Apollo Tyres' Onkar S Kanwar and Neeraj Kanwar to take pay cut from FY19

Move comes after minority shareholders resist re-appointment of MD Neeraj Kanwar

Promoter chief executives may no longer find it easy to secure arbitrary pay hikes. The minority shareholders of leading tyre maker Apollo Tyres have driven Chairman Onkar S Kanwar and Vice-chairman and Managing Director Neeraj Kanwar to cap their compensation at 7.5 per cent of profit before tax effective FY19. This cap, the firm suggests, can be further reduced over a period of time. The cap was earlier at 10 per cent of the net profit. 

The move comes after Neeraj Kanwar's s reappointment as managing director was rejected by minority shareholders owing to his salary, which increased in