Government has struck down United Spirits’ proposed pay packages for its CEO Anand Kripalu and CFO PA Murali at Rs6.49 crore and Rs15.31 crore, respectively, which were in excess of limits prescribed under the companies law.
The company, which had got shareholders’ approval in September 2014 for remuneration of the two top executives, said in a regulatory filing it has approached the Government to reconsider the decision and approve its proposal.
USl is now controlled by British liquor giant Diageo which had acquired majority stake in the Indian company from beleaguered businessman Vijay Mallya-led UB Group. The company has been in regulatory cross-hairs in recent past over alleged irregularities including about financial dealings with Mallya, long-grounded Kingfisher Airlines and some other UB cos.