Debt-hit Gammon wants shareholders' nod for excess pay to CMD Rajan

Govt had ordered recovery in March; proxy firm wants shareholders to vote against Gammon's move

The Ministry of Corporate Affairs (MCA) has directed financially distressed engineering company Gammon India to recover the excess remuneration paid to its Chairman and Managing Director, Abhijit Rajan.
 
In an order in March, the ministry rejected the company’s application to approve the remuneration for financial years 2012-13 and 2013-14. Following this, the company has moved a resolution to take shareholder approval for the higher remuneration and to again appeal to MCA.
 
While the total excess remuneration paid to Rajan stood at Rs 26.29 crore at the end of March 2016, the company is seeking approval for payments totalling