Vodafone Idea MD and CEO Ravinder Takkar will not receive any remuneration during his three-year tenure of according to a proposal by the telecom giant. However, the company may bear business-related expenses incurred by him, the notice for the 25th AGM (annual general meeting) of the company stated.
Worth mentioning here is that Takkar has been appointed as Managing Director and Chief Executive Officer INDIA for a period of 3 years with effect from August 19, 2019, following the resignation of Balesh Sharma from the post.
His predecessor Sharma was paid over Rs 8.5 crore in remuneration during his tenure and he wasn’t entitled to any increment in the remuneration during 2019-20.
The company will seek shareholders’ nod for the appointment of Takkar at the AGM which is scheduled to be held on September 30.
The loss-making private sector telecom firm will also seek shareholders’ approval to enhance its borrowing limit to Rs 1 lakh crore from Rs 25,000 crore.
Notably, the telecom service provider has shared concern about financial stress which it has been facing and is making an effort to raise funds for its survival.
According to the government’s claim, Vodafone Idea has outstanding dues of 58,250 crore till 2016-17 of which the company has paid Rs 7,854 crore to the Department of Telecom so far.
Most recently, Vodafone and Idea also announced the launch of an integrated brand – ‘Vi’ – two years after the integration of services. The new brand is accompanied by the tagline ‘Together for Tomorrow.’