Tata Group firm, Trent that operates Westside retail stores across India today said it has received government approval to increase remuneration of its erstwhile Managing Director Noel N Tata for the financial year ended March 31, 2010.
"Upon an application made by the company to the Central government, the company has now received the approval of the Central government for payment of an increased remuneration to Noel N Tata for the financial year ended March 31, 2010," the company said in a filing to the Bombay Stock Exchange (BSE).
According to the company's Annual Report for 2009-10, Tata was entitled an annual remuneration of Rs 44.57 lakh, which is above the prescribed limits under the Companies Act, 1956.
Tata had stepped down from his post in Trent last August following his appointment as Managing Director of Tata International.
Trent shareholders at the AGM held on August 18, 2010 had approved the payment of an increased remuneration to Noel N Tata for the financial year March 31, 2010, subject to the approval of the central government, the filing said.
Shares of the company closed at Rs 863.45, up 7.15% from the previous close on the BSE.
