Kingfisher CEO is second-highest paid UB employee


BM, 07-10-2012 17:50:41


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While Sanjay Agarwal’s remuneration in 2011-12 rose to Rs 4.01 cr from Rs 2.12 cr, the CEO of the beleaguered airlines says he’s not been paid any salary since April

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New Delhi: Indian carriers may be flying through a rough weather, but their bosses have got handsome pay hikes. The CEO of Kingfisher, which is struggling to pay its employees, is reportedly the second-highest paid executive among chiefs of the country’s three listed airlines.

Sanjay Agarwal’s remuneration in the financial year 2011-12 rose to nearly Rs 4.01 crore from Rs 2.12 crore in 2010-11, though he says he has not been paid any salary since April.
 
Agarwal has also emerged as the second-most paid among all his peers at Vijay Mallya-led UB Group. Kingfisher said in its annual report that Agarwal’s pay “excludes accrued leave encashment and gratuity”. The report does not mention any remuneration paid to chairman Vijay Mallya.
 
Recently, Kingfisher announced a temporary lockout due to employee unrest, triggered by non-payment of salaries. The crisis led to the suicide of an engineer’s wife last week.
 
Kingfisher suffered a net loss of Rs 2,328 crore in 2011-12. The company has been making losses for five fiscal years now.
 
Among Kingfisher’s peers, the pay package of SpiceJet chief Neil Raymond Mills rose from Rs 1.75 crore to Rs 4.98 crore during the same period.
At Jet Airways, executive director Saroj Datta was paid Rs 2.11 crore in just six months of the last fiscal 2011-12 — an increase of about 25 per cent from his remuneration of Rs 1.69 crore in the entire 2010-11. Datta stepped down from the post in September 2011, Jet’s annual report for 2011-12 did not disclose salaries paid to its CEO Nikos Kardassis.
 
Meanwhile, Kingfisher came under more pressure on Sunday after Civil Aviation Minister Ajit Singh said that it would have to submit a plan for running the carrier to regulator DGCA.
 
“The DGCA has issued a show-cause notice to Kingfisher Airlines to let us know what their concrete plans are and not just that we will get investments from here and there. Tell us how will you pay salaries and how will you make arrangements to run the airline,” he said.
 
DGCA had issued the notice to the Vijay Mallya-owned company on October 5, asking why its flying license should not be suspended or cancelled as it had grounded its entire fleet and failed to offer safe and reliable service.

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