Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now

CRED's Kunal Shah takes potshot at Zerodha's 100 crore salary decision, Nithin Kamath defends

Nithin clarified this is an enabling resolution that allows them as working promoters to draw salaries up to 100 crores in case of liquidity requirements.

May 31, 2021 / 09:59 AM IST
Nithin Kamath, CEO, Zerodha

Nithin Kamath, CEO, Zerodha

After Zerodha's decision to compensate its promotors with Rs 100 crores drew criticism on social media, founder Nithin Kamath took to Twitter to justify the company's decision. One such jibe came from Kunal Shah, the founder of the fintech company CRED.

"I'm surprised by the unwanted noise around this whole salary news of
Nikhil Kamath, Seema (my wife), and me," Nithin wrote in a tweet.  "The headlines are misleading. We are a private company and no obligations to clarify, but we thought maybe we should, as there are folks who are misinterpreting this," he added.

Zerodha's board had passed a special resolution approving annual remuneration of up to Rs 100 crore each to Nikhil Kamath and Nithin Kamath. Also eligible for the same fat paycheque is the newly appointed whole-time director and Nithin’s wife Seema Patil.


Fintech startup CRED's founder Kunal Shah took a jibe after the decision was made public. "My salary is ₹3L/annum. I should have started a discount stockbroking company to add more zeros to my salary," Shah said in a tweet tagging Nithin.


Nithin clarified this is an enabling resolution that allows them as working promoters to draw salaries up to 100 crores in case of liquidity requirements. The Rs 100 crores isn't the actual salary being drawn.