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Sep 17, 2013, 08.21 AM | Source: Moneycontrol.com

DLF pension plan to help only promoter directors: InGovern

Minority shareholders of the Company will be burdened with a pension scheme made purely for the benefit of promoter directors of the Company.

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DLF pension plan to help only promoter directors: InGovern

Minority shareholders of the Company will be burdened with a pension scheme made purely for the benefit of promoter directors of the Company.

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Mohan Kumar K

In July this year, the DLF board proposed to introduce a specific and limited pension scheme aimed at extending retirement benefits to the Directors of the Company, and sought shareholder approval through a postal ballot.

The proposal that was put forth was an enabling resolution, which once passed by shareholders, allowed the Company to draw up the entire pension scheme at the sole discretion of the Board of Directors.

The resolution requires eligible directors of the special pension scheme to have a minimum service tenure requirement of over 20 years. However, the new Companies Act requires all independent directors to have a maximum tenure of 10 years. With the introduction of the new Companies Act, none of the Independent Directors of the Company will be eligible for this special pension scheme going forward.

Minority shareholders of the Company will be burdened with a pension scheme made purely for the benefit of promoter directors of the Company. Moreover, the quantum of the payouts will be at the sole discretion of the Board which primarily consists of members from the Promoter Group.

(The author is lead analyst, InGovern Research Services, a proxy advisory firm)

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DLF stock price

On February 12, 2016, DLF closed at Rs 80.70, down Rs 0.6, or 0.74 percent. The 52-week high of the share was Rs 169.15 and the 52-week low was Rs 72.50.


The company's trailing 12-month (TTM) EPS was at Rs 2.10 per share as per the quarter ended December 2015. The stock's price-to-earnings (P/E) ratio was 38.43. The latest book value of the company is Rs 96.62 per share. At current value, the price-to-book value of the company is 0.84.

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DLF pension plan to help only promoter directors: InGovern

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