Information as per Section 197(12) of the Companies Act, 2013 and read with Rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (Rules),
forming part of the Directors' Report for the year ended 31st March 2025 DETAIL OF TOP TEN
EMPLOYEES INCLUDING CONTRACTUAL AND WHOLE TIME DIRECTORS ON THE BASIS OF REMUNERATION (a)
Employed for whole of FY 2024-25
Sl. No. Name |
Designation |
Remuneration ( in lakhs) |
Qualification |
Age (in years) |
Experience (in years) |
Appointment Date |
Previous Employment (if any) |
% of Equity Shares of the Company held as on 31st March 2025 @ |
1. S K Bajoria* |
Chairman |
309.04 |
B.Com (Hons) |
68 |
49 |
05.08.2017 |
Erstwhile IFGL Refractories Ltd |
4.23% |
2. J L McIntosh* |
Managing Director** |
194.63*** |
Master Degree in Technological Marketing, Post Graduate Diploma in
Marketing, HNC in Mechanical and Process Engineering |
62 |
36 |
01.09.2021 |
EI Ceramics LLC, USA |
- |
3. Arasu Shanmugam* |
Director and Chief Executive Officer India |
200.95 |
Post Graduate M. Tech (Ceramics Technology), Life Member of the Indian
Ceramic Society |
58 |
32 |
23.02.2023 |
Dalmia OCL Refractories Ltd |
- |
4. R Agarwal* |
Director– General Counsel |
185.49 |
B.Sc (Bio), FCS |
62 |
41 |
05.08.2017 |
Erstwhile IFGL Refractories Ltd |
0.01% |
5. Navin Kumar Das |
CHRO |
111.47 |
BE (Mechanical), Executive MBA |
53 |
30 |
01.09.2023 |
Dalmia Cement (Bharat) Limited |
- |
6. Dr N K Mishra |
Chief Research Officer |
105.33 |
MSc (Chemistry), PhD (Refractories), MBA (Operation Research), Diploma
in Export Management |
62 |
39 |
14.02.2024 |
RHI Magnesita India Limited |
- |
7. S Chandra |
VP-Marketing (Domestic) |
91.77 |
B. Sc (Chemistry), B.Tech (Chemical Technology) |
45 |
20 |
05.08.2017 |
Erstwhile IFGL Refractories Ltd |
- |
8. S Mattoo |
VP- International Business |
75.25 |
M.E |
59 |
36 |
05.08.2017 |
Erstwhile IFGL Refractories Ltd |
- |
9. M Chatterjee |
VP- International Business |
75.95 |
M. Tech |
55 |
29 |
05.08.2017 |
Erstwhile IFGL Refractories Ltd |
- |
10. A Bajoria |
Asst. VP- Marketing (QC) |
59.44 |
BBA-Finance & Business Administration |
37 |
13 |
05.08.2017 |
Erstwhile IFGL Refractories Ltd |
0.23% |
@ Represents shares held by self, spouse and dependent children.
* Key Managerial Personnel (KMP) within meaning of Section 2(51) of the Act.
** Has tendered resignation from the office of Managing Director with effect from end
of August, 2025 and at Board Meeting of the Company held on 27th February 2025 same has
been accepted.
*** Excluding _ 681.82 lakhs paid from Company's Wholly Owned Subsidiary.
(b) Employed for part of FY 2024-25
Sl. No. Name |
Designation |
Remuneration (_ in lakhs) |
Qualification |
Age (in years) |
Experience (in years) |
Appointment Date |
Previous Employment (if any) |
% of Equity Shares of the Company held as on 31st March 2025 |
1. H Sehgal |
Chief Operating Officer |
69.67 |
B Tech-Mechanical Engg |
60 |
37 |
01.08.2024 |
TRL Krosaki Refractories Ltd |
- |
2. S Yadav* |
Chief Financial Officer |
55.88 |
B.Com (Hons), FCA, CMA |
54 |
24 |
03.06.2024 |
Dalmia Bharat Refractories Limited |
0.00% |
*Mr S Yadav has ceased to be Chief Financial Officer on and from 12th September 2024.
Notes :
(1) Nature of employment is contractual with usual terms and conditions as per
Company's Rules.
(2) Remuneration includes Salary, Commission, Allowances, wherever applicable Company's
contribution to Retirement Funds etc. and monetary value of Perquisites all evaluated as
per extant provisions of Income Tax Act, 1961 and Rules framed thereunder excluding
perquisite on account of Motor Car.
(3) KMP's are not related to each other or other Employees or their Relatives. (4) Rule
5(2)(iii) of Rules is not applicable to any of Employees mentioned above.
(i) Ratio of the Remuneration of each Director/Key Managerial Personnel to the Median
Remuneration of all the Employees of the Company for FY 2024-25
Median Remuneration of all Employees of the Company for FY 2024-25 |
3,14,108 |
Percentage Increase/(Decrease) in the Median Remuneration of Employees
as compared to last FY |
12.42 |
Number of Permanent Employees on rolls of the Company as on 31st March
2025 |
1181 |
Average Percentage Increase in Salaries of • Employees
other than the Managerial Personnel |
36.67% # |
• Managerial Personnel (KMP) |
(11.52)% ## |
Name of Director/KMP |
Ratio of Remuneration to Median Remuneration of all Employees |
Percentage (%) Increase in Remuneration |
Independent Directors * |
|
|
| D K Banerji |
- |
- |
| A Gupta |
- |
- |
| S Khasnobis |
- |
- |
| D G Rajan |
- |
- |
| G Swarup |
- |
- |
Name of Director/KMP |
Ratio of Remuneration to Median Remuneration of all Employees # |
Percentage (%) Increase in Remuneration # |
Key Managerial Personnel |
|
|
| J L McIntosh |
55.60 @ |
7.55 @ |
| S K Bajoria |
98.21 |
(2.96) |
| R Agarwal |
58.87 |
13.94 |
| Arasu Shanmugam |
63.09 |
53.29 |
| S Yadav @@ |
17.77 |
@@ |
| A Agarwal @@ |
14.80 |
16.41 |
| M Damani |
11.07 |
14.90 |
# Overall number of Employees has increased hence not comparable with that of Previous
Year 2024-25.
## Reduction in Total KMP Salary due to decrease in Commission Payment to Executive
Chairman.
* Only Sitting Fees paid.
@ Excluding Remuneration of _ 681.82 lakhs paid from Company's Wholly Owned Subsidiary.
@@ Mr S Yadav was appointed as Chief Financial Officer on and from 3rd June 2024 and
ceased to be Chief Financial Officer and consequently KMP on and from 12th September 2024.
Prior thereto, Mr Amit Agarwal held office of Chief Financial Officer of the Company. Mr
Amit Agarwal was again appointed as Chief Financial Officer of the Company on and from 9th
November 2024.
Notes :
(1) Remuneration paid is in accordance with Company's Remuneration Policy.
(2) Remuneration means Gross Salary paid for the period 1st April 2024 to 31st March
2025 or part thereof.