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Last Updated : Apr 01, 2017 05:34 PM IST | Source: Moneycontrol.com

N Chandrasekaran to get huge salary cut as group chairman

The resolution letter says that the group chairman will be taking basic salary of Rs 20 lakhs a month and maximum of Rs 40 lakhs per month.

N Chandrasekaran, who took over as the chairman of Tata Group, will be taking huge cut in pay, according to a report in the Economic Times.

Chandrasekaran will be getting a basic salary of approximately Rs 14.4 crore a year in salary plus bonus. This will include basic salary of Rs 4.8 crore with a variable component of 200 percent or Rs 9.6 crore based on his and the company’s performance, as per the media report.

The resolution letter says that the group chairman will be taking basic salary of Rs 20 lakhs a month and maximum of Rs 40 lakhs per month.

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The former TCS chairman is also eligible for commission from the company. Annual increment will be decided at a later date by the board’s remumeration and nomination committee.

In his previous position, Chandrasekaran had earned Rs 25.6 crore in FY16 with an additional Rs 10 crore as a one-time special bonus from the company.

In the year before that – FY15 – the former chairman of Tata Group Cyrus Mistry took home Rs 16 crore as salary. Mistry was removed from the position in October last year.

The company refused to comment on the subject to Economic Times.

Tata Sons has shares in 100 group companies, including the listed ones, which have combined market capital of USD 116 billion.
First Published on Apr 1, 2017 11:54 am
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