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Mr Arun Jain, Chairman and Managing Director, and Founder of the Chennai-based Polaris Software Lab Ltd, has set a precedent for other entrepreneurs to follow by not taking any salary or bonus.
Being an entrepreneur, Mr Jain feels he should be concentrating on improving the company's performance, brand and marketing capital than taking a pay packet.
Mr Jain did not take home any salary, bonus or commission for financial year 2010-11 and will continue to do so for the next five years. He, however, will get perks of a value not exceeding Rs 20 lakh a year. Going by the company's financial performance for the year 2010-11, Mr Jain would have earned Rs 3 crore by way of salary and bonus, Mr R. Srikanth, Partner and Chief Financial Officer, Polaris, told Business Line .
dividend
Mr Jain will, however, take home dividend for the shares that he holds. As on March 31, 2011, Mr Jain held 43,02,364 shares or 4.34 per cent stake in Polaris. The company's board recommended a dividend of Rs 4.50 per share (90 per cent) on the equity share capital of the company for financial year 2010-11.
Mr Jain is of the view that being a founder of the company and an entrepreneur, his focus should be to build the company.
The company's board, in its meeting on Aril 28, approved the re-appointment of Mr Jain as CMD for a further five years effective June 1, 2011.
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