Eicher Motors re-appoints Siddhartha Lal as MD, revises pay structure

Board clarified that the pay hike for MD is in line with average employee's 9.7%; revised remuneration structure, with a maximum cap at 1.5 per cent of profits

Amid tussle over remuneration, the Board of Eicher Motors Ltd has decided to re-appoint Siddhartha Lal as Managing Director, with effect from May 1, 2021. The Board will now go back to shareholders for approval through postal ballot.

On August 17, the shareholders, at the company's 39th Annual General Meeting (AGM) have rejected the proposal for re-appointment of Siddhartha Lal as MD. The shareholders have also rejected the payment of remuneration to Lal.

As per media reports, Lal's reappointment as MD was voted down by the shareholders over a 10 per cent hike in his salary proposed amid pandemic when