McLeod Russel seeks shareholders' nod on chairman's pay, recovery waiver

The move comes at a time when the company is facing severe financial stress and is approaching the banks for loan restructuring

McLeod Russel, at its coming annual general meeting (AGM), will seek shareholder approval to waive off the recovery of Rs 2.66 crore, which it had paid to then managing director Aditya Khaitan during 2016-17. 

The tea company is facing severe financial stress and is approaching its banks for restructuring of loan repayments. Aditya Khaitan is presently chairman of the firm, after B M Khaitan, patriarch of the Williamson Magor Group (WMG), passed away. A notice to the shareholders says in view of the inadequacy of profits during 2016-17, McLeod had applied to the Union ministry of corporate affairs (MCA) for approving