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    505200   INE066A01021

EICHER MOTORS LIMITED

(505200)
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Eicher Motors : Notice of 39th Annual General Meeting

07/24/2021 | 03:18am EDT

372

NOTICE

NOTICE OF 39TH (THIRTY NINTH) ANNUAL GENERAL MEETING

Notice is hereby given that the 39th (Thirty Ninth) Annual General Meeting of the members of Eicher Motors Limited is scheduled to be held on Tuesday, August 17, 2021, at 1.00 P.M. Indian Standard Time (IST) through Video Conferencing/Other Audio Visual means to transact the following business:

ORDINARY BUSINESS:

  1. To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the Financial Year ended March 31, 2021 together with the Reports of the Board of Directors and the Auditors thereon.
  2. To declare a dividend of Rs. 17/- per equity share of face value of Re. 1/- each for the Financial Year ended March 31, 2021.
  3. To appoint Mr. Siddhartha Lal (DIN: 00037645), who retires by rotation and being eligible, offers himself for re-appointment as a Director.

SPECIAL BUSINESS:

  1. To consider and ratify remuneration of Cost Auditor payable for the Financial Year 2020-21:
    In this regard, it is proposed to consider and if thought fit, to pass the following resolution as an Ordinary Resolution:
    "RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013 read with the Rule 14 of the Companies (Audit and Auditors) Rules, 2014, as amended, remuneration payable to M/s. Jyothi Satish & Co., Cost Accountants (Firm registration No. 101197), appointed by the Board of Directors as Cost Auditor of the Company to conduct audit of the relevant cost records of the Company for the Financial Year
    2020-21, amounting to Rs. 4,50,000/- (Rupees Four Lakh Fifty Thousand only), plus taxes as applicable and reimbursement of out of pocket expenses incurred in connection with the aforesaid audit be and is hereby ratified and confirmed."
  2. To consider and approve re-appointment of Mr. Siddhartha Lal as Managing Director and payment of remuneration:
    In this regard, it is proposed to consider and if thought fit, to pass the following resolution as a Special Resolution:
    "RESOLVED THAT pursuant to the provisions of Section 196, 197, 203 and other applicable provisions, if any, of

the Companies Act, 2013 ("the Act"), the rules framed thereunder read with Schedule V of the Act and the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and such other provisions as may be applicable and subject to the approval of the Central Government and in respect of whom the Company has received a notice in writing in terms of Section 160(1) of the Act, approval of the members of the Company be and is hereby accorded for re-appointment of Mr. Siddhartha Lal (DIN: 00037645) as Managing Director of the Company, liable to retire by rotation, for a period of 5 (five) years, with effect from May 1, 2021.

RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to decide the terms & conditions of re-appointment including alteration of such terms & conditions as it may deem appropriate and to determine the remuneration to be paid to Mr. Siddhartha Lal in the capacity of Managing Director of the Company during his tenure of 5 years (until April 30, 2026) on the recommendations of Nomination & Remuneration Committee of the Company, provided the total remuneration payable to Mr. Siddhartha Lal for any Financial Year shall not exceed three percent (3%) of the net profits of the Company calculated in the manner provided under Section 197 read with Section 198 and subject to other provisions of the Companies Act, 2013 and the rules made thereunder.

RESOLVED FURTHER THAT the Board of Directors be and is hereby authorised to settle any question, difficulty or doubt, that may arise in giving effect to this resolution and to do all such acts, deeds and things as may be necessary, expedient and desirable for the purpose of giving effect to this resolution."

6. To consider and approve payment of remuneration to Mr. S. Sandilya, Chairman (Non-Executive & Independent Director) for the

Financial Year 2020-21, which may exceed fifty per cent of the total remuneration payable to all the Non-Executive Directors of the Company:

In this regard, it is proposed to consider and if thought fit, to pass the following resolution as a Special Resolution:

EICHER MOTORS LIMITED

373

"RESOLVED THAT pursuant to the provisions of Regulation 17(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other applicable provisions, if any, of the Companies Act, 2013 and the rules made thereunder, as amended, approval of the members of the Company be and is hereby accorded for payment of remuneration to

Mr. S. Sandilya (DIN: 00037542), Chairman (Non- Executive and Independent Director), for the Financial Year 2020-21, which may exceed fiifty per cent of the total remuneration that may be payable to all Non- Executive Directors of the Company for the Financial Year 2020-21.

RESOLVED FURTHER THAT the Board of Directors, be and is hereby authorised to settle any question, difficulty or doubt, that may arise in giving effect to this resolution and to do all such acts, deeds and things as may be

necessary, expedient and desirable for the purpose of

giving effect to this resolution."

By order of the Board of Eicher Motors Limited

Manhar Kapoor

General Counsel & Company Secretary

Place: Gurugram, Haryana

Membership No. FCS 5564

Date: May 27, 2021

CIN: L34102DL1982PLC129877

Regd. Off: 3rd Floor-Select Citywalk

A-3 District Centre, Saket

New Delhi - 110017

Phone: 0124-4415600

Website: www.eichermotors.com,

E-mail:investors@eichermotors.com

Notes:

  1. The Explanatory Statement pursuant to Section 102 of the Companies Act, 2013, which sets out details relating to Special Businesses to be transacted at the meeting, is annexed herewith and forms part of this Notice.
  2. Re-appointmentof Director: Brief resume of the Director proposed to be re-appointed (item no. 3 and 5 of the Notice) pursuant to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Secretarial Standard on General Meetings issued by the Institute of Company Secretaries of India, is given hereunder:

Name

Mr. Siddhartha Lal

DIN

00037645

Age

47 Years

Qualification

Mr. Siddhartha Lal is Graduate in Economics from St. Stephens

College, Delhi University, holds Post-Graduate Diploma in Mechanical

Engineering from Cranfield University, UK and a Masters of Science in

Automotive Engineering from the University of Leeds, UK

Experience (including expertise in specific functional area) / Brief Resume

Mr. Siddhartha Lal possess vast experience in Automobile industry. Please refer Company's website: https://www.eicher.in/bod for his detailed profile

Date of first appointment on the Board

May 1, 2006

Directorships held in other public companies

VE Commercial Vehicles Limited

Memberships/ Chairmanships of committees of other companies

VE Commercial Vehicles Limited - Chairman of Audit Committee,

Corporate Social Responsibility Committee and Nomination &

Remuneration Committee

Number of Equity Shares held in the Company

Mr. Siddhartha Lal holds 29,46,940 (1.08%) equity shares of face value

of Re. 1 each in the Company. He is part of Promoter & Promoter Group

of the Company which in aggregate holds 13,45,64,270 equity shares

of face value of Re. 1 each in the Company constituting 49.23% of

Company's total equity share capital

Relationship between Directors and other KMPs inter-se

None

Number of meetings of the Board attended during the last

Mr. Siddhartha Lal attended all 7 (Seven) Board Meetings held during

Financial Year

the Financial Year 2020-21

Remuneration last drawn

For remuneration details, please refer Corporate Governance Report

which is part of the Annual Report

Remuneration proposed to be paid

As per the details provided under the resolution and explanatory

statement for business item no. 5

Terms and conditions of Appointment/ Re-appointment

As per the details provided under the resolution and explanatory

statement for business item no. 5

ANNUAL REPORT 2020-21

374

NOTICE

In terms of Section 152 of the Companies Act, 2013,

Mr. Siddhartha Lal, Managing Director, retires by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment. The Board of Directors of the Company recommends his re-appointment. The proposal to reappoint him as Managing Director w.e.f May 1, 2021 for a period of 5 years is also placed before the shareholders for approval (item no. 5). Mr. Siddhartha Lal and his relatives to the extent of their shareholding, if any, in the Company, may be deemed to be concerned or interested in the business item no. 3 and 5 of the Notice with regard to his re-appointment. Save and except the above, none of the Directors/ Key Managerial Personnel of the Company/their relatives are, in any way, concerned or interested, financially or otherwise, in the Business set out under business item no. 3 and 5 respectively of the Notice.

  1. In view of the continuing COVID-19 pandemic, Ministry of Corporate Affairs has vide its circulars dated April
    8, 2020, April 13, 2020 read with circular dated May 5,
    2020 and clarification circular dated January 13, 2021
    (collectively referred to as "MCA Circulars") has permitted holding of the Annual General Meeting of companies through Video Conferencing or Other Audio Visual Means ("VC / OAVM"), without physical presence of the Members at a common venue.
  2. In compliance with applicable provisions of the
    Companies Act, 2013 ("the Act") read with the
    MCA Circulars and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the 39th Annual General Meeting of the Company is being conducted through VC/OAVM (hereinafter referred to as "e-AGM"). In accordance with the Secretarial Standard-2 on General Meeting issued by the Institute of Company Secretaries of India
    (ICSI) read with Guidance/Clarification note dated April
    15, 2020 issued by ICSI, the proceedings of the AGM shall be deemed to be conducted at the Registered
    Office of the Company which shall be the deemed venue of the e-AGM.
  3. In terms of the MCA circulars, since the physical attendance of members has been dispensed with, the facility of appointment of proxies by Members will not be available. Hence the Proxy Form, Attendance Slip and Route Map are not annexed to this Notice.
  4. Pursuant to the provisions of Section 91 of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015, the Register of Members and Share Transfer Books of the Company will remain close from August 11, 2021 to August 17, 2021 (both days inclusive).
  5. The dividend, if approved by the shareholders shall be paid in the following manner:
    1. To all Beneficial Owners in respect of shares held in dematerialized form as per the data made available

by the National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) as of the close of business hours on August 10, 2021;

    1. To all Members in respect of shares held in physical form after giving effect to valid transfer/transmission in respect of transfer/ transmission requests properly lodged with the Company on or before the close of business hours on August 10, 2021.
  1. Pursuant to the amendments as per the Income Tax Act,

1961 ("the IT Act") by the Finance Act, 2020, dividend income is taxable in the hands of the shareholders from April 1, 2020 and the Company is required to deduct tax at source ("TDS") from dividend paid to the Members at prescribed rates in the IT Act. To enable the Company to comply with the TDS requirements, Members are requested to complete and / or update their Residential Status, Income Tax PAN, Category as per the IT Act with their Depository Participants or in case shares are held in physical form, with the Company's Registrar & Share Transfer Agent. For details, Members may refer to the

"Communication on TDS on Dividend" appended to this

Notice of 39th AGM.

  1. a) The amount of dividend remaining unpaid or unclaimed for a period of 7 (seven) years from the due date is required to be transferred to the Investor Education and Protection Fund Authority (IEPF Authority), constituted by the Central Government. The Company had, accordingly, transferred the unpaid and unclaimed dividend amount pertaining to Financial Year 2013 (January

  2. - December) to the IEPF Authority within the stipulated time period.

Members who have not encashed their dividend warrants pertaining to the Financial Year 2014 (January - December) and onwards are advised to write to the Registrar & Share Transfer Agent of the Company, immediately for claiming dividends declared by the Company.

  1. As at March 31, 2021, the Company has transferred 21,69,420 (0.79%) equity shares of face value of Re. 1 each on which dividend remained unclaimed or unpaid for a period of seven consecutive years or more, belonging to 2,881 shareholders, to the IEPF Authority within the specified time pursuant to the provisions of Sections 124 and
    125 of the Companies Act, 2013 ("the Act") read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund)
    Rules, 2016, as amended ("the Rules") . The said requirement of transfer of shares, does not apply to shares in respect of which there is a specific order of Court, Tribunal or Statutory Authority, restraining any transfer of the shares.

EICHER MOTORS LIMITED

375

Any person whose share(s)/ unpaid dividend has been transferred to the IEPF Authority may claim the share(s)/ dividend from the IEPF Authority pursuant to the said Act and the Rules by submitting an online application in Form IEPF-5 available on the website www.iepf.gov.in Simultaneously, claimant shall be required to submit a copy of Form IEPF-5 submitted with IEPF Authority duly signed and accompanied by all requisite documents to the Company at its registered office address at 3rd floor, Select Citywalk, A-3 District Centre, Saket, New Delhi- 110017, in an envelope marked as "Claim for refund from IEPF Authority" for verification. Shareholders are requested to go through the provisions of said Act and the Rules and also the information provided on the website www.iepf.gov.

in. Shareholders may also write to the Company or its Registrar & Share Transfer Agent for any further information/clarification in this regard.

  1. To prevent fraudulent transactions, members are advised to exercise due diligence and notify the Company of any change in address of any member as soon as possible. Members who are holding shares in physical forms are requested to notify changes
    in their respective address/Bank Mandate/National Electronic Clearing Service (NECS) details, if any, to Company's Registrar & Share Transfer Agent i.e.
    Link Intime India Pvt. Ltd. at Noble Heights, 1st Floor,
    Plot No. NH 2, LSC, C-1 Block, Near Savitri Market, Janakpuri, New Delhi-110058 or visit portal of Link Intime India Pvt. Ltd., Registrar & Share Transfer Agent of the Company at https://linkintime.co.in/ emailreg/email_register.html and upload the requisite documents thereat. Beneficial owners holding shares in electronic form are requested to intimate change in address/ Bank Mandate/ National Electronic Clearing Service (NECS) details, if any, to their respective Depository Participants (DP). To support the "Green Initiative", members are requested to register/ update their e-mail addresses with the Registrar & Share Transfer Agent of the Company in case of shares held in physical form and with their respective Depository Participants in case shares are held in electronic form.
  2. The Securities and Exchange Board of India (SEBI) vide its circular dated April 20, 2018 has mandated submission of Permanent Account Number (PAN) and Bank account details by every participant in securities market. Members holding shares in electronic form are, therefore, requested to submit the PAN and Bank account details to their Depository Participants with whom they are maintaining their demat accounts. Members holding shares in physical form are requested to submit their PAN and Bank account details to the Registrar & Share Transfer Agent of the Company along with supporting documents.
  1. Pursuant to the provisions of Section 72 of the Companies Act 2013, a member(s) holding shares in physical form may nominate, in the prescribed Form SH-13, a person to whom all the rights in the shares shall vest in the event of death of the sole holder or all the joint holders. Member(s) holding shares in physical form may write to the Company/ Registrar & Share Transfer Agent for this facility. Member(s) holding shares in demat form may contact their respective Depository Participant for availing this facility.
  2. As per Regulation 40 of SEBI Listing Regulations, as amended, securities of listed companies can be transferred only in dematerialized form with effect from,
    April 1, 2019, except in case of request received for transmission or transposition and relodged transfers of securities. Further, SEBI vide its circular no. SEBI/HO/ MIRSD/RTAMB/ CIR/P/2020/236 dated December 2,
    2020 had fixed March 31, 2021 as the cut-off date for re-lodgement of transfer deeds and the shares that are re-lodged for transfer shall be issued only in demat mode. In light of this, members holding shares in physical form are requested to consider converting their holdings to dematerialized form. Members can contact the Company or its Registrar & Share Transfer Agent i.e. Link Intime India Pvt. Ltd., for any assistance in this regard.
  3. Members holding shares in physical form, in identical order of names, in more than one folio are requested to send to the Company or its Registrar & Share Transfer Agent the details of such folios together with the share certificates for consolidating their holdings in one folio. A consolidated share certificate will be issued to such
    Members after making requisite changes.
  4. The Register of Directors & Key Managerial Personnel and their shareholding, maintained under Section 170 of the Companies Act, 2013, Register of Contracts or Arrangements in which Directors are interested under Section 189 and any other document referred in the notice of this Annual General Meeting will be made available for inspection by members of the Company, up to the date of the Annual General Meeting, basis email request received on investors@eichermotors. com. Certificate(s) from the Auditors of the Company certifying that Employee Stock Option Plan, 2006 and Restricted Stock Units Plan, 2019 are being implemented in accordance with the SEBI (Share Based
    Employee Benefits) Regulations, 2014 will be available for inspection on the website of the Company under
    "Investors" Section on the date of Annual General
    Meeting.
    ELECTRONIC DISPATCH OF ANNUAL REPORT AND PROCESS FOR REGISTRATION OF EMAIL ID FOR OBTAINING COPY OF ANNUAL REPORT:
  5. In compliance with the aforesaid MCA circulars and SEBI circulars dated May 12, 2020 read with circular dated January

ANNUAL REPORT 2020-21

376

NOTICE

15, 2021, Notice of the e-AGM along with the Annual Report for the Financial Year ended on March 31, 2021, are being sent only through electronic mode to members whose e-mail address is registered with the Company or with the Depository Participant(s). The aforesaid Notice and Annual Report has been uploaded on the website of the Company i.e. www.eichermotors.com, the same can also be accessed from the websites of the Stock Exchanges i.e. BSE Limited

at www.bseindia.com and National Stock Exchange of India Limited at www.nseindia.com and are also available on the website of NSDL (agency providing the remote e-Voting facility) at www.evoting.nsdl.com.

  1. Members holding shares in physical mode and who have not updated their e-mail addresses with the Company are requested to visit portal of Link Intime India Pvt. Ltd., Registrar & Share Transfer Agent of the Company at https:// linkintime.co.in/emailreg/email_register.html and upload the requisite documents thereat. Members holding shares in dematerialised mode are requested to register/ update their email addresses with the relevant Depository Participants.
    PROCEDURE TO RAISE QUESTIONS / SEEK CLARIFICATIONS WITH RESPECT TO ANNUAL REPORT:
  2. As the AGM is being conducted through VC, for the smooth conduct of proceedings of the e-AGM, members are encouraged to express their views/send their queries related to Annual Report or any other matter concerning the Company in advance on the email id AGM2021@ eichermotors.com, from their registered email address, mentioning their name, folio number/DP ID-Client ID, as applicable, mobile number, copy of PAN card. Questions that will be received by the Company by Tuesday, August 10, 2021 upto 5.00 p.m. IST shall only be considered and responded during the e-AGM.
  3. Members who would like to express their views or ask questions during the e-AGM may register themselves as a speaker by sending a request in advance on the email id AGM2021@eichermotors.com, from their registered email address mentioning their name, folio number/ DP ID-Client ID, as applicable, mobile number, copy of PAN card by Tuesday August 10, 2021 upto 5.00 p.m. IST. Please note that only those shareholders who have registered themselves as a speaker in advance will only be allowed to express their views/ask questions during the meeting.
  4. The Company reserves the right to restrict the number of questions/queries/clarifications to be addressed at the e-AGM and restrict number of speakers, as appropriate, for smooth conduct of the e-AGM.
    PROCEDURE FOR JOINING THE E-AGM THROUGH VIDEO CONFERENCING:
  5. Member will be provided with a facility to attend the e-AGM through the NSDL e-Voting system. Members may access by following the steps mentioned below for

Access to NSDL e-Voting system. After successful login, members can access the link placed under "Join General meeting" menu against company name to attend e-AGM.The link will be available in Member login where the EVEN- 116376 of the Company will be displayed. Please note that the members who do not have the User ID and Password for e-Votingor have forgotten the User ID and Password may retrieve the same by following the remote e-Votinginstructions mentioned in this notice.

  1. Members are encouraged to join the Meeting through laptops/desktops for better experience. Further, members will be required to allow Camera and use Internet with a good speed for better experience.
  2. Please note that participants connecting from mobile devices or tablets or through laptops/desktops connecting via mobile hotspot may experience audio/ video loss due to fluctuation in their respective network. It is therefore recommended to use stable Wi-Fi or LAN connection for better experience.
  3. The members can join the e-AGM through VC from 12:30 P.M. (IST) by following the procedure mentioned in this Notice. The facility of participation at the e-AGM through VC will be made available for 1,000 members on first come first served basis. However, this restriction is not applicable on Shareholders holding 2% or more shares, Promoters, Institutional Investors, Directors,
    Key Managerial Personnel, the Chairpersons of the
    Board Committees and Auditors etc. who are allowed to attend the e-AGM without the restriction of first come first served basis. Corporates members/other entities intending to appoint their respective authorized representative to attend e-AGM through VC are requested to send a certified true copy of the Board
    Resolution/authorization letter to the Company on email id AGM2021@eichermotors.com.
  4. Institutional Investors are encouraged to attend and vote at the e-AGM through VC. In case any Institutional Investor faces any issue in participating in e-AGM, they can write to AGM2021@eichermotors.com.
  5. Members who need assistance for participating in the e-AGM, can contact Ms. Soni Singh, Assistant Manager, NSDL at evoting@nsdl.co.in or at telephonic number 1800 102 0990 and 1800 22 4430.
  6. Members attending the e-AGM through VC will be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.
    INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING ARE AS UNDER:
  7. In compliance with the provisions of Section 108 of the Companies Act, 2013, Rule 20 of the Companies (Management and Administration) Rules, 2014 as

EICHER MOTORS LIMITED

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Financials
Sales 2022 108 B 1 466 M 1 466 M
Net income 2022 19 691 M 267 M 267 M
Net cash 2022 91 947 M 1 247 M 1 247 M
P/E ratio 2022 39,4x
Yield 2022 0,69%
Capitalization 801 B 10 854 M 10 854 M
EV / Sales 2022 6,55x
EV / Sales 2023 5,14x
Nbr of Employees 5 005
Free-Float 48,1%
Chart EICHER MOTORS LIMITED
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Technical analysis trends EICHER MOTORS LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 37
Last Close Price 2 856,65 INR
Average target price 2 722,46 INR
Spread / Average Target -4,70%
EPS Revisions
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Siddhartha Vikram Lal Chief Executive Officer, MD & Director
Kaleeswaran Arunachalam Chief Financial Officer
Srinivasan Sandilya Non-Executive Chairman
Manhar Kapoor Secretary, Compliance Officer & General Counsel
Manvi Sinha Independent Non-Executive Director
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