The board of directors of Tata Consultancy Services (TCS) has revised the maximum salary limit of chief executive officer (CEO) and managing director N Chandrasekaran to Rs 10,00,000 per month.
A increase of 66.6 per cent from Rs 600,000. The revision will be in effect from April 1, 2012. The board of directors or a committee, thereof, would fix his salary.
Chandrasekaran's total remuneration of Rs 5.3 crore (Rs 53 million) for the financial year 2011 was up 82.7 per cent from the total salary of Rs 2.9 crore (Rs 29 million) in 2010.
This included salary of Rs 609,600, benefits perquisites and allowances of Rs 694,300 and commission of Rs 4 crore (Rs 40 million). Salary for the top three officials in the company also saw an increase on a year-on-year basis.
The remuneration packages of chief financial officer S Mahalingam also increased 20.3 per cent to Rs 2.84 crore (Rs 28.4 million), from a package of Rs 2.36 crore (Rs 23.6 million).
Phiroz Vandrevala , now an additional director and the MD and Vice-Chairman of Diligenta, TCS' UK subsidiary, remuneration saw a jump of 11.8 per cent to Rs 1.9 crore (Rs 19 million) for the year ended March 31, 2010.
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