Tata Motors seeks shareholders' approval to ratify MD's remuneration

As per the provisions of the Companies Act, 2013 the excess remuneration is subject to approval of the shareholders which the company proposes to obtain in the forthcoming AGM, the company said

Tata Motors has sought shareholders’ approval to ratify the payment of minimum remuneration to Guenter Butschek, MD and CEO due to the losses incurred by the company in fiscal 2019-20.

 It is seeking the shareholders nod for consequent waiver of recovery of a part of the minimum remuneration that is in excess of the prescribed limit, according to company’s latest annual report. The move is in line with the provisions of the Companies Act.

Butschek was paid Rs16.48 crores, as per the terms of his appointment for a tenure of 5 years effective February 15, 2016.  “It is observed that the managerial