Idea seeks shareholders nod to increase Kapania's pay to Rs 10 cr

According to an ET report, in a notice to its shareholders, Idea Cellular has sought approval to increase ceilings of Himanshu Kapania's monthly basic salary to Rs 20 lakh from Rs 10 lakh and monthly special allowance to Rs 20 lakh from Rs 12 lakh. His performance linked pay is proposed to be hiked to as much as Rs 5 crore annually from Rs 2 crore. Together, the total amount adds up to Rs 9.80 crore.

Kapania was appointed as the Managing Director of the company on April 1, 2011 for a period of five years. As per the terms of appointment, his annual increment to the remuneration falls due on July 1 every year, the report added.

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