Shareholders voted down Siddhartha Lal as Eicher Motor’s MD over proposed pay hike

August 19, 2021 - Source

In one of the rare incidences, shareholders have voted down the appointment of Siddhartha Lal as the MD of the Company due to the proposed pay hike of 10%.

Shareholders had primarily voted against the pay hike – it being higher than the median employee salary hike of 1% and also  the financial performance of the Company over the last few years has been modest both due to the sectoral issues and Covid impact.

MD vote down was incidental as MD reappointment and pay hike proposals were clubbed in a single resolution.

The Company will surely be putting up a revised proposal for shareholders’ approval and in all likelihood it should be getting resolved soon.

 

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