Corporate Governance Report For The Year 2013 14 PDF
Corporate Governance Report For The Year 2013 14 PDF
Corporate Governance Report For The Year 2013 14 PDF
(as required under Clause 49 of the Listing Agreements entered into with the Stock Exchanges)
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Hundred and seventh annual report 2013-14
Mr. Nusli N. Wadia joined the Company on August 29, 1979 as a Director. Mr. Wadia is a well-known Indian Industrialist.
He is the Chairman of Wadia Group companies and also Director on the Board of several Indian companies. Mr. Wadia has
contributed actively in the deliberations of various organisations such as the Cotton Textiles Export Promotion Council
(TEXPROCIL), Mill Owners' Association (MOA), Associated Chambers of Commerce & Industry, etc. He is the former Chairman
of TEXPROCIL and also of MOA. Mr. Wadia was appointed on the Prime Minister's Council on Trade & Industry during 1998 to
2004. He was the Convenor of the Special Group Task Force on Food and Agro Industries Management Policy in September,
1998. He was a Member of the Special Subject Group to review regulations and procedures to unshackle Indian Industry
and on the Special Subject Group on Disinvestment. He was a member of ICMF from 1984-85 to 1990-91. He is on the
Managing Committee of the Nehru Centre, Mumbai. Mr. Wadia has a distinct presence in public affairs and has been actively
associated with leading charitable and educational institutions.
Mr. Ishaat Hussain is a Non-Executive Director of Tata Sons Limited and was the Finance Director of Tata Sons Limited
for over a decade. Mr. Hussain has been with the Tata Group for 30 years. Prior to joining the Tata Sons Board in 1999, he
held various positions in the Company and was the Finance Director of the Company for ten years from 1989. Mr. Hussain
is a graduate in Economics from the Delhi University and a Member of the ICAEW. He has also attended the Advanced
Management Programme at the Harvard Business School. Besides being on the Board of Tata Sons Limited, he represents
Tata Sons on the Boards of various Tata Companies and is the Chairman of Voltas Limited and Tata Sky Limited. Mr. Hussain
has been a member of the Board of Trade of India and is currently the Chairman of the SEBI Committee On Disclosure &
Accounting (SCODA). He is a member of The Committee for Reforming the Regulatory Environment for doing business in
India (Damodaran Committee) and the Bihar State Industrial & Investment Advisory Committee. He is also a Trustee of the
India Foundation of the Arts and The Marg Foundation & Pratham Education Foundation.
Mr. Subodh Bhargava is a Mechanical Engineer from the University of Roorkee. He was the Group Chairman and Chief
Executive Officer of Eicher Group of companies. He was the President of the Confederation of Indian Industries, the President
of the Association of Indian Automobile Manufacturers and the Vice President of the Tractor Manufacturers Association.
He has been associated with various Central and State Government bodies and committees including as a member of
the Technology Development Board, Insurance Tariff Advisory Committee and the Economic Development Board of the
State of Rajasthan, Himachal Pradesh and Madhya Pradesh. He has been closely associated with various IIMs, IITs and other
Management and Technical Institutions as also with a number of NGOs. He is currently Chairman of Tata Communications
Limited, TRF Limited, GlaxoSmithKline Consumer Heathcare Limited, Tata Communications International Pte Limited and
Director on the Boards of a number of companies including Tata Motors Limited, Larsen & Toubro Limited, etc. He is also
the recipient of the first Distinguished Alumnus Award in 2005 by Indian Institute of Technology, Roorkee and in 2011, the
"Gaurav Shri Award" from Agra University. He has also been recognised as the "Best Independent Director 2011" by Asian
Centre for Corporate Governance & Sustainability and "Global India Business Leader" of the year 2013 by Horasis (The Global
Visions Community) for Excellence in Entrepreneurship, Innovation and Leadership.
Mr. Jacobus Schraven was appointed as Director of the Company in May 2007. Mr. Schraven was appointed a Non-Executive
Director and Deputy Chairman of Corus Group plc. in December 2004. Additionally, in 2005 he was appointed a Member and
Chairman of the Supervisory Board of Corus Nederland BV (now renamed Tata Steel Nederland BV).
He had an international career with the Royal Dutch Shell Group and became Chairman of the Board of Shell Nederland BV.
He was also President of the Confederation of The Netherlands Industry and Employers Federation and Vice-Chairman of Business
Europe. Currently, he is Chairman of the Supervisory Board of Stork B.V. and Fokker Technologies Holding BV. He is also Chairman
of the Board of the Trust Foundation Unilever N.V. and the Trust Foundation Pref Shares B KPN. Additionally, he is a member of the
Supervisory Board of BNP OBAM NV. He is also Treasurer of the Carnegie Foundation (Peace Palace in The Hague). Mr. Schraven is
'Commander of the Order of Orange Nassau' (Netherlands) and 'Officer of the L'égion d’Honneur' (France).
Mr. Andrew Robb is a Fellow Member of the Chartered Institute of Management Accountants and holds a Joint
Diploma in Management Accounting. Mr. Robb has been a Non-Executive Independent Director of the Company since
November 22, 2007. He joined the Board of Corus Group plc and became Chairman of the audit committee in August 2003.
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Following the takeover of Corus by Tata Steel in March 2007, Mr. Robb remained on the Board and in November 2007,
he became a Non-Executive Independent Director of the Company. He is currently also the Chairman of the Board and
the Audit Committee of Tata Steel Europe Limited. Mr. Robb was Finance Director of the Peninsular and Oriental Steam
Navigation Co., between 1983 and 1989 and then became Finance Director of Pilkington Group PLC from 1989 to 2001.
Mr. Robb remained a Director of Pilkington until January 28, 2003. He has been Chairman of the Board of Tata Steel Europe
Limited since March 2009 and its Independent Director since August 1, 2003. He is also a Non-Executive Director of Jaguar
Land Rover Automotive Plc. and Paypoint Plc.
Mrs. Mallika Srinivasan joined the Company as a Director in May 2012. She is the Chairman and Chief Executive Officer of
Tractors and Farm Equipment Limited and TAFE Motors and Tractors Limited. A thorough leader and strategist, recognised
for her commitment to excellence and contribution to Indian Industry, she has been at the helm of affairs of leading industry
bodies and trade associations. She is also a Director on the Board of Tata Global Beverages Limited. Ms. Srinivasan is the
recipient of the Padma Shri Award in 2014 and several business leadership awards and has an avid interest in academia,
particularly management education.
Mr. D. K. Mehrotra joined the Company as a Director in October 2012. He is an honours Graduate in Science from the University
of Patna. Mr.Mehrotra has attended several important knowledge forums in India and abroad and is associated with the apex
training institutes of insurance in India like the National Insurance Academy and the Insurance Institute of India. He is former
Chairman of LIC of India.
Mr. O P Bhatt is a graduate in Science and a post graduate in English Literature (Gold Medalist). In his last assignment, from
July 1, 2006 to March 31, 2011, he was the Chairman, State Bank Group, which includes State Bank of India, India’s largest
commercial bank; five associate banks in India; five overseas banks; SBI Life, the country’s largest private life insurer; SBI Capital
Markets, India’s leading investment bank; SBI Fund Management and other subsidiaries spanning diverse activities.
Mr. Bhatt has served as Chairman of Indian Banks’ Association, the apex body of Indian banks. He also served as India’s
economic diplomacy as government’s nominee on the India-US CEO Forum, Indo-French CEO Forum and Indo-Russia CEO
Forum, forging links with a cross section of the world’s business leaders.
Dr. Karl-Ulrich Koehler was appointed a Director of the Company in November 2010. He has been Chief Executive Officer
and Managing Director of Tata Steel Europe Limited since October 1, 2010. He was appointed as Chief Operating Officer of
Tata Steel Europe Limited in February 2010.
Dr. Koehler studied metallurgy at Clausthal University of Technology, where he gained his doctorate in 1988. In 2005, he
was awarded an honorary professorship in flat steel product technology by Freiberg University. Dr. Koehler is a member
of the board of the World Steel Association and Vice-president of Eurofer, the European Steel Association. For most of his
more than 34 years in the steel industry, he has worked at the companies that today comprise ThyssenKrupp Steel, where
he was ultimately Chairman of the Executive Board and a member of the Board of the parent company, ThyssenKrupp AG.
Dr. Koehler is based at IJmuiden in the Netherlands.
Mr. Koushik Chatterjee is an honours Graduate in Commerce from Calcutta University and is a Fellow Member of the Institute
of Chartered Accountants of India. He is currently Group Executive Director (Finance & Corporate) of the Company.
Mr. Chatterjee joined Tata Steel in 1995. During his stint in the Company, he worked in the areas of Corporate Finance and
Planning. In 1998, he was transferred to the Tata Steel Head Office in Mumbai and subsequently to Tata Sons Limited in the Group
Executive Office (GEO). During his tenure in Tata Sons Limited, he was involved in Mergers & Acquisitions activities including
privatisations and joint ventures and was also the lead facilitator in the Groupwide rollout of the Economic Value Added (EVA).
Mr. Chatterjee re-joined Tata Steel on August 1, 2003 and was appointed the Vice President (Finance) w.e.f. August 1, 2004.
During his tenure, he has led the first overseas acquisition of the Company – NatSteel Asia followed by Millennium Steel
(now Tata Steel Thailand) in Thailand and acquisition of Corus Group plc (now Tata Steel Europe).
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Hundred and seventh annual report 2013-14
Mr. Chatterjee was appointed as Group Chief Financial Officer w.e.f. January 1, 2008. He has been responsible for Group
Financial Reporting, Investor Relations, Financing Strategy including debt and equity raising, Corporate M&A, Risk
Management and Compliance, Taxation Strategy and planning and co-ordination of statutory and management reporting.
In November 2012, he was elevated to the Board of Tata Steel and appointed as Executive Director & Group CFO.
In September 2013, he has been appointed as the Group Executive Director (Finance and Corporate). In addition to leading
the Company’s finance function, Mr. Chatterjee is also responsible for the Tata Steel Group Corporate functions including
Legal and Regulatory Affairs, Corporate Communications, Strategic Procurement, Information Systems, Group Investments,
Global Mining Projects and Assurance.
He is on the Board of several Tata Steel Group companies, in India and abroad, including Tata Steel Europe, NatSteel Asia Pte.
Limited, Tata Steel (Thailand) Public Company Limited and others. He is also on the Board of the listed iron ore company
in Canada, New Millennium Iron Corp.
Mr. Chatterjee was declared one of India's best CFOs by Business Today Magazine in 2005 and 2006 and by CNBC in 2007.
In March 2012, he has been awarded the Best Performing CFO in the Metals Sector by CNBC TV18. He was declared India’s
“Best Executive” for 2009 by Asia Money Magazine. He is a member of the Primary Market Advisory Committee on Capital
Markets of SEBI and was a member of the Takeover Regulations Advisory Committee of SEBI, which drafted the new Takeover
Code. He has recently been appointed as the first Indian on the Global Preparers Forum which is advisory body of the
International Accounting Standards Board, London. He is also a member of the International Integrated Reporting Council
and on the various committees of Confederation of Indian Industry (CII).
Mr. T. V. Narendran is a Mechanical Engineer from REC (NIT), Trichy. He joined Tata Steel after completing his MBA from
IIM Calcutta in 1988. He is a Chevening Scholar and has also attended the Advanced Management Programme in CEDEP
- INSEAD, Fontainebleau, France. He became Managing Director of Tata Steel India and South East Asia w.e.f. November 1,
2013. Mr. Narendran worked in the International Trading Division of Tata Steel from 1988 to 1997 wherein he spent five years
in Dubai looking after Tata Steel's exports to the Middle East.
From 1997 to 2001, he spent time in Tata Steel's marketing and sales division and was involved in market development work
for the Cold Rolling Mill Project, Supply Chain Management, Sales Planning, etc. From 2001 to 2003, he was the Chief of
Marketing & Sales (Long Products) and played a key role in building the 'Tata Tiscon' brand and the distribution network for
the same. From 2003 to 2005, he worked with Mr. B. Muthuraman, the then Managing Director of Tata Steel, as his Principal
Executive Officer.
He was actively involved in Tata Steel’s first overseas acquisition, NatSteel and was seconded there as an Executive Vice
President in 2005. He ran operations in NatSteel thereafter as the Deputy President (Operations) and took over as the
President & CEO on January 1, 2008. He played a key role in the integration of NatSteel and Tata Steel. Before being appointed
as MD – Tata Steel India and South East Asia, Mr. Narendran was the Vice President – Safety, Flat Products & Long Products
Divisions of Tata Steel. He is currently on the Boards of Tata Steel Europe Limited, CEDEP, XLRI and World Steel Association.
He is currently the Chairman of CII, Jharkhand.
CORPORATE GOVERNANCE
The Company has a Non-Executive Chairman and the number of Independent Directors is more than 50 percent of the total
number of Directors in compliance with the Clause 49 of the listing Agreement. As on 31st March, 2014, the Company has
13 Directors on its Board, of which 7 Directors are independent. The number of Non-Executive Directors (NEDs) is more than
50 percent of the total number of Directors. The Company is in compliance with the Clause 49 of the Listing Agreements
pertaining to compositions of Directors.
None of the Directors on the Board is a Member on more than 10 Committees and Chairman of more than 5 Committees (as
specified in Clause 49), across all the companies in which he is a Director. The necessary disclosures regarding Committee
positions have been made by the Directors.
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The names and categories of the Directors on the Board, their attendance at Board Meetings during the year and at the
last Annual General Meeting, as also the number of Directorships and Committee Memberships held by them in other
companies and Shareholdings are given below:
Name of the Director Director Category No. of Attendance No. of No. of Committee Share
Identification Board at the last Directorships positions held holdings#
Number Meetings AGM in other in other
attended public companies * public
during as on 31.03.2014 companies**
2013-14 as on 31.03.2014
Ordinary
Chairman Member Chairman Member Shares of
` 10/- each
Mr. Cyrus P. Mistry Not Independent
00010178 9 Yes 9 – 1 – –
(Chairman) Non-Executive
Mr. B. Muthuraman 00004757 Not Independent
8 Yes 1 1 – – 6,230
(Vice-Chairman) Non-Executive
Independent
Mr. Nusli N. Wadia 00015731 9 No 4 3 – – –
Non-Executive
Mr. S. M. Palia
Independent
(Stepped down w.e.f. 00031145 1 NA NA NA NA NA NA
Non-Executive
25th April, 2013)
Not Independent
Mr. Ishaat Hussain 00027891 8 Yes 2 11 3 5 2,216
Non-Executive
Independent
Mr. Subodh Bhargava 00035672 6 Yes 3 3 – 2 1,012
Non-Executive
Independent
Mr.Jacobus Schraven 01462126 7 Yes – – – – –
Non-Executive
Independent
Mr. Andrew Robb 01911023 9 Yes – – – – –
Non-Executive
Independent
Mrs. Mallika Srinivasan 00037022 6 Yes 3 3 – 1 –
Non-Executive
Independent
Mr. D. K. Mehrotra 00142711 6 Yes – 1 – 1 –
Non-Executive
Mr. O P Bhatt
Independent
(Appointed w.e.f 00548091 6 Yes – 3 1 5 –
Non-Executive
10th June 2013)
Mr. H. M. Nerurkar Not Independent
00265887 5 Yes NA NA NA NA NA
(Managing Director) @ Executive
Not Independent
Dr. Karl-Ulrich Koehler 03319129 9 Yes – – – – –
Non-Executive
Mr. Koushik Chatterjee 00004989 Not Independent
9 Yes 2 1 – – 1,320
(Executive Director) Executive
Mr. T. V. Narendran Not Independent
03083605 4 NA – – – – 1,753
(Managing Director) @@ Executive
* Excludes Directorships in associations, private, foreign and Section 25 companies.
** Represents Chairmanships/Memberships of Audit Committee and Shareholders'/Investors' Grievance Committee.
@ Retired as Managing Director, India and South East Asia on 31st October, 2013
@@ Appointed as Managing Director - Designate India and South East Asia w.e.f 19th September, 2013 and succeeded
Mr. H. M. Nerurkar as Managing Director, India and South East Asia w.e.f. 1st November, 2013
# Shareholdings represent holdings in Director's personal capacity and either as sole or first or joint holder. Total
Shareholding of the Directors as on 31st March, 2014 – 12,531 Ordinary Shares.
Nine Board Meetings were held during the Financial Year 2013-14 and the gap between two meetings did not exceed
four months.
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Hundred and seventh annual report 2013-14
Mr. Andrew Mrs. Mallika Mr. D. K. Mr. O. P. Mr. H. M. Dr. Karl-Ulrich Mr. Koushik Mr. T. V.
Date of Meeting
Robb Srinivasan Mehrotra Bhatt Nerurkar Koehler Chatterjee Narendran
4th April, 2013 Yes Yes No NA Yes Yes Yes NA
11th July, 2013 Yes Yes Yes Yes Yes Yes Yes NA
13th August, 2013 Yes Yes Yes Yes Yes Yes Yes NA
13th December, 2013 Yes Yes Yes Yes NA Yes Yes Yes
Dates for the Board Meetings in the ensuing year are decided well in advance and communicated to the Directors. Board
Meetings are held at the Registered Office of the Company. The Agenda along with the explanatory notes are sent in advance
to the Directors. Additional meetings of the Board are held when deemed necessary by the Board.
The information as required under Annexure IA to Clause 49 is being made available to the Board.
The Board periodically reviews compliance reports of all laws applicable to the Company. Steps are taken by the Company
to rectify instances of non-compliance, if any.
Four Meetings of the Committee of Directors constituted by the Board for specific purposes from time to time were held
during the Financial Year 2013-14.
The dates on which the Committee meetings were held are as follows:
10th April, 2013, 6th May, 2013, 19th February, 2014 and 14th March, 2014.
During the Financial Year 2013-14, the Company did not have any material pecuniary relationship or transactions with
Non-Executive Directors, other than Mr. B. Muthuraman to whom the Company paid retiring benefits aggregating to ` 78.39 lakhs.
The Company has adopted the Tata Code of Conduct for Executive Directors, Senior Management Personnel and other Executives
of the Company. The Company has received confirmations from the Executive Directors as well as Senior Management Personnel
regarding compliance of the Code during the year under review. It has also adopted the Tata Code of Conduct for Non-Executive
Directors of the Company. The Company has received confirmations from the Non-Executive Directors regarding compliance of
the Code for the year under review. Both the Codes are posted on the website of the Company.
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3. Audit Committee
The Company had constituted an Audit Committee in the year 1986. The scope of the activities of the Audit Committee is as
set out in Clause 49 of the Listing Agreements with the Stock Exchanges read with Section 292A of the Companies Act, 1956.
The terms of reference of the Audit Committee are broadly as follows:
a. To review compliance with internal control systems;
b. To review the findings of the Internal Auditor relating to various functions of the Company;
c. To hold periodic discussions with the Statutory Auditors and Internal Auditors of the Company concerning the accounts
of the Company, internal control systems, scope of audit and observations of the Auditors/Internal Auditors;
d. To review the quarterly, half-yearly and annual financial results of the Company before submission to the Board;
e. To make recommendations to the Board on any matter relating to the financial management of the Company, including
Statutory & Internal Audit Reports;
f. Recommending the appointment of cost auditors and statutory auditors and fixation of their remuneration.
g. Review of Cost Audit Report.
h. Reviewing the Company's financial and risk management policies.
Mr. Subodh Bhargava, Chairman of the Audit Committee was present at the Annual General Meeting held on 14th August, 2013.
Six meetings of the Audit Committee were held during the Financial Year 2013-14.
The composition of the Audit Committee and the details of meetings attended by the Directors are given below:
Mr. Subodh Mr. S. M. Palia* Mr. Ishaat Hussain Mr. Andrew Robb Mr. D K Mehrotra** Mr. O P Bhatt**
Bhargava Member, Member, Member, Member, Member,
Date of Meeting
Chairman, Independent, Not Independent, Independent, Independent, Independent,
Independent, Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive
Non-Executive
10th April, 2013 Yes Yes Yes No NA NA
22nd May, 2013 Yes NA Yes Yes NA NA
12th August, 2013 Yes NA Yes Yes NA NA
18th September, 2013 Yes NA Yes Yes Yes No
12th November, 2013 Yes NA Yes Yes Yes Yes
10th February, 2014 Yes NA Yes Yes Yes Yes
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Hundred and seventh annual report 2013-14
aware of that could affect the business or reputation of the Company. The disclosures reported are addressed in the manner
and within the time frames prescribed in the Policy. Under the Policy, each employee of the Company has an assured access
to the Ethics Counsellor/Chairman of the Audit Committee.
Cost Auditor's details
The Central Government has approved the appointment of M/s Shome & Banerjee, Cost Accountants as Cost Auditors for
conducting Cost Audit of the Company for the Financial Year 2013-14.
The due date for filing the Cost Audit Reports for the Financial Year ended 31st March, 2014 is 30th September, 2014.
The due date for filing the Cost Audit Report of the Company for the Financial Year ended 31st March, 2013 was 30th September,
2013 and the Cost Audit Report was filed by the Cost Auditor M/s Shome & Banerjee, Cost Accountants, on 27th August, 2013 in
XBRL Mode as mandated by the Ministry of Corporate Affairs vide their circular no. 8/2012 dated 10th May, 2012.
4. Remuneration Committee
The Company had constituted a Remuneration Committee in the year 1993. The broad terms of reference of the Remuneration
Committee are as follows:
a. Review the performance of the Managing Director and the Whole-time Directors, after considering the Company's
performance.
b. Recommend to the Board remuneration including salary, perquisites and commission to be paid to the Company's
Managing Director and Whole-time Directors.
c. Finalise the perquisites package of the Managing Director and Whole-time Directors within the overall ceiling fixed by
the Board.
d. Recommend to the Board, retirement benefits to be paid to the Managing Director and Whole-time Directors under the
Retirement Benefit Guidelines adopted by the Board.
The Remuneration Committee also functions as the Compensation Committee as per SEBI guidelines on the Employees'
Stock Option Scheme. The Company, however, has not yet introduced the Employees' Stock Option Scheme.
Four meetings of the Remuneration Committee were held during the Financial Year 2013-14.
The composition of the Remuneration Committee and the details of meetings attended by the Directors are given below:
Mr. S. M. Palia* Mr. Nusli N. Wadia** Mr. Cyrus P. Mistry Mr. O P Bhatt #
Date of Meeting Chairman, Chairman, Member, Member,
Independent, Independent, Not Independent, Independent
Non-Executive Non-Executive Non-Executive Non- Executive
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Remuneration Policy
The Company while deciding the remuneration package of the senior management members takes into consideration the
following items:
(a) employment scenario
(b) remuneration package of the industry and
(c) remuneration package of the managerial talent of other industries.
The annual variable pay of senior managers is linked to the performance of the Company in general and their individual
performance for the relevant year measured against specific Key Result Areas, which are aligned to the Company's objectives.
The Non-Executive Directors (NEDs) are paid remuneration by way of Commission and Sitting Fees. In terms of the
shareholders' approval obtained at the AGM held on 3rd August, 2011, the Commission is paid at a rate not exceeding
1% per annum of the profits of the Company (computed in accordance with Section 309(5) of the Companies Act, 1956).
The distribution of Commission amongst the NEDs is placed before the Board. The Commission is distributed on the basis
of their attendance and contribution at the Board and certain Committee Meetings as well as time spent on operational
matters other than at the meetings.
The Company pays sitting fees of ` 20,000 per meeting to the NEDs for attending the meetings of the Board, Executive
Committee of the Board, Remuneration Committee, Audit Committee, Safety, Health and Environment Committee,
Nomination Committee, Committee of Investment & Projects and Committees constituted by the Board from time to time.
For other meetings, viz. Investors’ Grievance Committee and Ethics and Compliance Committee, the Company pays to the
NEDs sitting fees of ` 5,000 per meeting.
The Company pays remuneration by way of salary, perquisites and allowances (fixed component) and commission (variable
component) to Managing and Whole-time Directors. Salary is paid within the range approved by the Shareholders. Annual
increments effective 1st April each year, as recommended by the Remuneration Committee, are approved by the Board.
The ceiling on perquisites and allowances as a percentage of salary, is fixed by the Board. Within the prescribed ceiling, the
perquisites package is approved by the Remuneration Committee. Commission is calculated with reference to net profits of
the Company in a particular financial year and is determined by the Board of Directors at the end of the financial year based
on the recommendations of the Remuneration Committee, subject to overall ceilings stipulated in Sections 198 and 309 of
the Companies Act, 1956. Specific amount payable to such directors is based on the performance criteria laid down by the
Board which broadly takes into account the profits earned by the Company for the year.
Details of remuneration for 2013-14
Non-Whole-time Directors (` lakhs)
Name of the Director Commission* Sitting Fees Name of the Director Commission* Sitting Fees
1. Mr. Cyrus P. Mistry – 4.80 7. Mr. Jacobus Schraven 45 2.00
2. Mr. B. Muthuraman #200 2.80 8. Mr. Andrew Robb 55 3.45
3. Mr. Nusli N. Wadia 110 3.60 9. Mrs. Mallika Srinivasan 60 1.20
4. Mr. S. M. Palia 15 1.00 10. Mr. D.K. Mehrotra 75 1.80
5. Mr. Ishaat Hussain 110 5.30 11. Mr. O P Bhatt 75 2.20
6. Mr. Subodh Bhargava 105 3.30 12. Dr. Karl-Ulrich Koehler – 3.00
Total 850 34.45
* Payable in Financial Year 2014-15.
# Excluding retirement benefits of ` 78.39 lakhs paid to Mr B. Muthuraman.
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Hundred and seventh annual report 2013-14
Executive Directors
Name Salary Perquisites & Commission @ Stock Options Service Contracts
Allowances
` lakhs ` lakhs ` lakhs
Mr. H. M. Nerurkar * 74.32 84.36 220 NIL –
Managing Director
Mr. Koushik Chatterjee 98.12 37.79 370 NIL From 09.11.2012 to
Group Executive Director 08.11.2017
(Finance and Corporate)
Mr. T. V. Narendran ** 57.38 25.69 400 NIL From 19.09.2013 to
Managing Director, India and 18.09.2018
South East Asia
@ Payable in Financial Year 2014-15
* Retired as Managing Director on 31st October, 2013
** Appointed as Managing Director – Designate India and South East Asia w.e.f 19th September, 2013 and succeeded
Mr. H. M. Nerurkar as Managing Director, India and South East Asia w.e.f 1st November, 2013
Notice Period & Severance Fees
The respective contracts may be terminated by either party giving the other party six months' notice or the Company
paying six months' salary in lieu thereof.
There is no separate provision for payment of severance fees.
5. Shareholders’ Committee
An Investors' Grievance Committee was constituted on 23rd March, 2000 to specifically look into the redressal of Investors'
complaints like transfer of shares, non-receipt of balance sheet and non-receipt of declared dividend, etc.
One meeting of the Investors' Grievance Committee was held on 11th July, 2013.
The composition of the Investors' Grievance Committee and the details of the meeting attended by the Directors is given below:
Date of Meeting Mr. Ishaat Hussain Mr. S. M. Palia # Mr. Subodh Bhargava Mr. D K Mehrotra ##
Chairman, Not Independent, Member, Independent, Member, Independent, Member, Independent
Non-Executive Non-Executive Non-Executive Non-Executive
11th July 2013 Yes NA Yes NA
# Stepped down as member w.e.f. 25th April, 2013.
## Appointed as member w.e.f. 13th August, 2013.
Name, designation & address of Name, designation & address of
Compliance Officer: Investor Relations Officer:
Mr. A. Anjeneyan Mr. Subhra Kanti Das
Company Secretary & Chief of Compliance Head - Group Investor Relations
Bombay House, 24, Homi Mody Street, Bombay House, 24, Homi Mody Street,
Fort, Mumbai - 400 001. Fort, Mumbai - 400 001.
Phone: (022) 6665 7279 Phone: (022) 6665 7382
Fax: (022) 6665 7724 Fax: (022) 6665 7724
E-mail: [email protected] E-mail: [email protected]
Shareholder/Investor Complaints:
Complaints pending as on 1st April, 2013 : 8
During the period 1st April, 2013 to 31st March, 2014, complaints identified and
reported under Clause 41 of the Listing Agreements : 358
Complaints disposed off during the year ended 31st March, 2014 : 363
Complaints unresolved to the satisfaction of shareholders as on 31st March, 2014 : 3
No. of pending share transfers of Ordinary Shares as on 31st March, 2014 : –
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Note:
The correspondence identified as investor complaints are letters received through Statutory/Regulatory bodies and those
related to Court/Consumer forum matters, (where the Company/Registrars is involved and is accused of deficiency in service)
fraudulent encashment, non-receipt of dividend/fractional warrants (received after one month from the date of payment
and where reconciliation of the payment was in progress) and non-receipt of refund orders/allotment of shares pertaining
to Rights issue/Follow-on Public Offer. The above figures are consolidated figures which includes complaints received by
Link Intime India Pvt. Ltd. and TSR Darashaw Private Ltd.
Committees
In addition to the above Committees, the Board has constituted 6 more Committees, viz. Executive Committee of the Board,
the Nomination Committee, the Ethics and Compliance Committee, the Safety, Health and Environment Committee, the
Committee of Investments and Projects and Committee of Directors.
The terms of reference of the Executive Committee of the Board (ECOB) are to approve capital expenditure schemes and
donations within the stipulated limits and to recommend to the Board, capital budgets and other major capital schemes, to
consider new businesses, acquisitions, divestments, changes in organisational structure and also to periodically review the
Company's business plans and future strategies.
Three ECOB Meetings were held during the Financial Year 2013-14.
The composition of the ECOB and details of the meetings attended by the Directors are given below:
Date of Meeting Mr. Cyrus P. Mistry Mr. B. Muthuraman Mr. Nusli N. Wadia Mr. S. M. Palia* Mr. Ishaat Hussain
Chairman, Member, Member, Member, Member,
Not Independent, Not Independent, Independent, Independent, Not Independent,
Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive
21st May, 2013 Yes Yes Yes NA Yes
10th July, 2013 Yes Yes Yes NA Yes
12th November, 2013 Yes No Yes NA Yes
Date of Meeting Mr. Andrew Robb Mr. H. M. Nerurkar ** Dr. Karl-Ulrich Mr. Koushik Mr. T. V. Narendran ***
Member, Member, Koehler Chatterjee Member,
Independent, Not Independent, Member, Member, Not Independent,
Non-Executive Executive Not Independent, Not Independent, Executive
Non-Executive Executive
21st May, 2013 Yes Yes Yes Yes NA
10th July, 2013 Yes Yes Yes Yes NA
12th November, 2013 Yes NA Yes Yes Yes
* Stepped down as Member w.e.f. 25th April, 2013.
** Retired on 31st October, 2013.
*** Appointed as Member w.e.f. 6th November, 2013.
The Nomination Committee has been constituted on 18th May, 2006 with the objective of identifying Independent Directors
to be inducted to the Board from time to time and to take steps to refresh the constitution of the Board from time to time.
Two meetings of the Nomination Committee were held during the Financial Year 2013-14.
The composition of the Nomination Committee and the details of the meetings attended by the Directors is given below:
Date of Meeting Mr. Nusli N. Mr. Cyrus P. Mr. S. M. Palia@ Mr. Subodh Mr. O P Bhatt@@
Wadia Mistry Member, Bhargava Member,
Chairman, Member, Independent, Member, Independent,
Independent, Not Independent, Non-Executive Independent, Non-Executive
Non-Executive Non-Executive Non-Executive
4th April, 2013 Yes Yes Yes No NA
19th September, 2013 Yes Yes NA Yes No
@ Stepped down as Member w.e.f. 25th April, 2013.
@@ Appointed as Member w.e.f. 13th August, 2013.
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Hundred and seventh annual report 2013-14
The Board has also appointed the Group Executive Director (Finance & Corporate) as the Compliance Officer to ensure
compliance and effective implementation of the Regulations and also the Code across the Company.
During the year under review, the Compliance Officer submitted periodic Reports on the compliance of the Tata Code of
Conduct for Prevention of Insider Trading.
Safety, Health and Environment Committee
The Safety, Health and Environment Committee of the Board was constituted on 25th June, 2009 to oversee the policies and
their implementation across Tata Steel Group. The main remit of the Committee is to:
• Review operational performance, anticipate potential issues and provide support in setting direction for
improvements;
• Reduce carbon emissions per tonne of steel produced; and
• Functional health, safety and environmental team would provide a coordinated and effective specialist advisory
support to the said Committee.
Three meetings of the Safety, Health and Environment Committee were held during the Financial Year 2013-14.
The composition of the Safety, Health and Environment Committee and the details of the meetings attended by the Directors
are given below:
Date of Meeting Mr. Jacobus Mr. S. M. Palia* Mr. B. Muthuraman Mr. H. M. Nerurkar** Dr. Karl-Ulrich Mr. Subodh Mr. T.V. Narendran ##
Schraven Member, Member, Member, Koehler Bhargava # Member,
Chairman, Independent, Not Independent, Not Independent, Member, Member, Not Independent,
Independent, Non-Executive Non-Executive Executive Not Independent, Independent, Executive
Non-Executive Non-Executive Non-Executive
10th July, 2013 Yes NA Yes No Yes NA NA
12th November, 2013 Yes NA No NA Yes NA Yes
10th February, 2014 Yes NA Yes NA Yes Yes Yes
* Stepped down as member w.e.f. 25th April, 2013
** Retired on 31st October, 2013
# Appointed as Member w.e.f. 13th November, 2013
## Appointed as Member w.e.f. 6th November, 2013
Company Secretary acts as the Secretary of the Safety, Health and Environment Committee.
110
Committee of Investments and Projects
The Committee of Investments and Projects was constituted on 11th July, 2012 to approve placing of large orders of
equipment, plant and machinery relating to the projects and monitor the progress of the projects.
Six meetings of the Committee of Investments and Projects were held during the Financial Year 2013-14.
The composition of the Committee of Investments and Projects and the details of the meetings attended by the Directors
are given below:
Date of Meeting Mr. Ishaat Hussain Mr.Cyrus P. Mistry Mr. S. M. Palia* Mr. H. M. Nerurkar** Mr. Koushik Mr. T V Narendran***
Chairman, Member, Member, Member, Chatterjee Member,
Not Independent, Not Independent, Independent, Not Independent, Member, Not Independent,
Non-Executive Non-Executive Non-Executive Executive Not Independent, Executive
Executive
9th April, 2013 Yes Yes Yes Yes Yes NA
22nd May, 2013 Yes Yes NA Yes Yes NA
11th July, 2013 Yes Yes NA Yes Yes NA
12th August, 2013 Yes Yes NA Yes Yes NA
11th November, 2013 Yes Yes NA NA Yes Yes
13th December, 2013 Yes Yes NA NA Yes Yes
b) No Extra-Ordinary General Meeting of the shareholders was held during the year.
c) Special Resolutions passed in previous three Annual General Meetings:
1. At the last Annual General Meeting held on 14th August, 2013, no Special Resolution was passed.
2. At the Annual General Meeting held on 14th August, 2012, no Special Resolution was passed.
3. At the Annual General Meeting held on 3rd August, 2011, Special Resolution for commission to Directors other
than the Managing and whole-time Directors was passed unanimously.
None of the items to be transacted at the ensuing meeting is required to be passed by postal ballot.
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Hundred and seventh annual report 2013-14
7. Disclosures
i) The Board has received disclosures from key managerial personnel relating to material, financial and commercial
transactions where they and/or their relatives have personal interest. There are no materially significant related party
transactions which have potential conflict with the interest of the Company at large.
ii) The Company has complied with the requirements of the Stock Exchanges, SEBI and other statutory authorities on all
matters relating to capital markets during the last three years. No penalties or strictures have been imposed on the
Company by the Stock Exchanges, SEBI or other statutory authorities relating to the above.
iii) The Company has adopted a Whistle Blower Policy and has established the necessary mechanism in line with Clause 7
of the Annexure 1D to Clause 49 of the Listing Agreement with the Stock Exchanges, for employees to report concerns
about unethical behaviour. No personnel has been denied access to the Ethics Counsellor/Chairman of the Audit
Committee.
iv) The Company has fulfilled the following non-mandatory requirements as prescribed in Annexure 1D to Clause 49 of the
Listing Agreement with the Stock Exchanges:
a) The Company has set up a Remuneration Committee. Please see para 4 for details.
b) The Company has moved towards a regime of unqualified financial statements.
Reconciliation of Share Capital Audit
i) Pursuant to Clause 47(c) of the Listing Agreement with the Stock Exchanges, certificates, on half-yearly basis, have been
issued by a Company Secretary-in-Practice for due compliance of share transfer formalities by the Company.
ii) A Company Secretary-in-Practice carried out a Reconciliation of Share Capital Audit to reconcile the total admitted
capital with National Securities Depository Limited and Central Depository Services (India) Limited (“Depositories”)
and the total issued and listed capital. The audit confirms that the total issued/paid-up capital is in agreement with the
aggregate of the total number of shares in physical form and the total number of shares in dematerialised form (held
with Depositories).
8. Means of Communication
Quarterly/Half-yearly results –
The quarterly/half-yearly and annual results of the Company are published in the newspapers and posted on the website
of the Company. As a part of the Green initiative, the quarterly/half-yearly results are sent by email to Shareholders whose
email ids are registered with the Depositories/Registrars and Transfer Agents of the Company.
Results –
The quarterly/half-yearly and annual results along with the Segmental Report are generally published in The Indian Express, Financial
Express, Nav Shakti, Free Press Journal, Loksatta, Nav Bharat and also displayed on the website of the Company www.tatasteel.com
shortly after its submission to the Stock Exchanges.
Presentation to Institutional Investors or to analysts –
Official news releases and presentations made to Institutional Investors and analysts are posted on the Company's website.
Annual Report –
Annual Report containing inter alia, Audited Annual Accounts, Consolidated Financial Statements, Directors' Report, Auditors'
Report and other important information is circulated to the members and others entitled thereto. The Annual Report is also
available on the Company's website in a freely downloadable format.
112
Management Discussion & Analysis Report (MD&A Report) –
The MD&A Report forms a part of the Directors' Report. All matters pertaining to industry structure and developments,
opportunities and threats, segment/product wise performance, outlook, risks and concerns, internal control and systems,
etc., are discussed in the said Report.
Intimation to Stock Exchanges –
All price sensitive information and matters which are material and relevant to shareholders are intimated to all the Stock
Exchanges where the securities of the Company are listed.
Corporate Filing and Dissemination System (CFDS), BSE Online and NSE Electronic Application Processing System
(NEAPS) –
In accordance with Clause 52 of the Listing Agreement, all disclosures and communications to BSE Limited and National Stock
Exchange of India Limited are filed electronically through CFDS website www.corpfiling.co.in. The Company also submits
to NSE all quarterly compliances, disclosures and communications through NSE's NEAPS portal. The Company further has
complied with filing submissions through BSE’s BSE Online portal.
Company's Corporate Website –
The Company's website is a comprehensive reference on Tata Steel's management, vision, mission, policies, corporate
governance, corporate sustainability, investor relations, sales network, updates and news. The section on 'Investors' serves to
inform the shareholders, by giving complete financial details, shareholding patterns, corporate benefits, information relating
to stock exchanges, registrars & transfer agents and frequently asked questions. Investors can also submit their queries and
get feedback through online interactive forms. The section on 'Media' includes all major press reports and releases, awards,
campaigns.
9. General Shareholder Information
AGM: Date, time & venue – 14th August, 2014 at 3.00 p.m.
Birla Matushri Sabhagar,
19, Sir Vithaldas Thackersey Marg,
Mumbai - 400 020.
As required under Clause 49 IV(G)(i), particulars of Directors seeking appointment/reappointment are given in the Explanatory
Statements to the Notice of the Annual General Meeting to be held on 14th August, 2014.
Financial Calendar – Year ending March 31
AGM August
Dividend Payment Generally in August
Date of Book Closure – Wednesday, 16th July, 2014 to Tuesday, 22nd July, 2014 (both days inclusive).
Dividend Payment Date – The dividend warrants will be posted on and from 19th August, 2014.
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Hundred and seventh annual report 2013-14
114
Shares held in Physical Form
Shareholders holding shares in physical form may please note that instructions regarding change of address, bank details,
nomination and power of attorney should be given to the Company’s RTA viz. TSR Darashaw Private Limited.
Updation of bank details for remittance of dividend/cash benefits in electronic form
Securities and Exchange Board of India (SEBI) vide its Circular No. CIR/MRD/DP/10/2013 dated March 21, 2013 ("Circular")
to all listed companies requires them to update bank details of their shareholders holding shares in demat mode and/or
physical form, to enable usage of the electronic mode of remittance i.e. ECS [ LECS (Local ECS)/RECS (Regional ECS)/NECS
(National ECS) ], NEFT, etc., for distributing dividends and other cash benefits to the shareholders.
The Circular further states that in cases where either the bank details such as MICR (Magnetic Ink Character Recognition),
IFSC (Indian Financial System Code), etc., that are required for making electronic payment are not available or the electronic
payment instructions have failed or have been rejected by the bank, companies or their Registrars and Transfer Agents (RTA)
may use physical payment instruments for making cash payments to the investors. Companies shall mandatorily print the
bank account details of the investors on such payment instruments.
Shareholders to note that payment of dividend and other cash benefits through electronic mode has many advantages like
prompt credit, elimination of fraudulent encashment/delay in transit, etc. They are requested to opt for any of the above
mentioned electronic modes of payment of dividend and other cash benefits and update their bank details:
- In case of holdings in dematerialised form, by contacting their Depository Participant and giving suitable instructions
to update the bank details in their demat account.
- In case of holdings in physical form, by informing the Company's RTA viz. TSR Darashaw Pvt Ltd. their Folio No(s), Name
and Branch of the Bank in which they wish to receive the dividend, the Bank Account type, Bank Account Number
allotted by their banks after implementation of Core Banking Solutions (CBS) and the 9 digit MICR Code Number.
Those Shareholders who do not wish to avail of the electronic facility of remittance, are requested to furnish to the DPs/
Registrars, the Name and Branch of the Bank and the Bank Account Number allotted by their banks after implementation of
Core Banking Solutions, which will be printed on the warrants.
Listing on Stock Exchanges –
The Company’s Ordinary shares are listed on BSE Limited and National Stock Exchange of India Limited in India:
Stock Exchanges ISIN Stock Code Address Website
BSE Limited INE081A01012 500470 Phiroze Jeejeebhoy Towers, www.bseindia.com
Dalal Street,
Mumbai-400 001.
National Stock INE081A01012 TATASTEEL Exchange Plaza, Plot No. C/1, G Block www.nseindia.com
Exchange of India Bandra-Kurla Complex, Bandra (E),
Limited Mumbai-400 051.
Perpetual Hybrid Securities in the form of Non-Convertible Debentures are listed on the Wholesale Debt Market segments
of the Stock Exchanges as under:
Distribution ISIN Principal Date of Debenture Trustee Stock Exchange where
Rate (%) Amount Maturity listed
(` crores)
National Stock Exchange of
11.80 INE081A08165 1,500 Perpetual IDBI Trusteeship Services Limited India Limited &
Asian Building, Ground Floor, BSE Limited
17, R. Kamani Marg, Ballard Estate
Mumbai-400 001 National Stock Exchange of
11.50 INE081A08173 775 Perpetual
India Limited
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Hundred and seventh annual report 2013-14
Unsecured Redeemable Non-Convertible Debentures (NCDs) are listed on the Wholesale Debt Market segment of National
Stock Exchange of India Limited:
Coupon ISIN Principal Date of Maturity Debenture Trustee
Rate (%) Amount
(` crores)
10.20 INE081A07175 620 7th May, 2015
10.25 INE081A08140 500 ` 166.67 crores – 22nd December, 2028
` 166.67 crores – 22nd December, 2029
` 166.66 crores – 22nd December, 2030
10.25 INE081A08157 2,500 ` 833.34 crores – 6th January, 2029 IDBI Trusteeship
` 833.33 crores – 6th January, 2030 Services Ltd.,
` 833.33 crores – 6th January, 2031 Asian Building,
12.50 INE081A08116 1,250 ` 416.67 crores – 19th November, 2014 Ground Floor,
` 416.67 crores – 19th November, 2015 17, R. Kamani Marg,
` 416.66 crores – 19th November, 2016 Ballard Estate,
Mumbai-400 001.
10.40 INE081A08124 650.9 15th May, 2019
11.00 INE081A08132 1,500 19th May, 2019
2.00 INE081A08181 1,500 23rd April, 2022
9.15 INE081A08199 500 24th January, 2019
9.15 INE081A08207 500 24th January, 2021
International Listings of securities issued by the Company are as under:
Security Year of Issue Stock Exchanges & Address ISIN/Stock Code Website
Global Depository 1994 Luxembourg Stock Exchange US87656Y1091 www.bourse.lu
Receipts (GDRs) 35A Boulevard Joseph II,
L-1840 Luxembourg
4.5% Replacement 2009 Singapore Exchange XS0466930780 www.sgx.com
Foreign Currency Securities Trading Limited
Convertible Bonds 2, Shenton Way, #19-00 SGX
(FCCBs) Center 1, Singapore-068804
Global Depository 2009 London Stock Exchange US87656Y4061 www.londonstockexchange.com
Receipts (GDRs) 10 Paternoster Square,
London - EC4M 7LS
Market Information
Market Price Data: High, Low (based on the closing prices) and volume during each month in last financial year.
BSE Limited National Stock Exchange of India Limited
Month High (`) Low (`) Volume High (`) Low (`) Volume
(No. of Shares) (No. of shares)
Apr-13 319.85 294.55 1,77,06,982 319.70 294.45 9,03,15,478
May-13 323.85 291.80 1,94,93,547 324.70 291.75 10,81,85,326
Jun-13 299.15 264.25 1,58,14,324 299.10 264.15 958,28,116
Jul-13 282.15 209.60 2,04,67,453 281.95 209.40 10,08,54,177
Aug-13 282.25 198.60 3,52,59,250 282.30 198.25 19,44,72,617
Sep-13 316.00 271.60 2,43,08,886 315.70 271.55 13,34,79,338
Oct-13 340.10 275.65 2,42,53,112 339.95 275.75 13,51,65,276
Nov-13 400.85 333.55 2,23,30,144 400.90 333.30 13,20,59,214
Dec-13 424.85 408.45 1,37,88,472 425.55 408.30 8,63,26,853
Jan-14 425.05 346.55 1,36,68,268 425.90 346.55 8,56,66,150
Feb-14 390.15 343.15 1,70,11,826 389.75 342.95 11,08,81,260
Mar-14 393.85 336.80 2,10,95,369 393.95 336.85 12,52,33,990
116
450 23000 450 6800
22000
400 400 6500
21000
350 350 6200
Share Price
Share Price
20000
Sensex
Nifty
300 300 5900
19000
Oct. 13
Nov. 13
June 13
Dec. 13
Sept. 13
May 13
Dec. 13
April 13
Jan. 14
May 13
March 14
Feb. 14
Sept. 13
Oct. 13
Jan. 14
April 13
June 13
Aug. 13
Nov. 13
March 14
Feb. 14
July 13
Tata Steel Share Price (LHS) BSE Sensex (RHS) Tata Steel Share Price (LHS) Nifty (RHS)
117
Hundred and seventh annual report 2013-14
118
As per Clause 5A of the Listing Agreements with the Stock Exchanges, the details of shares in the suspense accounts of Link
Intime India Pvt. Ltd., Registrars to the Issues are given below:
Shareholders who
approached the Balance as on
As on 1st April, 2013
Registrars and Shares 31st March, 2014
Issues Securities transferred in their
favour during the year
No. of No. of No. of No. of No. of No. of
records shares records shares records shares
The voting rights in respect of the balance shares in the suspense accounts will be freezed, in the event of a poll at the
general meetings of the Company.
Outstanding GDRs/ADRs/Warrants or any Convertible instruments, conversion date and likely impact on equity:
In November 2009, the Company had issued 5,469.35 numbers of 4.5% Foreign Currency Convertible Bonds (FCCBs) aggregating
to USD 546.935 million. These represent 4,28,28,141 (31.03.2013: 4,25,96,510) underlying shares and are convertible at any
time on or after 31st December, 2009 and upto 11th November, 2014 by the holders of such FCCBs at a conversion price of
` 592.0385 per share (31.03.2013: ` 595.2578 per share) and at a fixed USD/INR conversion rate of 46.36.
2,88,75,320 Shares (31.03.2013: 2,17,38,923) of face value of ` 10 per share represent the shares underlying GDRs which
were issued during 1994 and 2010. Each GDR represents one underlying Ordinary Share.
Major Plant Locations
Company’s Steel Works CRM
Bara, Tata Growth Shop and
Tubes Division .. Jamshedpur (Jharkhand) Hooghly Met Coke .. Haldia (West Bengal)
Ferro Manganese Plant .. Joda (Odisha) Bearings Division .. Kharagpur (West Bengal)
Cold Rolling Complex .. Tarapur (Maharashtra) Charge Chrome Plant .. Bamnipal (Odisha)
Wire Division .. Tarapur (Maharashtra) Mines, Collieries & Quarries .. States of Jharkhand,
.. Indore ( Madhya Pradesh) Odisha
.. Pithampur (Madhya Pradesh)
Address for Correspondence:
Tata Steel Limited, Bombay House, 24, Homi Mody Street, Fort, Mumbai-400 001.
Phone: (022) 6665 8282, Fax: (022) 6665 7724, E-mail: [email protected], Website: www.tatasteel.com
Corporate Identity Number - L27100MH1907PLC000260
10. Other information to the shareholders
Green Initiative
As a responsible corporate citizen, the Company welcomes and supports the ‘Green Initiative’ taken by the Ministry of
Corporate Affairs, Government of India, enabling electronic delivery of documents including the Annual Report, Quarterly,
Half-yearly results etc., to shareholders at their e-mail address previously registered with the Depository Participants (DPs)/
Company/Registrars & Transfer Agents.
Shareholders who have not registered their e-mail addresses so far are requested to register their e-mail addresses. Those
holding shares in demat form can register their e-mail address with their concerned DPs. Shareholders who hold shares in
physical form are requested to register their e-mail addresses with TSR Darashaw Private Limited, by sending a letter, duly
signed by the first/sole holder quoting details of Folio No.
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Hundred and seventh annual report 2013-14
Depository Services
Shareholders may write to the respective Depository or to TSR Darashaw Private Limited for guidance on depository services.
Address for correspondence with Depositories are as follows:
1. National Securities Depository Limited – Trade World, A Wing, 4th & 5th Floors, Kamala Mills Compound,
Senapati Bapat Road, Lower Parel, Mumbai-400 013. Telephone: (022) 2499 4200, Facsimile: (022) 2497 6351,
E-mail: [email protected], Website: www.nsdl.co.in
2. Central Depository Services (India) Limited – Phiroze Jeejeebhoy Towers, 17th Floor, Dalal Street, Mumbai-400 001.
Telephone: (022) 2272 3333, Toll free: 1800-200-5533, Fax: (022) 2272 3199, E-mail: [email protected],
Website: www.cdslindia.com
Certificate
To the Members of
TATA STEEL LIMITED
We have examined the compliance of conditions of Corporate Governance by Tata Steel Limited, for the year ended on 31st March,
2014, as stipulated in Clause 49 of the Listing Agreements of the said Company with the stock exchanges.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination has been
limited to a review of the procedures and implementations thereof adopted by the Company for ensuring compliance with the
conditions of Corporate Governance as stipulated in the said Clause. It is neither an audit nor an expression of opinion on the
financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us and the representations made by
the Directors and the management, we certify that the Company has complied with the conditions of Corporate Governance as
stipulated in Clause 49 of the above mentioned Listing Agreements.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
N. VENKATRAM
Partner
Membership No.: 71387
120