How Much Kalyan Jewellers’ Top Management Getting Paid?

Kalyan Jewellers India Ltd. is seeking approval from shareholders for the reappointment of its Managing Director T.S. Kalyanaraman and payment of his remuneration.

The Indian jewelry retailer is seeking shareholders’ nod to reappoint 76-year-old Kalyanaraman, who is a promoter of the company, for five years with effect from 20 June, as well as the payment of consolidated remuneration of 12.12 crore rupees ($1.45 million) per annum, according to a stock exchange announcement.

His last drawn remuneration also stood at 12.12 crore rupees per annum.

The Thrissur, Kerala-based company said Kalyanaraman’s remuneration should be considered as the minimum remuneration payable to him in the event of inadequacy or no profits for any financial year during the term of his appointment. It didn’t provide the break-down of the remuneration amount.

Kalyanaraman, whose present tenure as managing director will conclude on 19 June, was recently reappointed by its board for a further period of five years.

Kalyanaraman, a commerce graduate, has been working with the company since its inception and has been associated with the brand ‘Kalyan Jewellers’ since 1993, according to the announcement. He has nearly five decades’ retail experience, of which over 30 years is in the jewelry industry, it said.

The company is also seeking approval from shareholders to reappoint Kalyanaraman’s sons T.K. Seetharam and T.K. Ramesh as wholetime directors for five years, effective 20 June, and payment of consolidated remuneration of 12.12 crore rupees annually each.

They also drew similar remunerations previously.

The board earlier also reappointed 48-year-old T.K. Seetharam and 45-year-old T.K. Ramesh as wholetime directors of the company for another five years, effective 20 June.

The e-voting on the resolutions began today (3 April) and will end on 2 May. The results would be declared on or before 4 May.

Note: $1 = 83.3771 Indian rupees

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