Shareholders of Tata Motors have rejected proposals to pay higher salaries to three of the auto major's top executives including late Karl Slym.
The proposals that entailed doling out higher pay packets - beyond the permissible limit - were put for shareholders' approval and were rejected “due to inadequacy of profits in company for FY 2013-14”.
Salary proposals for Tata Motors' executive directors -- Ravindra Pisharody (Commercial Vehicles) and Satish Borwankar (Quality) -- and Slym (late managing director) have been rejected by the shareholders through postal ballot. Announcing the results of the postal ballot on Thursday, Tata Motors said the three proposals were not passed with requisite majority by the shareholders.