Tanti takes Rs 1.46-cr pay cut as Suzlon slips

Wind turbine maker Suzlon's founder-chairperson Tulsi Tanti took a steep cut of Rs 1.46 crore in compensation as the company incurred losses last fiscal. Tanti, who is also an executive director, saw his yearly pay packet shrink by Rs 1.46 crore last fiscal and took home just Rs 53.76 lakh, according to Suzlon's annual report. He was entitled to receive a compensation of Rs 2 crore.

Suzlon, one of the major players in the global wind turbine market, is grappling with stiff competition and adverse economic conditions that are hurting its business. 'Since the company has incurred losses for the financial year 2011-12, the excess remuneration... has been recovered from the executive directors,' the report said. He took home an annual salary of Rs 48 lakh and retirements benefits worth Rs 5.76 lakh owing to the losses incurred by Suzlon. Tanti also surrendered his gratuity last financial year. Tanti was to receive little over Rs 1.84 crore as salary in addition to retirement benefits of Rs 10.8 lakh and gratuity of Rs 4.32 lakh, as per his service contract valid till March 2014.

Another executive director Vinod Tanti also saw his compensation fall by Rs 66.24 lakh in 2011-12.