Govt rejects CEO, CFO salary proposals of United Spirits Ltd
Government has struck down United Spirits' proposed pay packages for its CEO Anand Kripalu and CFO P A Murali at Rs 6.49 crore and Rs 15.31 crore, respectively, which were in excess of limits prescribed under the companies law. The company, which had got shareholders' approval in September 2014 for remuneration of the two top executives, said in a regulatory filing it has approached the government to reconsider the decision and approve its proposal.
USL is now controlled by British liquor giant Diageo which had acquired majority stake in the Indian company from beleaguered businessman Vijay Mallya-led UB Group. The company has been in regulatory cross-hairs in recent past over alleged irregularities including about financial dealings with Mallya, long-grounded Kingfisher Airlines and some other UB firms.
"The managerial remuneration for the financial year ended March 31, 2015 aggregating Rs 6.49 crore and Rs 15.31 crore towards remuneration of the MD and CEO (Kripalu) and the Executive Director and Chief Financial Officer (Murali), respectively, was approved by the shareholders of the company at the Annual General Meeting of the company held on September 30, 2014," USL said in