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Mukesh Ambani's pay cheque is over Rs 44 cr
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Mukesh Ambani's pay cheque is over Rs 44 cr
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[QUOTE=Admin;572]Among the Indian companies that have disclosed their top-management salaries so far for 2007-08, Managing Directors of Merck, ICI India and Crisil have their annual pay cheques running into crores -- but they are way behind Ambani. Merck's M Dziki got Rs 2.02 crore, while ICI India's Rajiv Jain and Crisil's Roopa Kudva got Rs 1.25 crore and Rs 1.1 crore respectively in the latest fiscal. Mukesh Ambani has been CMD of RIL since July 31, 2002. His current term expires on April 18, 2009. RIL's board of directors at a meeting held on April 21, 2008 approved re-appointment of Ambani for a further five years at a remuneration determined by the concerned committee. The shareholders would vote on these board decisions at the company's 34th AGM to be held on June 12, 2008. Addressing the shareholders, Ambani said in the annual report that the company "set new records for turnover, net profits and dividend payout." He said that RIL has become India's first private sector company to surpass cash profit of Rs 25,000 crore and net profit of Rs 15,000 crore. "India's growth is creating wealth and jobs across the world. We are an integral part of this evolution and have the responsibility to accelerate India's growth by reinvesting our cash flow in our business," he wrote. Ambani's pay hike of about 45 per cent is even higher than the rise in total managerial remuneration given by RIL in the latest fiscal. RIL paid total managerial remuneration of Rs 67.53 crore in 2007-08, up 43 per cent from Rs 47.14 crore in the previous fiscal. The figure stood at Rs 44.36 crore in 2005-06. The company paid its non-executive directors a total of Rs 1.85 crore in the latest fiscal, up from Rs 1 crore in 2006-07 but down from Rs 2 crore in 2005-06. The perquisites and allowances include accommodation or house rent allowance in lieu thereof, house maintenance allowance together with reimbursement of expenses for gas, electricity, water, furnishing and repairs, medical reimbursement, leave travel concession for self and family, club fees and medical insurance, among others. However, reimbursement for expenses like business trips, car use for company business and residence telephone expenses are not considered as perquisites, although they would be reimbursed, the annual report said.[/QUOTE]
