Mukesh Ambani keeps salary capped for seventh year in a row

MUMBAI: Billionaire Mukesh Ambani has kept his salary as the head of Reliance Industries capped at Rs 15 crore for the seventh consecutive year, while the remuneration of most other whole-time directors declined marginally.

“The Chairman and Managing Director’s compensation has been set at Rs 15 crore as against Rs 38.86 crore as approved, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels,” RIL said in its annual report for 2014-15.

India’s richest man Ambani was eligible for a pay package of Rs 38.86 crore for the year ended March, which remained unchanged from a year ago. Several top executives of Corporate India have taken a salary cut, or have frozen their salaries, as industry took a knock due to the economic slowdown.

Although Ambani’s salary remained unchanged, he is eligible for a hefty dividend payment for his shareholding in the energy conglomerate.

Besides Ambani, the remuneration of executive director PMS Prasad also remained unchanged while that of other whole-time directors declined marginally. Prasad received a total salary of Rs 6.03 crore.

RIL’s Executive Director Nikhil Meswani will take home Rs 12.03 crore, marginally lower from his remuneration of Rs 12.12 crore in 2013-14. Executive Director Hital Meswani’s remuneration for FY15 was Rs 12.03 crore, lower from Rs 12.11 crore a year ago.

Another Executive Director Pawan Kumar would also get a slightly lower remuneration of Rs 2.41 crore compared with Rs 2.49 a year ago.