Bharti Airtel on Monday said that it has sought shareholders' approval for an up to Rs 70 crore annual pay package to chief Sunil Mittal in the next five yeas, but any hike would not be given in the current fiscal.
Soon after seeking shareholder approval for remuneration package of up to Rs 70 crore and other benefits to managing director Sunil Mittal, the telecom major said that its Human Resource Committee has decided for giving no increment to Mittal in 2011-12.
"The Human Resource Committee of the board of directors of Bharti Airtel makes recommendation for certain senior level positions which is then approved by the board every year."
"The Human Resource Committee on July 29, 2011, decided for no increment in the remuneration for Sunil Bharti Mittal for the FY 2011-12," the company said in a statement.
Mittal's total remuneration in 2010-11 stood at about Rs 27.5 crore.
The company also added that "the proposal to revise the remuneration of its chairman and managing director Sunil Bharti Mittal up to a maximum of Rs 70 crore as proposed in the company’s 2011 AGM notice, is an enabling provision for the next five years, and should be seen in that light."