Airtel to ask shareholders to waive off excess pay to Sunil Mittal, CEO

Bharti Airtel will seek shareholders’ approval for a waiver of recovery of excess remuneration paid to company chairman Sunil Bharti Mittal and CEO Gopal Vittal in 2018-19, the telecom company said Sunday.

According to the regulatory filing, Mittal’s remuneration in 2018-19 was Rs 21.19 crore more than the ceiling of 11 per cent of the company’s net profit. Vittal was paid Rs 8.87 crore in excess of that limit in the last fiscal.

Bharti Airtel will seek the approval at its annual general meeting to be held on August 14 in New Delhi, the filing said.

“…the approval of the members of the Company be and is hereby accorded to ratify and confirm the waiver of recovery of the excess remuneration amounting to Rs 211.90 million paid to Mr Sunil Bharti Mittal, chairman for the financial year 2018-19,” Bharti Airtel said.