Airtel shareholders approve waiver in recovery of excess pay to Mittal

Bharti Airtel shareholders have approved a proposal allowing chairman Sunil Bharti Mittal and CEO Gopal Vittal to retain excess remuneration paid in 2018-19, according to a regulatory filing.

Over 88 per cent of shareholders at the annual general meeting (AGM) held on August 14 voted in favour of the special resolution for waiver of recovery of excess managerial remuneration paid to Mittal during FY19, while 11.7 per cent voted against it.

"Therefore the resolution...has been approved with requisite majority," it added.

However, when seen category-wise, all of promoter group votes were cast in favour of the proposal, although within the public institutions category only 52 per cent of voters supported the proposal.

In the public non-institutions category 99.9 per cent were in favour of the proposal.

A similar proposal for Vittal received overall 88.6 per cent total votes in favour, and 11.3 per cent votes against it.

Public institutions category, in this case, had 58 per cent votes in favour and 41.9 per cent votes against the motion.

In July, the company in a filing, outlining the agenda for the AGM, had informed that Mittal's remuneration in 2018-19 was Rs 21.19 crore more than prescribed limits under the Companies Act.

(Agencies)