JSPL investors okay pay hike for chief Naveen Jindal

Around 66% of the public institutional shareholders of Jindal Steel and Power (JSPL) voted for the proposal of the company to pay one-time remuneration to four independent directors, while 33% voted against it. Also, around 25% of the institutional shareholders voted against the resolution on giving a hike in remuneration for the company's chairman Naveen Jindal.

As the promoter holds around 60.47% and the public holds 39.53% of the shares, the resolutions were eventually passed.

"To consider and approve the revision of remuneration of Naveen Jindal... received 94.37% votes in favour which includes promoter, public institutional and non-institutional shareholders," JSPL scrutiniser's report released late Thursday revealed.


To consider and approve the payment of one-time remuneration to the independent directors, the company received a total of 92.57% of votes. The two resolutions above are special resolutions and for them to get passed, a company requires 75% of votes in favour.