Nilekani will not receive any remuneration for his current post: Infosys
Team Udayavani, Sep 2, 2017, 10:46 AM IST
Bengaluru : India’s second largest IT services firm Infosys today said that incumbent non-executive and non- independent chairman Nandan Nilekani will not receive any remuneration for his current post. In a BSE filing, the company said Nilekani’s office as director shall be subject to retirement by rotation and the remuneration proposed to be paid to him is nil.
Nilekani was first appointed to the Board in 1981 and ceased to be its member on July 9, 2009, Infosys said. His last drawn remuneration for the fiscal 2010 in which he ceased to be a director was Rs 34 lakh, it said, adding that Nilekani holds 2,13,83,480 equity shares in the company.
U B Pravin Rao, the interim CEO of the company and who holds 5,55,520 shares, will get the same salary he was drawing as chief operating officer. Rao was elevated as the interim CEO and managing director after Vishal Sikka had quit from CEO’s post on August 18, citing “continuous attack” from the founders and distractions.
Infosys said Rao will continue to hold the position of chief operating officer for which he will continue to receive the remuneration as approved by the shareholders vide postal ballot concluded on March 31, 2017. Rao will not receive any additional compensation for his role as the interim-chief executive officer and managing director, it added.
His last drawn remuneration for fiscal 2017 was Rs 7.8 crore (excluding value of stock options granted of Rs 4 crore), Infosys said. The shareholders had approved an annual remuneration of Rs 12.5 crore (comprising of annual fixed salary of Rs 4.63 crore, annual variable compensation of Rs 3.87 crore at 100 per cent payout and performance based stock options of Rs 4 crore which would vest over a period of 4 years, it added.
Infosys issued postal ballot notice seeking approval from its shareholders on share buyback and appointment of Nilekani as the non-executive chairman. Other resolutions that require shareholders’ approval include appointment of D Sundaram as an independent director on the board and Rao as the managing director and interim chief executive officer.
E-voting and voting through postal ballot on these resolutions will begin from September 8 morning and continue till October 7 afternoon.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Pune court asks police to probe bribery allegations against IT major Cognizant
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
MUST WATCH
Latest Additions
Delhi court grants bail to AAP MLA Amanatullah Khan in ED summons evasion case
IndiGo aircraft forced to return to Delhi airport Mid-Flight due to technical issue
HC ask Centre to decide representation to include women in armed forces through CDS exam
Modi eroding credibility of Prime Minister’s office: Siddaramaiah
Modi’s BJP accused of plotting constitutional changes if re-elected, faces criticism from Priyanka Gandhi