June 8, 2018 7:07:08 pm
Reliance Industries is seeking its shareholders’ approval to give Mukesh Ambani another five years as the Chairman and Managing Director of the company. Ambani has been Chairman of the company since his father and founder of the conglomerate Dhirubhai Ambani passed away in 2002.
The 61-year-old has been on the board of Reliance Industries Ltd (RIL) since 1977.
In a shareholder notice for its 41st Annual General Meeting to be held on July 5 in Mumbai, RIL has moved a resolution to re-appoint Ambani “for a period of five years, on expiry of his present term of office, i.e. with effect from April 19, 2019”.
Ambani’s salary and other benefits
The shareholders’ notice said Ambani would be paid an annual salary of Rs 4.17 crore and Rs 59 lakh of perquisites and allowances. Retirement benefits are not included in the overall ceiling of remuneration.
He would also be entitled to receive bonus based on net profits and “expenses incurred for travelling, boarding and lodging, including for spouse and attendant(s) during business trips and provision of car(s) for use on company’s business and communication expenses at residence shall be reimbursed at actuals and not considered as perquisites.”
The notice says “the expenses, as may be borne by the company for providing security to Shri Mukesh D Ambani and his family members shall not be considered as perquisites and accordingly, not to be included for the purpose of computation of the overall ceiling of remuneration,” the notice said.
with inputs from PTI
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