The Board of Directors of Eicher Motors Limited on August 23 unanimously decided to reappoint Siddhartha Lal as Director General as of May 1, 2021.
Eicher Engine Board will now return to shareholders for approval through a postal ballot.
The company said that in a presentation of BSE: “Eicher Motors has re-elected Mr. Siddhartha Lal as General Director of the company with effect as of May 1, 2021, for a period of five years, subject to necessary approvals of the shareholders through the postal ballot and the approval. of the central government in terms of Part I of the Update V of the Law of Companies, 2013, and subject to other provisions of the Law and the Sebi regulations, as can be applicable “.
The board of directors of Eicher Motors Limited had discussed the re-election of Siddhartha Lal as Director General and the proposal for remuneration of him at the 39th Annual General Meeting (AGM) held on 17 August 2021.
In particular, the Eiche Motor Board had approached shareholders once before to allow Siddhartha Lal to continue as Managing Director of the Company. However, the resolution for the restart of it was derived on a proposed salary walk.
At that time, the company had fallen below the share of 75 percent votes needed for the reincorporation and remuneration of LAL, since around 26.95 percent of the shareholders had voted against the Special Resolution in the AGM.
The company had then launched a statement on August 20 that read: “The Eicher Engine Board has been informed and we are considering the next additional steps … given that LAL is still the director and CEO, there were no changes in the form in That Eicher Motors is governed and operates. “
The remuneration of Siddhartha Lal for FY21 was RS 21.12 million, which included the salary of it, percussitos and commission of it, a walk of 9.97 percent of FY20.
Due to the impact of the Covid-19 pandemic outbreak, the net net gain of the most efficient motors for fiscal year 1,347 was at RS 1,347, the lowest from FY16. During the same period, the remuneration of Lal doubled more than double RS 9.51 Crore in fiscal year16.