JSW Steel seeks approval from shareholders to hike scion's pay

The Jindal scion, has been getting Rs one lakh, including all allowances and perquisites, per month.

JSW Steel has sought shareholders' nod to raise the remuneration of Chairman and Managing Director Sajjan Jindal's son Parth, now working as "Economic Analyst", by up to 150% to Rs 30 lakh per annum.

 

The Jindal scion, who joined the company in November last year, has been getting Rs one lakh, including all allowances and perquisites, per month, JSW Steel has said in a notice to shareholders ahead of annual general meeting, scheduled for July 30.

 

The company wants its shareholders to pass the "special business" authorising its Board to "approve at its discretion any increase in his remuneration, including all allowances and perquisites shall not at any time exceed Rs 30,00,000 per annum."

 

The JSW Steel Board had in October 2012 appointed Parth as an "Economic Analyst" on full-time basis in the strategy cell at the level of Senior Manager.

 

Parth holds a Bachelor of Arts with Majors in Economics and Political Science from the Brown University, Providence, RI, USA.

 

He has also studied Economics and Political Science with The School of Oriental and African Studies, London, UK and is also an International Baccalaureate in Economics, Physics and Mathematics (Higher Level) from the Sevenoaks School, Sevenoaks, UK.

 

Parth has also worked on several live deals with Deutsche Bank, New York, as a Summer Analyst in its Financial Institutions Group, and as an intern with Eton Park Capital Management, London.