JSW Steel Ltd

Background

Business Group: JSW Group
Incorporation Year: 1994
A $11 billion conglomerate, the JSW Group is a part of the O.P. Jindal Group. JSW Steel is Indias leading
integrated steel producer with a capacity of 14.3 MTPA

I. Corporate Governance Analysis
Executive Members
Sanjjan Jindal (Chairman & Managing Director)

Date of Joining Board: 15.03.1994
Salary: 7.45 Crores
Perks: 0.85 Crores
Profit Linked Commission: 9.77 Crores
Total Remunerations: 18.07 Crores
Period of Contract: 07.07.2012 to 06.07.2017
Family run Company by Jindal Family: Om Prakash Jindal, the father of Sanjjan Jindal and Mother Savitri
Jindal. Brother Naveen Jindal being the competitor having JSPL through Jindal Group conglomerate.
Board Members Memberships of Sajjan Jindal

Former Chairman and Managing Director Jindal Iron & Steel Co. Ltd.
Chairman TCPL Packaging Limited
Chairman and Managing Director JSW Energy Limited
Director JSW Steel (UK) Ltd.
1994-Present
Chairman, Managing Director, Chairman of Finance Committee, Chairman of Nomination Committee and
Chairman of Share/Debenture Transfer Committee JSW Steel Ltd.
2001-Present Chairman JSW Holdings Limited
2009-N/A Former Director Airports Authority of India
2011-Present Chairman JSW ISPAT Steel Limited

Mr. Seshagiri Rao MVS (Jt. Managing Director & Group CFO, JSW Steel)

Date of Joining Board: 06.04.1999
Salary: 3.5 Crores
Perks: 0.15 Crores
Profit Linked Commission: Nil
Total Remunerations: 3.65 Crores
Period of Contract: 06.04.2009 to 05.04.2014
Board Members Memberships*
1999-Present Joint Managing Director, Group Chief Financial Officer, Whole-Time Director, Chairman of
JSWSL Code of Conduct Implementation Committee, Chairman of Employees Stock Ownership
Committee, Member of Finance Committee and Member of Risk Management Committee JSW Steel Ltd.

Background
Mr. Rao joined JSW Steel as Chief Financial Officer and has over the years grown with JSW Steel
progressively. He served as Senior Vice President of Nicholas Piramal (India) Ltd. He serves as a
Whole-Time Director of JSW Steel Ltd. since 1999. He is a Member of the Institute of Cost and Works
Accountants of India and a Licentiate Member of the Institute of Company Secretaries of India. He is also
a Certified Associate of Indian Institute of Bankers and a Diploma Holder in Business Finance awarded by
the Institute of Chartered Financial Analysts of India.

Dr. Vinod Nowal (Deputy Managing Director)

Date of Joining Board: 30.04.2007
Salary: 2.61 Crores
Perks: 0.12 Crores
Profit Linked Commission: Nil
Total Remunerations: 2.73 Crores
Period of Contract: 30.04.2009 to 39.04.2014
Board Members Memberships*
Director, Member of Audit Committee and Member of Remuneration Committee
South West Port Ltd.
2007-Present
Deputy Managing Director, Whole-Time Director, Member of Share/Debenture Transfer Committee,
Member of Project Review Committee, Member of Finance Committee, Member of JSWSL Code of
Conduct Implementation Committee, Member of Share Allotment Committee and Member of Employees
Stock Ownership Committee
JSW Steel Ltd.

Background
He joined Jindal Iron & Steel Co. Ltd., as Works Manager and served as its Executive Director, in Charge
of Operations of Vasind & Tarapur Plants and Commercial. Dr. Nowal served as Commercial Director of
JSW Steel Ltd. since April 2007 and has been associated with it since 1984. He was President of Tarapur
Industrial Manufacturers Associations. He served as President of Lions Club of Tarapur from 1990 to
1991. Since 2004, he served as Executive Director (Commercial) at Vijayanagar Works. He worked with
VSL Limited, Faziabad as Works Manager and prior to that, he served with KM Sugar Mills Ltd.,
Faridabad as Factory Manager. He serves as Director of Vijayanagar Works and South West Port Ltd. He
has been a Whole-time Director of JSW Steel Ltd. since April 30, 2007. He has also held commendable
positions like: Member of International Association of LIONS CLUB; Zone Chairman from 1998 to 1999,
Region V. Patron of Chinmaya Mission School, Tarapur and Vice Chairman of TIMA Hospital, Tarapur.
Dr. Nowal holds a Master Degree in Business Administration and Doctorate in Inventory Management.
Jayant Acharya (Director (Commercial & Marketing)
Date of Joining Board: 07.05.2009
Salary: 2.25 Crores
Perks: 0.11 Crores
Profit Linked Commission: Nil
Total Remunerations: 2.36 Crores
Period of Contract: 07.05.2009 to 06.05.2014
Board Members Memberships*
2009-Present
Director of Commercial & Marketing, Whole Time Director, Member of Share/Debenture Transfer
Committee, Member of Finance Committee, Member of Risk Management Committee, Member of Share
Allotment Committee, Member of JSWSL Code of Conduct Implementation Committee and Member of
Employees Stock Ownership Committee JSW Steel Ltd

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Non-Executive Board Members

Uday M Chitale (Director)

Date of Joining Board: 20.10.2005
No. of Directorship of other Indian Public Listed Cos: 6
No. of Chairmanship in Other Public Limited Cos: 2
No. of Memberships of committees in Other Public Limited Cos: 4
Other Connection with Firm:
S K Gupta (Director)
Date of Joining Board: 25.04.1994
No. of Directorship of other Indian Public Listed Cos. 4
No. of Chairmanship in Other Public Limited Cos: 1
No. of Memberships of committees in Other Public Limited Cos: 4
Other Connection with Firm:
Sudipto Sarkar
Date of Joining Board: 09.05.2005
No. of Directorship of other Indian Public Listed Cos. 4
No. of Chairmanship in Other Public Limited Cos: Nil
No. of Memberships of committees in Other Public Limited Cos: 5
Other Connection with Firm:
Kannan Vijayaraghavan
Date of Joining Board: 16.06.2008
No. of Directorship of other Indian Public Listed Cos:Nil
No. of Chairmanship in Other Public Limited Cos: Nil
No. of Memberships of committees in Other Public Limited Cos: Nil
Other Connection with Firm:
Lancy Varghese
Date of Joining Board
No. of Directorship of other Indian Public Listed Cos.
No. of Chairmanship/ Membership of committees in Other Public Limited Cos
Other Connection with Firm
Vijay Kelkar
Date of Joining Board :20.01.2010
No. of Directorship of other Indian Public Listed Cos: 7
No. of Chairmanship in Other Public Limited Cos: 1
No. of Memberships of committees in Other Public Limited Cos: 3
Other Connection with Firm:
Punita Kumar Sinha
Date of Joining Board: 29.10.2012
No. of Directorship of other Indian Public Listed Cos: 2
No. of Chairmanship in Other Public Limited Cos: Nil
No. of Memberships of committees in Other Public Limited Cos: Nil
Other Connection with Firm:
Hiromu Oka (Nominee Director)
Date of Joining Board: 23.05.2013
No. of Directorship of other Indian Public Listed Cos: Nil
No. of Chairmanship/ Membership of committees in Other Public Limited Cos: Nil
Other Connection with Firm:
Mr. Hiromu Oka serves as a Senior Vice President at JFE Steel Corporation appointed as Nominee
Director of JFE Steel Corporation, Japan (Equity Investor & Foreign Collaborator)
V P Baligar
Date of Joining Board
No. of Directorship of other Indian Public Listed Cos.
No. of Chairmanship/ Membership of committees in Other Public Limited Cos
Other Connection with Firm