Basant India Limited An NBFC

Plans for Orderly Succession for Appointments to the Board and to Senior Management

[Pursuant to Clause 49 (II) (D) (6) of the Listing Agreement]

Introduction
According to Clause 49(II) (D) (6), the Board of every listed company shall satisfy itself that plans are in place for orderly succession for appointments to the Board and to senior management. The term "senior management" would generally means all members of the management one level below the executive director. In other words, particularly, in case of the Company, the term "senior management" mean the position of Chief Executive Officer (CEO) in the company hierarchy.

Accordingly board of Basant India Limited adopts the policy for plans for orderly succession for Appointments to the Board and to Senior Management in adherence with company law.

Objective
The objective of this policy is to make a plan for orderly succession for appointment to the Board and to the Senior Management.

Process

  • Board Level Appointment: The Nomination and Remuneration Committee of the Company shall identify the suitable person from among the existing top management or from the outside to fill up the vacancy at the Board level. The appointment of the person at the Board level shall be in accordance with the applicable provisions of the Companies Act, 2013 read with terms of Corporate Governance as may be amended from time to time.
  • Sr. Management Level Appointment: The vacancy at Senior Management i.e. at the level of Chief Executive Officer shall be filled up by the Managing Director in line with the internal HR policy and best practices adopted by the management, keeping in view the organisation's mission, vision, values, goals and objectives.

Consistency of Policy with the statutory requirement:

This policy sets the standards for managing, storing and preservation of documents of the Company broadly classified in the following two categories:

  1. The Board shall make and review the succession policy periodically and if required, will make suitable changes in the policy keeping in view to the regulatory changes or changes due to business environment.
  2. Managing Director shall be empowered to keep update the policy in line with regulatory requirement and make suitable changes in the existing policy subject to approval of Nomination and Rumination Committee.