Categories: Business

Mukesh ambani keeps salary capped at rs 15 cr for 12th straight year

Photo: FILE

Mukesh ambani

new Delhi. Mukesh Ambani, the country's richest entrepreneur, kept his salary and allowances and commission at Reliance Industries at a level of Rs 15 crore in the last financial year. His annual total salary from the company remained stable for the 12th consecutive year. They have decided not to take their reward in view of the crisis arising out of the Kovid-19 epidemic. Ambani has fixed his salary, other facilities, allowances and commission at Rs 15 crore from 2008-09. He has thus sacrificed more than Rs 24 crore in his reward every year.

On one hand Ambani has kept his salary stable while on the other hand the salary of all the full-time directors of the company including his relatives Nikhil and Hital Meswani has increased well in the financial year ended 31 March 2019. The company's annual report said, "In view of the widespread impact of the Kovid-19 epidemic in the country and its social, economic and industrial impact, the company's chairman and managing director Mukesh D Ambani decided not to voluntarily take his salary." According to the report, the company's board of directors has outlined the decision not to take their salaries until the end of the Kovid-19 crisis. Ambani decided not to take his salary in late April. At the same time the company decided to cut the salary of the employees by 10 to 50 percent due to the crisis.

The company said in its annual report for 2019-20, "The chairman and managing director have kept their salaries constant at Rs 15 crore since 2008-09." Through this, he has given an example of balancing the managerial compensation level individually. And now he decides not to take his salary until the company returns to its earning potential. "Other executive directors of the company have also decided to take 50 percent of their reward. Ambani's reward includes salary and allowances of Rs 4.36 crore. This is slightly less than the Rs 4.45 crore he received in 2018-19. His commission is stable at Rs 9.53 crore while other facilities have come down from Rs 40 lakh to Rs 31 lakh. His retirement benefit was Rs 71 lakh. The revenue of Ambani's relatives Nikhil R Meswani and Hital R Meswani increased to Rs 24 crore annually from Rs 20.57 crore a year ago.

This post was published on June 24, 2020 12:37 am

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