After effecting a 21 per cent cut in its CEO’s salary for 2013-14, Ashok Leyland’s Board has announced a marginal hike in the salary of Vinod Dasari for 2014-15 when compared with 2012-13 package.
The Board approved his remuneration package and other benefits, including a furnished house, while extending his appointment as the Managing Director of the company for three more years.
“The Board of Directors of the Company at their meeting held on March 13, 2014, unanimously approved the appointment of Mr Vinod K Dasari as the Managing Director of the company for a further period of three years. ie, from April 1, 2014 to March 31, 2017,” according to an abstract of company’s resolution filed with the National Stock Exchange of India.
The Board has announced a fixed annual compensation of Rs.2.85 crore that will include basic salary, perquisites, allowances and rental benefits.
The package of Rs.2.85 crore is slightly higher when compared with Mr. Dasari’s package of Rs.2.79 crore in 2012-13.
During the second week of February, the company had indicated that it would cut his package by 21 per cent for 2013-14 citing challenging business conditions. So his annual remuneration for 2013-14 is expected at about Rs 2.21 crore.
