Key Quantitative Figures

  • Proposed basic salary: ₹83 lakh per month
  • Other allowances: ₹117 lakh per month
  • Commission: Up to 5% of net profits of the Company
  • Tenure: 5 years (27th January 2027 to 26th January 2032)
  • Cut-off date for voting rights: 18th September 2026
  • International business contribution: 29% of company sales volume growing at 33%

Dates of Action

  • Board meeting date: 28th August 2026
  • E-voting period: 23rd September 2026 (9:00 AM IST) to 22nd October 2026 (5:00 PM IST)
  • Results announcement: On or before 24th October 2026
  • Effective appointment date: 27th January 2027

Parties Involved

  • Mr. Peyman Kargar (DIN: 07906077) - Proposed appointee
  • National Securities Depository Limited (NSDL) - E-voting service provider
  • M/s B Chandra and Associates - Scrutinizer
  • Nomination and Remuneration Committee - Recommending body

Purpose and Rationale

Appointment of Mr. Peyman Kargar as Director and Chief Executive Officer in the rank of Whole-Time Director to lead the company's growth in India and globally through product innovation, premiumisation, and expansion into developed markets.

Remuneration Details

Fixed Components:

  • Basic Salary: ₹83 lakh per month
  • Other Allowances: ₹117 lakh per month
  • House Rent Allowance: Furnished accommodation with all utilities or equivalent allowance
  • Car: Two cars with drivers
  • Medical Expenses: Full coverage for self and family worldwide
  • Club Fees: Two clubs in India
  • Leave Travel Concession: Four weeks annually including two worldwide trips
  • Telecommunication facilities: Full provision
  • Provident Fund/Gratuity: Statutory employer's contribution

Variable Components:

  • Commission: Percentage of net profits determined by Board annually (within 5% limit)
  • Employee Stock Options: Perquisite value of ESOPs granted

Other Benefits:

  • Earned Leave: One month for every eleven months of service
  • Expense Reimbursement: All business-related expenses
  • Special Post Retirement Benefits: As per company rules

Appointment Conditions

  • Requires Central Government approval (as non-resident appointee)
  • Mr. Kargar will be stationed in India from effective date
  • Total remuneration payable to executive directors collectively must not exceed statutory limits
  • In case of loss or inadequacy of profits, remuneration will be paid within Schedule V limits

Professional Background of Appointee

  • Age: 59 years (DOB: 15th June 1967)
  • Qualifications: Mechanical Engineer, MBA (Finance, Strategy, Leadership), Degree in Mathematics
  • Experience: Over 30 years in automotive sector across Europe, Asia, and Middle East
  • Previous roles: President - International Business at TVS Motor, Global Chairman & President of INFINITI (Nissan), Chairman and Senior VP for Nissan's Africa/Middle East/India region
  • Functional expertise: Product Planning, R&D, Manufacturing, Quality, Sales & Marketing, Finance

Voting Process Details

  • E-voting exclusively through NSDL platform
  • Scrutinizer: M/s B Chandra and Associates, Practicing Company Secretaries
  • Cut-off date for voting eligibility: 18th September 2026
  • Results deemed passed on last voting date (22nd October 2026) if requisite majority obtained
  • Institutional shareholders must submit board resolutions/authority letters to scrutinizer

Additional Information

  • Mr. Kargar currently serves as President - International Business since April 2025
  • No directorships in other companies
  • No inter-se relationship with other directors/KMPs
  • No shares held in the company
  • All relevant documents available for inspection at registered office during voting period