Eicher Motors on Monday got the nod from its shareholders for the re-appointment of Siddhartha Lal as the company’s managing director for a period of five years and also his revised remuneration.
The proposal for reappointment was cleared with almost 93.8 per cent of the total 226 million votes casted going in favour of the resolution. On the other hand, the one for revised payment was cleared with almost 98.6 per cent of the total votes going in favour of the move.
On August 17, at its 39th annual general meeting, shareholders of the company had voted down the reappointment and pay hike of 10 per cent for Lal. Shareholders had sought more clarity on an enabling provision that allowed payment of remuneration up to 3 per cent of profit. Later on August 23, the company’s board of directors had decided to unanimously reappoint him as MD with a revised remuneration package.
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