Eicher Shareholders Reject Siddhartha Lal’s Pay Hike Proposal; Loses MD Post

Mobility Outlook Bureau
20 Aug 2021
06:29 PM
1 Min Read

In a notification to BSE, the company informed that the shareholders in requisite majority did not approve of Lal’s re-appointment as Managing Director of the company for a period of five years with effect from May 1, 2021.


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In a massive development today, shareholders of Eicher Motors have rejected a special resolution to re-appoint Siddhartha Lal as Managing Director of Eicher Motors, over a pay hike proposal.

In a notification to BSE, the company informed that the shareholders in requisite majority did not approve of Lal’s re-appointment as Managing Director of the company for a period of five years with effect from May 1, 2021.

As per reports, majority of shareholders voted against the proposal to hike Lal’s salary by 10%, as the company saw a hit in its revenues and profit growth due to the pandemic. The median salary hike for all Eicher employees was 1%, reported a leading financial daily. 

This development comes a week after Vinod Dasari stepped down as Chief Executive Officer of Royal Enfield and Executive Director on the Board of Eicher Motors with effect from August 13, 2021.

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