Entertainment firm and production house Balaji Telefilms on Monday, November 15 said it is seeking approval from its shareholders for payment of reduced remuneration to its managing director Shobha Kapoor and joint managing director Ekta Kapoor, an earlier proposal rejected. Was. In the Annual General Meeting held on August 31, 2021, the company’s shareholders rejected the proposed remuneration of Shobha Kapoor and Ekta Kapoor, which included “commission not exceeding 2.5 per cent of net profit” for a period of two years. November 10, 2021.
In a regulatory filing on Monday, Balaji Telefilms said it is seeking the approval of members of the company through remote e-voting process for special proposals for revised remuneration for the remaining two years of the current tenure of Shobha and Ekta . With effect from November 10, 2021.
Under the revised remuneration, the company sought approval from shareholders for a basic salary of Rs 20 lakh per month (Rs 2.4 crore per annum) without “commission not exceeding 2.5 per cent of net profit” for Shobha Kapoor, which was earlier Was in rejected offer.
Other perquisites, allowances and benefits offered to them remained the same as offered earlier.
Similarly, the company has sought permission from its shareholders to allow Ekta Kapoor’s basic salary to not exceed Rs 20 lakh per month (Rs 2.4 crore per annum) without “commission exceeding 2.5 per cent of net profit”. That was also in the motion which was rejected.
The perquisites, allowances and benefits offered for Ekta Kapoor also remained the same as the earlier proposal.
Balaji Telefilms, in its notice to the post, said, “…With due note of the decision of the shareholders, the Company has reconsidered the performance and contribution made by Shobha Kapoor and Ekta Kapoor towards the growth/success of the Company during their tenure. have considered.” Voting for shareholders.
In addition, after evaluating and evaluating the pay scales of key managerial personnel from the media and film industries, the company stated that it has “proposed to continue to pay equal pay to Shobha Kapoor and Ekta Kapoor, which will be shared with shareholders at the 24th AGM”. with modifications in other terms and conditions of remuneration i.e. abolition of commission.”
The company said that at the 24th AGM held on August 31, 2018, shareholders have re-appointed Shobha Kapoor as Managing Director and Ekta Kapoor as Joint Managing Director for a period of 5 years with remuneration till November 9, 2023. was approved. Payable for a period of 3 years which ended on November 9, 2021.
The 27th AGM held on August 31, 2021, got only 43.23 per cent votes in favor and 56.76 per cent against the proposal to approve remuneration for the remaining two years of Shobha Kapoor’s tenure.
Similarly, 44.54 percent votes were received in favor of Ekta Kapoor’s salary hike proposal while 55.45 percent votes went against it.
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