| 1. |
100% of the equity shares will be issued to ESM employees only. The word ‘Ex- Servicemen’ (ESM) means any retired Service personnel of Armed Forces of India who has acquired the status of ESM and earning pension. |
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| 2. |
All the Directors on the Board of Directors will be ESM. The Pvt. Limited Company will have minimum of three Directors. All Directors will be retired Service officers of ESM category all of whom are individually empanelled in the DGR and have done DGR approved Industrial Security, Safety and Fire Protection Management Course. The promoter Director will have a major share holding others will have equal share holding. |
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| 3. |
(Refers para 7, 15(f) and 20(j) (i) of the instructions). The Private Ltd. Company will remain on the active strength of the DGR till attainment of 65 years of age of the youngest Directors. Work awarded on sponsorships before 63/64 years of age can be continued till the proprietor/youngest director attains 65 years of age. |
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| 4. |
Change of Directors will not be permitted at any stage. In case of death of any director, the case will be referred to the DGR for necessary direction in the matter. |
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| 5. |
The company will submit various reports and returns as decided by the DGR from time to time. |
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| 6. |
The company will follow all the rules & regulations stipulated in the Company Act 1956 and other applicable laws of the land that come into force from time to time. |
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| 7. |
The company will employ at least 90% of its employees from ESM. ESM Corporations will employ 100% ESM. |
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| 8. |
In case of any dispute between the company and the Principal Employer, the DGR will reserve the right to arbitrate and the ruling of the DGR will be final and binding. |
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| 9. |
Assets of existing companies will be merged in case of single proprietorship is converted into ESM Pvt Ltd Company. |
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| 10. |
An undertaking that ‘We agree that our agency will be disempanelled in case we violate any of the instructions contained in DGR “Instructions for Functioning of Security Agency”. |
