Vodafone-Idea AGM in December to ratify Balesh Sharma's appointment as CEO

The first shareholder meeting of merged telecom company Vodafone Idea will be held on December 22 to will ratify, among other things, the appointment of Balesh Sharma as its chief executive for a monthly salary of up to Rs 31.8 lakh.

The company said in a regulatory filing on Friday its 23rd annual general meeting (AGM) will seek shareholders' approval for Sharma’s appointment for a period of five years from August 31, 2018.

Besides remuneration of Rs 31.8 lakh that includes basic salary and flexible allowance, Sharma would also be entitled to benefits and perks, annual incentive plan and long-term incentive plan.

Other resolutions pertain to appointment of D Bhattacharya, Ravinder Takkar, Thomas Reisten, Vivek Badrinath as non executive directors.

Vodafone Idea, which emerged from the amalgamation of India operations of the UK's Vodafone plc and Idea Cellular, is now the largest operator in the Indian telecom market and competes with rivals Bharti Airtel and Reliance Jio.