Big hike for airline chiefs; Kingfisher CEO among top

Sanjay Agarwals pay package was the second highest in the last fiscal ended March 31,2012

Air carriers may be flying through rough weathers,but their top executives have got handsome pay hikes,while CEO of crisis-ridden Kingfisher has emerged as the second-highest paid among all his peers at Vijay Mallya-led UB Group.

Among the countrys three listed airlines also,Kingfisher CEO Sanjay Agarwals pay package was the second highest in the last fiscal ended March 31,2012,as per the remuneration details provided in their annual reports.

While Agarwal has said that he has also not been paid any salary since April as there were no funds,his remuneration in the fiscal year 2011-12 rose nearly to Rs 4.01 crore,from Rs 2.12 crore in 2010-11.

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As per the annual reports of seven listed companies of the UB group,its chairman and promoter Vijay Mallya was paid a total amount of about Rs 1.43 crore (mostly in sitting fees) from various group companies.

While Mallya was not paid anything at Kingfisher and another group firm UB Engineering,he got sitting fees of Rs 1.2 lakh from United Spirits,Rs 1 lakh each at United Breweries Ltd and Mangalore Chemicals and Fertilizers,Rs 34,550 at McDowell Holdings and Rs 1.4 lakh at United Breweries (Holdings) Ltd. Besides,Mallya received remuneration from two overseas subsidiaries,amounting to $120,000 (nearly Rs 63 lakh) and 89,600 (about Rs 76 lakh) during 2011-12.

Two of the seven listed companies McDowell Holdings and UB Holdings Ltd did not pay any remuneration to their managing director Harish Bhat,Mangalore Chemicals and Fertilisers MD Deepak Anand took a token salary of Re 1 per month.

However,Harish Bhat received remuneration of Rs 1.31 crore as an executive of an associate company of UB Holdings Ltd.

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Among Kingfishers peers in the Indian airline industry,the pay package of Kalanithi Maran-led groups Spicejet chief Neil Raymond Mills rose even more sharply from Rs 1.75 crore to Rs 4.98 crore.

Agarwal had previously served as Spicejet chief.

At the third listed Indian airline Jet Airways,Saroj Datta,who stepped down as the companys executive director in September 2011,was paid Rs 2.11 crore in just six months of the last fiscal 2011-12 representing an increase of about 25 per cent from his remuneration of Rs 1.69 crore in the entire 2010-11.

Jets annual report for 2011-12 did not disclose any remuneration paid to its chief executive Nikos Kardassis,while only Dattas pay package was mentioned among the executive directors.

Its chairman and key promoter Naresh Goyal was paid sitting fees of Rs 60,000 as a non-executive director.

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Jet has a provision for non-executive directors being paid commission based on the companys profits,but due to the losses made for the year ended March 31,2012,no commission was paid for 2011-12.

Pay day,pay day

* Kingfisher CEO Sanjay Agarwals salary rose to Rs 4 cr from Rs 2.12 cr in 2010-11

* Spicejet chief Neil Raymond Mills rose sharply from Rs 1.75 cr to Rs 4.98 cr

* Jet Airways former ED Saroj Datta was paid Rs 2.11 cr in 6 months of 2011-12 against Rs 1.69 cr in 2010-11