Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulations, 2014.

Similar documents
Annexure to Directors Report for Financial Year Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulations, 2014

Particulars Details (ESOS 2010) Number of options outstanding at the beginning of the period Number of options granted during the year

Mindteck (India) Limited

Annexure II 49,90,000

Rs C. Details related to Employee Stock Option Schemes (ESOS) of the Company: Sr. No. Particulars ESOS ESOS- 2013

Please refer to Note No. 47 of the Annual report Rs.40.53

Disclosure pursuant to Regulation 14 of Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 as on March 31, 2016

DISCLOSURES BY BOARD OF DIRECTORS AS PER REGULATION 14 OF SECURITIES AND EXCHANGE BOARD OF INDIA (SHARE BASED EMPLOYEE BENEFITS) REGULATIONS, 2014

Your Company has only one Employee Stock Option Scheme viz. Pre - IPO Employees Stock Option Scheme ( TBZ ESOP, 2011 ).

WELSPUN ENTERPRISES LIMITED

JSW ENERGY LIMITED. In terms of Regulations 14 of the SEBI Regulations, following Disclosures made by the Company as under:

Disclosures pursuant to SEBI (Share Based Employee Benefits) Regulations, 2014

2 Method used to account for ESOS - Intrinsic or fair value. Intrinsic value Intrinsic value

Annual Report

JSW ENERGY LIMITED. In terms of Regulations 14 of the SEBI Regulations following Disclosures are made by the Company:

KOTAK MAHINDRA BANK LIMITED. ESOPs / SARs Disclosure (For FY )

JUBILANT LIFE SCIENCES LIMITED (CIN: L24116UP1978PLC004624)

DISCLOSURE PURSUANT TO REGULATION 14 OF SECURITIES AND EXCHANGE BOARD OF INDIA (SHARE BASED EMPLOYEE BENEFITS) REGULATIONS, 2014 AS ON MARCH 31, 2017:

Members may refer to the audited financial statements prepared as per Indian GAAP for the year

Disclosure pursuant to Regulation 14 of SEBI (Share Based Employee Benefits) Regulations, 2014 as on March 31, 2017

Wipro Restricted Stock Unit Plan ADS 2000 Stock Option Plan 56,060, ,303, ,181,182 22,424,242 22,424,242

As per requirements specified under the SEBI (Share Based Employee Benefits) Regulations, 2014

Initial Grant (26th July, 2012)

Axis Bank Limited. Employee Stock Option Schemes (ESOSs) Disclosure Pursuant to Regulation 14 of SEBI (Share Based Employee Benefits) Regulation, 2014

Disclosure in accordance with the provisions of the SEBI (Share Based Employee Benefits) Regulations, 2014

Members may refer to the audited financial statements prepared as per IND AS for the year

Bharat Financial Inclusion Limited (formerly known as SKS Microfinance Limited )

Disclosure pursuant to Regulation 14 of SEBI (Share Based Employee Benefits) Regulations, 2014 as on March 31, 2018

Disclosure pursuant to Regulation 14 of SEBI (Share Based Employee Benefits) Regulations, 2014 as on March 31, 2018.

Axis Bank Limited. Employee Stock Option Schemes (ESOSs) Disclosure Pursuant to Regulation 14 of SEBI (Share Based Employee Benefits) Regulation, 2014

Indiabulls Ventures Limited

Mahindra CIE Automotive Ltd.

Regulatory Provisions for ESOPs. -CA Jalaj Sinha. Copyright K P Corporate Solutions Ltd.

DCB BANK LIMITED Policy on Related Party Transactions Version 4.0

Directors Report. Financial Highlights

1. PERFORMANCE OF THE COMPANY The Company s performance is summarized below: (After bonus and Split)

ESOP Accounting and Disclosure as per ICAI Guidance Note. N S Indumati 3 rd December, 2014

ESOP. Introduction. Definition. Balkrishna Parab

Form No. MGT-9. All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-

WTM/PS/120/CFD/DEC/2015 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: PRASHANT SARAN, WHOLE TIME MEMBER

This is with reference to our letter dated April 12, 2018 informing about the Board Meeting scheduled on April 24, 2018.

1, ,

Article. Employee Stock Options: Understanding the regulatory aspects. Nidhi Bothra Jyoti Srivastava

POLICY ON RELATED PARTY TRANSACTIONS

Policy On Materiality Of Related Party Transactions And On Dealing With Related Party. Transaction 1. PREAMBLE

DIRECTORS REPORT:

IndusInd Bank Limited

HCL TECHNOLOGIES LIMITED

ESOPS 16.1 Meaning Grant Vesting Period Option Trust

CAPITAL FIRST SECURITIES LIMITED BALANCE SHEET AS AT MARCH 31, 2018

3. Our responsibility is to express an opinion on these financial statements based on our audit.

ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED. Policy on Related Party Transactions

Independent Auditors Report

BOARD S REPORT Financial highlights Particulars Standalone Consolidated Dividend Buy-Back of Shares Reserves

GODREJ INDUSTRIES LIMITED CIN : L24241MH1988PLC Regd. Office: Godrej One Pirojshanagar, Eastern Express Highway, Vikhroli, Mumbai

NOTICE OF EXTRAORDINARY GENERAL MEETING. NOTICE is hereby given that an EXTRAORDINARY GENERAL MEETING of the members of KPIT TECHNOLOGIES LIMITED th

RELIANCE CAPITAL ASSET MANAGEMENT LIMITED ANNUAL REPORT

Policy on Related Party Transactions Version 2.0. Owner Company Secretary. Approved by Board of Directors in their meeting held on July 24, 2014

Item 11. Exhibit N. Background

MINDTREE CONSULTING LIMITED Schedule 15 Significant accounting policies and notes to the accounts For the half year ended September 30, 2007

IDEA CELLULAR LIMITED

FINANCIAL STATEMENTS MAY 31, 2016

Item 12. Background. Proposal 12 a) The Long Term Variable compensation plan 2007

NITIN FIRE PROTECTION INDUSTRIES LIMITED RELATED PARTY TRANSACTIONS POLICY

forming part of the consolidated financial statements for the year ended 31 March, 2016 (Currency: In Indian Rupees)

PAPER 5 : ADVANCED ACCOUNTING

ZODIAC. Sub: Outcome of the Board Meeting of the Company held on 14th February,

Regulatory updates. Accounting and Auditing Update - Issue no. 26/2018

D. DHANDARIA & COMPANY

Condensed Consolidated Interim Financial Statements For the three and nine months ended September 30, 2012 and 2011 (Unaudited)

TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY THE MERCHANT BANKER IN THE LAST 3 FINANCIAL YEARS. Central Depository Services (India) Limited

This is with reference to our letter dated July 12, 2018 informing about the Board Meeting scheduled on July 23, 2018.

POLICY ON RELATED PARTY TRANSACTION

Reliance Jio Digital Services Private Limited Financial Statements

NIIT Insurance Technologies Limited (Formerly known as ROOM Solutions Limited) Annual Report and Financial Statements For the year ended 31 March 2011

Infinite Computer Solutions, Inc. Auditors Report and Financial Statements for the year ended 31st March 2010

Gaurav Pingle & Associates Company Secretaries, Pune

INDEPENDENT AUDITOR S REPORT. To The Members of Indiabulls Venture Capital Management Company Limited

Unlisted Companies (Issue of Sweat Equity Shares) Rules, 2003

AMOL DICALITE LIMITED. POLICY FOR DETERMINATION OF MATERIALITY OF EVENTS AND INFORMATION I. BACKGROUND Introduction:

3 Months ended. September 30, 2018

RELATED PARTY TRANSACTIONS

Directors' Report th th th 10 Annual Repor 10 Annual Repor 10 Annual Report t t

Presented By: Syam Kumar R. Company Secretary & Head - Governance. Approved By: R. Manomohanan Chief Executive Officer

Tullow Oil plc TULLOW INCENTIVE PLAN. Approved by shareholders of the Company on 8 May Adopted by the board of the Company on 8 May 2013

Appendix 3B. Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12

STAR CEMENT LIMITED RELATED PARTY TRANSACTIONS POLICY

5. You purchase one IBM September 160 put contract for a premium of $2.62. What is your maximum possible profit? (See Figure 15.1.

D. DHANDARIA & COMPANY

ARIANNE PHOSPHATE INC.

Statement of Audited Consolidated Financial Results for the Quarter and Year Ended March 31, 2014 PART-I

(1) These rules may be called the Companies (Share Capital and Debentures) Rules, 2014.

Policy and Procedures for the Related Party Transactions (RPT)

Indian Accounting Standards

Notice pursuant to Section 110 of the Companies Act, 2013

POLICY ON RELATED PARTY TRANSACTIONS. (Adopted on and amended on )

AMENDMENTS IN SEBI LISTING AND DISCLOSURE REQUIREMENTS REGULATIONS (CA P.N. SHAH AND CS AMRUTA AVASARE)

Carlaw Capital V Corp. (A Capital Pool Company) Interim Condensed Financial Statements Three months ended March 31, 2018.

NOTICE. To consider and, if thought fit, to pass with or without modification(s) the following Resolution as a Special Resolution:

A. Dilutive Securities: Securities which are not common stock in form but enable their holders to obtain common stock upon exercise or conversion.

Transcription:

Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulations, 2014. The Securities and Exchange Board of India (SEBI), vide its notification dated October 28, 2014, had issued the Securities and Exchange Board of India (Share-based Employee Benefits) Regulations, 2014 ( The SEBI Regulations ) which replaced the SEBI ESOP Guidelines, 1999. Details of ESOP plans Tejas Networks Limited ( The Company ) had three stock plans (ESOP 2014, ESOP 2014-A & ESOP 2016 Plans) as at the year ended March 31, 2017. Tejas Networks Limited Employees Stock Option Plan 2014 ( ESOP Plan 2014 ) The Company pursuant to resolutions passed by the Board and the Shareholders, dated May 29, 2014 and September 24, 2014, respectively, has adopted ESOP Plan 2014. ESOP Plan 2014 was subsequently modified pursuant to the Shareholders resolutions dated March 28, 2016 and vember 19, 2016. Pursuant to ESOP Plan 2014, to acquire Equity Shares may be granted to eligible employees (as defined in ESOP Plan 2014). The aggregate number of Equity Shares, which may be issued under ESOP Plan 2014, shall not exceed 71,01,767 Equity Shares. The ESOP Plan 2014 is compliant with the SEBI Regulations and the Companies Act, 2013. Tejas Networks Limited Employees Stock Option Plan 2014-A ( ESOP Plan 2014-A ) The Company pursuant to resolutions passed by the Board and the Shareholders, dated June 27, 2016 and July 25, 2016, respectively has adopted ESOP Plan 2014-A. ESOP Plan 2014-A was subsequently modified pursuant to the Shareholders resolution dated vember 19, 2016. Pursuant to ESOP Plan 2014-A, to acquire Equity Shares may be granted to eligible employees (as defined in ESOP Plan 2014-A). The aggregate number of Equity Shares, which may be issued under ESOP Plan 2014-A, shall not exceed 20,00,000 Equity Shares. ESOP Plan 2014-A is compliant with the SEBI Regulations and the Companies Act, 2013. Tejas Networks Limited Employees Stock Option Plan 2016 ( ESOP Plan 2016 ) The Company pursuant to resolutions passed by the Board and the Shareholders, dated August 02, 2016 and August 29, 2016, respectively has adopted ESOP 2016. ESOP 2016 was subsequently amended pursuant to the Shareholders resolution dated vember 19, 2016. Pursuant to ESOP 2016, to acquire Equity Shares may be granted to eligible employees (as defined in ESOP 2016). The aggregate number of Equity Shares, which may be issued under ESOP 2016, shall not exceed 50,00,000 Equity Shares. The ESOP 2016 is compliant with the SEBI Regulations and the Companies Act, 2013. 1 P a g e Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulation Tejas Networks Limited

The disclosures pursuant to Regulation 14 of the SEBI (Share Based Employee Benefits) Regulations, 2014 are detailed under: Sl Particulars Details 1 The board of directors in its report shall disclose any material change in the scheme(s) and whether Scheme(s) is/are in compliance with the regulations The Schemes are in compliance with SEBI (Share Based Employee Benefits) Regulations 2014 2 Further the following details, inter alia, shall be disclosed on the company s website and a weblink there to shall be provided in the report of A B board of directors. Relevant disclosures in terms of the 'Guidance note on accounting for employee share-based payments' issued by ICAI or any other relevant accounting standards as prescribed from time to time. Diluted EPS on issue of shares pursuant to all the schemes covered under the regulations shall be disclosed in accordance with 'Accounting Standard 20 - Earnings Per Share' issued by ICAI or any other relevant accounting standards as prescribed from time to time. Disclosed in tes to Accounts note 28.3 of standalone financials and consolidated financial statement for the year ended March 31, 2017, page 129 and 166 respectively. (Disclosures are provided in accordance with ICAI Guidance te on Share based payments) Refer page 128 and 166 of the Annual Report for disclosures of Diluted EPS at Standalone and consolidated levels respectively. (Disclosures are provided in accordance with AS 20, Earning Per Share) C Details related to Employee Stock Schemes for the Financial Year ending March 31 st 2017: Sl (i) A description of each ESOS that existed at any time during the year, including the general terms and conditions of each ESOS, including (a) Date of shareholders approval September 24, 2014 July 25, 2016 August 29, 2016 (b) Total number of approved under ESOS (c) Vesting requirements 71,01,767 20,00,000 50,00,000 - There shall be a minimum period of one year between the grant of option and the vesting of option. - Upon the employee continuing in the employment of the Company and upon compliance with the term of ESOP Plan 2014, ESOP Plan 2014 A and ESOP Plan 2016 the granted by the Company on the recommendation 2 P a g e Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulation Tejas Networks Limited

(d) Exercise price or pricing formula (e) Maximum term of granted (f) Source of shares (primary, secondary or combination) (g) Variation in terms of of the mination and Remuneration Committee would vest with the employees over the vesting period set out in the grant notice. - The mination and Remuneration Committee may also prescribe different vesting schedules for different employees (while ensuring a minimum vesting period of one year from the date of grant) based on the reasons to be recorded in writing in accordance with the SEBI ESOP Regulations. Such vesting schedule shall be as specified in the individual grant notices issued to the employees. - Unless otherwise decided by the mination and Remuneration Committee of the Company, 25% of the grant will vest after 12 months from the date of grant, and the balance thereafter will vest at the rate of 6.25% per quarter. 65 85 85 Refer to Annexure 1 Primary Primary Primary Pursuant to a resolution of the Board of Directors dated March 2, 2016 and a resolution of the Shareholders dated March 28, 2016, the size of the ESOP pool was amended. Further, pursuant to a resolution of the Board of Directors dated September 23, 2016 and a resolution of the Shareholders dated vember 19, 2016, the exercise period under ESOP 2014 was amended in order to ensure compliance with the SEBI Regulations. Further, amendments were made to the definitions of employee, promoter, promoter group and independent director to ensure compliance with the SEBI Regulations and the Companies Act, 2013. Pursuant a resolution of the Board of Directors dated September 23, 2016 and a resolution of the Shareholders dated vember 19, 2016, the exercise period under ESOP 2014-A was amended in order to ensure compliance with the SEBI Regulations. Further, amendments were made to the definitions of employee, promoter, promoter group and independent director to ensure compliance with the SEBI ESOP Regulations and the Companies Act, 2013 Pursuant to a resolution of the Board of Directors dated September 23, 2016 and a resolution of the Shareholders dated vember 19, 2016, the exercise period under ESOP 2016 was amended in order to ensure compliance with the SEBI Regulations. Further, amendments were made to the definitions of employee, promoter, promoter group and independent director to ensure compliance with the SEBI ESOP Regulations and the Companies Act, 2013. 3 P a g e Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulation Tejas Networks Limited

(ii) (iii) (iv) Method used to account for ESOS - Intrinsic or fair value. Where the company opts for expensing of the using the intrinsic value of the, the difference between the employee compensation cost so computed and the employee compensation cost that shall have been recognized if it had used the fair value of the shall be disclosed. The impact of this difference on profits and on EPS of the company shall also be disclosed. Option movement during the year (For each ESOS): Number of outstanding at the beginning of the period Number of granted during the year Number of forfeited / lapsed during the year Intrinsic Value Intrinsic Value Intrinsic Value The impact on Earnings per Share if the fair value of the (on the date of the grant) were considered instead of the intrinsic value is as disclosed in tes to Accounts note 28.3 (d) of standalone financials and consolidated financial statement for the year ended March 31, 2017, page 130 and 168 of the annual report, respectively. Refer to Annexure 1 4 P a g e Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulation Tejas Networks Limited

(v) Number of vested during the year Number of exercised during the year Number of shares arising as a result of exercise of Money realized by exercise of (INR), if scheme is implemented directly by the company Loan repaid by the Trust during the year from exercise price received Number of outstanding at the end of the year Number of exercisable at the end of the year Weighted-average exercise prices and weighted-average fair values of shall be disclosed separately for whose exercise price either equals or exceeds or is less than the market price of the stock. t Applicable were granted during the year Weighted Average Exercise Price was 85 Exercise price of all exceeds the market price of the stock as on the date of grant. Weighted Average fair value of option was 19.0470 as on the date of grant. Weighted Average Exercise Price was 85 Exercise price of all exceeds the market price of the stock as on the date of grant Weighted Average fair value of option was 19.1326 as on the date of grant. 5 P a g e Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulation Tejas Networks Limited

(vi) Employee wise details (name of employee, designation, number of granted during the year, exercise price) of granted to : (a) senior managerial personnel; (b) any other employee who receives a grant in any one year of option amounting to 5% or more of option granted during that year; and (c) Identified employees who were granted option, during any one year, equal to or Name. of granted Sanjay Nayak 10,33,207 14.92 Venkatesh Gadiyar (*) 69,000 1.00 Name. of granted Name. of granted Sanjay Nayak 3,01,957 15.26 Sanjay Nayak 3,02,000 12.12 Venkatesh 30,000 1.52 Venkatesh 90,000 3.61 Gadiyar (*) Gadiyar (*) Murali R (#) 3,60,940 5.21 Murali R (#) 81,930 4.14 Murali R (#) 1,34,315 5.39 Krishnakanth Krishnakanth 11,000 0.56 Krishnakanth 6,000 0.24 G.V. 25,250 0.36 G.V. G.V. Total 14,88,397 21.49 Total 4,24,887 21.48 Total 5,32,315 21.36 (*) Mr. Venkatesh Gadiyar, CFO from 26 th Oct 2016 (#) Mr. Murali R, CFO till 26 th Oct 2016 Nil Name. of granted Name. of granted Arnob Roy 251,304 12.70 Arnob Roy 250,000 10.04 Kumar N. Sivarajan Sukhvinder Kumar 196,304 9.92 Kumar N. Sivarajan 125,000 6.32 180,000 7.23 Total 5,72,608 28.94 Total 4,30,000 17.27 Nil Nil Nil 6 P a g e Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulation Tejas Networks Limited

(vii) exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the company at the time of grant. A description of the method and significant assumptions used during the year to estimate the fair value of including the following information: (a) The weightedaverage values of share price, exercise price, expected volatility, expected option life, expected dividends, the riskfree interest rate and any other inputs to the model; t Applicable were granted during the year For Estimating the fair value of our Company has adopted the Black Scholes method with the following assumptions: Inputs: Stock Price Strike Price Assumptions: 57.00 85.00 For Estimating the fair value of our Company has adopted the Black Scholes method with the following assumptions: Inputs: Stock Price 57.00 Strike Price 85.00 Assumptions: Volatility (v) 0.00% Volatility (v) 0.00% Risk-free Rate 7.61% Risk-free Rate 7.61% Life of the Option 5-8 years Life of the Option 5-8 years Time to expiration (T) 6.22 years Time to expiration (T) 6.24 years Dividend Yield 0.00% Dividend Yield 0.00% 7 P a g e Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulation Tejas Networks Limited

(b) the method used and the assumptions made to incorporate the effects of expected early exercise (c) how expected volatility was determined, including an explanation of the extent to which expected volatility was based on historical volatility; and (d) whether and how any other features of the option grant were incorporated into the measurement of fair value, such as a market condition. t Applicable t Applicable t Applicable assumptions were made to incorporate the effects of expected early exercise of As the shares of the company were not listed as on the date of grant, the expected volatility was considered as zero which is in accordance with the ICAI guidance note on Accounting for Employee share based payments. Apart from the above, no other features were incorporated into the measurement of fair value of option assumptions were made to incorporate the effects of expected early exercise of As the shares of the company were not listed as on the date of grant, the expected volatility was considered as zero which is in accordance with the ICAI guidance note on Accounting for Employee share based payments. Apart from the above, no other features were incorporated into the measurement of fair value of option 8 P a g e Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulation Tejas Networks Limited

ANNEXURE 1 DISCLOSURES REALTED TO EMPLOYEE STOCK OPTION SCHEMES FOR THE FINANCIAL YEAR ENDING MARCH 31, 2017 Option outstanding at the beginning of the year 69,26,635 - - Option granted during the year - 19,78,215 24,91,215 Weighted average exercise price per option 65.00 85.00 85.00 vested during the year 17,88,007 - - exercised during the year 18,68,122 - - Number of shares arising as a result of exercise of 18,68,122 - - Money realized by exercise of (INR), if scheme 12,14,27,930 - - is implemented directly by the company forfeited/ lapsed during the year 11,297 7,200 13,600 outstanding at the end of the year 50,47,216 19,71,015 24,77,615 - Vested 32,02,509 - - - Balance to be vested 18,44,707 19,71,015 24,77,615 available for grant 1,75,132 21,785 25,08,785 Weighted average remaining contractual life for outstanding (comprising the vesting period and the exercise period) 14.50 years 5.72 years 5.99 years 9 P a g e Disclosure pursuant to SEBI (Share Based Employee Benefits) Regulation Tejas Networks Limited