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Idea Cellular today said it has sought shareholders’ approval to increase the ceiling of total remuneration for its Managing Director Himanshu Kapania to nearly Rs 10 crore.
Currently, the total pay package of Kapania, is capped at Rs 4.64 crore.
In a notice to its shareholders, Idea Cellular has sought approval to increase ceilings of Kapania’s monthly basic salary to Rs 20 lakh from Rs 10 lakh and monthly special allowance to Rs 20 lakh from Rs 12 lakh.
His performance linked pay is proposed to be hiked to as much as Rs 5 crore annually from Rs 2 crore.
Together, the total amount adds up to Rs 9.80 crore.
“Significant growth in the size and complexity of the business of the company, remuneration structure in the telecom industry...his profile, position, experience, qualification and above all his outstanding performance justifies suitable increase in the remuneration payable to the MD,” the company said in a filing to the BSE.
Kapania was appointed as the Managing Director of the company on April 1, 2011 for a period of five years and as per the terms of appointment, his annual increment to the remuneration falls due on July 1 every year.
Besides, the company would seek shareholders’ nod for hiking the FII (Foreign Institutional Investment) limit to 49 per cent from existing 24 per cent level.
These are enabling resolutions for which the company would seek shareholders’ approval during the extraordinary general meeting scheduled for December 26, the filing added.
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