Shareholders reject reappointment of Apollo Tyres Managing Director Neeraj Kanwar

"Apollo Tyres' Board of Directors will discuss the resolution in the next meeting and determine the course of action to be taken with respect to it. The company would like to reiterate that it is the vision and resolve of the company, and its senior leadership, to deliver value to all its stakeholders including employees, shareholders, customers, partners and other relevant communities," a Apollo Tyres spokesperson said.

The reason behind the shareholder’s rejection is not known however market watchers say point out to the 42 percent jump in remuneration paid to Kanwar during last financial year. From Rs 30.03 crore in 2016-17, his pay package surged to Rs 42.75 crore in 2017-18.

Kanwar’s father Onkar Kanwar, who is the chairman of Apollo Tyres, did not see a massive hike rise in his remuneration during last year. Onkar took home Rs 44.98 crore last year as against Rs 44.91 crore in 2016-17.

Apollo Tyres reported its worst net profit in five years. At Rs 724 crore, the company’s consolidated net profit dipped 34 percent last year compared to Rs 1,099 crore recorded in 2016-17. In 2012-13, the company recorded net profit of Rs 613 crore.

Fellow director Robert Steinmetz also faced similar opposition from the shareholders. 42 percent of institutional investors voted against the continuation of Steinmetz, for which a special resolution was put forward for voting. In all nearly 20 percent of Apollo's shareholders voted against this resolution.