; long service award as per company rules; costs and expenses incurred by the company in connection with joining/ transfer from one location to another of the company or its affiliates/associates as per company rules.

However, the aggregate of the remuneration and perquisites/benefits including contribution to provident fund, superannuation fund and gratuity fund payable to whole-time directors taken together cannot exceed 10 per cent of the profits of the company in accordance with the provisions of sections 198 and 309 of the Companies Act, 1956.