Eicher board re-appoints Lal MD

Eicher Motors on Monday stated it has ‘unanimously’ determined to re-appoint Siddhartha Lal as Managing Director of the corporate with impact from May 1, 2021, with modifications in his remuneration package deal, per week after the corporate’s shareholders rejected the proposal.
The Board will now return to shareholders for approval by postal poll, it added.
Last week, the corporate’s shareholders had rejected the re-appointment of Lal as Managing Director. The shareholders had voted in opposition to the proposal primarily as a result of proposed improve in Lal’s remuneration package deal.
“The primary concern with investors was not Siddhartha’s reappointment as Managing Director or the proposed compensation; it was the lack of clarity regarding the enabling provision that potentially allowed payment of remuneration up to 3 per cent of profits,” Eicher Motors chairman S Sandilya stated.
The Board has now accepted a revised remuneration construction for the MD, with a most cap of 1.5 per cent of income, the agency stated.