New Delhi: Idea Cellular Chairman Kumar Mangalam Birla was paid Rs 3.3 lakh remuneration in 2016-17 which he earned as sitting fee for the meetings of the company attended by him.
The pay to Birla, who holds 0.01 per cent share in Idea Cellular, is less than the median remuneration of Idea employees. Idea increased the median remuneration of its employees in the financial year 2016-17 by 8 per cent to Rs 7.8 lakh over previous fiscal.
Idea Managing Director Himanshu Kapania was paid Rs 10.046 crore in 2016-17 which includes excess amount of Rs 3 crore variable.
As per the rules, there is provision to recover excess amount paid to Kapania but the company will seek shareholders approval on June 30 to waive this recovery. "...approval of the members of the company be and is hereby accorded to ratify and confirm the waiver of the recovery of the excess remuneration amounting to Rs 3,05,35,524 paid to Himanshu Kapania, Managing Director of thecompany for the financial year 2016-17, which is in excess of the limits prescribed ... in view of loss for the financial year 2016-17," Idea Cellular said in the AGM notice.
Idea Cellular posted its first-ever annual consolidated loss at Rs 404 crore for 2016-17.
Annual income of Idea Cellular declined marginally to Rs 35,882.7 crore at the end of 2016-17 from Rs 36,162.5 crore, it reported at the end of the previous fiscal.
The AGM will also decide on resolution for minimum payment to be made to Kapania "in case the company has no profits or the profits of the company are inadequate during the two financial years commencing from April 1, 2017 to March 31, 2019".
