Eicher Motors stated that its shareholders on the thirty ninth Annual General Meeting (AGM) held on August 17, 2021 have rejected the proposal for re-appointment of Siddhartha Lal as managing director of the corporate.
The Eicher Motor shareholders have rejected a particular decision to re-appoint managing director Siddhartha Lal for 5 years with impact from May 1, 2021. The proposal did not muster shareholders’ assist on the firm’s thirty ninth annual normal assembly (AGM) on August 17, 2021. Of the whole 217.4 million votes forged, round 158.8 million have been in his favour whereas 58.6 million have been forged in opposition to him.
The shareholders have additionally rejected the cost of remuneration to Lal. The shareholders, nonetheless, authorised reappointment of Siddhartha Lal as a director of the corporate.
As per media stories, Lal’s reappointment as MD was voted down by the shareholders over a ten% hike in his wage proposed amid the COVID-19 pandemic when the revenues and earnings have been sluggish.
Lal’s wage of Rs 21.13 crore in FY21 was 340 instances the common worker wage and grew at a compound annual development fee of 28% over the previous three years, whereas the corporate’s working revenue and web revenue declined by 14% and eight%, respectively, over the identical interval, stories indicated.
Eicher Motors is the listed dad or mum of Royal Enfield, the worldwide chief in middleweight bikes. In addition to bikes, Eicher has a three way partnership with Sweden’s AB Volvo – Volvo Eicher Commercial Vehicles which operates in India’s industrial car area.
The firm posted a consolidated web revenue of Rs 237 crore in Q1FY22 in contrast with web lack of Rs 55.18 crore in Q1FY21. For the quarter ended 30 June 2021, Total income from operations was recorded at Rs 1,974 crore, up 141% in contrast with Rs 818 crore within the corresponding quarter of FY 2020-21.
The scrip rose 1.12% to at the moment commerce at Rs 2619.50 on the BSE.