In an exercise to cut costs, Vodafone-Idea Limited's managing director and chief executive officer (CEO) Ravinder Takkar will not be paid any remuneration for his current three-year term, according to a proposal by the telecom firm.
The notice for the 25th annual general meeting of Vodafone-Idea Limited (VIL), which is scheduled to be held on September 30, stated that it may bear expenses incurred by Ravinder Takkar for the business of the firm.
In the AGM meeting, the telecom firm will reportedly seek shareholders' approval on Takkar's appointment and other proposals.
VIL appointed Ravinder Takkar as its MD and CEO after Balesh Sharma resigned from his post. Takkar's term is effective from August 19, 2019, and he will be given 'nil remuneration' for his term.
Prior to Ravinder Takkar, the firm was giving an annual package of Rs 8.59 crore to Balesh Sharma.