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June 18, 2001
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Money > Business Headlines > Report June 18, 2001 |
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Pay packets up 80 per cent for ACC brassB G Shirsat The remuneration of the managing director and three whole-time directors of Associated Cement Companies went up by 80 per cent in the financial year ended March 2001. The higher remuneration to the directors is basically a reward for increasing the financial strength of the company. The company's net profit during FY '01 increased to Rs 474.8 million, from a net loss of Rs 588.5 million in FY '00. The ACC management proposed the higher remuneration, aggregating Rs 14.825 million for the year 2000-01, for managing/whole-time directors. The remuneration, if approved by the board, will be higher by Rs 6.548 million, compared to the Rs 8.277 million paid in 1999-00. The remuneration comprises salary, commission in the event of profits, perquisites and allowances, contribution to provident fund and gratuity. The remuneration of managing director TMM Nambiar is set to go up by 87.66 per cent, to Rs 4.836 million for FY '01, from Rs 2.577 million paid in FY '00. Nambiar's remuneration will consist of a salary of Rs 1.20 million, perquisites of Rs 1.512 million, commission of Rs 1.80 million and contribution to PF and other of Rs 324,000. M L Narula, director, will be paid almost double of what he got last year. Narula's remuneration will be up at Rs 3.633 million (Rs 1.817 million in FY '00). Apart from a salary of Rs 900,000 per annum, Narula will get perquisites and commission worth Rs 2.490 million. Dr AK Chatterjee will see his pay packet increased by 44.67 per cent at Rs 2.970 million. P K Sinor's remuneration will be hiked by 85.03 per cent, at Rs 3.386 million. Apart from the hefty pay packets, these directors have been awarded stock options during FY '01. The stock options were granted at 20 per cent discount over the average of the daily closing price of ACC between March 1, 2000 and May 31, 2000. Nambiar was granted 20,000 stock options, 13,000 to Chatterjee, 17,000 to Narula and 15,000 to Sinor. The company has decided to revise the salary of managing/whole-time directors during the year 2002 also. Powered by YOU MAY ALSO WANT TO READ:
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