Friday, August 14, 2020

IndiGo seeks shareholder approval to pay CEO Ronojoy Dutta's salary

IndiGo Airlines has sought shareholder's approval to pay remuneration payable to Chief Executive Officer Ronojoy Dutta for three years, including FY20. Ronojoy Dutta, who had recently taken a 35 percent pay cut, was paid Rs 11.4 crore in salary for FY2020, the company disclosed in its latest annual report.

InterGlobe Aviation, which runs IndiGo, has sought permit by way of a special resolution which will be put to vote at the company’s annual general meeting on September 4, Business Standard has reported.

Dutta had joined IndiGo as a consultant and was appointed as its CEO in early 2019. He took charge as the whole-time director in January 2020.
According to the airline's annual report, Dutta's remuneration package includes a gross annual salary of $ 1.27 million, which would be payable in rupees. He is also entitled to a commitment bonus payout.

In FY2020, Dutta received a total remuneration of Rs 11.4 crore in his role as CEO and whole-time director. "In addition to the remuneration, an amount of Rs. 56.18 million ( Rs 5.6 crore) has also been provided towards committed bonus according to the terms of the contract, being amount accrued till March 31, 2020," the company said in its annual report.
The company said that the remuneration to be paid to Dutta needs the approval of shareholders by way of a special resolution in case of no profit or inadequacy of profit made by the company.
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