No Salary For Vodafone Idea CEO

New Delhi : Managing Director and Chief Executive Officer Ravinder Takkar during his current tenure of 3 years has not been given any renumeration as per the proposal by the company.

Notice for the 25th  annual general meeting stated Vodafone-Idea Limited (VIL) may tackle expenses incurred by Takkar for the business of the company. On 30th September, AGM is scheduled for Vodafone-Idea. Following the Balesh Sharma from the post, Ravinder Takkar appointed as its MD and CEO of VIL.

Takkar has been appointed as MD and CEO for a period of three years with effect from August 19, 2019. He will be given “nil remuneration”, according to the notice.

Predecessor Sharma was paid Rs 8.59 crore in remuneration during his tenure. He was not entitled to any increase in the remuneration during 2019-20.

While other terms of Takkar’s appointment provide that “the company may bear all the expenses of/ for Mr Takkar relating to travelling, lodging and boarding, entertainment and all other incidental expenses for the business of the company as per policy of the company”, the notice said.

Takkar will not be “paid any sitting fees for attending the meetings of the Board of Directors of the company or any committee(s) thereof”, the notice said.

The company will seek shareholders’ approval for the appointment of Takkar, among other proposals, at the AGM.

The company will also seek shareholder’s nod to raise its borrowing limit to Rs 1 lakh crore from Rs 25,000 crore at present.

The loss-making private sector telecom firm has shared concern about financial stress which it has been facing and is making an attempt to raise funds for its survival.

According to the government’s claim, Vodafone Idea has outstanding dues of 58,250 crore till 2016-17 of which the company has paid Rs 7,854 crore to the Department of Telecom.