Chairman of the ADAG Group, Anil Ambani has taken an over 60% pay cut in his total remuneration, to total at Rs.55mn, from four main companies, namely Reliance Communications, Reliance Power, Reliance Infrastructure and Reliance Capital, reports said.
In 2010-11, Ambani’s cumulative remuneration from the four group companies stood at over Rs 170mn.
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.
According to the companies’ annual reports, Ambani has not taken even the commission from R-Power, R-Cap and RCOM during the last fiscal year.
Ambani now joins the likes of other Chairmen such as Sunil Bharti Mittal of Bharti Airtel and Wipro’s Azim Premji who have taken cuts in their remuneration in the light of various austerity measures amid unfavorable economic conditions.
RCOM debt falls to US$6.4bn in Q1 FY13