Quick, who is the highest paid executive among those employed with listed companies in India? Hint no 1: he or she does not belong to high growth IT or services industry. So it's not K V Kamath(IIM Ahmedabad) of ICICI Bank or Akhil Gupta(CA) of Bharti Tele-Ventures. Nor is it anyone employed with Mukesh or Anil Ambani. It's Anil Singhvi, Managing Director of Gujarat Ambuja Cements, who took home Rs 13.16 crore ($3 million) last year, according to Hindustan Times, which quoted the numbers from the annual report of the Holicim-owned company.
Wait a minute. It's not all salary. Singhvi's pay was only Rs 84 lakh (a little less than $200K) for the 11 months between January 30, 2006 (when he was appointed MD) and December 31, 2006. But he took home Rs 12.32 crore in commission alone, which is 1.3 per cent of the Rs 919 crore net profits the cement company raked in during the 11 months.
So Singhvi, who started his career as a chartered accountant, is one of the richest executives in India.
However, owner MDs take home much more, for obvious reasons. For instance, Mukesh Ambani took home Rs 22 crore, while Brijmohan Lall Munjal and Pawan Munjal of Hero Honda took home about Rs 16 crore each last year.
CAclubindia
