Trident SES raises eyebrows over remuneration paid to Trident Chairman Rajendra Gupta
Mumbai/IBNS: Stakeholder Empowerment Services, a corporate advisory and research firm raised eyebrows over the remuneration paid off to non-executive chairman and promoter of textile manufacturer Trident Rajendra Gupta this fiscal year, as per media reports.
The remittance paid to Rajendra Gupta was close to 95 percent of the total board's remuneration and 51 times the requital made to independent directors, informed SES.
In the next annual general meeting (AGM) scheduled on July 23, Trident will look to get permission from shareholders for the re-appointment of Rajendra Gupta as the Director and regarding the yearly remuneration, as per media reports
"Unless the company could explain the rationale behind paying Rs 57.6 crore as commission to Rajinder Gupta, SES is raising concern regarding the appointment of Rajinder Gupta,"The Economic Times (ET) reported SES as saying.
SES has recommended shareholders vote against both company resolutions in the AGM, ET reported.
It's crucial for Trident to seek approval on whether the annual remuneration of a single non-executive director can exceed 50 percent of the total yearly remittance paid to all non-executive directors.
The promoter is attaining 'ownership premium' in form of an executive commission, SES said according to ET.
Rajinder Gupta as a non-executive director will draw almost 30 times the remuneration paid to executive director Deepak Nanda who has a full-time role.
Nanda was paid a remuneration of Rs 1.92 crore for FY22, ET reported citing SES.
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