Aggarwal’s total remuneration of Rs. 3.99 crore “excludes accrued leave encashment and gratuity since the same have been recognised for the company as a whole and cannot be determined at an employee level,” was largely unchanged from about Rs. 4.01 crore in the previous year.
A KFA official however said that this was just a book entry, and no salaries had been paid.
The airline’s overall employee expenses fell sharply by 48% to R349 crore in 2012-13, largely due to a sharp decline in its total number of employees from 5,696 to 2,851.
The Vijay Mallya-led carrier had accumulated losses of over Rs. 16,000 crore as on March 31 and a negative net worth of close to Rs. 13,000 crore. Its long-term borrowings stood at about Rs. 6,900 crore, while short-term borrowings were Rs. 1,750 crore at the end of last fiscal year.