Vodafone Idea: Vodafone-Idea MD & CEO to get no pay for 3 years

New Delhi: Vodafone Idea managing director and leader government officer Ravinder Takkar may not be given any remuneration all through his present tenure of 3 years, consistent with a suggestion via the corporate.

Vodafone Idea Limited (VIL) would possibly endure bills incurred via Takkar for the trade of the corporate, the attention for the 25th annual common assembly of the corporate said.

The AGM is scheduled to be hung on September 30.

VIL appointed Takkar as its MD and CEO following the resignation of Balesh Sharma from the put up.

In keeping with the attention, Takkar has been appointed as MD and CEO for a length of 3 years with impact from August 19, 2019. He’ll be given “nil remuneration”.

His predecessor Sharma was once paid Rs 8.59 crore in remuneration all through his tenure and he was once no longer entitled to any building up within the remuneration all through 2019-20.

Whilst different phrases of Takkar’s appointment supply that “the corporate would possibly endure the entire bills of/ for Mr Takkar with regards to travelling, accommodation and boarding, leisure and all different incidental bills for the trade of the corporate as according to coverage of the corporate”, the attention mentioned.

Takkar may not be “paid any sitting charges for attending the conferences of the Board of Administrators of the corporate or any committee(s) thereof”, the attention mentioned.

The corporate will search shareholders’ acclaim for the appointment of Takkar, amongst different proposals, on the AGM.

The corporate may even search shareholder’s nod to lift its borrowing restrict to Rs 1 lakh crore from Rs 25,000 crore at this time.

The loss-making personal sector telecom company has shared fear about monetary pressure which it’s been dealing with and is trying to lift finances for its survival.

In keeping with the federal government’s declare, Vodafone Thought has exceptional dues of 58,250 crore until 2016-17 of which the corporate has paid Rs 7,854 crore to the Division of Telecom.

VIL has been frequently shedding an enormous collection of subscribers.

It was once the most important telecom provider supplier within the nation in August 2018 on the time of the merger with 43 crore cell subscribers. The cell consumer base of the corporate has now dipped to 30.nine crore shoppers.