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Journalism of Courage
Industrialist Anil Ambani has taken a huge cut in his total remuneration from four main companies of Reliance Group in 2011-12 as it was about Rs 5.5 crore,lower by nearly two-third from the previous year.
Ambanis cumulative remuneration as Chairman of these four companies Reliance Communications (RCOM),Reliance Power (R-Power),Reliance Infrastructure (R-Infra) and Reliance Capital (R-Cap) stood at over Rs 17 crore in 2010-11.
Ambani does not take salary from any of these companies,but gets sitting fees for attending meetings of the boards and other committees. Besides,he is entitled to commission payable to directors,as per the rules of the respective companies.
As per the latest annual reports of these companies,Ambani did not even take any commission from three companies R-Power,R-Cap and RCOM during the last fiscal.
At RCOM,Ambani had waived his commission for 2009-10 and this was the third consecutive year in 2011-12,when he did not take any commission from this company.
Industry experts say many top executives of Indian companies have volunteered for pay cuts,and even no salaries,in the past few years as talks of austerity measures have gained momentum amid adverse economic conditions.
Among other leading industrialists,Sunil Bharti Mittal as Chairman and MD of Bharti Airtel took a 22 per cent pay cut with a total remuneration of Rs 21.3 crore in the last fiscal. IT giant Wipros chief Azim Premjis remuneration also nearly halved to Rs 1.9 crore in 2011-12.
